DSBJ(SZ:002384) Huan Qiu Lao Hu Cai Jing·2025-10-16 09:48Core 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] Group 1: Company Strategy and Financials - The funds raised will primarily be used for project production and new capacity construction, likely focusing on PCB and optical modules [1] - Dongshan Precision aims to strengthen its core position in the AI hardware supply chain through increased capital expenditure in these areas [1] - The company has a market capitalization exceeding 110 billion yuan and operates in three main sectors: electronic circuits, optoelectronic displays, and precision manufacturing [1] Group 2: Recent Developments and Acquisitions - In June, Dongshan Precision announced a 5.9 billion yuan acquisition of Solstice Optoelectronics to enter the optical communication sector and plans to invest 1 billion USD to expand high-end PCB projects [1] - The company also acquired French firm GMD to expand its presence in the European market [1] Group 3: Financial Performance and Risks - Dongshan Precision's goodwill has increased significantly, from 155 million yuan in 2014 to 2.117 billion yuan by mid-2025 [2] - The company faces high customer concentration risk, with the top five customers accounting for 71.04% of total sales in 2024, and a single major customer contributing over 50% of revenue [2] - In the first half of this year, overseas revenue reached 13.168 billion yuan, making up 77.66% of total revenue, with a gross margin of 16.4% [3] - The company reported fluctuating profitability, with revenues of 33.651 billion yuan and 36.77 billion yuan for 2023 and 2024, respectively, and net profits of 1.965 billion yuan and 1.086 billion yuan [3] - The first half of this year showed signs of recovery, with revenue of approximately 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit of about 758 million yuan, up 35.21% year-on-year [3]