风险提示：投资有风险，入市需谨慎。 公司主营业务为印刷线路板行业，占比93.54%。8月21日晚间披露的半年报显示，上半年实现营业收入 12.64亿元，同比增长13.54%；归母净利润3813.06万元，同比扭亏为盈。同时公告称拟使用不超过5500 万元闲置募集资金暂时补充流动资金。 骏亚科技8月21日报收15.76元，较前一交易日下跌2.29%。当日成交额2.5亿元，换手率4.85%，总市值 51.43亿元。 ...

Group 1: Investment Interest in Chinese Companies - Global investors are increasingly focusing on Chinese markets and assets due to the complex global economic landscape, with companies like BYD and Shenghong Technology attracting attention through on-site visits and product experiences [1][2] - Investors expressed surprise at BYD's advanced automotive technology, competitive pricing, and high product quality, leading to a growing interest in purchasing Chinese-made electric vehicles [2][3] - The visit to BYD's facilities allowed investors to gain a deeper understanding of the company's core competencies, including its global expansion, safety features, and brand strength [3] Group 2: Shenghong Technology's Market Position - Shenghong Technology has successfully transformed from a traditional PCB manufacturer to a high-end product supplier, focusing on emerging fields such as AI computing and electric vehicles [3][4] - Investors showed strong interest in Shenghong's product technology updates and quality control, discussing investment opportunities in the PCB sector amid a clear competitive landscape [4] - The PCB industry is characterized by significant barriers to entry, with established Chinese companies gaining recognition and competitive advantages in the global market [4][5]

Core Viewpoint - The company is focused on enhancing its market position and operational efficiency in the printed circuit board (PCB) industry while addressing investor concerns regarding stock performance and market confidence [2][3][6]. Company Performance - In 2024, the company achieved a revenue of approximately 1.268 billion yuan, a year-on-year increase of about 4.17%, and a net profit of approximately 106 million yuan, a decrease of 2.99% [6]. - For Q1 2025, the company reported a revenue of approximately 341 million yuan, a year-on-year increase of 43.09%, and a net profit of approximately 28.19 million yuan, a year-on-year increase of 313.78% [6][13]. Investment Projects - The company’s fundraising projects are expected to reach operational status by December 2025, focusing on high-end PCB products for various sectors including automotive and consumer electronics [3][4]. - The company is developing a smart factory that integrates automation and digitalization to enhance production efficiency and reduce costs [3]. R&D and Product Development - The company is increasing its R&D investments, with new products such as HDI boards and high-layer PCBs expected to contribute to revenue growth [5][9]. - The company has made significant progress in developing new products, including notebook components and high-speed graphics cards, which are now in the testing phase [5]. Market Outlook - The global PCB industry is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with China's PCB market expected to grow at a CAGR of 4.3% during the same period [10][11]. - High-layer boards and HDI technology are anticipated to see significant growth, with respective CAGRs of 15.7% and 6.4% [10][11]. International Expansion - The company is establishing a production base in Thailand with a total investment of up to 700 million USD, expected to commence operations by 2027 [7][8]. - The company’s overseas business accounted for 17.59% of total revenue in 2024, with minimal impact from trade tariffs due to low export ratios to the U.S. [11]. Corporate Governance - The company is committed to improving investor relations and enhancing information disclosure to build market confidence [2][3]. - A stock incentive plan is in place to align the interests of employees with those of shareholders, aimed at driving performance in line with the company's growth objectives [12].

Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 1.268 billion CNY, an increase of about 4.17% year-on-year [5] - The net profit attributable to shareholders was approximately 106 million CNY, a decrease of 2.99% year-on-year [5] - In Q1 2025, the company reported revenue of approximately 341 million CNY, an increase of about 43.09% year-on-year, with net profit of approximately 28 million CNY, an increase of 313.78% year-on-year [5] Group 2: Investment Projects and Production Capacity - The company’s fundraising projects are expected to reach operational status by December 2025, with 42.42% of the raised funds utilized by the end of 2024 [3] - Current overall production capacity utilization is approximately 89.5% [3] - The company is focusing on high-end PCB products, including HDI, for applications in automotive electronics and high-end consumer electronics [3] Group 3: Research and Development - The company emphasizes R&D investment, with new products such as notebook products and high-speed graphics cards already in testing and production phases [4] - The company has made progress in HDI technology, with products for LED displays and automotive applications entering mass production [4] Group 4: Market Expansion and International Operations - The company’s overseas business revenue accounted for 17.59% of total revenue in 2024, with direct exports to the U.S. at approximately 1.76% [8] - A new production base in Thailand is being established with a total investment of no more than 70 million USD, expected to commence operations in 2027 [5] Group 5: Environmental and Sustainability Efforts - In 2024, the company invested approximately 13.81 million CNY in environmental protection and management [6] - The company is committed to sustainable development and aims to reduce greenhouse gas emissions in line with national policies [6] Group 6: Industry Outlook - The global PCB industry is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with China's CAGR at 4.3% [7] - High-layer and HDI boards are expected to see significant growth, with respective CAGRs of 15.7% and 6.4% [7]