SCC(002916)2025-04-23 15:06Financial Performance - In Q1 2025, the company achieved revenue of CNY 4.783 billion, a year-on-year increase of 20.75% [2] - Net profit attributable to shareholders reached CNY 491 million, up 29.47% year-on-year [2] - Deducting non-recurring gains, net profit was CNY 485 million, reflecting a 44.64% increase [2] PCB Business Development - The PCB business focuses on communication equipment, particularly in data centers and automotive electronics, with a slight recovery in wireless orders and sustained growth in wired demand [3] - Orders in the data center sector continued to grow, driven by demand for AI accelerator cards and servers [3] - The automotive electronics sector is experiencing stable growth, particularly in new energy and ADAS directions [3] Packaging Substrate Business - The company offers a wide range of packaging substrate products, with improved demand in Q1 2025, particularly for storage products [4] - The FC-BGA packaging substrate has achieved mass production capability for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing on schedule [5] Investment and Expansion - The total investment for the Thailand factory is CNY 1.274 billion, with construction progressing on schedule [6] - The company is expanding PCB production capacity in Shenzhen, Wuxi, Nantong, and Thailand, focusing on technology upgrades and new project developments [7] Capacity Utilization - The overall capacity utilization remains high, with PCB business benefiting from sustained demand in computing power and automotive electronics [8] - The packaging substrate business has seen improved capacity utilization due to increased demand in the storage sector [8] Market Impact and Raw Material Prices - Direct sales to the U.S. accounted for a low percentage of total revenue, minimizing the impact of U.S. tariff policies [9] - Raw material prices, including copper foil and gold salt, have increased due to commodity price fluctuations, affecting production costs [10]