本川智能: 关于江苏本川智能电路科技股份有限公司申请向不特定对象发行可转换公司债券审核问询函的回复报告

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. is responding to the Shenzhen Stock Exchange's inquiry regarding its application to issue convertible bonds, providing detailed explanations and modifications to its fundraising prospectus based on the inquiry [1][2]. Financial Performance - The company's operating revenue for the reporting periods was 559.26 million yuan, 510.94 million yuan, 596.10 million yuan, and 170.49 million yuan, with net profits (excluding non-recurring gains and losses) of 34.05 million yuan, -6.74 million yuan, 16.97 million yuan, and 9.04 million yuan respectively [1][2]. - The net cash flow from operating activities was 110.45 million yuan, 74.60 million yuan, 28.18 million yuan, and 17.90 million yuan, indicating a decline in cash flow despite revenue and net profit growth [1][2]. Business Segments - Other business income primarily came from the sale of waste materials, with revenues of 25.17 million yuan, 30.86 million yuan, 45.35 million yuan, and 15.41 million yuan, achieving a gross margin exceeding 90% [2]. - The proportion of foreign sales in the main business revenue was 57.37%, 52.13%, 48.39%, and 50.78%, with major export markets including the United States and Europe [2]. Market Conditions - The PCB industry faced a significant downturn in 2023, with a global market value decline of approximately 14.96%, leading to a drastic drop in product sales prices [15]. - The PCB market is projected to recover, with a total global electronic product market expected to reach 2.55 trillion USD in 2024, growing by 7.4% year-on-year [6][9]. Competitive Advantages - The company emphasizes flexible production management, advanced technology and R&D capabilities, and a strong quality control system, which are critical for maintaining competitiveness in the PCB market [10][11][12]. - The company has established long-term strategic partnerships with leading downstream enterprises, enhancing its brand recognition and market position [11]. Cost Structure - The company's operating costs and gross profit margins have fluctuated, with gross margins of 19.25%, 16.86%, 18.87%, and 22.98% over the reporting periods, influenced by changes in product sales structure and pricing [20][21]. - Period expenses were reported at 66.32 million yuan, 88.59 million yuan, 90.80 million yuan, and 27.55 million yuan, with a rising trend in sales and management expenses due to increased market activities [26][27].