Company Overview - Established in 2003, focusing on PCB design technology services with over 800 R&D engineers [1] - Industry leader in high-speed and high-density PCB design, providing high-quality rapid prototyping and small-batch manufacturing services [1][2] - Serves over 3,000 clients annually across various sectors including telecommunications, industrial control, AI, and aerospace [2] Production Capacity and Expansion Plans - The Zhuhai PCB factory is positioned for high-end rapid delivery and small-batch PCB manufacturing, with a planned capacity of up to 120 layers [3] - Initial capital expenditure of approximately 550 million RMB, with an expected additional investment of 300-500 million RMB for the second phase [3] - Current production capacity is sufficient to meet growing customer demand, with ongoing projects aimed at enhancing efficiency and expanding client relationships [6] Financial Performance and Profitability - The company’s gross margin is significantly higher than industry peers, primarily due to a focus on R&D prototyping orders, which account for about 90% of total orders [4] - The pricing model incorporates engineering service fees, contributing to higher margins compared to traditional EMS manufacturers [4][9] Order and Payment Cycle - PCB design orders typically take 2-4 weeks, while PCB+PCBA production requires 1-2 months from order to delivery [7] - Most clients operate on a monthly payment cycle [7] Strategic Focus and Future Developments - The company is actively collaborating with robotics firms and is preparing for increased demand in AI-related hardware, including high-end servers and data centers [10] - Anticipates the Zhuhai factory will contribute positively to overall revenue, with expectations of achieving monthly breakeven within the year [11] Customer Engagement and Communication - The company emphasizes transparent communication with investors, adhering to strict information disclosure protocols [11]

Summary of Yibo Technology Conference Call Company Overview - **Company**: Yibo Technology - **Industry**: PCB (Printed Circuit Board) Manufacturing Key Financial Metrics - **2024 Non-GAAP Net Profit**: Decreased by 4.25% to 68.2 million yuan due to costs from trial production at the Zhuhai PCB factory, unachieved production targets at the Tianjin factory, decreased investment income, and increased management expenses [2][4] - **2024 Revenue**: Achieved 888 million yuan, a year-on-year increase of 12.91% [4] - **PCB Design Projects**: 15,258 designs completed, up 11.06% year-on-year [2][5] - **PCBA Manufacturing Projects**: 55,180 projects completed, up 12.79% year-on-year [2][5] Production Capacity and New Facilities - **New Factories**: - Tianjin PCBA factory and Zhuhai Jinsun PCB factory commenced production in 2024, filling gaps in the North China market and enhancing high-end R&D services [2][6] - Zhuhai Jinsun PCB factory expected to achieve normal production in the second half of 2025, with projected revenue of 200-300 million yuan and a net increase of over 100 million yuan [2][8] - **Production Phase**: Both new factories are in the capacity ramp-up phase [2][6] Industry Trends - **PCB Industry Growth**: The PCB industry has been steadily rising since 2023, driven by demand for high-frequency and high-speed boards, particularly in the AI sector [2][7] - **A-Share PCB Companies**: Reported over 20% revenue growth and over 50% net profit growth in Q1 2025 [2][7] Strategic Goals - **Three-Year Strategy**: Aim to build an innovative hardware platform with PCB design business expected to grow 10%-15% annually and PCB manufacturing business projected to grow 50% annually, targeting a production capacity of 1.5 billion yuan within three years [3][20] - **PCBA Business Expansion**: Regional layout improvement across South China, North China, East China, Central China, Southwest, and Northwest [20][22] Customer and Market Insights - **Client Engagement**: The company is focusing on converting R&D projects into mass production orders through strong client partnerships [10][11] - **Market Demand**: High demand for multi-layer boards in network communication equipment, particularly for data centers and AI servers [17] Challenges and Considerations - **Cost Pressures**: Increased costs from trial production and management expenses have impacted profitability [4][2] - **Material Prices**: Rising prices for raw materials like high-end resins and high-frequency copper-clad laminates due to increased demand [18][19] Future Outlook - **Revenue Projections**: Anticipated revenue growth in 2025, with PCB design expected to contribute significantly to overall revenue [12][20] - **Production Efficiency**: Focus on improving production efficiency and customer satisfaction through strategic factory placements and capacity expansion [22]

