Market Overview - The component sector experienced a decline of 4.47% on September 26, with Zhongfu Circuit leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Tianjin Pulin (002134) with a closing price of 21.00, up 4.37% on a trading volume of 143,100 shares and a turnover of 301 million [1] - ST Dongjing (002199) closed at 10.01, up 3.52% with a trading volume of 44,000 shares [1] - Major decliners included: - Zhongfu Circuit (300814) closed at 48.52, down 8.61% with a trading volume of 137,800 shares and a turnover of 689 million [2] - Dongshan Precision (002384) closed at 68.58, down 7.44% with a trading volume of 862,600 shares [2] Capital Flow - The component sector saw a net outflow of 6.765 billion in institutional funds, while retail investors contributed a net inflow of 5.702 billion [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in Tianjin Pulin and ST Dongjing [3]

Group 1 - The core point of the news is that Shengyi Technology's stock price dropped by 5.08% to 53.46 CNY per share, with a trading volume of 1.734 billion CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 129.868 billion CNY [1] - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible materials for electronics, display materials, packaging materials, and insulation materials [1] - The main business revenue composition of Shengyi Technology includes: copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), comprehensive utilization of waste resources (3.37%), and others (2.04%) [1] Group 2 - Dongxing Fund has one fund heavily invested in Shengyi Technology, specifically the Dongxing Digital Economy Mixed Fund A (020440), which reduced its holdings by 10,400 shares in the second quarter, now holding 59,700 shares, accounting for 4.54% of the fund's net value, ranking as the tenth largest holding [2] - The Dongxing Digital Economy Mixed Fund A was established on January 16, 2024, with a latest scale of 15.4004 million CNY. Year-to-date returns are 46.64%, ranking 1446 out of 8171 in its category; the one-year return is 86.5%, ranking 916 out of 8004; and since inception, the return is 56.57% [2]

Summary of Conference Call on PCB Industry Industry Overview - The conference call discusses the PCB (Printed Circuit Board) industry, highlighting the significant demand driven by advancements in AI and data centers, particularly due to NVIDIA's investment in OpenAI of 100 billion RMB, indicating a robust demand for GPU and ASIC chips, which in turn boosts PCB demand [1][2]. Key Insights and Arguments - **NVIDIA's Product Evolution**: NVIDIA's transition from the eight-card architecture to the GB200/GB300 series and now to the Ruby series has led to significant enhancements in PCB specifications, including increased layers and density, which raises the value of single-chip PCBs [1]. - **Market Demand Projections**: The global PCB market demand is expected to exceed 90 billion RMB by 2026, but supply-side capacity remains tight due to the heavy asset nature of the industry and long production cycles, with overseas production lagging behind expectations [1][8]. - **Supply-Demand Dynamics**: The PCB industry is anticipated to experience a relative shortage of capacity in the coming years, as companies like Huadian Technology and Shenghong Technology are accelerating expansion, but at a pace slower than the explosive demand growth [1][9]. - **Investment Potential**: Companies such as Huadian Technology, Shenghong Technology, and Pengding possess significant investment potential due to their client progress and capacity expansion. Additionally, upstream material suppliers like Shengyi Technology are gaining traction within the NVIDIA and Amazon supply chains, indicating strong future growth [1][10]. Additional Important Points - **Role of PCBs in Data Centers**: PCBs play a crucial role in data centers for carrying and transmitting signals, with specifications improving significantly with each chip iteration. The shift towards PCBs over traditional copper cables is driven by better heat dissipation and lower maintenance costs [3]. - **Specific Requirements of NVIDIA's Series**: The Ruby series introduces an orthogonal backplane solution, replacing some copper cable connections, which enhances assembly efficiency and significantly increases the value of single-chip PCBs to approximately 150,000 to 200,000 RMB [6]. - **Material Upgrades**: The PCB market's growth is also tied to advancements in upstream materials, particularly in copper-clad laminates (CCL) and copper foil, with companies like Shengyi Technology adapting production lines to meet demand surges [11][12]. - **Future Supply-Demand Structure**: The supply-demand structure in the PCB industry is expected to remain tight due to rapid demand growth and the heavy asset nature of the industry, which prolongs new factory setups and customer validation cycles [13]. - **NVIDIA's Orthogonal Backplane Progress**: The orthogonal backplane solution from NVIDIA is still in the validation phase, with expectations of adoption, indicating a potential upward valuation for the PCB segment [14].

