SHEN YU(SZ:300563) Xin Lang Cai Jing·2025-09-09 06:20Core Viewpoint - The company has provided a detailed response to the Shenzhen Stock Exchange regarding its application for issuing convertible bonds, covering aspects such as performance fluctuations, business operations, and fundraising projects, which is significant for investors to understand the company's operational status and future development plans [1] Performance Fluctuations and Gross Margin Changes - The company's operating revenue for the reporting period was 768.36 million, 755.01 million, 877.10 million, and 174.41 million (for January to March 2025), with net profit attributable to shareholders (excluding non-recurring gains and losses) of 38.27 million, 45.06 million, 38.12 million, and 12.99 million (for January to March 2025) [2] - The gross margin of the main business shows an upward trend, recorded at 14.55%, 16.87%, 16.76%, and 19.52% [2] - Performance fluctuations are influenced by factors such as changes in downstream market demand, business structure adjustments, stock incentive costs, and sales promotion efforts [2] - The company has increased its focus on data communication and automotive communication sectors, leading to revenue growth in related products, while the consumer electronics market is expected to recover from 2024 to 2025, boosting coaxial cable sales [2] - Compared to peers, the company has differences in operating revenue product structure, with coaxial cable sales trends aligning with some competitors, and gross margins fluctuating within a reasonable range [2] Business Development Status - The gold wire drawing business aims to meet the needs of the chip industry and operates independently from the coaxial cable business, with revenue initially rising and then declining, leading to a reduction in business scale in the first half of 2025 [3] - The plastic business serves as a raw material for coaxial cables, with a small scale and revenue affected by demand and price fluctuations [3] - The electrolytic copper business was initiated in 2023 to gain insights into copper price fluctuations, aiding production decisions, and operates independently from the coaxial cable business [3] Fundraising Project Planning - The company plans to raise no more than 500 million for the construction of a data cable project, specifically the first phase of an annual production capacity of 400,000 kilometers of high-speed data cables [4] - The fundraising project will upgrade products such as automotive data cables and computing power data cables, significantly enhancing performance metrics [4] - Upon completion, the project will achieve an annual production capacity of 272,500 kilometers for smart field data cables, with a post-tax internal rate of return of 12.58% and a payback period of 8.44 years [4] - The company has a high existing capacity utilization rate, and the fundraising project is expected to alleviate capacity bottlenecks and meet market demand [4] - Strong market demand growth in automotive communication and data communication sectors, along with established partnerships with well-known manufacturers, indicates a low risk of capacity digestion for the fundraising project [4]