Shu Dian Co., Ltd.: Participated in an institutional survey on March 9, with Xingzheng Global Fund involved

Securities Star News, March 9, 2026: Huidian Co., Ltd. (002463) announced that on March 9, 2026, the company received an institutional research visit, with Xingzheng Global Fund participating.

Details are as follows:

1. Company’s 2025 Operating Performance

Benefiting from strong demand in artificial intelligence and high-speed network infrastructure, supported by a balanced product portfolio and years of expertise in mid-to-high-end products and mass production technology, the company achieved approximately 18.9 billion yuan in operating revenue in 2025, a year-on-year increase of about 42%; net profit attributable to shareholders of the listed company was approximately 3.822 billion yuan, up about 47.74%; net profit after deducting non-recurring gains and losses was about 3.761 billion yuan, up about 47.69% (2025 financial data is preliminary and audited internally, not audited by an accounting firm, and may differ from the final data disclosed in the 2025 annual report; investors should be aware of investment risks). Using the revenue structure from the 2025 semi-annual report as a reference, the largest share in the company’s data communication revenue still comes from high-speed network switches and related routing PCB products, followed by AI servers and HPC-related PCB products.

2. Company’s Business Strategy

The company specializes in high-growth, high-technical barrier PCB products such as high-speed network switches and routers, AI servers and HPC, general servers, wireless communication networks, and smart vehicles. In data communications, the company’s products are widely used in large-scale data centers, cloud service provider data centers, enterprise communication networks, local networks, and campus networks; in smart vehicles, the products support core hardware for autonomous driving domain controllers, intelligent driving systems, smart cockpits, and electric power systems. The company’s strategy is consistent: differentiated operations, leveraging technological capabilities, process capabilities, and dynamic capacity structures to meet medium- and long-term market demands, focusing on major leading clients across the overall market. The company emphasizes sustainable long-term benefits over short-term gains. It understands that only with a long-term perspective, balanced customer relationships, and continuous innovation can it develop steadily in a changing market environment and achieve sustainable growth. Engaging with major clients across the market requires higher overall competitiveness, meaning the company must not only have comprehensive tools but also continuously refine its integrated process and technological capabilities. The company focuses on core technologies for high-performance and high-reliability PCBs, including high-layer, high-frequency, high-speed, high-density interconnect, and high-throughput PCB technologies. Through systematic layout in signal integrity, power integrity, and system integration R&D, the company has established leading technological capabilities. With deep technical accumulation, the company can respond promptly to technological iterations, industry changes, and maintain a long-term competitive advantage. The company collaborates deeply across multiple fields with numerous domestic and international end customers, adapting to various technological platforms, building a broad technology ecosystem. Through technological innovation, diversified customer structure, supply chain resilience, and regional deployment, it maintains resilience and competitiveness in complex markets, anchoring certainty amid uncertainty.

Question: Capital Expenditure and Market Conditions

Answer: Driven by increasing demand for servers, data storage, and high-speed network infrastructure, as well as expansion into emerging application fields, the industry has new development opportunities. The company has accelerated capital expenditure in recent years; in the first three quarters of 2025, cash paid for fixed assets, intangible assets, and other long-term assets was about 2.104 billion yuan. In Q4 2024, the company planned to invest approximately 4.3 billion yuan to expand high-end PCB production supporting AI chips, with construction starting in late June 2025. The project is progressing orderly, with trial production expected to begin in the second half of 2026 and capacity gradually increasing. This expansion will further enhance the company’s high-end product capacity, better meet customer needs for high-speed computing servers and AI applications, strengthen core competitiveness, and improve economic benefits. Additionally, before the Spring Festival, the company announced a new high-end PCB production project with a construction period of two years; its wholly owned subsidiary, Kunshan Huli Microelectronics Co., Ltd., plans to purchase land use rights and buildings from third parties to build additional PCB production facilities. In 2025, more peers are shifting resources into this field, attempting to enter and gain market share, which will intensify future competition. The company needs to accurately pace its strategic investments, analyze market trends and internal needs, allocate resources reasonably, and invest more in promising and innovative areas. Continuous technological upgrades, development of higher-density interconnects, faster transmission performance, and product competitiveness are essential. Rapid response to market demands will help seize market opportunities, strengthen and expand core business, and achieve sustainable development.

4. Thailand Factory

The Thailand manufacturing base entered small-scale mass production in Q2 2025. In 2025, the Thailand subsidiary incurred a loss of about 139 million yuan. The Thailand plant has obtained formal supply qualifications for AI servers and switches through strict certification by top global clients, marking the initial formation of the company’s global delivery system. The factory is actively improving efficiency and quality; as customer expansion and product introduction progress, capacity will be gradually released, further verifying high-end production capabilities, and laying the foundation for product tiered upgrades and global supply chain resilience. From Q4 2025 quarter-on-quarter data, operations have turned a corner, with output significantly increasing, product structure further optimized, and quality and operational efficiency improving.

5. New Technology Incubation Line

As previously announced, the company plans to establish a wholly owned subsidiary in Jintan District, Changzhou, to build an incubation platform for cutting-edge technologies such as CoWoP and advanced processes like mSAP, creating a “R&D - Pilot - Verification - Application” closed-loop system. The project aims to develop next-generation technologies like optical-copper integration, systematically enhancing signal transmission, power distribution, and functional integration capabilities. Once the relevant technologies are verified and ready for industrialization, large-scale production lines for high-density optoelectronic integrated circuit boards will be built. The project involves R&D of frontier technologies such as CoWoP, mSAP, and optical-copper fusion, characterized by long development cycles, high technical difficulty, and complex processes. Risks include potential deviations in technical routes, key process breakthroughs, or delays in commercialization. The second phase depends on the results of the first; if Phase 1 underperforms, Phase 2 investment may be delayed or canceled. The company will use digital simulation, upstream and downstream collaboration, and customer-driven technology planning to convert uncertainties into manageable engineering practices, reduce R&D risks, and strive to realize expected benefits, creating long-term value for shareholders.

Huidian Co., Ltd. (002463) mainly engages in the production, sales, and after-sales services of printed circuit boards.

The 2025 Q3 report shows that in the first three quarters, the company’s main revenue was 13.512 billion yuan, up 49.96% year-on-year; net profit attributable to shareholders was 2.718 billion yuan, up 47.03%; net profit after deducting non-recurring gains and losses was 2.676 billion yuan, up 48.17%. In Q3 2025 alone, revenue was 5.019 billion yuan, up 39.92%; net profit attributable to shareholders was 1.035 billion yuan, up 46.25%; net profit after deducting non-recurring gains and losses was 1.033 billion yuan, up 48.61%. The debt ratio is 46.78%, investment income is -9.6574 million yuan, financial expenses are -76.102 million yuan, and gross margin is 35.4%.

In the past 90 days, 7 institutions have issued ratings: 5 buy, 2 hold.

Detailed profit forecast information:

Margin financing and securities lending data show that in the past three months, net financing inflow was 171 million yuan, with financing balance increasing; net securities lending inflow was 1.6799 million yuan, with securities lending balance increasing.

This content is compiled from public information by Securities Star, generated by AI algorithms (Network Credit Number 310104345710301240019), and does not constitute investment advice.