Core Insights - The stock price of Shengyi Technology has increased by 139.35% year-to-date, but it has seen a slight decline of 0.77% in the last five trading days [1] - The company reported a revenue of 12.68 billion yuan for the first half of 2025, representing a year-on-year growth of 31.68%, and a net profit of 1.43 billion yuan, up 52.98% year-on-year [2] - Shengyi Technology has a diverse product portfolio, with the main revenue sources being copper-clad laminates and bonding sheets (65.96%) and printed circuit boards (28.63%) [2] Financial Performance - As of June 30, 2025, Shengyi Technology's total market capitalization is approximately 134.02 billion yuan [1] - The company has distributed a total of 12.91 billion yuan in dividends since its A-share listing, with 4.55 billion yuan distributed in the last three years [3] - The number of shareholders decreased by 14.25% to 75,100 as of June 30, 2025, while the average number of circulating shares per person increased by 16.61% [2] Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 166.67 million shares, which is a decrease of 16.40 million shares from the previous period [3] - Several ETFs have increased their holdings, including Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and China Universal CSI 300 ETF, indicating growing institutional interest [3]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company, a leader in the rigid copper-clad laminate sector, is expected to benefit from the strong demand for AI server applications [5][9]. - In the first half of 2025, the company achieved a revenue of 12.68 billion yuan, representing a year-on-year growth of 31.68%, and a net profit attributable to shareholders of 1.43 billion yuan, up 52.98% year-on-year [3][4]. - The company has a strong market position, ranking second globally in rigid copper-clad laminate sales, with a market share of 13.7% in 2024 [5]. Financial Performance - In Q2 2025, the company reported a revenue of 7.07 billion yuan, a year-on-year increase of 35.77% and a quarter-on-quarter increase of 25.97% [4]. - The gross profit margin for Q2 2025 was 26.85%, reflecting a year-on-year increase of 5.07 percentage points [4]. - The company produced 74.14 million square meters of various copper-clad laminates in the first half of 2025, marking a year-on-year growth of 7.86% [8]. Business Outlook - Revenue forecasts for 2025-2027 are projected at 26.01 billion yuan, 31.82 billion yuan, and 37.75 billion yuan, respectively, with corresponding EPS of 1.23 yuan, 1.62 yuan, and 2.02 yuan [9][11]. - The company is expected to maintain a leading position in high-frequency and high-speed copper-clad laminate technology, capitalizing on the growing demand for AI computing infrastructure [9].

记者丨杨期鑫 实习生钟宸 编辑丨李振 PCB（印制电路板），是现代电子产品的核心组件，PCB与芯片、面板并称电子信息产业三大 元器件，主要作用是实现电子元器件之间的相互连接，实现信号传输，因此也被称为"电子产 品之母"。 Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以 412.13亿美元的产值领跑全球，同比增速高达9.0%。 数据来源：Prismark 制图：杨期鑫 而在这场产业竞逐中，城市间的角力尤为激烈—— 作为中国PCB产业核心区域，广东PCB产 能占全国约60%，拥有超万亿市值的上市企业集群，以及深圳、惠州、东莞等城市形成的城 市集群；与此同时，中西部城市如江西信丰、安徽广德正借势产业转移东风强势崛起 。 广东P C B板块市值已超万亿 从一开始的一穷二白到如今全球最大的PCB生产国，中国PCB产业发展并非一帆风顺。 1936年，奥地利人保罗·爱斯勒（Paul Eisler）发明了世界上第一块PCB，并于50年代初开始 大规模应用。 但是由于西方的技术封锁，直到1956年，中国第一块PCB在北京一间简陋的实验室内诞生。 上世纪60—70年代，中国 ...

