WUS(SZ:002463) Chang Jiang Shang Bao·2025-11-24 00:40Core Viewpoint - Huadian Co., Ltd. is accelerating its strategic layout in the PCB industry by acquiring an additional 15% stake in Shengweicai Electronics (Jiangsu) Co., Ltd., increasing its ownership from 84% to 99% [1][2]. Group 1: Acquisition Details - The acquisition price for the 15% stake in Shengweicai is €19.0091 million (approximately RMB 156 million) [1][2]. - Shengweicai is a subsidiary of Huadian, established on December 18, 2017, and operates in the same industry as Huadian, focusing on the R&D, production, and sales of electronic components and printed circuit boards [2]. - The acquisition will enhance Huadian's control and decision-making efficiency over Shengweicai, allowing for better resource allocation and quicker market response [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, Huadian reported total assets of RMB 26.315 billion, marking a historical high [1]. - The company achieved a revenue of RMB 13.51 billion, a year-on-year increase of 49.96%, and a net profit attributable to shareholders of RMB 2.718 billion, up 47.03% [3][4]. - The company has consistently shown growth in key financial metrics over the past three years [3]. Group 3: R&D Investment - Huadian has invested significantly in R&D, with total expenditures reaching RMB 3 billion over the past five years [5]. - The R&D expenses for the years 2021 to the first three quarters of 2025 were RMB 411 million, RMB 469 million, RMB 539 million, RMB 790 million, and RMB 792 million, reflecting a strong commitment to innovation [4][5]. Group 4: Global Expansion - Huadian's Thailand production base began small-scale production in the second quarter of 2025, marking a key step in its global strategy [6]. - The company aims to enhance production efficiency and product quality, with expectations to reach a reasonable economic scale by the end of 2025 [6]. - Total assets have increased significantly from RMB 9.556 billion in 2020 to RMB 26.315 billion by the end of the third quarter of 2025, indicating robust growth [6].