At the headquarters production base of Kexiang Co., Ltd. in Huizhou Daya Bay, precision printed circuit boards (PCBs) are being mass-produced and shipped globally to support smartphones, new energy vehicles, and AI servers. This leading domestic PCB company is accelerating its transformation by leveraging the surge in AI computing power.
Performance Turning Point Observed:
In the first half of this year, Kexiang reported a revenue of 1.806 billion yuan, a year-on-year increase of 16.04%, with net profit losses narrowing by 36.96%. The operating cash flow per share reached 0.28 yuan, a staggering increase of 315.7% year-on-year. Currently, it ranks 15th among the top 100 domestic PCB companies for 2024, and with the release of production capacity in various regions of Jiangxi, the effectiveness of product structure optimization is continuously evident.
Aiming for the High-End AI Market:
Kexiang plans to raise 300 million yuan to upgrade its PCB production line for high-end servers, focusing on products with transmission rates of 400G/800G, aiming to capture the PCB market for AI servers—these products have a unit value 5-7 times that of traditional servers, indicating a significant market gap. The company has already developed clients such as ZTE, Ruijie Networks, and Luxshare Precision, and is in discussions with overseas AI giants.
Strengthening the Technical Moat:
Kexiang has broken through the core technology of Birch Stream server PCBs, mastering 35/35μm ultra-precision circuit technology. The R&D trial production of 200G/400G optical module products has been completed, and it can mass-produce 32-layer multilayer boards and 42-layer high-precision through-hole boards. In the first half of this year, R&D investment exceeded 100 million yuan, and in the future, it will deepen innovation relying on its research platform.
Kexiang Sets Clear Goals:
In the next 2-3 years, the focus will shift towards AI business, aiming to achieve an output value of 10 billion yuan through expanding international markets, promoting digital transformation, and recruiting global talent, driven by both technology and capital, to become a technology leader and market value growth leader in the PCB field.
