Sihui Fuji Electronics Technology (SZ:300852) Huaan Securities·2026-01-23 11:38Investment Rating - The report assigns a "Buy" rating for the company [9] Core Insights - The company, Si Hui Fu Shi, focuses on high-quality printed circuit board (PCB) research, production, and sales, targeting the industrial control, automotive electronics, communication equipment, and medical devices sectors. It has established a global production layout with a new factory in Thailand set to begin trial production in 2024 [4][16] - The global PCB market is experiencing rapid growth, particularly in automotive electronics, industrial control, and optical module PCBs, driven by the increasing demand for electric vehicles and automation technologies [5][6][38] - The company has a stable and high-quality customer base, including major firms like Hitachi, Panasonic, and Omron, which enhances customer loyalty and supports revenue growth [7][72] Summary by Sections Company Overview - Si Hui Fu Shi specializes in high-quality PCB production, focusing on small-batch, multi-variety, high-reliability, and fast delivery markets. The company was established in 2009 and went public in 2020 [4][16] - The product range includes high multilayer boards, HDI boards, thick copper boards, and metal substrates, serving various industries [4][16] Market Trends - The automotive electronics PCB market is projected to grow significantly, with the global market size expected to increase from USD 6.1 billion in 2020 to USD 9.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.2% [6][49] - The industrial control market in China is growing faster than the global market, presenting opportunities for domestic PCB suppliers [38][52] Financial Performance - The company is expected to achieve revenues of CNY 1.91 billion, CNY 2.71 billion, and CNY 3.54 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 215 million, CNY 353 million, and CNY 546 million [9][81] - The company's revenue has shown steady growth, increasing from CNY 650 million in 2020 to CNY 1.41 billion in 2024, with a CAGR of 21.3% [28][30] Production Capacity and Expansion - The Thailand factory is set to have an initial capacity of 50,000 square meters per month, with plans to increase to 100,000 square meters per month [7][79] - Domestic projects are underway to expand production capacity, with significant investments planned to enhance high-reliability PCB production [7][79]