Core Viewpoint - The company aims to create a complete closed-loop high-speed channel for hardware innovation enterprises by integrating the entire process of PCB research and development, design, manufacturing, and PCBA assembly [1][2]. Group 1: Company Overview - Shenzhen Yibo Technology Co., Ltd. has evolved from a "design-driven" company to a comprehensive "hardware innovation platform" that connects cutting-edge design with high-quality manufacturing [2]. - The company was founded in 2003, initially focusing on high-speed PCB design and signal integrity simulation, and has since expanded its services to include PCB manufacturing, material supply, assembly, and testing [3]. - Yibo Technology has built a team of over 800 high-speed PCB designers and holds more than 400 related patents, demonstrating its leading capabilities in the industry [3]. Group 2: Business Model and Strategy - The company operates with a matrix organizational model centered around R&D projects, ensuring efficient resource allocation and project execution [4]. - Over 90% of the company's orders focus on R&D prototyping and small-batch production, resulting in a higher gross margin compared to traditional EMS manufacturers [4]. - In 2023, Yibo Technology acquired Zhuhai Yisheng PCB Factory to enhance its manufacturing capabilities, addressing previous shortcomings in PCB production [5][6]. Group 3: Operational Efficiency - The company emphasizes a 48-hour delivery requirement for its PCBA manufacturing business, with performance metrics tied to this goal [6]. - Yibo Technology has implemented an intelligent warehouse system and a self-developed component management system to ensure transparency and efficiency in material handling [7]. - The company has achieved significant technical advancements, including the ability to control impedance accuracy within ±5% and breakthroughs in back-drilling precision [7]. Group 4: Future Outlook - For the next 3 to 5 years, the company plans to strengthen its PCB R&D design team, expand high-end PCBA manufacturing capabilities, and enhance its one-stop innovation platform to serve emerging industries such as AI and renewable energy [8]. - In 2024, PCBA business is expected to account for approximately 80% of the company's overall revenue, with a projected year-on-year growth of over 30% in Q1 2025 [7][8].

Group 1: Capacity and Production - The company's production capacity is currently aligned with market demand, maintaining a normal utilization rate [3] - The Zhuhai Yisheng PCB factory is in the initial production phase, gradually increasing its capacity and receiving positive feedback from clients [3] - The Tianjin PCB factory has also completed its initial phase and is meeting the flexible production needs of clients in North China [3] Group 2: Strategic Development - The core development strategy for 2025 focuses on enhancing operational efficiency and providing a one-stop hardware innovation platform for PCB design, manufacturing, and assembly services [4] - The company aims to increase medium-volume production services while leveraging its capabilities in next-generation communication technologies and AI [4] Group 3: Financial Performance - The company reported a "revenue increase without profit increase" in Q4 2024 due to high costs associated with new factory setups and insufficient client orders [5] - R&D expenses for 2024 totaled CNY 10,986.82 million, representing a year-on-year increase of 8.86%, accounting for 12.38% of total revenue [6] Group 4: Market Position and Competitive Advantage - The company is recognized as a leading third-party PCB design service provider, with a strong team and advanced simulation technology [5] - The PCB industry is expected to grow due to increasing demand driven by advancements in AI, data centers, and integrated circuits [11] Group 5: Future Growth Opportunities - Future growth points include increased orders from the Zhuhai fundraising project and the Zhuhai Yisheng high-end PCB factory [12] - The company plans to enhance its service capabilities and expand its market reach, focusing on flexible production needs [12] Group 6: Export and Trade Impact - In 2024, export revenue was CNY 6,418.90 million, accounting for 7.23% of total revenue, with less than 5% from exports to the U.S., indicating minimal impact from U.S. tariffs [9]

证券代码：301366 证券简称：一博科技 深圳市一博科技股份有限公司投资者关系活动记录表 编号：2025-004 投资者关系活动类别 ■特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 参与单位名称及人员姓名 （排名不分先后） 兴银理财 蒲延杰、黄舒婷、江耀堃； 天风证券 冯浩凡。 时间 2025 年 4 月 30 日下午 14 点—15 点 地点 腾讯会议 上市公司接待人员姓名 公司副总经理、董事会秘书 余应梓 先生； 公司证券事务代表 徐焕青 先生。 投资者关系活动主要内容 介绍 一、公司简要介绍 公司成立于 2003 年，初期主要聚焦于 PCB 设计技术服务。公司深耕 PCB 设 计业务二十余年，拥有研发设计工程师多达 800 余人，已建立行业领导地位， 在高速、高密 PCB 设计领域具备突出的规模优势和技术优势；公司 PCB 和 PCBA 制造服务定位于供应高品质快件，专注于研发打样和中小批量领域，具备柔性 化制造及快速交付的能力。 公司致力于打造 PCB 设计、制板、元器件供应、PCBA 焊接组装、性能测试 等一站式硬件创新平台，满足多元化的客户需 ...

Core Viewpoint - Despite facing challenges in a complex macroeconomic and geopolitical environment, the company achieved revenue growth but experienced a decline in net profit [1] Revenue Performance - The company reported a revenue of 887,649,645.67 yuan in 2024, a 12.91% increase from 786,135,392.44 yuan in the previous year [2] - PCB design service revenue was 185,338,989.37 yuan, accounting for 20.88% of total revenue, with a year-on-year growth of 14.43% [2] - PCBA manufacturing service revenue reached 702,044,012.32 yuan, representing 79.09% of total revenue, with a growth of 12.51% [2] - Significant growth was observed in emerging sectors, with AI industry revenue increasing by 30.71% and smart transportation by 33.32% [2] Net Profit Analysis - The net profit attributable to shareholders was 88,580,223.71 yuan, down 10.38% from 98,841,046.16 yuan in the previous year [3] - Factors contributing to the decline included initial production costs at new factories and increased tax and management expenses [3] Non-Recurring Profit - The non-recurring net profit was 68,196,628.74 yuan, a decrease of 4.25% from 71,225,155.93 yuan, indicating pressure on core business profitability [4] Earnings Per Share - Basic earnings per share fell to 0.5932 yuan, down 9.97% from 0.6589 yuan [5] - Non-recurring earnings per share also declined, reflecting the overall decrease in profitability [5] Expense Overview - Sales expenses slightly decreased to 47,026,191.03 yuan, a 3.18% reduction from the previous year [6] - Management expenses surged by 25.73% to 67,782,256.69 yuan, primarily due to increased personnel and training costs [7] - Financial expenses increased by 32.73% to -5,594,894.52 yuan, influenced by changes in bank discount fees and interest income [8] Research and Development - R&D expenses rose to 109,868,233.17 yuan, an 8.86% increase, representing 12.38% of total revenue [10] - The number of R&D personnel increased by 4.69% to 937, with a notable rise in senior personnel to ensure smooth operations at new facilities [12] Cash Flow Analysis - Net cash flow from operating activities decreased by 15.90% to 135,881,801.03 yuan [13] - Cash flow from investing activities turned negative at -207,085,031.52 yuan, compared to a positive flow in the previous year [14] - Cash flow from financing activities significantly declined to -90,900,501.01 yuan, with a 523.60% increase in cash outflows [15]