Xin Lang Cai Jing·2025-09-18 11:37Core Insights - The company conducted a specific institutional research meeting with 40 institutions, discussing various business developments and financial performance for the first half of 2025 [1] Group 1: PCB Business Performance - The PCB business saw revenue growth driven by demand for AI accelerator cards and increased market share in data centers, with significant contributions from 400G and above high-speed switches and optical modules [1][2] - The gross margin for the PCB segment improved due to increased revenue scale, high capacity utilization, and optimized product structure [1][2] Group 2: Packaging Substrate Business - The packaging substrate business generated a main revenue of 1.74 billion yuan, a year-on-year increase of 9.03%, but the gross margin decreased by 10.31 percentage points to 15.15% due to rising costs from raw materials and capacity ramp-up challenges [1] - The revenue growth in this segment was attributed to capturing opportunities in the domestic storage market [1] Group 3: Capacity Utilization and Expansion Plans - The overall capacity utilization for the PCB business is at a relatively high level due to increased demand in computing and automotive electronics [3] - New capacity is being added through technological upgrades at existing factories and the construction of new facilities in Nantong and Thailand, with the Nantong Phase IV project expected to be operational in Q4 2023 [3] Group 4: Guangzhou Packaging Substrate Project - The Guangzhou packaging substrate project is progressing with its first phase expected to be operational in Q4 2023, currently in the ramp-up stage with some bulk orders being fulfilled [4] Group 5: HDI Technology Application - The company possesses HDI technology capabilities, which enable high-density wiring for PCB products, particularly in mid-to-high-end applications within the communication sector [5] Group 6: Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication and leveraging a one-stop platform to enhance customer value and loyalty [6]