Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for high-end products, particularly due to advancements in AI data centers and related technologies, leading to a positive outlook for 2025 earnings across various companies in the sector [1][2]. Group 1: Company Performance - Approximately 80% of the 20 PCB companies that have released earnings forecasts for 2025 expect profit growth, with companies like Jin'an Guoji and Shenghong Technology projecting net profit increases exceeding 250% [1]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, representing a year-on-year growth of 260.35% to 295.00% [3]. - Founder Technology expects a net profit of 430 million to 510 million yuan for 2025, an increase of 67.06% to 98.14% compared to the previous year [3]. - Benchuan Intelligent forecasts a net profit of 30.4 million to 45.6 million yuan for 2025, reflecting a growth of 28.06% to 92.08% year-on-year [4]. Group 2: Market Trends - The demand for high-end PCB products, such as multilayer boards and HDI boards, is increasing due to the rising requirements for signal transmission rates and data loss in AI and high-performance computing [2]. - China is expected to maintain its position as the largest PCB production region, accounting for over 50% of global output in the coming years [2]. Group 3: Material and Equipment Upgrades - The continuous production of high-end products is driving the upstream materials and equipment sectors towards high-end upgrades, creating a robust market demand for high-end supporting products [5]. - Jin'an Guoji projects a net profit of 280 million to 360 million yuan for 2025, with a growth of 655.53% to 871.40% year-on-year, driven by improved market conditions for copper-clad laminates [6]. - Dafu Technology expects a net profit of 97 million to 125 million yuan for 2025, recovering from a loss of 245 million yuan in the previous year [6]. - The demand for high-end manufacturing equipment is surging, with companies like Dazhu CNC projecting a net profit of 785 million to 885 million yuan for 2025, an increase of 160.64% to 193.84% year-on-year [7]. Group 4: Emerging Technologies - Companies are expanding their focus on emerging markets such as AI power servers and robotics, with Benchuan Intelligent actively pursuing these opportunities [4]. - The demand for precision tools and polishing materials is also rising, with Ding Tai Gao Ke expecting a net profit of 410 million to 460 million yuan for 2025, reflecting a year-on-year growth of 80.72% to 102.76% [8].

Monetary Policy - The People's Bank of China, led by Pan Gongsheng, will continue to implement a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery [1] - There is still room for further reductions in reserve requirements and interest rates this year, with an emphasis on maintaining ample liquidity [1] Technology Development - Fudan University researchers have successfully developed "fiber chips," achieving large-scale integrated circuit preparation within flexible polymer fibers, with a transistor density of 100,000 per cm [1] - The technology allows for efficient interconnection of transistors and other electronic components, enabling both digital and analog circuit functions [1] Company News - Blue Arrow Aerospace's IPO review status has changed to "inquired" on the Shanghai Stock Exchange [2] - Yushu Technology clarified that its actual shipment of humanoid robots in 2025 will exceed 5,500 units, with over 6,500 units expected to be produced [3] - The Ministry of Commerce and nine other departments are promoting the participation of retail pharmaceutical companies in centralized drug procurement [3] Individual Company Performance - CATL launched a mass-produced sodium-ion battery for light commercial vehicles, capable of operating in extreme cold conditions [4] - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year, with revenue projected at 9.203 billion yuan, a 25% increase [4] - Strong One Co. anticipates a net profit increase of 58% to 71% in 2025, driven by strong orders from major clients in the communication network and AI computing sectors [5] - Changda Technology plans to invest 1 billion yuan in a functional IC packaging substrate project to enhance its competitiveness in the high-end integrated circuit field [6] - Founder Technology forecasts a net profit increase of 67% to 98% in 2025, focusing on high-value business orders in AI servers and high-speed optical modules [7]

| 袁闯 | 分析师 | | --- | --- | | 执业证书编号:S0530520010002 | | | yuanchuang@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 晨会纪要（R3） 晨会纪要 2026 年 01 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4122.58 | 0.14 | | 深证成指 | 14327.05 | 0.50 | | 创业板指 | 3328.65 | 1.01 | | 科创 50 | 1541.64 | 0.41 | | 北证 50 | 1530.24 | 0.69 | | 沪深 300 | 4723.71 | 0.01 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 一、财信研究观点 二、重要财经资讯 【宏观经济 ...

