Mankun(SZ:301132)2025-06-06 11:54Company Overview - Ji'an Mankun Technology Co., Ltd. focuses on high-layer PCB products, with approximately 60% of its products being high-layer, and automotive electronics accounting for about 30% of its focus area [2][3]. Financial Performance - The gross margin for PCB products in 2024 was 10.44%, with the automotive electronics sector showing a higher gross margin [3][4]. - In 2024, the top five customers accounted for 35.92% of total sales, with no single customer exceeding 10% [6]. Investment and Expansion - The company is investing up to $70 million in Thailand to establish a new production base, with the project progressing through various stages, including registration and land agreements [3][6]. - The Thai factory is expected to commence production by 2027 [6]. Research and Development - Future R&D will focus on enhancing automotive electronic PCB capacity and developing core components for new energy vehicles, including battery, motor, and control systems [4][7]. - The company is advancing in the development of 16-layer server power products and automotive three-stage HDI intelligent driving domain control products, with prototypes currently in testing [4][5]. Production and Inventory Management - The company employs a "sales-driven production" model, maintaining a good inventory turnover rate of 7.59 times in 2024, which is favorable compared to industry peers [6][7]. - The production strategy includes monitoring material and finished goods aging to minimize obsolete inventory [6]. Cost Control and Efficiency - Cost reduction strategies include controlling procurement costs, optimizing production processes, and enhancing product yield to ensure quality and reduce internal failure costs [7]. - The company is committed to building a smart factory that integrates data management and automation to improve operational efficiency [7]. Strategic Vision - The company aims to enhance its international competitiveness and risk resilience through overseas expansion and strategic partnerships with leading global enterprises [7].