Mankun(SZ:301132) Zheng Quan Shi Bao Wang·2025-10-15 12:48Core Viewpoint - The company plans to issue convertible bonds to raise up to 760 million yuan, with proceeds allocated for a high-end printed circuit board (PCB) production base in Thailand and a smart and digital upgrade project [1] Group 1: Investment Projects - The high-end PCB production base in Thailand will be located in the 304 Industrial Park of Prachinburi Province, with an annual production capacity of 1.1 million square meters [1] - The total investment for the Thailand project is estimated at 502 million yuan, with 470 million yuan sourced from the raised funds, and it is expected to generate an average annual revenue of 865 million yuan and a net profit of 38.685 million yuan during its operational phase [2] - The smart and digital upgrade project in Ji'an, Jiangxi Province, has a total investment of 305 million yuan and aims to enhance production efficiency and product precision through advanced automation and digital management systems [3] Group 2: Market and Competitive Landscape - The company aims to meet the increasing local production demands of core customers who have established bases in Southeast Asia, thereby strengthening customer collaboration and maintaining market share [2] - Competitors in the PCB industry, such as Shenghong Technology and Pengding Holdings, have already established operations in Southeast Asia, creating a competitive landscape for overseas capacity [2] - The favorable industrial policies and robust supply chain systems in Thailand provide a conducive environment for the project's implementation, supported by quality customer resources and the company's extensive production management experience [2] Group 3: Strategic Benefits - The Thailand project is expected to optimize the company's capacity layout, align with the growing order demands from overseas clients, and enhance international competitiveness while mitigating risks from international trade fluctuations [1] - The smart and digital upgrade project is designed to build a lean manufacturing system, improve operational management efficiency, and support stable business operations without directly increasing production capacity [3]