SCC(SZ:002916)2024-11-05 14:11Group 1: Company Overview - The company focuses on the electronic interconnection field, with three main businesses: printed circuit boards (PCBs), electronic assembly, and packaging substrates, forming a unique "3-In-One" business layout [1] - The company provides comprehensive manufacturing capabilities from sample to small batch to large batch, offering a full value chain service including design, manufacturing, assembly, micro-assembly, and testing [1] Group 2: Financial Performance - In Q3 2024, the company's operating revenue reached 4.728 billion RMB, representing a quarter-on-quarter growth of 8.45%, primarily due to increased project settlements in the electronic assembly business [2] - The overall gross margin slightly decreased due to the lower gross margin of the electronic assembly business and the impact of rising raw material prices [2] Group 3: Business Expansion and Market Demand - The PCB business is primarily focused on communication equipment, with key layouts in data centers (including servers) and automotive electronics, showing revenue growth in these areas in Q3 2024 [2] - The company has plans for further expansion in Thailand with a total investment of 1.274 billion RMB, currently progressing with basic engineering construction [3] Group 4: Production Capacity and Technology Development - The company maintains high operating rates for its PCB factories, while the packaging substrate factory's operating rate has slightly decreased due to fluctuations in downstream demand [3] - The company has achieved mass production capabilities for FC-BGA packaging substrates with up to 16 layers, and is progressing with certification for 20-layer products [3] Group 5: Strategic Positioning - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [3] - The company aims to enhance customer stickiness by providing value-added services through a one-stop solution platform, leveraging its technological advantages in electronic interconnection products [3]