SHENGYI ELECTRONICS CO.(SH:688183) Chang Jiang Shang Bao·2025-11-18 23:40Core Viewpoint - The company, Shengyi Electronics, is planning a private placement to raise up to 2.6 billion yuan to enhance its capabilities in AI and high-end PCB production, reflecting its strategic shift towards AI-driven technologies and products [2][3]. Group 1: Fundraising and Investment Plans - Shengyi Electronics intends to issue up to 125 million shares in a private placement, aiming to raise no more than 2.6 billion yuan, with net proceeds allocated to AI computing HDI production base, smart manufacturing of high-layer circuit boards, and debt repayment [3]. - This marks the first refinancing plan since the company's IPO in early 2021, indicating a strategic move to strengthen its technological and financial capabilities amid the AI wave [3]. - The company has a remaining balance of 475 million yuan from its previous fundraising, which will be utilized according to project progress [3]. Group 2: Financial Performance - For the first three quarters of 2025, Shengyi Electronics reported a revenue of 6.829 billion yuan, a year-on-year increase of 114.79%, and a net profit attributable to shareholders of 1.115 billion yuan, up 497.61% [6][7]. - The company's R&D investment reached 327 million yuan, reflecting a 64.26% increase year-on-year, constituting 4.78% of its revenue [5][6]. Group 3: Market and Industry Context - The AI server market is expected to see significant demand growth, with Shengyi Electronics poised to benefit from this trend through its strategic investments in high-value PCB products [4][5]. - The company has established a solid technical foundation with 1,759 technical personnel, representing 23.25% of its total workforce, which supports ongoing innovation [5][6]. - The PCB industry is experiencing an upward trend due to the rapid expansion of AI technologies, data centers, and electric vehicle advancements, presenting strategic opportunities for Shengyi Electronics [5][4]. Group 4: Future Outlook - Shengyi Electronics plans to invest 2.032 billion yuan in the AI computing HDI production base, targeting an annual production capacity of 167,200 square meters, and 1.937 billion yuan in smart manufacturing of high-layer circuit boards, aiming for 700,000 square meters of annual capacity [4]. - The company aims to leverage new technological revolutions and industry transformations to achieve high-quality development in the coming years [7].