证券日报网讯2月6日，生益科技（600183）在互动平台回答投资者提问时表示，公司将严格按照法律法 规及规范性文件的要求对需披露的信息进行披露。 ...

格隆汇2月6日｜源杰科技、新易盛跌超6%，中际旭创跌超5%，四会富仕、剑桥科技、生益科技跟跌。 ...

Group 1 - The Digital Economy ETF (工银561220) opened at 1.480 yuan, experiencing a decline of 0.47% [1] - Major holdings in the ETF include companies like SMIC, which fell by 1.48%, and Haiguang Information, which dropped by 1.00% [1] - The ETF's performance benchmark is the China Securities Index for State-Owned Enterprises in the Digital Economy, managed by ICBC Credit Suisse Asset Management [1] Group 2 - Since its inception on May 21, 2025, the ETF has achieved a return of 48.72%, with a monthly return of 0.79% [1]

点击招商研究小程序查看PDF报告原文 事件：公司公告 25 年业绩预增：归母净利 32.5-34.5 亿元同比+87%～98%，扣非归母净利 30.8-32.8亿元同比+84%～96%。结合公司及行业近 况，我们点评如下： Q4业绩环比下滑，源于PCB业务大客户拉货放缓和中低阶CCL价格传导不充分。 单看Q4 业绩，归母净利中值9.1 亿元，同比+147.5%环 比-10.8%；扣非归母净利中值8.0 亿元，同比+121.0%环比-20.1%。环比业绩表现下滑，不及市场预期，我们分析主因：1）子公司生益电子 Q4 业绩中值3.6 亿环比下滑 2.3 亿，对母公司生益科技的业绩环比角度产生的拖累约 1.4 亿；2）10 月的CCL 涨价未能 Cover 26Q4 上游原材 料的价格成本的上涨，其中Q4 LME 铜价涨幅超过20%，铜箔加工费及玻纤布价格均有不同幅度的上涨，这意味着 CCL 利润增加更多来源于公司 高速材料的放量，而中低端 CCL 的盈利改善表现不及市场预期。全年来看，业绩增长主要源于：1）CCL 销量增长，产品结构优化带动毛利率提 升；2）子公司生益电子在 AI PCB领域获得大客户突破，持续扩 ...

Core Viewpoint - The report from China Merchants Securities indicates that Shengyi Technology is expected to see significant growth in its 2025 performance, driven by a clear long-term structural upgrade trend in AI-related business [1] Group 1: Company Growth Prospects - Shengyi Technology's subsidiary, Shengyi Electronics, is rapidly expanding its AI PCB production capacity, with strong demand from major clients and potential new customers in computing power [1] - The company is anticipated to increase its market share in high-speed CCL, with ongoing improvements in N client markets and breakthroughs in G and A client systems [1] Group 2: Market Strategy and Management - The company is expected to adopt a more proactive market strategy this year to address rising upstream raw material costs [1] - The market is likely to continue recognizing and uncovering the company's technological leadership, core positioning, and long-term potential in PCB upstream materials, supported by excellent management capabilities [1] Group 3: Future Outlook - The anticipated increase in high-speed board production in 2026 is expected to drive a new round of high-quality growth, with mid-to-long-term performance likely to exceed expectations [1] - The report maintains a "strong buy" rating for the company, reflecting confidence in its growth trajectory [1]

