FHEC(SH:688362) Xin Lang Cai Jing·2025-07-02 06:40Core Viewpoint - Yongxi Electronics focuses on mid-to-high-end advanced packaging and testing business, enhancing its one-stop delivery capability of "Bumping+CP+FC+FT" and successfully breaking into major clients like MediaTek and Realtek, with fundraising aimed at increasing heterogeneous packaging capacity [1][5] Group 1: Financial Performance and Projections - The company plans to issue convertible bonds to raise up to 1.165 billion yuan, with 900 million yuan allocated for R&D and industrialization of advanced heterogeneous packaging technology [1] - The company expects to achieve revenue of 1.239 billion yuan and a net profit of 396 million yuan after the project reaches full production [1] - For the first half of 2025, the company anticipates revenue between 1.9 billion and 2.1 billion yuan, representing a year-on-year growth of 16.60% to 28.88% [3] - In Q2 2025, the expected revenue is between 955 million and 1.155 billion yuan, with a year-on-year growth of 0.96% to 22.11% [3] Group 2: Client Relationships and Market Position - The company has established a core customer base primarily consisting of well-known chip design companies, including partnerships with companies like Hengxuan Technology, Amlogic, and MediaTek [2] - Realtek and MediaTek are projected to be among the top five customers in 2024, with sales amounts of 231 million yuan and 225 million yuan, respectively [2] Group 3: Product Offerings and Technological Advancements - The company's packaging products include five major categories: FC products, SiP, WLP, QFN/DFN, and MEMS, with over 2,100 product varieties [2] - The company has achieved mass production of advanced system-level packaging products that can simultaneously package multiple chips and components, showcasing significant technological capabilities [4] - The company has reached industry-leading specifications in advanced wafer-level packaging, with minimum pitch and diameter of micro bumps at 45μm and 30μm, respectively [4]