FOUNDERTECH(SH:600601) Xin Lang Cai Jing·2025-09-26 12:58Core Viewpoint - Fangzheng Technology Group Co., Ltd. is seeking to raise up to 1.98 billion yuan for an "AI and high-density interconnection circuit board industrial base project," which has attracted market attention [1] Fundraising Project Details - The total planned investment for the fundraising project is 2.131 billion yuan, with 2.09 billion yuan allocated for construction and 41 million yuan for working capital [2] - The proposed fundraising of 1.98 billion yuan will be entirely used for capital expenditures, with an expected internal rate of return of 10.46% upon reaching production capacity [2] - The project will be jointly implemented by Zhuhai Fangzheng Technology Multilayer Circuit Board Co., Ltd. and Zhuhai Fangzheng Technology High-density Electronics Co., Ltd. [2] - The estimated funding gap for Fangzheng Technology over the next three years (2025-2027) is approximately 2.464 billion yuan, making the proposed fundraising amount reasonable [2] Business Operations Analysis - Fangzheng Technology's main business revenue includes PCB and integrated communication services, with other income primarily from waste sales [3] - The comprehensive gross profit margins during the reporting period were 16.23%, 18.28%, 21.97%, and 21.91% [3] - PCB business shows an overall upward trend in gross profit margin, while the integrated communication business is declining and will be scaled down [3] - Revenue from waste sales is closely linked to PCB revenue, waste rates, and waste prices [3] - Overseas sales are influenced by macroeconomic conditions and industry demand, but the company maintains stable cooperation with international clients [3] Financial Metrics Interpretation - Fangzheng Technology's cash and interest-bearing debt have shown an upward trend, indicating a reasonable scale of cash holdings and debt [4] - Accounts receivable are aligned with operating income, and the change in expected credit loss rate from 5% to 1% is deemed reasonable [4] - Inventory levels have generally increased, with a stable structure and sufficient orders on hand [4] - Other receivables have decreased, with adequate provisions for bad debts [4] - Fixed asset scale continues to grow in line with production capacity and revenue [4] Bankruptcy Reorganization Progress - Fangzheng Technology completed its bankruptcy reorganization at the end of 2022, with good repayment conditions for confirmed and unreported debts [5] - There are no future cash outflows from the company due to guarantees and fund borrowings from subsidiaries [5] - The company continues to use the "Fangzheng" and "FOUNDER" trademarks, with minimal impact on financial status [5]