SCC(002916)2025-03-18 14:26Business Overview - The company focuses on the electronic interconnection field, with three main businesses: printed circuit boards (PCBs), electronic assembly, and packaging substrates, forming a unique "3-In-One" business layout [1] - The company provides comprehensive manufacturing capabilities from sample to mass production, offering one-stop solutions through design, manufacturing, assembly, and testing services [1] PCB Business Performance - In 2024, PCB business revenue reached CNY 10.494 billion, a year-on-year increase of 29.99%, with a gross margin of 31.62%, up by 5.07 percentage points [2] - Growth in PCB revenue was driven by increased demand in the communication sector (400G and above), AI servers, and automotive electronics [2] - The increase in gross margin was attributed to higher revenue scale, improved capacity utilization, and optimized product structure [2] Packaging Substrate Business Performance - In 2024, the packaging substrate business generated CNY 3.171 billion in revenue, a year-on-year increase of 37.49%, but with a gross margin of 18.15%, down by 5.72 percentage points [3] - The decline in gross margin was due to rising raw material costs and fluctuations in market demand [3] Product Development and Capacity Expansion - The company has achieved mass production capabilities for FC-BGA packaging substrates with up to 16 layers and is progressing with 18 and 20-layer products [4] - The Guangzhou packaging substrate project is in the early stages of capacity ramp-up, with batch orders being fulfilled, but it has negatively impacted profits due to increased costs [5] - PCB business is expanding in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing upgrades and new construction to enhance production efficiency [10] Market Applications - PCB products are primarily used in communication devices, data centers, and automotive electronics, with the data center market reaching a scale of CNY 2 billion in 2024 [7] - The company maintains a focus on high-end PCB products and has a strong customer base across various industries [6] Research and Development - The company employs a three-tier R&D system to enhance technological capabilities and maintain competitive advantages in the industry [8] Capacity Utilization - PCB business maintains high capacity utilization due to ongoing demand in computing and automotive electronics, while packaging substrate business has seen a slight increase in utilization [9]