Core Viewpoint - The report from招商证券 indicates that Shengyi Technology is expected to see significant growth in its 2025 performance, driven by a clear long-term structural upgrade trend in AI-related business [1] Group 1: Company Performance and Growth - Shengyi Technology's subsidiary, Shengyi Electronics, is rapidly expanding its AI PCB production capacity, with strong demand from major clients and potential new clients in computing power [1] - The company is anticipated to increase its market share in the high-speed CCL sector, particularly among N clients, while also achieving breakthroughs with G and A clients [1] Group 2: Market Strategy and Management - The company is expected to adopt a more proactive market strategy this year to address rising upstream raw material costs [1] - The report emphasizes the company's technological leadership, core positioning in PCB upstream materials, and excellent management capabilities, which are likely to be recognized and valued by the market [1] Group 3: Future Outlook - The anticipated increase in high-speed board production in 2026 is expected to drive a new round of high-quality growth, with mid-to-long-term performance likely to exceed expectations [1] - The report maintains a "strong buy" rating for the company, reflecting confidence in its growth trajectory [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company is expected to see a significant increase in net profit for 2025, with a forecasted range of 3.25 to 3.45 billion yuan, representing a year-on-year growth of 87% to 98% [1] - The growth is driven by the demand for AI-related products and the structural upgrade in high-speed materials [6] - The company is positioned well in the CCL (Copper Clad Laminate) industry, with expectations of continued price increases and strong demand from major clients [6] Financial Data and Valuation - Total revenue is projected to grow from 16.59 billion yuan in 2023 to 56.29 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36% [1][13] - Operating profit is expected to increase from 1.27 billion yuan in 2023 to 9.50 billion yuan in 2027, reflecting a strong growth trajectory [1][13] - The company's net profit is forecasted to rise from 1.16 billion yuan in 2023 to 7.96 billion yuan in 2027, indicating a robust growth outlook [1][13] - The price-to-earnings (PE) ratio is projected to decrease from 137.4 in 2023 to 20.1 in 2027, suggesting improving valuation metrics as earnings grow [14] Market Position and Strategy - The company is focusing on expanding its high-performance CCL production capacity, with a planned investment of 4.5 billion yuan [6] - The demand for AI PCBs (Printed Circuit Boards) is expected to continue driving growth, with the company gaining significant market share in high-end products [6] - The report highlights the company's proactive market strategies to address rising raw material costs and enhance profitability [6]

