Sihui Fushi: The ‘Little Giant’ in the PCB Field

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Sihui Fushi (300852.SZ), known as a ‘little giant’ in the PCB field, has recently attracted attention for its market performance, business trends, and financial situation. Below is a comprehensive overview of its growth momentum, core business, significant events, and growth status:

📈 1. Recent Growth Analysis

Sihui Fushi performed strongly in 2025. As of September 17, 2025, its stock price closed at 48.39 yuan, with a daily increase of 6.35%, a remarkable increase of 31.10% over the past five days, and a cumulative increase of 85.54% year-to-date. On September 11, its stock price saw a significant rise of 19.99%. Factors driving the stock price increase include:

• Performance Growth Expectations: The company reported a year-on-year revenue growth of 31.63% in the first half of 2025, with rapid order growth in emerging fields such as AI servers and optical modules (revenue in the communication sector increased by 130%), leading to optimistic market expectations for its future growth.

• Technical Barriers and Conceptual Support: The company holds over 200 patents (with over 30% being invention patents), and its 800G optical module PCB products have a yield rate exceeding 90%. It is involved in popular concepts such as CPO (Co-Packaged Optics), millimeter-wave radar, and automotive electronics, attracting market attention.

• Capital Support: In the past five days, there was a net inflow of 102 million yuan from major funds, indicating support from the capital side.

⚙️ 2. Core Business and Competitive Advantages

Sihui Fushi focuses on the research, development, production, and sales of high-precision, high-reliability printed circuit boards (PCBs), which are widely used in industrial control, automotive electronics, communication equipment, and other fields.

• Products and Technology: The company’s product line covers double-sided boards, multilayer boards, HDI boards, metal substrates, high-frequency and high-speed boards, and it has mastered core technologies such as embedded copper block power substrates and 0.05mm ultra-thin HDI.

• Market Positioning and Clients: The company adopts a market positioning of small batches, high quality, high reliability, short delivery times, and rapid response, with a high-quality customer base, establishing long-term stable partnerships with global industrial control leaders such as Hitachi, Panasonic, Omron, and Yaskawa Electric. Revenue from industrial control and automotive electronics accounts for over 80% of the total.

• R&D Investment: In the first half of 2025, R&D investment accounted for 6.2%, with the R&D team comprising over 15% of the workforce.

🌟 3. Significant Events and Strategic Layout

1. Thailand Factory Production and Global Layout: In the second half of 2024, the company’s production base in Thailand officially commenced operations, with a designed capacity of 50,000 square meters/month. By 2025, this factory contributed to 8% of revenue, effectively mitigating single-market risks and serving Southeast Asia and European and American clients, forming a China +1 strategic layout.

2. Strong Entry into Emerging High-Growth Fields:

• Communication and AI: The company’s revenue in the communication sector (mainly for servers and optical module products) increased by 130%, and 800G optical module PCBs have achieved small-scale supply.

• Automotive Electronics: Products are gradually transitioning from in-vehicle entertainment systems to ECUs, LiDAR, and engine control boards, which are critical safety components, with revenue growth of about 20% in this field.

• Industrial Control and Robotics: Revenue in the industrial control sector (including robotics) grew by about 30%, and the company is actively seizing opportunities emerging in the robotics field.

📊 4. Order and Profit Growth Status

• Order and Revenue Growth: In the first half of 2025, revenue reached 860 million yuan, a year-on-year increase of 31.63%. The growth momentum mainly comes from the increase in orders in the industrial control, automotive electronics, and communication equipment sectors, especially for servers and optical modules, where demand is strong.

• Profit Pressure and Reasons: In the first half of 2025, the net profit attributable to the parent company was 75 million yuan, a year-on-year decline of 15.89%, resulting in a situation of “increased revenue without increased profit.” The main reasons include:

• Raw Material Cost Pressure: Rising international precious metal prices have led to a significant increase in procurement costs for key materials such as copper-clad laminates and copper foils.

• New Factory Amortization: The Thai subsidiary is in its startup phase, and high fixed cost amortization has impacted short-term profits.

• Impairment Losses: There has been an increase in provisions for credit impairment and asset impairment losses.

🔭 5. Future Outlook and Institutional Perspectives

• Growth Expectations: Institutions predict that the company’s revenue from 2025 to 2027 is expected to reach 1.916/2.463/3.100 billion yuan, with net profit attributable to the parent company expected to be 208/271/346 million yuan, corresponding to P/E ratios of 25/19/15 times.

• Core Drivers: Future growth will depend on the further release of capacity from the Thai factory, an increase in the proportion of high-value-added products (such as high-end HDI and high-speed boards), and continued penetration into emerging fields such as AI servers, robotics, and intelligent driving.

• Risk Alerts: Close attention should be paid to risks related to fluctuations in raw material prices, exchange rate changes, and underperformance in new project R&D.

💎 Conclusion

Sihui Fushi, with its technological barriers in the high-end PCB field and high-quality customer resources, has successfully positioned itself in high-growth sectors such as industrial control and automotive electronics, while actively exploring emerging markets like AI servers and optical modules. Although facing short-term cost pressures leading to profit strain, its rapid revenue growth and proactive global layout (Thailand factory) provide momentum for long-term development. The company’s growth logic is shifting from “capacity expansion” to “technology upgrade and structural optimization,” and whether it can achieve synchronized growth in profit and revenue will be a key focus moving forward.

I hope the above analysis provides you with a clear reference. Market information changes rapidly, and the above analysis is based on publicly available information for reference only.

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