Shennan Circuit Company (002916) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥17.91 billion in 2024, up 32.39% year-over-year; net profit attributable to shareholders was ¥1.88 billion, up 34.29% year-over-year.

• All three core businesses—PCB, substrate, and electronic assembly—delivered double-digit growth, with PCB revenue up 29.99%, substrate up 37.49%, and assembly up 33.20%.

• Gross margin improved to 25.84%, with PCB gross margin up 5.07 percentage points to 31.62%.

• Significant progress in R&D, with investment of ¥1.27 billion (7.10% of revenue) and 122 new patents granted.

Financial highlights

• Revenue: ¥17.91 billion, up 32.39% year-over-year.

• Net profit attributable to shareholders: ¥1.88 billion, up 34.29% year-over-year.

• Operating cash flow: ¥2.98 billion, up 15.18% year-over-year.

• Basic and diluted EPS: ¥3.66, up 34.07% year-over-year.

• Total assets: ¥25.30 billion, up 11.92% from previous year-end.

• Net assets: ¥14.62 billion, up 10.87% from previous year-end.

Outlook and guidance

• 2025 global economic growth expected at 3.2%, with AI, automotive, and high-speed communication as key growth drivers.

• Company will continue to focus on high-end product lines, capacity ramp-up, and digital transformation to support high-quality growth.

• PCB business to target international expansion and new product development; substrate business to accelerate FC-BGA product line and customer acquisition.