万源通 20250829.docx AceCamp AI 2025-08-30 摘要 2025 年上半年，万源通汽车电子和消费电子领域收入占比约 80%，其 中汽车电子占比超 40%，消费电子接近 40%，工业控制占比 12%，家 电占比 5%。 2025 年第二季度，双面板和多层板收入增长显著，主要受益于汽车电 子领域原有客户订单增加和新客户放量，境外市场欧洲、南美汽车电子 及东南亚消费电子客户增长明显。 公司计划重点发展盐城东台工厂，提升双面、多层及中高端特殊板材产 能，优化产能分配以提升毛利率，同时通过外协和新增产能应对订单饱 和。 公司在东南亚布局旨在配合台资客户扩张，泰国工厂一期规划月产能 10 万平米，包括单面板和双多层 HDR 板，总投资约 5.5 亿元人民币，预计 2025 年三季度开工。 公司看好汽车电子、消费电子及 AI 服务器领域增长潜力，已在高端产品 技术储备和设备投入方面做足准备，以应对未来市场需求，并承接 AI 服 务器订单外溢。 Q&A 昆山万源通电子科技股份有限公司在 2025 年上半年的财务表现如何？ 2025 年上半年，公司实现营业收入 5.4 亿元，同比增长 16.4%； ...

Summary of Aoshikan's Conference Call Company Overview - **Company**: Aoshikan - **Industry**: PCB (Printed Circuit Board) manufacturing Key Financial Metrics - **Q2 Revenue**: 1.4 billion CNY, up 19.65% YoY [2][3] - **Net Profit**: 83 million CNY, down 25.45% YoY [2][3] - **Gross Margin**: 20.91%, down 2.32% YoY [2][3] - **H1 Revenue**: 2.565 billion CNY, up 19.73% YoY [3] - **H1 Net Profit**: 196 million CNY, down 11.96% YoY [3] Core Insights and Arguments - **Profit Decline Reasons**: - Initial operational costs of the Thailand factory and high-end HDI board yield ramp-up [2][4] - Increased labor costs due to hiring high-end R&D and technical talent [4] - **Strategic Focus**: - Targeting overseas major clients like AMD and Intel, and domestic clients like Huawei and ZTE [2][5] - Enhancing production capabilities for HDI products and mSAP technology [2][5] - **Future Revenue Goals**: - Aim to achieve 10 billion CNY in revenue within three years [2][8] - Expansion of production capacity in Zhaoqing and Yiyang [5][8] Production and Capacity Expansion - **Production Capacity**: - Yiyang base: 350,000 square meters/month - Zhaoqing base: 500,000 square meters/month - Thailand factory: 120,000 square meters/month (design capacity) [5] - **Investment Plans**: - 1.8 billion CNY investment in Zhaoqing expansion, targeting high-layer and HDI products [5][16] - Anticipated investment in Yiyang not less than 1 billion CNY [19] Market Demand and Challenges - **AI Market Demand**: - Increased requirements for high-end PCBs driven by AI applications [6][7] - Ongoing expansion of high-end production capabilities to meet demand [6][7] - **Thailand Factory Challenges**: - Losses of approximately 60 million CNY in H1 2025, but losses are narrowing [12][14] - Expected to reach breakeven by November or December 2025 [12][14] Automotive Electronics Sector - **Growth Potential**: - Automotive electronics account for over one-third of revenue, with significant growth expected [13] - Expansion into electric and intelligent vehicles, with increasing PCB usage per vehicle [13] ESG Initiatives - **Sustainability Focus**: - Commitment to green manufacturing and increasing renewable energy usage [29] - Employee rights and fair working conditions emphasized, with local employment exceeding legal requirements [29] Conclusion - **Strategic Positioning**: - Aoshikan is well-positioned to capitalize on the growing demand for high-end PCBs, particularly in AI and automotive sectors, while navigating challenges in new market expansions and production ramp-ups [2][5][13][29]

Financial Performance - The company achieved a revenue of 581,732.42 million CNY in 2024, representing a year-on-year growth of 8.53% [2] - The net profit attributable to shareholders was -19,828.98 million CNY, a decline of 193.88% year-on-year [2] - The net profit after deducting non-recurring gains and losses was -19,576.85 million CNY, down 509.87% year-on-year [2] Industry Overview - The global PCB industry is experiencing a weak recovery, with an expected market value of 73.565 billion USD in 2024, a growth of 5.8% [3] - High-layer and HDI boards are the best-performing segments, with growth rates of approximately 40% and 18.8% respectively, driven by AI and communication sectors [3] - The packaging substrate industry is expected to grow by 0.8%, indicating a recovery in 2025 [3] Product Development - The company's FCBGA packaging substrate is currently in small-batch production, with large-scale production dependent on market demand and customer progress [4] - The company has production capabilities for products with 20 layers or fewer, while products with more than 20 layers are in the sampling stage [5] - The company is focusing on enhancing its production capabilities and quality to meet international standards [6] Market Position and Competition - The company is expanding its collaboration with leading overseas clients, although the current revenue contribution from these partnerships is low [6] - The domestic competition in the semiconductor testing board sector includes companies like ShenNan Circuit, Huadian Technology, and Mingyang Circuit [10] Future Growth Prospects - The PCB sample business and ATE semiconductor testing board business are performing well, while FCBGA and CSP packaging substrate businesses are currently at a loss but expected to improve [11] - The global PCB market is projected to reach 78.562 billion USD in 2025, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [12] - High-layer high-speed boards and high-end HDI boards are expected to maintain strong growth, with projected market sizes of 5.020 billion USD and 17.037 billion USD by 2029, respectively [12]