Core Points - Shenglan Technology Co., Ltd. is issuing convertible bonds to unspecified investors, with Dongguan Securities as the lead underwriter [1][2] - The company specializes in the research, production, and sales of electronic connectors and precision components, particularly for consumer electronics and new energy vehicles [4][8] - The company has a strong focus on R&D, with significant investments in core technologies and a dedicated team of researchers [4][11] Company Overview - Company Name: Shenglan Technology Co., Ltd. [2] - Legal Representative: Pan Hao [2] - Stock Code: 300843.SZ [2] - Established: December 14, 2007 [2] - Listed on: Shenzhen Stock Exchange on July 2, 2020 [2] - Main Products: Electronic products, new energy components, connectors, charging modules, and related products [2][4] Business Operations - The company has maintained stable operations in its main business areas since its establishment [4] - It has developed several core technologies in connector manufacturing, including crimping technology and precision injection molding [4][10] - R&D expenses for the first quarter of 2025 were approximately 16.49 million yuan, accounting for 4.90% of revenue [11] Financial Performance - Total assets as of March 31, 2025, were approximately 2.22 billion yuan, with total liabilities of about 651.41 million yuan [6] - Revenue for the first quarter of 2025 was approximately 336.69 million yuan, with a net profit of about 30.48 million yuan [6][7] - The company has shown fluctuations in revenue and net profit over the years, with a notable increase in R&D investment [11][12] Market Position and Risks - The company faces risks related to customer concentration, with a significant portion of revenue derived from a few major clients [8][9] - There is a risk of core technical personnel turnover, which could impact the company's innovation capabilities [10] - The company is also exposed to market competition and fluctuations in raw material prices, which could affect profitability [14][15]

Company Performance - In 2024, the company achieved an operating revenue of 416 million yuan, a year-on-year increase of 14.32%, primarily driven by the strong performance of the laser optics business segment, which contributed 269 million yuan in revenue, up 22.17% year-on-year [1] - For Q1 2025, the company continued its revenue growth trend, achieving 99.23 million yuan, a year-on-year increase of 20.87%, driven by strong demand in the semiconductor, PCB, and infrared security sectors [1] - Despite revenue growth, the company's net profit declined significantly, with a 31.72% drop to 36.96 million yuan in 2024 and a 39.55% decrease to 6.51 million yuan in Q1 2025, attributed to fluctuations in raw material costs, increased asset and credit impairment losses, and rising management and R&D expenses [1] R&D and Innovation - The company emphasizes the construction of R&D and innovation capabilities, with a focus on laser and infrared optical components, which have become core competitive products [2] - In 2024, R&D investment reached 27.87 million yuan, a year-on-year increase of 29.15%, accounting for 6.7% of revenue, reflecting the company's commitment to talent and innovation [3] Market Position and Client Relationships - The company has established long-term stable partnerships with numerous well-known enterprises in the industry, providing strong support for stable development and competitive advantage [3] - The company has a diverse product range, including optical components and systems, which are widely used in laser processing, infrared thermal imaging, and consumer optics [2] Industry Trends - The optical components industry is experiencing continuous growth due to the increasing application of optical components across various fields, driven by advancements in technology [4] - The global semiconductor manufacturing equipment market reached 117.1 billion USD in 2024, a 10% increase from 2023, indicating a significant market for optical components in semiconductor manufacturing [4] Future Opportunities - The optical components industry is expected to benefit from emerging technologies such as 5G, AI, and IoT, with potential explosive growth in demand for optical sensors in smart driving and new consumer electronics [5] - Domestic precision optical companies are likely to occupy a more significant position in the market as manufacturing upgrades and import substitution accelerate [5]