有业内人士指出，当前，磷酸铁锂行业整体复苏势头强劲，景气度走高。在此趋势下，相关企业积极推进产能结构优化与技术升级， 不断强化核心技术壁垒与成本控制能力，有望进一步改善盈利并在新一轮竞争中占据主动。 受下游需求快速增长强力拉动，磷酸铁锂行业三季度迎来显著回暖，多家头部厂商订单充盈，纷纷瞄准高端产能释放扩产信号。与此同 时，高压实密度磷酸铁锂等创新技术的快速发展也为产业发展持续注入活力。有业内人士指出，当前，磷酸铁锂行业整体复苏势头强 劲，景气度走高。在此趋势下，相关企业积极推进产能结构优化与技术升级，不断强化核心技术壁垒与成本控制能力，有望进一步改善 盈利并在新一轮竞争中占据主动。 企业纷纷签单、扩产 三季度以来，磷酸铁锂行业进入"签单、扩产"活跃期。具体来看，8月，龙蟠科技发布2025年度向特定对象发行A股股票预案。龙蟠科 技本次向特定对象发行股票募集资金总额不超过20亿元（含本数），扣除相关发行费用后的募集资金净额拟用于11万吨高性能磷酸盐 型正极材料项目、8. 5万吨高性能磷酸盐型正极材料项目，以及补充流动资金。公告中，龙蟠科技明确，计划通过本次募投项目，建设 优先满足第四代超高能量密度磷酸铁锂正极材料 ...

Core Viewpoint - The company Shengyi Electronics (688183.SH) has experienced significant growth in its operating performance due to the increasing demand for multilayer printed circuit boards, with substantial year-on-year increases in revenue and net profit reported for the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, Shengyi Electronics achieved revenue of 1.579 billion yuan, a year-on-year increase of 78.55%, and a net profit of 200 million yuan, up 656.87% [1]. - For the full year 2024, the company reported revenue of 4.687 billion yuan, a 43.19% increase, and a net profit of 332 million yuan, recovering from a loss of 24.99 million yuan in the same period of 2023 [1]. - The net profit has shown exponential growth over the quarters in 2024, with figures of 26.45 million, 69.64 million, 90.43 million, and 145 million yuan for Q1 to Q4 respectively, reflecting year-on-year increases of 759.89%, 412.84%, 432.26%, and 2079.78% [1]. Business Strategy and R&D - Shengyi Electronics has been optimizing its product structure and enhancing its business layout in response to the growing market demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2]. - The company has consistently invested in R&D, with expenditures of 196 million, 193 million, and 284 million yuan from 2022 to 2024, totaling 673 million yuan over three years, and Q1 2025 R&D expenses were 91.13 million yuan, an increase of 87.08% year-on-year [2]. - As of the end of 2024, the company holds 276 invention patents and has participated in the formulation of 20 industry standards and specifications [2]. Market Performance - As of April 28, the stock price of Shengyi Electronics was 25.62 yuan per share, with an overall increase of 158.78% over the past 12 months [3]. - The company has been generous in cash dividends, having distributed a total of 745 million yuan since its listing in 2021, which accounts for approximately 68.7% of the total net profit since then [3].