WUS(SZ:002463) Zheng Quan Shi Bao Wang·2025-11-30 11:45Core Viewpoint - Huada Technology Co., Ltd. (沪电股份) has submitted an application for H-share listing on the Hong Kong Stock Exchange to raise funds for capacity expansion and high-performance PCB projects, indicating strong growth prospects in the data communication and smart automotive sectors [1][2]. Group 1: Company Overview - Huada Technology is a leading provider of PCB solutions in data communication and smart automotive fields, with products including high-speed network switches, AI servers, and smart automotive domain controllers [1]. - The company operates five production bases, including two in Kunshan, China, and one in Thailand, which is expected to start production in 2024 with a capacity utilization rate of 73.5% in the first half of 2025 [1]. Group 2: Market Position - As of June 30, 2025, Huada Technology holds the top global market share in several PCB categories: 10.3% in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in switch and router PCBs, and 15.2% in L2+ autonomous driving domain controller HDI PCBs [1]. Group 3: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a nearly 50% year-on-year growth, with a revenue of 8.494 billion yuan in the first half of this year, up 56.6% year-on-year [1]. - In the third quarter of 2025, the company is expected to report record-high quarterly revenue and net profit, with net profit surpassing 1 billion yuan for the first time [1]. Group 4: Fundraising and Investment Plans - The funds raised from the H-share listing will be allocated to production capacity expansion, high-end PCB product R&D, strategic investments, and general corporate purposes [2]. - The company plans to focus on advanced technologies such as CoWoP and next-generation technology directions like optical copper integration, enhancing product capabilities in signal transmission and power distribution [2]. Group 5: Future Projects - A project for expanding high-end PCBs for AI chips, planned at 4.3 billion yuan, is set to commence construction in late June 2025, with trial production expected in the second half of 2026 [3]. - The Thai production base is anticipated to enter small-scale production in the second quarter of 2025, with initial customer recognition in AI servers and switches [3].