Company Overview - Established in 2003, focusing on PCB design technology services with over 800 R&D engineers [1] - Industry leader in high-speed, high-density PCB design with a one-stop hardware innovation platform [1] - Serves over 3,000 clients across various sectors including industrial control, network communication, medical electronics, and AI [1] Business Model and Revenue Structure - PCB design revenue accounts for approximately 20%, while PCBA manufacturing revenue constitutes about 80% [3] - Around 70% of clients purchase both PCB design and PCBA manufacturing services [3] - Unique business model as a large-scale third-party PCB design firm, with competitors like Palpilot International Corp. and Freedom CAD Services [4] Service Offerings and Pricing - PCB design services are priced based on complexity and labor hours, while PCBA manufacturing pricing is based on production volume and complexity [5][6] - High-quality, flexible manufacturing capabilities meet client needs for rapid product development and innovation [2][6] Production Capacity and Order Status - Current production capacity is normal, with ongoing projects and new production lines being installed and tested [7] - First-quarter revenue from network communication and industrial control sectors each accounted for approximately 30% [8] - Anticipated optimistic outlook for second-quarter orders based on historical data [14] Financial Performance and Growth Outlook - Revenue growth of over 30% in the first quarter, primarily driven by AI-related PCBA orders from a domestic internet company [12] - Projected annual revenue growth target of over 35% [15] - Previous year's PCBA business saw a decline in gross margin due to increased costs despite higher volume [13] Client Engagement and Market Position - Established relationships with clients in the robotics sector, providing PCB design and PCBA services [11] - Significant revenue contribution from network communication clients, with 2024 revenue from this sector projected at 26,110.83 million yuan, accounting for 29.42% of total revenue [10]

Core Viewpoint - Despite facing challenges in a complex macroeconomic and geopolitical environment, the company achieved revenue growth but experienced a decline in net profit [1] Revenue Performance - The company reported a revenue of 887,649,645.67 yuan in 2024, a 12.91% increase from 786,135,392.44 yuan in the previous year [2] - PCB design service revenue was 185,338,989.37 yuan, accounting for 20.88% of total revenue, with a year-on-year growth of 14.43% [2] - PCBA manufacturing service revenue reached 702,044,012.32 yuan, representing 79.09% of total revenue, with a growth of 12.51% [2] - Significant growth was observed in emerging sectors, with AI industry revenue increasing by 30.71% and smart transportation by 33.32% [2] Net Profit Analysis - The net profit attributable to shareholders was 88,580,223.71 yuan, down 10.38% from 98,841,046.16 yuan in the previous year [3] - Factors contributing to the decline included initial production costs at new factories and increased tax and management expenses [3] Non-Recurring Profit - The non-recurring net profit was 68,196,628.74 yuan, a decrease of 4.25% from 71,225,155.93 yuan, indicating pressure on core business profitability [4] Earnings Per Share - Basic earnings per share fell to 0.5932 yuan, down 9.97% from 0.6589 yuan [5] - Non-recurring earnings per share also declined, reflecting the overall decrease in profitability [5] Expense Overview - Sales expenses slightly decreased to 47,026,191.03 yuan, a 3.18% reduction from the previous year [6] - Management expenses surged by 25.73% to 67,782,256.69 yuan, primarily due to increased personnel and training costs [7] - Financial expenses increased by 32.73% to -5,594,894.52 yuan, influenced by changes in bank discount fees and interest income [8] Research and Development - R&D expenses rose to 109,868,233.17 yuan, an 8.86% increase, representing 12.38% of total revenue [10] - The number of R&D personnel increased by 4.69% to 937, with a notable rise in senior personnel to ensure smooth operations at new facilities [12] Cash Flow Analysis - Net cash flow from operating activities decreased by 15.90% to 135,881,801.03 yuan [13] - Cash flow from investing activities turned negative at -207,085,031.52 yuan, compared to a positive flow in the previous year [14] - Cash flow from financing activities significantly declined to -90,900,501.01 yuan, with a 523.60% increase in cash outflows [15]