Group 1 - Northern Huachuang is a leading domestic semiconductor equipment manufacturer, covering core process equipment such as etching machines, thin film deposition equipment, and cleaning machines, which are essential for memory chip manufacturing [1] - The company is expected to benefit from the growth in equipment orders driven by the expansion and technological upgrades of domestic memory manufacturers during the memory chip price increase cycle [1] - Northern Huachuang has made breakthroughs in advanced process equipment for 3D NAND and HBM, establishing a core competitive advantage in the global memory equipment market [1] Group 2 - Hua Hong Semiconductor is a leading domestic specialty process manufacturer with mature memory chip foundry capabilities, focusing on NOR Flash, eMMC, and SPI NAND [2] - The company is expected to benefit from the rising demand for memory chip foundry services as domestic memory manufacturers expand production [2] - Hua Hong's layout in automotive-grade memory chip foundry will further enhance its resilience against economic cycles [2] Group 3 - Zhongwei Company is a core supplier of etching equipment, with its 5nm etching machine already integrated into the supply chain of memory manufacturers [3] - The demand for high-end equipment is expected to grow due to the trend of upgrading memory chips to advanced processes like 3D NAND and HBM [3] - Zhongwei's layout in thin film deposition equipment enhances its service capabilities for memory manufacturers [3] Group 4 - Lanke Technology is a global leader in memory interface chips, with its products widely used in servers and PCs, holding a leading share in the DDR5 interface chip market [4] - The demand for DDR5 interface chips is expected to surge due to the explosion in AI server and high-end PC demand during the memory chip price increase cycle [4] - Lanke's breakthroughs in HBM interface chips will further open up growth opportunities [4] Group 5 - GigaDevice is a leading domestic memory chip design company, focusing on NOR Flash while also expanding into NAND Flash and DRAM [5] - The company is expected to benefit from the price increase of NOR Flash products driven by the recovery of consumer electronics and AI terminal demand [5] - GigaDevice's layout in automotive-grade memory chips will further expand its downstream application space [5] Group 6 - Shengyi Technology is a leading domestic copper-clad laminate manufacturer, with its products being core raw materials for memory chip packaging [6][7] - The growth in demand for copper-clad laminates is expected to be driven by the expansion of memory manufacturers and the increase in packaging needs during the memory chip price increase cycle [6][7] - Shengyi's breakthroughs in high-frequency and high-speed copper-clad laminates will adapt to the upgrade demands of memory chips [6][7] Group 7 - Shenzhen South Circuit is a leading domestic PCB manufacturer, with its high-end PCB products being core carriers for storage servers and modules [8] - The demand for high-end PCBs is expected to grow due to the explosion in AI server demand and the expansion of memory manufacturers during the memory chip price increase cycle [8] - Shenzhen South Circuit's layout in storage packaging substrates further enhances its position in the memory industry chain [8] Group 8 - Jiangbolong is a leading domestic storage module manufacturer, focusing on the development and manufacturing of storage modules for various applications [9] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [9] - Jiangbolong's layout in automotive-grade storage modules will further open up downstream application spaces [9] Group 9 - Xi'an Yicai is a core enterprise in semiconductor materials, focusing on silicon-based materials essential for memory chip manufacturing [10] - The demand for silicon-based materials is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [10] - Xi'an Yicai's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [10] Group 10 - Tuojing Technology is a leading domestic thin film deposition equipment manufacturer, with its PECVD and ALD equipment being core process equipment for memory chip manufacturing [11] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of 3D NAND technology during the memory chip price increase cycle [11] - Tuojing's layout in HBM-related equipment will further adapt to the upgrade demands driven by AI [11] Group 11 - Maiwei Co. is a core domestic semiconductor equipment enterprise, with its equipment already integrated into the supply chain of leading domestic memory manufacturers [12] - The growth in equipment orders is expected to be driven by the expansion of memory manufacturers and the increase in advanced packaging demand during the memory chip price increase cycle [12] - Maiwei's breakthroughs in HBM packaging equipment will adapt to the upgrade demands driven by AI [12] Group 12 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with its single-wafer cleaning equipment integrated into the supply chain of leading memory manufacturers [13] - The demand for cleaning equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [13] - Shengmei's breakthroughs in 3D NAND cleaning technology will adapt to the technical iteration needs of memory chips [13] Group 13 - Changdian Technology is a leading domestic packaging and testing enterprise, covering the packaging and testing of various memory chip types [14] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [14] - Changdian's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [14] Group 14 - Changchuan Technology is a leading domestic semiconductor testing equipment manufacturer, with its testing equipment covering memory and logic chips [15] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [15] - Changchuan's breakthroughs in DDR5 and HBM testing technologies will adapt to the upgrade demands driven by AI [15] Group 15 - Baiwei Storage is a leading domestic storage chip design and module manufacturer, focusing on various storage modules for different applications [16] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [16] - Baiwei's layout in automotive-grade storage will further open up downstream application spaces [16] Group 16 - China Resources Microelectronics is a leading domestic power semiconductor and storage chip manufacturer, focusing on NOR Flash and eMMC [17] - The company is expected to benefit from the recovery in consumer electronics and industrial control demand during the memory chip price increase cycle [17] - China Resources' layout in automotive-grade storage chips will enhance its resilience against economic cycles [17] Group 17 - Tongfu Microelectronics is a core domestic packaging enterprise, covering the packaging of various memory chip types [18] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [18] - Tongfu's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [18] Group 18 - Yitang Co. is a core domestic semiconductor equipment enterprise, focusing on thin film deposition and rapid thermal processing equipment [19] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [19] - Yitang's breakthroughs in 3D NAND-related equipment will adapt to the technical iteration needs of memory chips [19] Group 19 - Jingsheng Mechanical and Electrical is a leading domestic semiconductor silicon wafer equipment manufacturer, with its equipment integrated into the supply chain of leading memory manufacturers [20] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the increase in silicon wafer demand during the memory chip price increase cycle [20] - Jingsheng's breakthroughs in 300mm large silicon wafer equipment will adapt to the advanced process needs of domestic storage [20] Group 20 - Xichuang Data is a leading domestic storage module and smart terminal manufacturer, focusing on various storage modules for different applications [21] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [21] - Xichuang's layout in automotive-grade storage will further open up downstream application spaces [21] Group 21 - Shannon Chip is a leading domestic storage chip distribution and solution provider, focusing on distribution and technical services for storage chips [22] - The growth in distribution revenue is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [22] - Shannon's layout in storage module solutions will enhance customer stickiness [22] Group 22 - Hushi Silicon Industry is a leading domestic semiconductor silicon wafer manufacturer, covering various specifications essential for memory chip manufacturing [23] - The demand for silicon wafers is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [23] - Hushi's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [23] Group 23 - Unisoc is a leading domestic security chip and storage chip manufacturer, focusing on eMMC and UFS [24] - The company is expected to benefit from the recovery in consumer electronics and the growth in security storage demand during the memory chip price increase cycle [24] - Unisoc's layout in automotive-grade storage chips will enhance its resilience against economic cycles [24] Group 24 - Fudan Microelectronics is a leading domestic FPGA and storage chip manufacturer, covering various storage chip types [25] - The growth in demand for storage products is expected to be driven by the increase in industrial control demand and the acceleration of domestic substitution during the memory chip price increase cycle [25] - Fudan's layout in automotive-grade storage chips will further open up downstream application spaces [25] Group 25 - Zhongke Feicai is a leading domestic semiconductor testing equipment manufacturer, covering testing equipment for memory and logic chips [26] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [26] - Zhongke's breakthroughs in 3D NAND testing technology will adapt to the technical iteration needs of memory chips [26] Group 26 - Huahai Qingke is a leading domestic chemical mechanical polishing (CMP) equipment manufacturer, with its CMP equipment integrated into the supply chain of leading memory manufacturers [27] - The demand for CMP equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [27] - Huahai's breakthroughs in 3D NAND polishing technology will adapt to the technical iteration needs of memory chips [27]

