沪士电子携高端PCB递表 为港股科技板块注入新动能

Core Viewpoint - The leading printed circuit board (PCB) manufacturer, Hushi Electronics, has applied for a secondary listing in Hong Kong, focusing on high-end applications in artificial intelligence servers and smart vehicles, driving strong revenue growth [1][2]. Group 1: Company Overview - Hushi Electronics has submitted its listing application to the Hong Kong Stock Exchange, following a similar move by competitor Dongshan Precision just a week prior [2][3]. - The company has experienced a 57% year-on-year revenue growth and a 49% increase in profit for the first half of this year, maintaining a competitive high gross margin [2][5]. - Hushi Electronics has strategically shifted its focus from consumer electronics to high-end PCB products for smart vehicles and AI applications, distinguishing itself from Dongshan Precision, which remains rooted in the more mature consumer electronics market [5][6]. Group 2: Production and Market Position - Hushi Electronics operates five production bases, with notable projects in Jiangsu and Thailand, the latter focusing on advanced products for high-speed networking and AI servers [6][8]. - The company has become the largest supplier of data center PCBs globally, with a market share of 10.3% as of June this year [6]. - Hushi Electronics leads the high-end HDI PCB market for L2 and above autonomous driving domain controllers, holding a market share of 15.2% [7]. Group 3: Financial Performance - The data communication PCB segment is the largest growth driver for Hushi Electronics, with a 71% year-on-year revenue increase, reaching 6.53 billion yuan, accounting for over 75% of total revenue [8]. - The company's gross margin has increased from 27.9% in 2022 to 32.3% in the first half of this year, reflecting its focus on high-end markets [8]. - Hushi Electronics' net profit for the first half of 2025 grew by 49% year-on-year, from 1.14 billion yuan to 1.68 billion yuan, with cash reserves increasing from 1.54 billion yuan to 2.74 billion yuan [9].