Core Viewpoint - The company anticipates a significant increase in net profit for the year 2025, projecting a rise of over 50% compared to the previous year, driven by opportunities in the artificial intelligence sector and improved operational efficiency [1][6]. Performance Forecast - The company expects to achieve a net profit attributable to shareholders of between 430 million and 510 million yuan for the year 2025, representing an increase of 172.61 million to 252.61 million yuan, or a year-on-year growth of 67.06% to 98.14% [2][4]. - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 360 million and 450 million yuan, which indicates an increase of 149.81 million to 239.81 million yuan, translating to a year-on-year growth of 71.27% to 114.09% [2][4]. Previous Year Performance - In the year 2024, the total profit was 277.81 million yuan, with a net profit attributable to shareholders of 257.39 million yuan, and a net profit excluding non-recurring gains and losses of 210.19 million yuan [4]. Reasons for Performance Increase - The company is capitalizing on the explosive growth of the artificial intelligence industry, leveraging its market advantages in communication equipment and smart terminals. It is focusing on high-value business orders in AI servers, high-speed optical modules, and high-end switches, while continuously optimizing product structure and enhancing profitability [6]. - The company is also implementing refined management practices, including equity incentives to bind core teams and strengthen cost control, which collectively enhance operational efficiency [6].

Group 1: Company Fundraising and Investment - Company plans to use 500 million yuan of raised funds to increase capital in its wholly-owned subsidiaries for the implementation of a DRAM investment project [1] - Zhuhai Hengqin Chip Storage Co., Ltd. will receive 30 million yuan, and Hefei Chip Storage Co., Ltd. and Xi'an Chip Storage Co., Ltd. will receive 50 million yuan and 30 million yuan respectively for the DRAM project [1] Group 2: Profit Forecasts and Turnarounds - Yiling Pharmaceutical expects a net profit of 1.2 billion to 1.3 billion yuan in 2025, recovering from a loss of 725 million yuan in the previous year [2] - Liard anticipates a net profit of 300 million to 380 million yuan in 2025, compared to a loss of 889 million yuan last year, driven by a new strategic cycle focusing on AI [2] - Daming City forecasts a net profit of 140 million to 165 million yuan in 2025, recovering from a loss in the previous year, aided by reduced asset impairment losses [3] - Guanghua Technology expects a net profit of 85 million to 120 million yuan in 2025, recovering from a loss of 205 million yuan last year, due to expansion in specialized chemicals and PCB sectors [3] - Boteng Co. anticipates a net profit of 80 million to 105 million yuan in 2025, recovering from a loss of 288 million yuan, supported by operational efficiency improvements [4] - Shiyida expects a net profit of 31 million to 46 million yuan in 2025, recovering from a loss of 2.34 million yuan last year, driven by business development and cost control [4] - Guochuang High-tech forecasts a net profit of 16 million to 24 million yuan in 2025, recovering from a loss of 49 million yuan, aided by improved receivables management [5][6] Group 3: Share Buybacks - Hengyi Petrochemical plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, with a maximum price of 15 yuan per share [7] - Yunyi Electric plans to repurchase shares with a total fund of no less than 100 million yuan and no more than 150 million yuan, with a maximum price of 17 yuan per share [7] - Xidian Pharmaceutical intends to repurchase shares with a total fund of no less than 25 million yuan and no more than 50 million yuan, with a maximum price of 42 yuan per share [7] Group 4: Performance Highlights - Te Yi Pharmaceutical expects a net profit of 70 million to 90 million yuan in 2025, a growth of 241.55% to 339.13% year-on-year [8] - Xingqi Eye Medicine anticipates a net profit of 662 million to 749 million yuan in 2025, a growth of 95.82% to 121.56% year-on-year [8] - Tianhe Co. forecasts a net profit of 41 million to 60 million yuan in 2025, a growth of 84.35% to 169.78% year-on-year [8] - Ruichuang Micro-Nano expects a net profit of approximately 1.1 billion yuan in 2025, a 93% increase year-on-year [9] - Zhongyuan Co. anticipates a net profit of 139 million to 158 million yuan in 2025, a growth of 80% to 105% year-on-year [9] Group 5: Important Corporate Developments - Aolaide has received acceptance for its application to issue securities on the Science and Technology Innovation Board [14] - *ST Songfa's subsidiary signed contracts for the construction of two VLCC super-large oil tankers, expected to positively impact future performance [15] - Chongda Technology's subsidiary signed an investment agreement for a 1 billion yuan IC packaging project in Jiangsu Province [15] - Yinglian Co. signed a strategic agreement with LG Chem to establish a joint laboratory for innovative materials in lithium battery applications [16]

