FOUNDERTECH(SH:600601) Chang Jiang Shang Bao·2025-11-09 23:36Core Viewpoint - The company, Fangzheng Technology, is actively expanding its high-end PCB production capacity in response to the growing demand in the AI and new information technology sectors, with a significant investment in a new production base in Chongqing [1][2]. Investment and Expansion Plans - Fangzheng Technology announced an investment of 1.364 billion yuan for the construction of an AI expansion project at its Chongqing production base, funded through self-raised capital and bank loans, which is not expected to adversely affect the company's financial status [2][3]. - The Chongqing facility focuses on high-frequency, high-speed, and high-density interconnect printed circuit boards, essential for AI applications, and aims to overcome current production capacity limitations due to increased customer orders [2][3]. Financial Performance - For Q3 2025, the company reported revenues of 1.258 billion yuan, a year-on-year increase of 44.34%, and a net profit of 144 million yuan, up 139.04% [1][4]. - In the first three quarters of 2025, total revenues reached 3.398 billion yuan, reflecting a 38.71% increase, while net profit was 317 million yuan, a 50.81% rise [1][4]. Strategic Initiatives - The expansion project aims to enhance production capacity and transition the Chongqing base from scale expansion to value enhancement, improving the company's supply capabilities in strategic emerging fields like AI, cloud computing, and big data [3]. - The company has also initiated a multi-dimensional strategic layout, including a new AI and computing high-density interconnect circuit board base in Zhuhai with an investment exceeding 2.1 billion yuan [4]. International Expansion - Fangzheng Technology plans to increase its investment in its Thailand production base from approximately 943 million yuan to 1.223 billion yuan, marking it as the company's first overseas smart manufacturing base [5]. - To manage foreign exchange risks associated with international operations, the company has raised its foreign exchange hedging business limit from 300 million yuan to 800 million yuan [5]. Market Position - Fangzheng Technology's PCB business ranks 29th in the comprehensive PCB 100 list and 16th in the domestic PCB 100 list, indicating a solid position in the industry [5].