SHENGYI ELECTRONICS CO.(SH:688183) Chang Jiang Shang Bao·2025-04-30 23:53Core Viewpoint - The company Shengyi Electronics (688183.SH) has experienced significant growth in its operating performance due to the increasing demand for multilayer printed circuit boards, with substantial year-on-year increases in revenue and net profit reported for the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, Shengyi Electronics achieved revenue of 1.579 billion yuan, a year-on-year increase of 78.55%, and a net profit of 200 million yuan, up 656.87% [1]. - For the full year 2024, the company reported revenue of 4.687 billion yuan, a 43.19% increase, and a net profit of 332 million yuan, recovering from a loss of 24.99 million yuan in the same period of 2023 [1]. - The net profit has shown exponential growth over the quarters in 2024, with figures of 26.45 million, 69.64 million, 90.43 million, and 145 million yuan for Q1 to Q4 respectively, reflecting year-on-year increases of 759.89%, 412.84%, 432.26%, and 2079.78% [1]. Business Strategy and R&D - Shengyi Electronics has been optimizing its product structure and enhancing its business layout in response to the growing market demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2]. - The company has consistently invested in R&D, with expenditures of 196 million, 193 million, and 284 million yuan from 2022 to 2024, totaling 673 million yuan over three years, and Q1 2025 R&D expenses were 91.13 million yuan, an increase of 87.08% year-on-year [2]. - As of the end of 2024, the company holds 276 invention patents and has participated in the formulation of 20 industry standards and specifications [2]. Market Performance - As of April 28, the stock price of Shengyi Electronics was 25.62 yuan per share, with an overall increase of 158.78% over the past 12 months [3]. - The company has been generous in cash dividends, having distributed a total of 745 million yuan since its listing in 2021, which accounts for approximately 68.7% of the total net profit since then [3].