业绩爆发式增长，生益电子拟定增26亿，加码AI赛道

Core Viewpoint - The article discusses the recent equity refinancing plan of Shengyi Electronics Co., Ltd., aiming to raise up to 2.6 billion yuan for various projects, including AI computing HDI production and high-layer circuit boards, while addressing liquidity and debt repayment needs [1][2][11]. Group 1: Company Overview - Shengyi Electronics, established in 1985 and headquartered in Dongguan, Guangdong, specializes in high-precision, high-density printed circuit boards (PCBs) and is a national high-tech enterprise [6]. - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in February 2021, raising 2.066 billion yuan with an initial share price of 12.42 yuan [6]. Group 2: Financial Performance - In 2024, Shengyi Electronics reported a revenue of 4.687 billion yuan, a year-on-year increase of 43.2%, and a net profit of 332 million yuan, recovering from a loss of 25 million yuan in 2023 [8]. - The gross profit margin improved significantly from 10.07% in 2023 to 24.95% in 2024, driven by a higher proportion of high-value-added products, particularly in AI server PCBs [8]. - For the first three quarters of 2025, the company achieved a total revenue of 6.829 billion yuan, a year-on-year growth of 114.79%, and a net profit of 1.115 billion yuan, marking a 497.61% increase [9]. Group 3: Fundraising and Investment Plans - The planned fundraising of 2.6 billion yuan will be allocated to three main areas: the construction of an AI computing HDI production base, a smart manufacturing project for high-layer circuit boards, and to supplement working capital and repay bank loans [2][11]. - The AI computing HDI production base project will receive 1 billion yuan, accounting for 38.5% of the total funds, with an expected total investment of 2.032 billion yuan and a planned annual production capacity of 167,200 square meters [11]. - The smart manufacturing project for high-layer circuit boards will receive 1.1 billion yuan, representing 42.3% of the total funds, with an expected total investment of 1.937 billion yuan and a planned annual production capacity of 700,000 square meters [11].