深南电A：2025年净利润同比预增584.66%-721.59% 特一药业：2025年净利润同比预增241.55%-339.13% 闰土股份：2025年净利润同比预增181.05%-227.89% 青松股份：2025年净利润同比预增137.73%-201.74% 瑞晟智能：2025年净利润同比预增112.00%-139.99% 键凯科技：2025年净利润同比预增101.09%-121.20% 兴齐眼药：2025年净利润同比预增95.82%-121.56% 睿创微纳：2025年净利润同比预增93%左右 天禾股份：2025年净利润同比预增84.35%-169.78% 中元股份：2025年净利润同比预增80%-105% 亿道信息：2025年净利润同比预增76.04%-128.85% 圣达生物：2025年净利润同比预增69.93%-120.90% 华锐精密：2025年净利润同比预增68.29%-86.99% 方正科技：2025年净利润同比预增67.06%-98.14% 金陵饭店：2025年净利润同比预增65.37%-90.93% 强一股份：2025年净利润同比预增57.87%-71.17% 朗博科技：2025年净利润 ...

方正科技于去年11月在投资者互动平台回复投资者提问时表示，随着人工智能相关领域持续的科技创 新，数据中心中相关的AI服务器、交换机、光模块、高速线缆等应用领域成为了PCB市场增长的主要驱 动力。公司紧抓市场趋势，围绕既定发展战略方向，持续强化公司在通信设备和智能终端等应用领域的 竞争力，同时将自动驾驶、机器人、卫星通信等应用领域作为重点培育业务，共同推动主营业务高质量 发展。 中航证券认为，生成式人工智能的兴起显著提升了对高性能数据处理和传输的需求，进一步推动服务器 等领域对人工智能用高端PCB产品的需求增长。与传统PCB相比，人工智能用高端PCB在设计、制造、 材料及可靠性方面要求更高，准入门槛较高。公司早已布局高端PCB市场，在人工智能和算力类高多层 板及HDI技术领域具备竞争优势，公司正面临难得的战略发展机遇与产业升级窗口期。 对于本期业绩预增的主要原因，方正科技表示，公司抢抓人工智能产业爆发机遇，充分发挥在通信设 备、智能终端等应用领域的市场优势，聚焦人工智能及算力赛道，加速拓展AI服务器、高速光模块、 高端交换机等高附加值业务订单，持续优化产品结构，提升盈利能力。同时，公司持续推进精细化管 理，通过 ...