股票简称：生益科技 股票代码：600183 公告编号：2026一007 广东生益科技股份有限公司 关于非公开发行可交换公司债券的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 公司董事、高级管理人员、持股比例超过5%的股东及其他关联方不存在参与本期债券认购的情况。 本期债券主承销商中信证券及关联方合计认购并获配1.50亿元。上述交易的报价及程序符合相关法律法 规的规定。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《上海证券交易所公司债券上市规则 （2023年修订）》《上海证券交易所债券市场投资者适当性管理办法（2023年修订）》及《关于进一步 规范债券发行业务有关事项的通知》等各项有关要求。 广东生益科技股份有限公司（以下简称"公司"）于2025年4月28日召开第十一届董事会第七次会议，审 议通过了《关于公司符合非公开发行可交换公司债券条件的议案》《关于非公开发行可交换公司债券方 案的议案》《关于提请股东大会授权董事会及董事会授权对象全权办理有关本次非公开发行可交换公司 债券相关事宜的议案》等相关议案， ...

Investment Strategy Overview - The report anticipates a volatile market in February due to previous regulatory signals and significant ETF outflows, with market activity expected to decline before the Spring Festival and improve post-holiday as policy catalysts emerge [3][4] - The focus remains on cyclical price increases, particularly in sectors like semiconductors and AI, which are expected to maintain a positive trend [3][4] - The liquidity situation is mixed, with increased inflows from retail investors countered by significant ETF sell-offs, leading to a challenging funding environment before the Spring Festival [3][4] Key Stock Recommendations - **Jianghuai Automobile (江淮汽车)**: Positioned as the only domestic ultra-luxury brand, with the S800 model outperforming competitors like Mercedes-Benz. The company plans to launch 6-7 high-end models, indicating substantial growth potential [5][8] - **Luxshare Precision (立讯精密)**: A key player in the Apple supply chain, with strong growth prospects in consumer electronics and automotive sectors. The company is expected to achieve rapid earnings growth over the next few years [5][11] - **Sinyi Technology (生益科技)**: As a leading manufacturer of CCL, the company is well-positioned for long-term growth with a focus on high-end product upgrades and strong market demand [5][15] - **Tianqi Lithium (天赐材料)**: The largest manufacturer of electrolytes with a market share of approximately 40%. The company is expected to see significant profit recovery due to improved supply-demand dynamics in the lithium industry [5][20] - **Li Ning (李宁)**: The company is accelerating its product and channel expansion, with new product launches expected to drive a turnaround in performance [5][20] - **Zhongji Xuchuang (中际旭创)**: A leader in optical modules, benefiting from strong overseas demand. The company is expanding its production capacity to meet increasing market needs [5][27] - **Xinyi Technology (新易盛)**: The company is experiencing continuous growth in high-speed products, with a strong outlook for 2026 [5][27] - **Foshan Plastics (佛塑科技)**: The acquisition of a key supplier is expected to enhance performance significantly, with a focus on the tightening supply-demand situation in the industry [5][27] - **Century Huatong (世纪华通)**: The company is leveraging its partnership with Tencent to enhance its game development and distribution capabilities, indicating strong future growth potential [5][27] - **Tencent Holdings (腾讯控股)**: The company has a solid foundation with a rich game product pipeline and is accelerating its AI application ecosystem [6][27] Market Trends and Expectations - The report highlights a trend of price increases spreading from cyclical sectors like oil and food to technology sectors, particularly AI and semiconductors, which are expected to continue benefiting from policy support [3][4] - The upcoming Two Sessions in March are anticipated to catalyze policy developments that could positively impact market performance [3][4] - The report emphasizes the importance of sector rotation as a key characteristic of the market in February, with a focus on cyclical price increases and technology sectors [3][4]