点击 关注我们 报告发布日期：2025年11月28日 报告名称:《 PCB十问十答：AI算力与终端创新共振，PCB重塑高密度连接格局》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 国信研究 PCB十问十答： AI算力与终端创新共振，P CB重塑高密度连接格局 2025-11-28 | 胡剑 胡慧 叶子 张大为 詹浏洋 李书颖 行业进入AI驱动的新周期，需求结构发生根本性转变 。AI服务器集群建设带来算力板卡、交换机与光模块的同步 升级,推动PCB需求量和单价双升。随着算力架构从GPU 服务器向正交化、无线缆化演进,信号链条更短、对材料损 耗更敏感,PCB成为AI硬件中最核心的互连与供电载体之一 。本轮AI周期不同于5G周期的"高峰—回落"型特征，而呈 现"技术迭代带动持续渗透"的长周期属性。我们认为,AI将 成为未来3–5年PCB行业的主导增量。我们测算 ...

Core Viewpoint - The electronic industry is expected to maintain an optimistic outlook, with a focus on patience in allocation, leveraging time to create space for growth. Recent market performance shows a rebound in the electronic sector, driven by AI-related demand and upcoming innovations in 2026 [3]. Market Performance - The Shanghai Composite Index rose by 1.40%, while the electronic sector increased by 6.05%. Among sub-industries, components surged by 8.10%, and electronic chemicals rose by 3.93%. Concurrently, the Hang Seng Tech Index, Philadelphia Semiconductor Index, and Taiwan Information Technology Index saw increases of 3.77%, 9.66%, and 5.01% respectively [3]. Industry Challenges - The recent underperformance of the electronic sector over the past month is attributed to the reduction of national subsidies, export rush in Q2, and price hikes due to storage shortages, leading to weaker Q3 reports. The current period is characterized as a performance gap of nearly six months [3]. Future Catalysts - Certain stocks benefiting from high growth in overseas AI computing demand are approaching performance forecasts in January. Anticipation of spring market activity is expected due to innovations in AI smartphones, AI glasses, and foldable screens projected for 2026 [3].

点击 关注我们 报告发布日期：2025年11月25日 报告名称: 《 电子行业周报-以时间换空间，AI主线高景气依然，自主可控进程提速 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 国信电子团队 胡剑： 电子行业首席分析师，复旦大学电子系学士，复旦大学世界经济系硕士，法国EDHEC商学院交换生。2021年8月加入国信研究 所，之前任华泰研究所消费电子行业首席，2018年第一财经最佳分析师电子行业第3名，2019年证券时报金翼奖分析师电子行业第2名， 2019年II China科技行业入围，2019年新浪财经金麒麟新锐分析师电子行业第1名，2020年II China科技行业第2名，2023年Wind金牌分析师 电子行业第3名，2023年新浪财经金麒麟菁英分析师半导体行业第2名、消费电子行业第3名，2024年Wind金牌分析师电子行业第1名， 2024年 ...

Core Viewpoint - The company achieved a 15.2% year-on-year increase in revenue and a 35.1% increase in net profit attributable to shareholders in the first three quarters of 2025 [4][5]. Financial Performance - In the first three quarters, the company reported revenue of 21.783 billion yuan, a 15.2% increase year-on-year, driven by growth in the automotive intelligent driving sector and the expansion of smart imaging terminal applications [5]. - The net profit attributable to shareholders reached 3.210 billion yuan, reflecting a 35.15% year-on-year growth, with a non-recurring net profit of 3.060 billion yuan, up 33.45% year-on-year [5]. - The gross margin improved to 30.43%, an increase of 0.82 percentage points year-on-year, attributed to product structure optimization and supply chain management [5]. Quarterly Performance - In Q3 2025, the company recorded revenue of 7.827 billion yuan, a 14.81% year-on-year increase and a 4.58% quarter-on-quarter increase [6]. - The net profit attributable to shareholders for Q3 was 1.182 billion yuan, up 17.26% year-on-year and 1.76% quarter-on-quarter [6]. - The gross margin for Q3 was 30.34%, showing a slight decrease of 0.10 percentage points year-on-year but an increase of 0.34 percentage points quarter-on-quarter [6]. Product Development and Market Opportunities - The company is accelerating the development and launch of new products, including the 50MP OV50X sensor for high-end smartphones and a new 50MP OV50R sensor for various high-end consumer electronics [7]. - The penetration rate of intelligent driving technology is increasing, with the company introducing competitive new sensor series, including the OX08D20 for advanced driver-assistance systems (ADAS) and autonomous driving [8]. - The demand for video recording is surging, particularly in emerging markets, with the company's image sensor business in these areas experiencing rapid growth [9].

