Core Viewpoint - Huada Technology Co., Ltd. (沪电股份) has submitted an application for H-share listing on the Hong Kong Stock Exchange to raise funds for capacity expansion and high-performance PCB projects, indicating strong growth prospects in the data communication and smart automotive sectors [1][2]. Group 1: Company Overview - Huada Technology is a leading provider of PCB solutions in data communication and smart automotive fields, with products including high-speed network switches, AI servers, and smart automotive domain controllers [1]. - The company operates five production bases, including two in Kunshan, China, and one in Thailand, which is expected to start production in 2024 with a capacity utilization rate of 73.5% in the first half of 2025 [1]. Group 2: Market Position - As of June 30, 2025, Huada Technology holds the top global market share in several PCB categories: 10.3% in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in switch and router PCBs, and 15.2% in L2+ autonomous driving domain controller HDI PCBs [1]. Group 3: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a nearly 50% year-on-year growth, with a revenue of 8.494 billion yuan in the first half of this year, up 56.6% year-on-year [1]. - In the third quarter of 2025, the company is expected to report record-high quarterly revenue and net profit, with net profit surpassing 1 billion yuan for the first time [1]. Group 4: Fundraising and Investment Plans - The funds raised from the H-share listing will be allocated to production capacity expansion, high-end PCB product R&D, strategic investments, and general corporate purposes [2]. - The company plans to focus on advanced technologies such as CoWoP and next-generation technology directions like optical copper integration, enhancing product capabilities in signal transmission and power distribution [2]. Group 5: Future Projects - A project for expanding high-end PCBs for AI chips, planned at 4.3 billion yuan, is set to commence construction in late June 2025, with trial production expected in the second half of 2026 [3]. - The Thai production base is anticipated to enter small-scale production in the second quarter of 2025, with initial customer recognition in AI servers and switches [3].

根据灼识咨询的资料，以截至2025年6月30日止18个月的收入统计，公司的数据中心领域PCB位居全球 第一，占市场份额10.3%；公司的22层及以上PCB位于全球第一，占市场份额25.3%；另外，交换机及 路由器用PCB位居全球第一，占市场份额12.5%；L2+自动驾驶域控制器高阶HDI PCB位于全球第一， 占市场份额15.2%。 从股权结构来看，吴礼淦家族通过碧景控股(持股19.32%)和合拍友联(持股1.03%)合计持有公司20.35% 表决权；假设超额配售权未行使，吴礼淦家族仍为单一最大股东集团。 本次沪电股份H股募集资金将用于生产基地产能扩张，主要聚焦高端PCB产品；数据通讯及智能汽车领 域高性能PCB研发与前瞻技术创新；战略性投资并购；以及营运资金及一般公司用途。据披露，公司计 划重点投入CoWoP等前沿技术的研究与先进工艺的创新，并提前布局光铜融合等下一代技术方向，系 统提升产品的信号传输、电源分配及功能集成能力。同时，公司将投入用于下一代AI服务器、3.2T高速 网络交换机等数通领域的高端PCB产品差异化定制化技术开发，针对性地提升产品的高密、高频高速及 高通流性能。 在11月接受机构调研时， ...