Shennan Circuit Company (002916) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥8.32 billion, up 37.91% year-over-year; net profit attributable to shareholders was ¥987 million, up 108.32% year-over-year.

• All three core businesses—PCB, substrate, and EMS—achieved double-digit growth, with substrate revenue nearly doubling.

• The company maintained its “3-In-One” business model, focusing on high-end PCB, advanced substrate, and EMS, and continued to invest in R&D and digital transformation.

• No interim dividend, bonus shares, or capital increase from reserves planned for the half-year.

Financial highlights

• Operating revenue: ¥8.32 billion, up 37.91% year-over-year.

• Net profit attributable to shareholders: ¥987 million, up 108.32% year-over-year.

• Operating cash flow: ¥1.40 billion, up 14.67% year-over-year.

• Basic and diluted EPS: ¥1.93, up 109.78% year-over-year.

• Gross margin for PCB: 31.37% (+5.52ppt); substrate: 25.46% (+6.66ppt); EMS: 14.64%.

Outlook and guidance

• Global PCB industry expected to grow at a 5.4% CAGR from 2023–2028, with high-end segments (high-layer, substrate, HDI) growing faster.

• AI, data centers, automotive electronics, and new energy remain key growth drivers.

• Company will continue to invest in R&D, digitalization, and green manufacturing, and accelerate high-end substrate and overseas expansion.