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调研速递|苏州东山精密接待中信证券等392家机构 三季度增收不增利 泰国软板产能2026年下半年释放
Xin Lang Zheng Quan· 2025-10-23 12:19
Core Viewpoint - Suzhou Dongshan Precision Manufacturing Co., Ltd. held a performance briefing for Q3 2025, discussing business segment performance, strategic projects, and capital operations, with participation from 392 investment institutions [1][2][5] Group 1: Business Performance - The company reported a mixed performance across its business segments in Q3 2025, with revenue growth but profit decline due to insufficient new capacity conversion and increased management expenses [3] - Softboard business saw revenue growth driven by demand for new consumer electronics, but profits did not increase due to underutilization of new capacity in Thailand [3] - Hardboard business benefited from strong demand for high-layer and HDI boards driven by AI, resulting in both revenue and profit growth [3] - Touch display business remained stable despite project delays, while LED business showed slight improvement year-on-year through strategic adjustments [3] - Precision manufacturing faced a decline in operating profit due to lower capacity utilization from client delays [3] Group 2: Strategic Projects - The company is actively expanding its AI PCB and new energy vehicle businesses, with a focus on order and customer expansion [3] - The GMD acquisition in the new energy vehicle sector is progressing as planned, with internal structure adjustments anticipated post-acquisition [3][4] - The Thai factory is expected to gradually release capacity starting in the second half of 2026, following successful client validation [4] Group 3: Capital Operations - The company is advancing its plans for a Hong Kong stock listing, with board approval obtained for related proposals, pending shareholder review [4]