AI PCB龙头，再加码55亿

Core Viewpoint - The company, Huadian Co., Ltd., is expanding its production capacity for high-end printed circuit boards (PCBs) through a new investment project totaling approximately 55 billion yuan, which aligns with its strategy of technological innovation and product upgrades [2][3]. Investment Project Summary - The investment project will be executed by the wholly-owned subsidiary, Kunshan Huli Microelectronics Co., Ltd., and will be divided into three phases with a total investment of about 55 billion yuan [2]. - Phase 1 involves a fixed asset investment of approximately 10 billion yuan, expected to generate an annual industrial output value of 1 billion yuan upon reaching full capacity [2]. - Phase 2 also has a fixed asset investment of about 10 billion yuan, which includes acquiring land and constructing an industrial wastewater treatment plant, with an anticipated annual output value of 1 billion yuan [2]. - Phase 3 will see a significant investment of 25 billion yuan, projected to yield an annual industrial output value of 4.5 billion yuan [2]. Financial Performance - For the reporting period, the company achieved a revenue of approximately 18.9 billion yuan, representing a year-on-year growth of about 42%, and a net profit attributable to shareholders of approximately 3.82 billion yuan, up by about 47.74% [3]. - The total assets of the company reached approximately 28.3 billion yuan, reflecting a growth of about 33.40% compared to the beginning of the period [3]. Future Plans - The company plans to invest approximately 4.3 billion yuan in a new project for high-end PCBs supporting artificial intelligence chips, which is set to commence construction in late June 2025 and is expected to begin trial production in the second half of 2026 [3]. - Additionally, a separate project for high-end PCB production with a total investment of about 3.3 billion yuan is expected to add an annual capacity of 140,000 square meters over a construction period of two years [4].