Core Viewpoint - The power semiconductor industry is stabilizing, with growth momentum driven by data centers and energy storage applications [3][5]. Group 1: Power Semiconductor Performance Review - The power semiconductor industry has shown stable revenue growth, with traditional applications maintaining steady performance while the share of revenue from electric vehicles (EVs) has increased [3][11]. - In September 2025, China's new energy vehicle sales reached 1.6 million units, a year-on-year increase of 24.6%, with a penetration rate of 49.7% [23][24]. - The market share of domestic manufacturers in the main drive IGBT power modules is increasing, with leading companies like Chipone, Times Electric, and Silan Microelectronics establishing competitive advantages [3][27]. Group 2: Electric Vehicle Market Insights - The share of electric vehicles with a power output of over 200kW has increased from 9% in 2022 to 25% in the first eight months of 2025, indicating a trend towards higher power outputs in EVs [27][30]. - The peak power output of electric drives has risen from 255kW in 2022 to 580kW in 2025, reflecting advancements in technology and increasing demand for high-performance vehicles [27][30]. Group 3: Data Center and Energy Storage Growth - The global server market is expected to grow at a compound annual growth rate (CAGR) of 18.5% over the next five years, driven by increased demand for servers and the recovery of non-accelerated servers [50]. - In the first nine months of 2025, Chinese companies secured 308 overseas energy storage orders totaling 214.7GWh, a year-on-year increase of 131.75% [53]. Group 4: Market Dynamics and Competitive Landscape - The competition in the IGBT module market is becoming more concentrated, with domestic suppliers capturing approximately 86.3% of the market share in the main drive IGBT modules [30]. - The penetration of SiC MOSFETs in new energy vehicles has increased to 18.1% in the first eight months of 2025, indicating a shift towards more advanced semiconductor technologies [30][39].

Core Viewpoints - The company is a leading provider in the optical industry, offering components, modules, and solutions [4] - The company achieved a revenue of 6.278 billion yuan in 2024, representing a year-on-year growth of 23.67%, and a net profit of 1.03 billion yuan, with a year-on-year increase of 71.57% [6] Company Overview - Established in 2002, the company specializes in the research, production, and sales of optical imaging, thin-film optical panels, automotive electronics (AR+), and reflective materials, with applications in consumer electronics, automotive optics, and the metaverse AR/VR [6] Consumer Electronics - The company continues to deepen cooperation with major clients in the consumer electronics sector, with new products like micro-prisms and optical filters driving growth [7] - The company is the first in the world to mass-produce a four-reflection prism module, enhancing collaboration with North American clients [7] AR/VR Development - The company has been deeply involved in the AR/VR field for over a decade, focusing on reflective waveguide technology as part of its "One Project" [8] - The company has established initial NPI production lines and is addressing mass production challenges in collaboration with leading enterprises [8] Automotive Display Systems - The company is accelerating the adoption of head-up display (HUD) systems, with a projected shipment of nearly 300,000 units in 2024, indicating steady market share growth [9] - The company has developed a comprehensive range of AR-HUD products, leveraging its technological expertise in AR optics [9]

