SCC(002916)2025-03-23 04:08Group 1: PCB Business Performance - In 2024, PCB business achieved a revenue of 10.494 billion RMB, 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 is primarily driven by demand in the communication sector for high-speed switches and optical module products, as well as increased demand in data centers and automotive electronics [2] - The increase in PCB gross margin is attributed to higher revenue scale, improved factory capacity utilization, and optimized product structure [2] Group 2: Packaging Substrate Business Performance - In 2024, the packaging substrate business generated a revenue of 3.171 billion RMB, a year-on-year increase of 37.49%, with a gross margin of 18.15%, down by 5.72 percentage points [3] - The decline in gross margin is mainly due to rising raw material costs and fluctuations in market demand for BT substrates [3] Group 3: Product Development and Capacity Expansion - The company has achieved mass production capability for FC-BGA substrates with up to 16 layers, and sample production for 18 and 20 layers is underway [4] - The Guangzhou packaging substrate project has commenced production, with ongoing capacity ramp-up, although it is still in the early stages [5] - PCB business is expanding in the automotive electronics sector, focusing on high-frequency and HDI products for both domestic and international Tier 1 customers [7] Group 4: Capacity Utilization and Future Plans - PCB business maintains high capacity utilization due to sustained demand in computing and automotive electronics [9] - The company plans to enhance production efficiency through technological upgrades at existing factories and is progressing with the construction of a new facility in Nantong [10] - The total investment for the Thailand factory is 1.274 billion RMB, aimed at expanding overseas market reach [11]