FOUNDERTECH(600601)2024-05-24 08:37Financial Performance - Revenue for 2023 was 3.149 billion yuan, a decrease of 35.59% YoY due to the divestiture of Broadband and International businesses [1][2] - Net profit attributable to shareholders was 135 million yuan, a turnaround from a loss of 424 million yuan in the previous year [2] - PCB business revenue was 3.022 billion yuan with a net profit of 178 million yuan [2] - Q1 2024 revenue increased by 13% YoY to 769 million yuan, with net profit of 76.9094 million yuan, a turnaround from loss [2] Business Operations - Focused on domestic major clients and expanding into emerging markets [1] - Implemented refined management and cost reduction measures [1] - Successfully removed delisting risk warnings and other risk warnings [2] - Optimized PCB product structure, increasing high-margin products [2] - Disposed of inefficient assets, including a property in Shenzhen, generating a net profit of 29.7452 million yuan [2] Capacity Expansion and Investments - Currently operating 4 factories with ongoing technical upgrades [2] - Completed F3 factory upgrades and MSAP production line investments [2] - F7 Phase II high-end HDI project with an investment of 689.6 million yuan to be completed by May 2024 [2] - Investing 943 million yuan in a new manufacturing base in Thailand [2] Market and Product Strategy - PCB products are exported to North America, Europe, Japan, South Korea, and other Asian regions, accounting for one-third of total revenue [3] - Actively exploring overseas markets and advancing the Thailand manufacturing base project [3] - PCB products are used in server storage and optical modules, with capabilities in AI server core customer products and high-density HDI [3] - Mass production of 10G-100G-200G-400G-800G optical modules, with 1.6T connectors and optical modules ready for mass production [3] Technological Advancements - Strong expertise in high multilayer and HDI technologies, with production technology at domestic advanced levels [3] - Collaborating with leading domestic communication companies on 5G motherboard and antenna PCB R&D projects [3] - Developed FVS for improved PCB loss control and wiring density, and Z-direction interconnection technology for multi-PCB stacking [4] - Specialized processes like Cavity, UHD, step gold fingers, special heat dissipation, energy thick copper, and high-end optical modules are in mass production [4] Future Strategy - Focus on PCB main business, with core products being mid-to-high-end HDI boards and high multilayer boards [4] - Deepen customer demand exploration and accelerate product structure upgrades [4] - Consolidate advantages in traditional markets like communication equipment and consumer electronics, while expanding into emerging markets [4] - Pursue strategic mergers and acquisitions that complement PCB business in market, category, and technology [4] Other Considerations - Considering equity incentive arrangements based on regulations and actual operating conditions [5] - Rising copper material costs have a controllable impact on operations, with active communication with supply chain and customers to ensure stable operations [5]