Core Viewpoint - The company achieved a 33.7% year-on-year increase in revenue and a 54.7% increase in net profit attributable to shareholders in the first three quarters of 2025 [3][4]. Financial Performance - In the first three quarters, the company reported revenue of 1.051 billion yuan (approximately 10.51 billion) with a year-on-year growth of 33.65%, driven by diversified product offerings and strong customer relationships in sectors like consumer electronics, automotive intelligent driving, and optical communications [4]. - The net profit attributable to shareholders reached 250 million yuan (approximately 2.50 billion), reflecting a year-on-year increase of 54.68%, while the net profit excluding non-recurring items was 243 million yuan (approximately 2.43 billion), up 55.79% year-on-year [4]. - For Q3 2025, the company reported revenue of 474 million yuan (approximately 4.74 billion), a year-on-year increase of 16.15% and a quarter-on-quarter increase of 47.57% [5]. - The net profit attributable to shareholders for Q3 was 147 million yuan (approximately 1.47 billion), showing a year-on-year growth of 30.37% and a quarter-on-quarter growth of 153.53% [5]. Product Development and Market Demand - The optical prism product line has expanded, with increasing demand for micro-prism products used in smartphone periscope camera modules, contributing to revenue growth [6]. - The demand for glass aspheric lenses has significantly increased, particularly in optical communications, VLOG cameras, and smartphone photography, with the company achieving strong production capabilities in aspheric molded glass technology [7]. - The demand for glass wafers in the AR field is on the rise, with the company collaborating with leading semiconductor and optical material suppliers to develop AR applications [8].

Core Viewpoints - The company reported a significant increase in revenue and profit for the third quarter of 2025, with a year-on-year revenue growth of 42.8% and a net profit growth of 62% [5][4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 603.93 billion yuan (YoY 38.40%) and a net profit of 22.487 billion yuan (YoY 48.52%) [4] - In Q3 2025, the company reported a revenue of 243.17 billion yuan (YoY 42.81%, QoQ 21.38%) and a net profit of 10.373 billion yuan (YoY 62.04%, QoQ 50.72%) [5] AI Server Growth - The cloud computing business saw a revenue increase of over 65% year-on-year for the first three quarters, with Q3 revenue growth exceeding 75%, driven by the demand for AI cabinet products [6] - Revenue from cloud service providers accounted for 70% of the cloud computing business, with a year-on-year growth of over 150% [6] Communication Equipment Expansion - The demand for AI has significantly boosted the growth of switch products, with a 100% year-on-year increase in Q3, and 800G switches seeing a growth of over 27 times [7] - The precision components business also experienced growth due to the launch of new AI smart terminal products [7] Market Outlook - Nvidia's market capitalization reached a record high of $5 trillion, indicating strong expectations for AI server cabinet shipments and AI infrastructure demand [8] - Nvidia's CEO expressed optimism about future sales, projecting a total sales figure of $500 billion for their upcoming chips, which suggests a positive outlook for related companies in the supply chain [8]

Core Viewpoint - The report highlights the inflation in the upstream electronic sector and the resonance of storage cycles and growth driven by AI demand, indicating a positive outlook for the electronic industry [3]. Market Performance - In the past week, the Shanghai Composite Index rose by 2.88%, driven by improved expectations regarding the US-China tariff negotiations and the emphasis on domestic technology development from the Fourth Plenary Session [3]. - The electronic sector saw an increase of 8.49%, with sub-sectors such as components rising by 12.84% and optical optoelectronics by 4.04% [3]. - Concurrently, the Hang Seng Tech Index, Philadelphia Semiconductor Index, and Taiwan Information Technology Index increased by 5.20%, 2.94%, and 0.70%, respectively [3]. Industry Insights - TSMC's recent earnings call indicated that AI demand remains strong, exceeding previous expectations, while the non-AI market is experiencing a mild recovery [3]. - There is a growing trend of supply shortages and price increases in storage chips, certain passive components, and high-end CCL, leading to rising inflation expectations in the upstream electronic industry [3].

Core Viewpoint - The report highlights the strong demand for AI computing power and storage, which has led to TSMC's revenue exceeding expectations, despite a general decline in market risk appetite [3]. Market Performance - In the past week, the Shanghai Composite Index fell by 1.47%, while the electronics sector dropped by 7.14%. Sub-sectors such as optical optoelectronics and consumer electronics saw declines of 6.23% and 9.10%, respectively [3]. - The Hang Seng Tech Index decreased by 7.98%, while the Philadelphia Semiconductor Index and Taiwan Information Technology Index increased by 5.78% and 0.27%, respectively [3]. Earnings Season Insights - As the third quarter of 2025 earnings season approaches, there is a noted decline in market risk appetite due to previously high consensus on AI themes and significant upward revisions in earnings forecasts for leading companies. This, combined with ongoing US-China tariff disputes, has led to increased volatility in the tech sector during the earnings verification period [3]. - TSMC's recent earnings call indicated that AI demand remains strong and has exceeded prior expectations [3].