Core Viewpoint - The continuous expansion and deepening of AI application scenarios are accelerating the development of global AI infrastructure, leading to an exponential increase in computing power demand, which is reshaping the electronic industry chain. PCB (Printed Circuit Board), as a core component of all electronic devices, is experiencing a shift towards high-density, high-precision, and high-performance upgrades due to the requirements of AI servers and high-end switches [1][2]. Industry Overview - The PCB market is categorized into various types based on layers and materials, with higher precision and performance required for AI servers, which typically use high multi-layer boards and HDI boards. The demand for 18 layers and above is expected to grow significantly, with a projected market value increase of 40.2% for high multi-layer boards and 18.8% for HDI boards in 2024, compared to an overall PCB industry growth of 5.8% [2]. - Domestic PCB companies are increasing production capacity to meet the rising demand for high-end PCBs, driven by local enterprises in AI servers, new energy vehicles, and 5G communications, which are reducing reliance on overseas suppliers [3]. Company Profile - Strongda Circuit (301628) is one of the few domestic companies capable of manufacturing high-end or arbitrary interconnection HDI boards, focusing on mid-to-high-end samples and small batch production. The global market for sample and small batch boards is projected to reach $11.825 billion in 2024, with domestic market value expected to grow to approximately $5.256 billion [4]. - In the first half of 2025, Strongda's revenue from sample and small batch boards accounted for 87.29% of total revenue, with high multi-layer boards showing a 27.55% year-on-year growth [5]. Financial Performance - For the first three quarters of 2025, Strongda reported a revenue of 706 million yuan, a year-on-year increase of 20.74%, and a net profit of 96.32 million yuan, also up by 20.91%. The company's gross margin of 31.56% significantly exceeds the industry average [7]. Production Capacity and R&D - Strongda is facing capacity constraints due to increasing order demands. To address this, the company plans to issue convertible bonds to raise up to 550 million yuan, primarily for expanding production capacity for mid-to-high-end multi-layer and HDI boards [8][9]. - The new production project is expected to achieve an annual capacity of 720,000 square meters of multi-layer boards and 240,000 square meters of HDI boards by July 2026, enhancing the company's market share in high-end PCBs [9]. - Strongda's R&D investment reached 25.88 million yuan in the first half of 2025, with a focus on key technologies for automotive electronics and AI servers, aiming to drive the company's high-end development [10].
强达电路：AI 引爆PCB升级浪潮，5.5亿募资扩充高端产能布局未来