DSBJ(SZ:002384) Chang Jiang Shang Bao·2025-10-17 00:19Core Viewpoint - Dongshan Precision plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and brand recognition [1][2]. Company Overview - Established in 1998, Dongshan Precision was listed on the Shenzhen Stock Exchange in 2010 and currently operates over 70 subsidiaries globally, maintaining strong relationships with top industry clients [2]. - The company focuses on electronic circuits, precision components, touch display modules, and LED display devices, aiming to provide comprehensive smart interconnection solutions [4]. Financial Performance - In the first half of 2025, Dongshan Precision achieved a revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of 758 million yuan, up 35.21% [1][6]. - The company's overseas sales revenue reached 13.168 billion yuan, accounting for 77.66% of total revenue, with a gross margin of 16.46%, significantly higher than the domestic gross margin of 3.61% [3]. Strategic Initiatives - Dongshan Precision is actively expanding its new business areas, focusing on the AI high-speed interconnection and transmission sectors, including high-speed PCBs and optical communications [5]. - The company has successfully completed a strategic acquisition of Solstice Optoelectronics to enhance its capabilities in the optical interconnection field [5][6]. Research and Development - Dongshan Precision has invested approximately 3.01 billion yuan in R&D over the past two and a half years, with R&D expenses for 2023, 2024, and the first half of 2025 being 1.161 billion yuan, 1.267 billion yuan, and 581 million yuan, respectively [6]. - The company maintains a consistent R&D expense ratio of around 3.43% to 3.45% during this period, emphasizing innovation as a key driver for growth [6].