SCC(SZ:002916)2024-03-22 15:32Group 1: PCB Business Overview - In 2023, the overall order scale in the communication sector decreased year-on-year due to a lack of significant improvement in domestic demand and a slowdown in overseas project rhythms [2] - The data center sector saw a slight year-on-year increase in orders, driven by new customer developments and breakthroughs in products like AI acceleration cards [2] - The automotive sector experienced over 50% year-on-year growth, attributed to the demand for high-end products in new energy and ADAS directions [2] Group 2: AI Impact on PCB Business - The acceleration of AI evolution has increased the demand for high-performance and high-speed network capabilities in the ICT industry, driving the need for advanced PCB products [3] - The company’s PCB products are expected to benefit from trends in high-frequency, high-speed, and miniaturized designs due to the growing requirements in terminal electronic devices [3] Group 3: Packaging Substrate Business - The packaging substrate business has a wide range of products, including module packaging substrates and storage packaging substrates, with stable revenue through market deepening and new customer development [4] - The company has achieved leading capabilities in FC-CSP packaging substrate products and is advancing in the FC-BGA product line, with ongoing efforts to enhance production capacity [4] Group 4: R&D Investment and Growth - R&D investment reached 1.073 billion yuan in 2023, a year-on-year increase of 30.94%, accounting for 7.93% of revenue, which is an increase of 2.07 percentage points [4] - The growth in R&D investment is primarily driven by the development of the FC-BGA packaging substrate platform [4] Group 5: Production Capacity and Market Expansion - The company’s PCB and packaging substrate business utilization rates have improved compared to Q4 2023 [4] - The electronic assembly business focuses on communication, data centers, medical electronics, and automotive electronics, enhancing customer stickiness through one-stop solutions [4]