Kinwong(SH:603228) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-08-24 22:16Investment Overview - The company plans to invest a total of RMB 5 billion in the expansion project at the Zhuhai Jinwan base, with an estimated post-tax investment recovery period of approximately 7.5 years, including the construction period [1][2] - The construction period for the project is set from 2025 to 2027, with phased implementation based on market demand and business progress [1] Impact on Company Performance - The expansion investment project is not expected to have a significant impact on the company's operating performance in 2025, although long-term performance remains uncertain [2] Background and Necessity of the Investment - The expansion is driven by technological breakthroughs in AI and high demand for high-end PCBs, with Prismark predicting a compound annual growth rate of 15.7% for multilayer boards and 6.4% for HDI from 2024 to 2029 [3] - The existing capacity at the Zhuhai Jinwan base is insufficient to meet the growing demand for high-performance products in AI computing, high-speed communications, and automotive applications, necessitating targeted technological upgrades and new high-end HDI factory investments [4][5] Feasibility of the Investment - The company has over 30 years of experience in PCB manufacturing and is recognized as a national high-tech enterprise, providing a solid technical foundation for the project's success [5] - The Zhuhai Jinwan base has established a strong technical reserve and customer base in high-end PCB manufacturing, ensuring stable and sustainable market demand for the expansion project [5][6] - The investment aligns with national industrial policies and market trends, aiming to enhance the company's competitive advantage in high-end products and expand its operational scale [6]