【变更】PCB上市新秀调整5亿募投项目

Core Viewpoint - The company is adjusting its internal investment structure for the "Nantong Qiangda Circuit Technology Co., Ltd. annual production of 960,000 square meters of multilayer boards and HDI board project" to increase the proportion of high-end HDI products in response to market demand [2][4] Investment and Financial Summary - The company plans to raise 531 million yuan through an IPO in 2024, with a net amount of 453 million yuan after deducting issuance costs, allocated as follows: 363 million yuan for the Nantong project and 9 million yuan for working capital [2] - As of November 30, 2025, the investment progress for the Nantong project is at 74.14% [2] Product Structure Adjustment - The product composition is being changed from multilayer boards and 2nd generation HDI to primarily high-layer multilayer boards, with an expanded proportion of high-end HDI products [3][4] - The new products will be applied in various fields including optical modules, AI servers, GPU acceleration cards, general substrates (UBB), automotive millimeter-wave radar, intelligent driving control, humanoid robots, Mini-LED, semiconductor testing, IoT, and low-altitude economy [3][4] Equipment Investment Progress - The equipment investment timeline has been adjusted to start in the second half of year T+2 and complete in batches by year T+6, with production expected to commence in year T+3 [3] - The projected capacity utilization rates are as follows: 18% in year T+3, 35% in year T+4, 75% in year T+5, and 100% in year T+6 [3] Industry Context - The PCB industry is transitioning from a phase of scale expansion to one of structural optimization and technological enhancement, driven by the demand from AI computing, new energy vehicles, and smart terminal innovations [4] - The market is expected to see significant growth in high-value-added areas, with increasing demand for high-layer, high-density, and high-performance products [4] Company Background - Founded in 2004, the company specializes in the R&D, production, and sales of PCBs, focusing on mid-to-high-end prototypes and small batch production [6] - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 31, 2024 [6] - The company aims to meet the specialized needs of customers in various sectors including industrial control, communication equipment, automotive electronics, consumer electronics, medical health, and semiconductor testing [6]