Sytech(SH:600183) Zheng Quan Shi Bao Wang·2025-07-28 14:47Core Viewpoint - Shengyi Technology has become the first company in Dongguan's A-share market to exceed a market capitalization of 100 billion yuan, marking a significant milestone for the local capital market and the electronics industry [2][7]. Company Overview - Shengyi Technology, established in 1985, is a leading global supplier of electronic circuit substrates, specializing in the research, production, sales, and service of printed circuit boards (PCBs) [3][4]. - The company's main product, copper-clad laminates, is essential for PCB manufacturing, impacting signal transmission speed, energy loss, and characteristic impedance [3]. Market Position and Growth - Shengyi Technology's production capacity for copper-clad laminates has grown from 600,000 square meters annually at its inception to an expected 14.4 million square meters by 2024 [3]. - The company ranks second globally in rigid copper-clad laminate sales, achieving a market share of 14% in 2023 [3][4]. Financial Performance - From 2005 to 2024, Shengyi Technology's revenue increased from 2.413 billion yuan to 20.388 billion yuan, with a compound annual growth rate (CAGR) of 11.89%. The net profit attributable to shareholders rose from 212 million yuan to 1.739 billion yuan, with a CAGR of 11.71% [5]. - The company anticipates a net profit of 1.4 billion to 1.45 billion yuan for the first half of 2025, representing a year-on-year growth of 50% to 56% [6]. Industry Trends and Opportunities - The global PCB market is projected to reach 73.6 billion USD in 2024, with a year-on-year growth of 5.8%, and is expected to grow to 78.6 billion USD in 2025 [6]. - Shengyi Technology is strategically positioning itself to capitalize on the AI server market, which is expected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025 [8]. R&D and Technological Advancements - The company maintains a high R&D expense ratio of 5.7% in 2024, exceeding that of comparable domestic firms, and has consistently invested more in R&D than its peers [4]. - Shengyi Technology has made significant advancements in high-frequency and high-speed copper-clad laminates, establishing itself as a top-tier manufacturer in this field [4].