Group 1 - The company, Four Meeting Fushi (300852), confirmed that its optical module PCB is currently produced mainly in China [1] - The Thai factory is progressing well in terms of technology and is in the preparation stage for mass production [1] - The company aims to ensure the successful mass production of the Thai factory to better serve global customers [1]

Group 1 - The core viewpoint of the article is that Sihui Fushi (300852.SZ) is progressing well with its technology at the Thailand factory, which is currently in the preparation stage for mass production [1] - The company emphasizes its commitment to ensuring the successful mass production of the Thailand factory to better serve global customers [1] - The company's optical module PCB is primarily produced domestically, indicating a focus on local production capabilities [1]

格隆汇9月4日丨四会富仕(300852.SZ)在投资者互动平台表示，公司光模块PCB目前主要在国内生产。泰 国工厂技术推进顺利，处于量产前的准备阶段，我们将全力确保泰国工厂顺利量产，以更好地服务全球 客户。 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

Core Insights - The company achieved a revenue of 392 million yuan in 2024, representing a year-on-year growth of 28.14%, while the net profit attributable to shareholders slightly decreased by 2.75% to 25.82 million yuan due to reduced government subsidies and investment income [1] - The company’s net profit, excluding non-recurring gains and losses, reached 22.57 million yuan, reflecting a year-on-year increase of 6.74%, indicating a sustained improvement in core business profitability [1] - The company’s gross margin slightly declined to 26.67%, yet remains at a relatively high level within the industry, with plans to enhance profitability through product structure optimization and high-value order acquisition [1] R&D and Strategic Focus - The company adheres to a "one core, dual engine" strategy, focusing on circuit boards and smart module modules, with R&D expenses reaching 23.01 million yuan in 2024, a year-on-year increase of 31.39% [2] - Key R&D investments are directed towards high-value areas such as wireless headphone noise reduction modules, optical module PCBs, and automotive electronic control modules [2] - The company has successfully expanded its customer base in the consumer electronics sector and achieved breakthroughs in the automotive electronics market with its CCS products [2] Market Diversification and Future Outlook - The company is addressing concerns regarding high overseas revenue, which accounted for approximately 87.6% in 2024, by diversifying its market strategy and expanding into non-U.S. markets [3] - Domestic revenue grew by 58.58% year-on-year, with a gross margin increase of 2.39 percentage points, indicating a strong domestic market presence [3] - The company plans to implement a dividend scheme of "10 shares converted to 4 shares and 1 yuan per share" in 2024, distributing a total cash dividend of 9.88 million yuan, reflecting confidence in long-term value [3] Emerging Business Opportunities - The company is actively pursuing opportunities in automotive electronics, medical electronics, and high-end consumer electronics, while exploring potential acquisitions to extend its industry chain [3] - The successful mass shipment of AI glasses-related FPCs and the entry of self-developed HDI PCB products into the optical module supply chain testing phase are expected to become new growth points [2][3] - The company anticipates a strong start in Q1 2025, with revenue growth of 26.68% and net profit growth of 29.80%, laying a solid foundation for achieving its annual targets [3]

Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 8, 2025, at the Shanghai Jinmao Hotel [3] - Participating institutions included various securities firms and asset management companies [3] - The company was represented by Mr. Liu Xunan, the securities affairs representative [3] Group 2: AI Glasses Business Development - The company plans to enhance R&D for multilayer soft boards and HDI products through its subsidiary, Guangdong Zecheng Technology Co., Ltd. [4] - Batch shipments of FPC products related to AI glasses began in Q4 2024, contributing to sales growth in Q1 2025 [4] - The company is engaging with mainstream AI glasses brands and manufacturers, entering substantive business negotiations [4] Group 3: Optical Module PCB Business Progress - The focus is on collaboration with mainstream optical module manufacturers, utilizing self-developed NBCF materials [5] - Ongoing testing and optimization of performance parameters are in progress [5] - The company will disclose relevant progress in a timely manner [5] Group 4: Domestic and International Market Development - The company achieved balanced growth in domestic and international sales in 2024 [6] - In 2025, the company will continue to focus on high-value clients in automotive electronics, medical electronics, and high-end consumer electronics [6] - Sales proportions may fluctuate based on project progress and product output [6]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of ¥391,719,678.83, a year-on-year increase of 28.14% [4] - The net profit attributable to shareholders was ¥25,815,418.23, a decrease of 2.75% year-on-year [4] - The net profit after deducting non-recurring gains and losses was ¥22,569,320.84, an increase of 6.74% year-on-year [4] - In Q1 2025, the company reported operating revenue of ¥9,519.57, a year-on-year growth of 26.68% [6] - The net profit attributable to shareholders in Q1 2025 was ¥464.50, a year-on-year increase of 29.80% [6] - The net profit after deducting non-recurring gains and losses in Q1 2025 was ¥328.55, a year-on-year increase of 37.15% [6] Group 2: Strategic Initiatives and Innovations - The company maintained a focus on "solidifying development quality" and achieved high-quality growth through the "one core, dual engines" strategy [5] - R&D investment increased by 31.39% in 2024, resulting in 5 new invention patents and 8 utility model patents [5] - The weighted average return on net assets after deducting non-recurring gains and losses increased by 0.16 percentage points year-on-year [5] - Accounts receivable turnover improved from 5.19 in 2023 to 5.69 in 2024, and inventory turnover improved from 2.30 in 2023 to 3.44 in 2024 [5] Group 3: Market Expansion and Product Development - Domestic sales revenue reached ¥48,423,500, a year-on-year increase of 58.58%, with a gross margin of 11.05%, up by 2.39 percentage points [5] - International sales revenue was ¥343,296,200, a year-on-year increase of 24.76% [5] - The company is actively participating in supplier bidding for mainstream optical module manufacturers, focusing on HDI PCB products [7] - The AI glasses-related FPC products began mass shipments in Q4 2024, contributing to sales growth in Q1 2025 [8] - The company is enhancing its technical capabilities in high-end wearable devices, including AI glasses and medical-grade hearing aids [8]