KingShine(SZ:300903) Shang Hai Zheng Quan Bao·2025-09-21 18:06Core Viewpoint - The company is experiencing a turning point in its performance, driven by the demand for high-end PCBs in the AI server market, and is focused on strategic transformation and technological innovation to capitalize on this opportunity [2][4][9]. Financial Performance - In the first half of the year, the company achieved revenue of 1.806 billion yuan, a year-on-year increase of 16.04%, while net losses were reduced by 36.96% to 62.0342 million yuan [2]. - From 2022 to 2024, the company's revenue is projected to grow from 2.637 billion yuan to 3.396 billion yuan, despite ongoing pressure on net profits [3]. - In Q1 2025, revenue reached 872 million yuan, a year-on-year increase of 36.84%, with net losses reduced by 51.79% to 33.2643 million yuan [3]. - The company's operating cash flow per share reached 0.28 yuan in the first half of the year, a significant increase of 315.7% [3]. Strategic Transformation - The company is shifting focus towards high-end products with greater added value, particularly in the AI server PCB market [4][5]. - A fundraising initiative aims to raise up to 300 million yuan for upgrading production lines for high-end server PCBs [4]. - The company is targeting the production of high-layer, high-density interconnect (HDI) boards to enhance its product offerings in high-growth areas [4][5]. Market Opportunity - The global PCB industry is expected to reach a scale of 78.562 billion USD by 2025, with a compound annual growth rate of 5.2% from 2024 to 2029 [5]. - The value of AI server PCBs is significantly higher than traditional servers, presenting a clear market gap for the company [5][6]. Technological Innovation - The company has made significant advancements in PCB technology, including breakthroughs in ultra-thick board drilling and precision control [7][8]. - R&D investment exceeded 100 million yuan in the first half of the year, accounting for 5.56% of revenue, indicating a strong commitment to innovation [8]. Future Goals - The company aims to achieve a revenue target of 10 billion yuan within the next 2 to 3 years, focusing on AI business opportunities [9][10]. - Plans include expanding international market reach and enhancing digital transformation for better management [9][10]. - A talent strategy is in place to attract top experts, including potential recruitment from Silicon Valley [10].