FHEC(SH:688362) Sou Hu Cai Jing·2025-08-13 02:24Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. received an "A+" rating for its convertible bond issuance, indicating strong creditworthiness supported by technological strength and established partnerships with key chip companies [1] Group 1: Company Strengths - The company has demonstrated significant competitive strength in technology and industrialization capabilities [1] - Yongxi Electronics has established long-term cooperative relationships with domestic and international core chip enterprises, resulting in strong customer loyalty [1] - The company experienced substantial growth in production volume and revenue during the tracking period, showcasing good operational cash generation ability [1] Group 2: Areas of Concern - There remains a gap in production capacity compared to leading enterprises, which could impact competitiveness [1] - The wafer-level packaging production line is still in the capacity expansion phase, leading to noticeable pressure on gross margins [1] - The company is reliant on external financing for the construction of its second-phase factory project, resulting in a high level of financial leverage that may affect overall credit status [1] Group 3: Future Outlook - The credit level of Yongxi Electronics is expected to remain stable over the next 12 to 18 months [1]