Research Brief | Ultrasonic Electronics responds to transformation concerns during earnings presentation, plans to invest 1 billion yuan to expand production of high-performance HDI to target the high-end market

On March 27, Shantou Ultrasound Electronics Co., Ltd. (hereinafter referred to as “Ultrasound Electronics”) held a performance briefing for the 2025 fiscal year through the “Interactive Easy Platform” of the Shenzhen Stock Exchange’s “Cloud Interview” section. The company’s management responded to core issues of investor concern such as performance improvement, R&D conversion, and high-end business layout, and disclosed a high-performance HDI printed circuit board expansion plan with a total investment of approximately 1.008 billion yuan, aiming to accelerate the transition to high value-added fields.

Basic Information on the Performance Briefing

Performance and R&D Investment: Revenue Increased Slightly by 3%, Total Patents Accumulated 684

At the meeting, the company disclosed its operating data for the 2025 fiscal year: the total operating revenue reached 6.331 billion yuan, an increase of 9.98% year-on-year; the net profit attributable to the parent company was 222 million yuan, up 3.10% year-on-year. Although revenue maintained a nearly 10% growth, the net profit growth rate was relatively flat, reflecting the current situation of pressure on the profitability space of traditional businesses.

In response to investors’ concerns regarding “high R&D investment but insufficient conversion of high-end products,” the company’s management stated that it has been continuously focusing on breakthroughs in core technologies in recent years, achieving progress in areas such as capacitive touch screen technology, 3D-HUD high-speed substrate copper-clad laminate technology, and phased array full-focus real-time 3D ultrasonic imaging detection technology. By the end of December 2025, the company had accumulated 684 patent authorizations, including 202 invention patents, laying a technical foundation for the layout of high-end products.

Strategic Transformation: 1 Billion Expansion of High-Performance HDI, Targeting Emerging Tracks such as Automotive Electronics

To break through the bottleneck of traditional businesses, the company has clearly defined “high-end and intelligent” as the main line of future development. Specific measures include:

• Capacity Upgrade: Launching the “High-Performance HDI Printed Circuit Board Expansion and Upgrade Technical Transformation Project,” with a total investment of approximately 1.008 billion yuan, expected to add an annual production capacity of 240,000 square meters of high-performance HDI printed circuit boards. After the project reaches production capacity (in the third year), it is expected to achieve sales revenue of approximately 808 million yuan, further increasing the proportion of high value-added products.
• Market Expansion: Closely tracking the development dynamics of emerging fields such as automotive electronics, data centers, and low-altitude economy, planning to enter the high-end market through technological iteration and cultivate new performance growth points.

Management emphasized that this expansion project is a key layout for the company to optimize its product structure and transition to high-end PCB fields, which will help the company narrow the gap with leading enterprises in high-boom tracks such as AI computing power PCB and high-end HDI.

Future Outlook: Focusing on Technological Breakthroughs and Market Opportunities

Regarding future development, Ultrasound Electronics stated that it will continue to increase R&D investment in core technologies, focusing on breaking through technical bottlenecks of high-precision, high-frequency, high-speed transmission PCBs and other high-end products. At the same time, the company will enhance the efficiency of R&D investment output through refined management, promote the commercialization of technological achievements, strive to achieve breakthroughs in emerging application fields, and gradually improve the profit structure.

Market analysts pointed out that with the growth of downstream demand in automotive electronics, data centers, and other areas, the market space for high-end PCB products such as high-performance HDI is vast. If Ultrasound Electronics’ expansion plan can be successfully implemented, it is expected to inject new momentum into the company’s long-term development.

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