SCC(002916)2025-05-21 13:56Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen improved demand in the storage sector, with capacity utilization increasing compared to Q4 2024 and Q1 2025 [1] Group 2: Product Development and Project Progress - The company has achieved mass production capability for packaging substrates with up to 20 layers, and the technical development for products with over 20 layers is progressing as scheduled [1] - The Guangzhou packaging substrate project has entered its first phase, with production capacity steadily increasing and batch orders for BT and some FC-BGA products being accepted, although it is still in the early stages of capacity ramp-up [1][2] Group 3: Client Base and Market Position - The packaging substrate business serves a diverse client base, including IDM (Integrated Device Manufacturers), Fabless (semiconductor design companies), and OSAT (Outsourced Semiconductor Assembly and Test) manufacturers [3] Group 4: Expansion Plans and Technological Capabilities - The PCB business is expanding with factories located in Shenzhen, Wuxi, Nantong, and a new facility under construction in Thailand. The company is upgrading existing PCB factories to enhance capacity and is progressing with the Nantong Phase IV project to establish an HDI technology platform [4] - The company’s PCB business utilizes HDI technology, which allows for high-density wiring, primarily applied in communication, data centers, industrial control medical, and automotive electronics sectors [5] Group 5: Investment and Market Strategy - The total investment for the Thailand factory is 1.274 billion RMB, with construction progressing on schedule. The factory will have capabilities in high-layer and HDI PCB technologies, aiding in expanding overseas market reach [6] Group 6: Raw Material Price Trends - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salts, and inks. In Q1 2025, prices for some raw materials, such as gold salts, increased year-on-year and compared to Q4 2024 due to commodity price fluctuations [7] Group 7: Compliance and Disclosure - The company adhered to the "Information Disclosure Management System" during the research process, ensuring no significant undisclosed information leaks occurred [8]