12月26日，强达电路发布公告，拟向不特定对象发行可转换公司债券，募集资金总额不超过5.5亿元。 这笔资金将精准投向"南通强达电路科技有限公司年产96万平方米多层板、HDI板项目"。 此次募资是强达电路2024年登陆A股创业板后的关键资本动作，不仅将进一步夯实公司在中高端PCB产 品领域的产能优势，更彰显其锚定AI服务器、光模块、智能驾驶等高景气赛道的发展决心。 作为2024年登陆A股创业板的国家高新技术企业，强达电路2025年业绩持续高增，前三季度实现营收 7.06亿元、归母净利润9632万元，同比分别增长20.74%和20.91%；近三年研发费用累计达1.28亿元，技 术护城河持续筑牢。 此外，长江商报记者注意到，截至2025年三季度末，强达电路总资产攀升至15.29亿元，创历史新高。 二级市场上股价全年震荡走高，年度累计涨幅达13.46%。此次募资将进一步推动公司产能、业绩与市 值的协同增长。 长江商报消息 ●长江商报记者 张璐 PCB行业细分领域的领军企业强达电路（301628.SZ）抛出重磅融资计划。 此外，从财务基本面来看，公司当前的财务状况为可转债发行提供了坚实保障。截至2025年三季度末， 强 ...

Group 1: Market Demand and Product Applications - The company focuses on the research, production, and sales of printed circuit boards (PCBs), including rigid multilayer PCBs (MPC), high-layer count boards (HLC), high-density interconnect boards (HDI), flexible circuit boards (FPC), flexible circuit board assemblies (FPCA), and rigid-flex boards (R-F) [1] - Emerging technologies such as artificial intelligence, next-generation networking, and automotive electronics are driving demand in related downstream application fields, prompting the company to accelerate capacity ramp-up of its Zhuhai project and optimize product structure [1] - The company’s PCB products can be applied in data center-related areas, including servers, storage devices, optical modules, and GPU accelerator cards [2] Group 2: Investment and Production Scale - The investment scale for the Thailand smart factory project (Phase I) is approximately 550 million yuan, with construction actively progressing [2] - The company is currently a secondary supplier to Huawei, primarily involved in mobile phones, tablets, and consumer electronics, but does not provide PCB substrates for Huawei's AI chips [2] Group 3: Stock Performance and Market Management - The company's stock price is currently at a lower level compared to peers, influenced by multiple factors, and the company encourages investors to view short-term market fluctuations rationally [2] - The company aims to strengthen communication with investors and enhance compliance information disclosure to share development achievements [2]

Summary of Shenghong Technology Conference Call Company Overview - Shenghong Technology ranks 21st globally and 4th in mainland China in the PCB market, focusing on high-end PCB products, benefiting from the growing demand in the AI sector, with expectations to improve its ranking by 2025 [2][3][4] Core Insights and Arguments - The PCB industry has a wide range of downstream applications, including communications, industrial control, aerospace, and consumer electronics such as mobile phones and PCs. The server and automotive electronics sectors are expected to be growth highlights in the coming years, driving continuous upgrades in the PCB industry, particularly in high-frequency, high-speed, and compact designs [2][5][6] - The demand for high-value PCBs is driven by the increasing computational power requirements in AI, leading to rapid growth in the server market. Key PCB components used in servers include backplanes, LCP motherboards, Ethernet cards, and storage cards, which require high layer counts, high aspect ratios, high density, and high transmission rates [2][6] - The development of 5G communications imposes higher frequency, layer, and speed requirements on communication devices, with increased investments related to AI driving up the demand for supporting PCBs. The market for campus switches is expected to exceed $95 billion in sales over the next five years [2][6] Industry Dynamics - The global PCB market is estimated to be around $70-80 billion, with communications accounting for 32%, computers for 24%, consumer electronics for 15%, automotive electronics for 11%, and servers for 10%. The server and automotive electronics sectors are anticipated to be the main growth drivers for the PCB industry [5][6] - The automotive industry is experiencing a significant increase in PCB demand, particularly in the electric vehicle sector, which requires more advanced PCBs for systems like VCU, MCU, and BMS. The reliability requirements for automotive PCBs are extremely high, necessitating rigorous testing and validation [3][8] Emerging Trends - The consumer electronics sector is witnessing the emergence of new terminal devices, with traditional consumer terminals gradually recovering. New consumption-related products, such as action cameras and smart glasses, are thriving, with AR, VR, and wearable devices identified as new market opportunities. The PCB market in consumer electronics is expected to reach over $10 billion [9] - The future development trends in the PCB industry include adapting to the advancements in terminal devices, such as high-frequency and high-speed requirements, and the need for lightweight and compact designs [6][7] R&D and Technological Innovation - Shenghong Technology invests approximately 6% of its revenue in R&D, with capabilities to manufacture 70-layer high-precision PCBs and 24-layer 6G HDI PCBs, leading in global market share for VGA PCBs and small-pitch LED PCBs. The company continuously optimizes its product structure, with high-value HDI boards driving overall growth [3][10][11] - The company has established a smart factory, significantly enhancing capacity and quality, focusing on high-end product expansion, including HDI and new energy boards [13] Recent Acquisitions - The recent acquisition of MFS aims to expand into new energy, high-end servers, base stations, and metaverse-related products. MFS specializes in flexible circuit boards, complementing Shenghong's rigid board business and enhancing its core market competitiveness [3][14]