本川智能称，通过实施本次募投项目，一方面，建设面向华南地区、海外地区的专门生产基地，在地理上缩短与华南、珠三角及欧洲、澳 洲、东南亚等地区重点客户的空间距离，能够大幅减少交付时间，提高产品交付能力，并分散和降低国际贸易壁垒风险。另一方面，通过购 置智能化、自动化的生产设备，不仅能够提高生产精度、保证产品质量，更能够有效提高生产效率，进一步提高公司的产品快速交付能力， 扩大公司在行业内的市场竞争优势。 2月10日，深 交所上市委举行 2026 年第 7 次审议会议，本川智能公开发行可转债申请顺利通过。 据本川智能之前公告，公司拟向不特定对象发行可转债，募集资金总额不超过 4.69 亿元，扣除发行费用后，募集资金净额拟投资于珠海硕鸿年 产 30 万平米智能电路产品生产建设项目、本川智能泰国印制电路板生产基地建设项目、补充流动资金。 公告显示，珠海硕鸿年产30万平米智能电路产品生产建设项目计划在位于珠海市金湾区三灶镇海业东路3号的珠海硕鸿电路板有限公司厂区现 有空地新建厂房，规划建筑面积约30050平方米，用于生产多层板（包括挠性板、刚挠结合板、预埋元件电路板、HDI板等）产品，设计年产 能为30万平方米。 本川智 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [4][5]. Core Views - The company is expected to benefit from the growing demand in the PCB industry, particularly driven by AI infrastructure and automotive electronics [4][37]. - The partnership with MEIKO is anticipated to enhance the company's capabilities in product certification and quality management, particularly for its Thailand factory [4][25][26]. - The PCB industry is entering a new growth cycle, with significant expansion expected in high-end products like HDI boards and multilayer boards [4][46]. Company Overview - The company, founded in May 2008, specializes in the R&D, production, and sales of PCBs, with a focus on single-sided, double-sided, and multilayer boards [12][60]. - As of the third quarter of 2025, the actual controller of the company is a couple, holding 68.38% of the voting rights [4][23]. Financial Performance - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 55.64 billion, 67.08 billion, and 80.03 billion yuan respectively, with growth rates of 21.85%, 20.56%, and 19.30% [4][6]. - The net profit attributable to the parent company is forecasted to be 3.74 billion, 5.19 billion, and 7.23 billion yuan for the same years, with growth rates of 5.90%, 38.74%, and 39.36% [4][6]. Industry Analysis - The global PCB market is projected to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a CAGR of 5.2% [4][37]. - China has become the largest PCB producer globally, with a market share of 56.02% in 2024, expected to remain above 50% through 2029 [4][39]. - The demand for HDI boards is expected to see significant growth, driven by AI servers and high-speed networks [4][46]. Business Strategy - The company is actively expanding its production capacity and exploring new applications in AI servers and automotive electronics [4][60]. - The company has announced plans to raise funds through convertible bonds to invest in high-end PCB projects, with a total investment of 1.82 billion yuan [4][6].

Core Viewpoint - The company plans to issue shares to specific investors through a simplified procedure in 2025, which may dilute immediate returns for existing shareholders, and has proposed measures to mitigate this impact [1][5]. Financial Impact Analysis - The company estimates that the total number of shares after the issuance will be 44,639,350, increasing from 41,469,444 shares, which represents a 30% increase in total shares [3]. - The estimated fundraising amount is 300 million yuan, which will be used to enhance the company's financial strength and profitability [3]. - The company anticipates that the net profit attributable to shareholders for 2025 could remain stable compared to 2024, or potentially increase or decrease by 20% depending on various scenarios [3][4]. Issuance Necessity and Reasonableness - The financing aligns with industry trends and the company's future development plans, enhancing its capital strength and profitability, which benefits all shareholders [5]. Relationship of Fundraising Projects to Existing Business - The company specializes in high-density printed circuit boards (PCBs) and plans to upgrade its production line for high-end server PCBs, which aligns with its current business and market demands [6][8]. Preparedness for Fundraising Projects - The company has established a skilled workforce and technical capabilities necessary for the successful implementation of the fundraising projects, ensuring readiness in personnel, technology, and market aspects [7][8]. Measures to Mitigate Dilution of Immediate Returns - The company will optimize business processes and enhance internal controls to improve operational efficiency and profitability, thereby reducing the risk of diluted immediate returns for shareholders [11]. - A dedicated fund management system will be implemented to ensure the effective use of raised funds, protecting the interests of shareholders, especially minority shareholders [9][10]. Commitments from Major Stakeholders - The controlling shareholders and management have committed to uphold the measures to mitigate the dilution of immediate returns, ensuring that company interests are not compromised [12].