Core Viewpoint - Shengyi Technology's stock price has seen significant growth this year, with a year-to-date increase of 147.64%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Shengyi Technology reported revenue of 12.68 billion yuan, a year-on-year increase of 31.68%, and a net profit attributable to shareholders of 1.43 billion yuan, up 52.98% year-on-year [2]. - The company has distributed a total of 12.91 billion yuan in dividends since its A-share listing, with 4.55 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 25, Shengyi Technology's stock was trading at 57.08 yuan per share, with a market capitalization of 138.66 billion yuan [1]. - The stock has experienced a trading volume of 9.52 billion yuan on the same day, with a turnover rate of 0.71% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 19, where it recorded a net buy of -548 million yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Shengyi Technology was 75,100, a decrease of 14.25% from the previous period [2]. - The average number of circulating shares per shareholder increased by 16.61% to 31,561 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings increasing while others decreased [3].

Market Overview - On September 24, the component sector declined by 3.54%, with Jingwang Electronics leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the component sector included: - Shangluo Electronics (300975) with a closing price of 13.57, up 6.68% and a trading volume of 959,100 shares [1] - Yuandiwei (832491) with a closing price of 35.04, up 6.25% and a trading volume of 103,300 shares [1] - Zhongying Technology (300936) with a closing price of 40.32, up 6.02% and a trading volume of 49,500 shares [1] - Major decliners included: - Jingwang Electronics (603228) with a closing price of 70.34, down 6.20% and a trading volume of 581,900 shares [2] - Huadian Co., Ltd. (002463) with a closing price of 74.45, down 4.43% and a trading volume of 597,100 shares [2] - Shengyi Technology (600183) with a closing price of 56.30, down 3.97% and a trading volume of 494,000 shares [2] Capital Flow - The component sector experienced a net outflow of 3.442 billion yuan from institutional investors, while retail investors saw a net inflow of 3.082 billion yuan [2] - Notable capital flows included: - Shangluo Electronics (300975) with a net inflow of 151 million yuan from institutional investors [3] - Pengding Holdings (002938) with a net inflow of 105 million yuan from institutional investors [3] - Super Sonic Electronics (000823) with a net inflow of 31.64 million yuan from institutional investors [3]

Group 1 - The core point of the news is that Shengyi Technology's stock price dropped by 5.51% to 55.40 CNY per share, with a trading volume of 1.068 billion CNY and a turnover rate of 0.80%, resulting in a total market capitalization of 134.581 billion CNY [1] - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible electronic materials, display materials, packaging materials, and insulation materials [1] - The main business revenue composition of Shengyi Technology includes copper-clad laminates and bonding sheets at 65.96%, printed circuit boards at 28.63%, comprehensive utilization of waste resources at 3.37%, and other supplementary sources at 2.04% [1] Group 2 - From the perspective of major fund holdings, only one fund under Nuoan Fund holds shares in Shengyi Technology. The Nuoan Yixin Flexible Allocation Mixed A Fund (002292) held 70,100 shares in the second quarter, accounting for 4.27% of the fund's net value, making it the fourth-largest holding [2] - The Nuoan Yixin Flexible Allocation Mixed A Fund (002292) was established on January 22, 2016, with a latest scale of 43.6534 million CNY. Year-to-date returns are 36.72%, ranking 2100 out of 8173 in its category; the one-year return is 82.22%, ranking 1193 out of 7996; and since inception, the return is 141.13% [2]

Group 1 - A total of 41 A-share companies are scheduled for equity registration today [1] - Among these, 41 companies plan to distribute dividends, with Jinbo Biological, Zhejiang Huaye, and Shengyi Technology offering the highest dividends of 10.00 yuan, 4.00 yuan, and 4.00 yuan per 10 shares respectively [1]