Avary Holding(SZ:002938)2022-12-09 01:14Group 1: Fundraising Overview - The company plans a private placement of up to 150 million shares, raising no more than 4 billion RMB [2] - The issuance price will not be lower than 80% of the average trading price over the previous 20 trading days [2] - The lock-up period for subscribed shares is set at 6 months [2] Group 2: Market Outlook and Strategic Direction - The PCB industry is expected to grow significantly due to trends in IoT, automotive electrification, and demand for lightweight products [3] - The company aims to expand production capacity for high-end HDI and SLP products to meet increasing market demands [3] - Digital transformation is a key strategy to enhance production efficiency and improve overall operational capabilities [3] Group 3: Investment Projects and Their Significance - Key investment projects include high-end HDI and SLP expansion, automotive boards, and AI server boards [3] - The projects are expected to enhance production capacity and align with market trends in automotive and server sectors [3] - The fundraising will support the company's ability to quickly seize market opportunities and improve its capital structure [5] Group 4: Financial Health and Risk Management - The company maintains a healthy cash flow of approximately 6-7 billion RMB annually, with capital expenditures around 4 billion RMB [6] - The debt-to-asset ratio has remained low, indicating strong financial resilience [6] - The current market environment presents uncertainties, prompting the company to strengthen its capital base for future growth [5] Group 5: Future Growth and Customer Engagement - The company is expanding its customer base in consumer electronics while also meeting existing customer demands [5] - Collaboration with major automotive battery manufacturers is underway to enhance offerings in the automotive sector [5] - The company anticipates significant growth in the automotive segment in the coming years, despite its current revenue contribution being relatively small [5]