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Core Viewpoint - Huadian Co., Ltd. (002463.SZ), known as the "first stock of Taiwanese enterprises in Kunshan," is experiencing significant growth, with revenue increasing from 8.336 billion RMB in 2022 to 13.342 billion RMB in 2024, and net profit rising from 1.362 billion RMB to 2.566 billion RMB during the same period [1][11][35]. Group 1: Company Overview - Huadian Co., Ltd. is a leading provider of PCB solutions in the data communication and smart automotive sectors, with products including high-speed network switches, AI servers, and HPC [11][35]. - The company has seen its stock price surge by 87.05% this year, reaching a market capitalization of 142.1 billion RMB as of December 9 [1][25]. - The company is preparing for an IPO on the Hong Kong Stock Exchange, with a controlling team led by Chen Meifang and her family [1][25]. Group 2: Financial Performance - Revenue for Huadian Co., Ltd. has shown rapid growth, with figures of 8.336 billion RMB in 2022, 8.938 billion RMB in 2023, and projected 13.342 billion RMB in 2024 [11][35]. - Net profit has also increased significantly, from 1.362 billion RMB in 2022 to 2.566 billion RMB in 2024, reflecting a near doubling of profit [11][35]. - The company’s revenue growth is driven primarily by PCB product sales, which account for over 95% of total revenue [11][35]. Group 3: Business Segments - The data communication segment, particularly high-speed network switches and routers, has become a core business, with revenue share increasing from 35.5% in 2022 to 40.8% in the first half of 2025 [12][37]. - The AI server and HPC segment has also seen substantial growth, with its revenue share rising from 5.2% to 17.8% during the same period [12][37]. - The company is shifting towards high-performance and high-reliability PCBs, which has led to an increase in gross margins from 27.9% in 2022 to 32.3% in 2024 [15][37]. Group 4: Supply Chain and Relationships - Huadian Co., Ltd. maintains a complex relationship with Taiwan Nanzih Electric, which serves as a supplier, customer, and sales agent [8][33]. - The company has signed a procurement framework agreement with Taiwan Nanzih Electric, effective until 2028, indicating a long-term partnership [8][33]. - The procurement amounts from Taiwan Nanzih Electric have varied, with figures of 44.7 million RMB in 2022 and projected 37.3 million RMB in 2025 [8][32]. Group 5: Operational Metrics - The company has five main production bases in China and Thailand, with varying capacity utilization rates; the Kunshan and Huangshi bases are nearly fully utilized [15][16]. - The production base in Jintan has improved its capacity utilization from 43.3% in 2022 to 71.2% in the first half of 2025 [16][17]. - The company’s inventory has increased, with balances of 1.551 billion RMB in 2022 and 2.942 billion RMB in 2025, representing about 23% of current assets [18][20].