Core Viewpoint - Shiyun Circuit is recognized as an advanced enterprise in the PCB industry, demonstrating a strong growth trajectory in its performance [1] Company Performance - The company has achieved mass production capabilities for various products including single-sided and double-sided boards, high/multi-layer boards, arbitrary layer interconnections, flexible boards, and rigid-flex boards [1] - Revenue has shown steady growth over the past decade, attributed to business scale expansion and product structure optimization [1] - For 2024, the company is projected to achieve revenue of 5.022 billion yuan, representing a year-on-year increase of 11.13% [1] - The net profit attributable to shareholders is expected to reach 675 million yuan, marking a year-on-year increase of 36.17%, setting a historical record [1] - The gross profit margin has improved from 15.44% in 2021 to 23.09% [1] Market Applications - The company's products are widely used in various sectors including automotive electronics, servers, wind and solar storage, and consumer electronics [1] Future Outlook - The company maintains close cooperation with major clients, with the automotive and energy storage businesses expected to continue expanding [1] - The server business is anticipated to grow rapidly driven by AI large model applications [1] - The company has initiated coverage with a "buy" rating based on its strong performance and growth potential [1]

9月11日下午，在天津辖区上市公司2025年投资者网上集体接待日活动中，天津普林（002134）电路股 份有限公司（股票代码：002134）向投资者展示了公司在高端PCB领域的稳健表现和创新成果，营收实 现显著增长，战略布局稳步推进。 展望未来，天津普林将继续发挥在高端PCB领域的技术优势和行业积累，把握市场机遇，通过工艺改进 和产品结构优化，不断提升核心竞争力，为投资者创造持续价值。 2025年上半年，公司实现营业收入6.58亿元，较上年同期增长27.47%，展现出强劲的发展势头。这一增 长主要得益于公司积极开拓市场，业务量持续提升，特别是在新能源车型配套PCB产品领域出货量显著 增加，为公司业绩注入新动力。 公司深耕PCB行业多年，已形成"多品种、中小批量"的柔性化生产优势，产品类型覆盖单双面板、多层 板、高多层板、HDI、高频高速板及厚铜板等，广泛应用于工控医疗、汽车电子、航空航天等高附加值 领域。通过持续的技术改进和生产工艺优化，公司产品质量稳定可靠，市场竞争能力不断提升。 公司凭借良好的品牌形象与行业知名度，已成功进入众多全球领先企业的合格供应商体系，产品远销美 国、日本、韩国、德国、法国、英国等多 ...

Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. plans to raise up to RMB 580 million through the issuance of convertible bonds, with the funds primarily allocated for the construction of a production base in Thailand, aimed at increasing annual production capacity by 1.2 million square meters for single-sided, double-sided, and multi-layer boards [3][18]. Group 1: Investment Project Necessity - The PCB industry is expected to experience moderate recovery and steady growth, with a projected compound annual growth rate (CAGR) of 5.40% from 2023 to 2028, and the global PCB market is anticipated to reach USD 73 billion in 2024, reflecting a year-on-year growth of approximately 5% [5][6]. - The Southeast Asian PCB market is projected to grow significantly, with an expected CAGR of 12.7% from 2023 to 2028, driven by local policies and international industry transfers [5][6]. - The establishment of the Thailand production base is essential for optimizing the company's PCB capacity layout to meet the increasing procurement demands of overseas customers [18][21]. Group 2: Market Demand and Client Base - The demand for PCB products is recovering, particularly in sectors such as AI, automotive electronics, and industrial control, which are driving overall PCB demand growth [6][8]. - Major clients of the company include well-known enterprises such as LG, Hisense, and Haier, which have high standards for product quality and stability in supply chains [12][21]. - The company aims to enhance its overseas supply capabilities and service quality to improve customer loyalty, as local production can meet the increasing demands for flexible delivery and high-quality standards [20][21]. Group 3: Competitive Landscape - The global PCB industry is characterized by a competitive landscape with a concentration ratio (CR5) of approximately 30%, indicating a well-distributed market among leading manufacturers [6]. - The company has over 20 years of experience in manufacturing single-sided and multi-layer boards, establishing a strong brand image and market recognition [18][22]. - The PCB industry is witnessing a trend of domestic manufacturers expanding their production bases to Southeast Asia, with many companies planning significant investments in Thailand [11][18].