Market Overview - Major indices showed positive performance with ChiNext Index up by 1.01%, North Star 50 by 0.69%, Shenzhen Component Index by 0.50%, Sci-Tech 50 by 0.41%, and Shanghai Composite Index by 0.14% [1] - TMT sector led the gains with SW Communication Network Equipment and Devices increasing by 4.15%, SW Printed Circuit Board by 3.84%, and SW Horizontal General Software by 3.19% [1] - Conversely, TMT sector also saw declines with SW Integrated Circuit Packaging and Testing down by 3.65%, SW Semiconductor Equipment by 2.28%, and SW Semiconductor Materials by 2.09% [1] Domestic News - BlueTech Optical raised 1.055 billion for AR optical product industrialization, with 500 million allocated for advanced production and testing equipment [2] - Fudan University team successfully created large-scale integrated circuits within flexible polymer fibers, achieving high precision interconnections [2] - Passive component manufacturer Huaxin announced a price increase for resistors effective February 1, aligning with industry leader Yageo's plans [2] - Yuexin Semiconductor's fourth-phase project commenced, with a total investment of approximately 25.2 billion for a production line capable of 40,000 12-inch wafers per month [2] Overseas News - Kioxia's storage division reported that its 2026 production capacity is sold out, and it plans to enhance factory efficiency to meet demand [3] - Cadence partnered with Microsoft to develop a high-performance, low-power memory system for data centers, set for deployment in Microsoft's facilities [3] - The EU Commission proposed a draft revision of the Cybersecurity Law, aiming to phase out high-risk suppliers in 18 critical infrastructure sectors [3] - Display industry trends indicate that panel manufacturers are adjusting utilization rates to balance supply and demand, with expectations for price increases in 2026 [3] AI News - Adobe introduced new AI features in Acrobat for document review and content creation, enhancing workflow efficiency [4] - Baidu launched the Wenxin large model 5.0, featuring 2.4 trillion parameters and advanced multimodal capabilities [4] - Tencent Cloud released CodeBuddy 2.0, enhancing AI application development capabilities for enterprises [4] - Microsoft Research introduced the Rho-alpha AI model, capable of interpreting natural language commands for complex robotic tasks [4] Industry Tracking - China's commercial space sector is projected to complete 50 launches in 2025, accounting for 54% of total launches, with 311 commercial satellites entering orbit [5] - A high-throughput flexible brain-computer interface system was developed, achieving real-time Chinese language decoding [5] - A pilot production line for 6N-grade synthetic quartz sand was established in Liaoning with an investment of 3.36 million [5] - UBTECH Robotics signed a cooperation agreement with Airbus to supply robotic products for aerospace manufacturing [5] Earnings Forecasts - Yidao Information expects a net profit of 60 million to 78 million for 2025, a year-on-year increase of 76.04% to 128.85% [6] - Zhaoyi Innovation anticipates a net profit of 1.61 billion for 2025, up 46% year-on-year [6] - Ruichuang Micro expects a net profit of 1.1 billion for 2025, reflecting a 93% increase [6] - Founder Technology forecasts a net profit of 430 million to 510 million for 2025, a growth of 67.06% to 98.14% [6] High-Frequency Data Updates - As of January 22, 2023, international DRAM spot prices showed varied trends, with DDR5 16G averaging $36.667, unchanged from the previous day [7] - Semiconductor material prices were updated, with 4N zinc oxide powder priced at 1,495 yuan per kilogram, reflecting a daily increase of 10 yuan [7]

公告显示，方正科技预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为3.60亿元 至4.50亿元，同比增加71.27%至114.09%。 对于业绩增长的主要原因，方正科技在公告中表示，一方面，公司抢抓人工智能产业爆发机遇，充分发 挥在通讯设备、智能终端等应用领域的市场优势，聚焦人工智能及算力赛道，加速拓展AI服务器、高 速光模块、高端交换机等高附加值业务订单，持续优化产品结构，提升盈利能力。另一方面，公司持续 推进精细化管理，通过实施股权激励绑定核心团队，强化成本管控，全面提升运营效率。 （文章来源：证券日报） 本报讯 1月22日晚间，方正科技集团股份有限公司（以下简称"方正科技"）发布2025年业绩预增公告， 预计2025年年度实现归属于母公司所有者的净利润4.30亿元至5.10亿元，同比增长67.06%至98.14%。 ...

Group 1 - Qiangrui Technology has completed the consolidation of Dongguan Alubao, expecting significant revenue and profit contributions by 2026, with a high market share in supplying liquid cooling heat dissipation modules to clients N and G [1] - The company is deepening cooperation with leading AI server manufacturers both domestically and internationally in liquid cooling testing lines and equipment [1] Group 2 - Chongda Technology's subsidiary, Punowei, plans to invest 1 billion yuan in a functional IC packaging substrate project to enhance competitiveness in the high-end integrated circuit substrate sector, with a construction period from May 2026 to September 2028 [2] - The investment aims to capitalize on the rapid development of edge-side chips and improve production capacity and technological advantages in the semiconductor packaging industry [2] Group 3 - Tuojing Technology announced that the National Integrated Circuit Industry Investment Fund reduced its stake from 17.92% to 16.86% by selling approximately 2.98 million shares between January 13 and 22, 2026 [3] - Zhongwei Company reported that its largest shareholder, Shanghai Chuangtou, completed a plan to reduce its holdings by 1% of the total shares, amounting to approximately 6.26 million shares between January 6 and 21, 2026 [4] Group 4 - Fangzheng Technology expects a net profit of 430 million to 510 million yuan for 2025, representing a year-on-year increase of 67.06% to 98.14% [6] - Qiangyi Co. anticipates a net profit of 368 million to 399 million yuan for 2025, reflecting a growth of 57.87% to 71.17% compared to the previous year [6] Group 5 - Lidong Group's subsidiary has secured a designated aluminum alloy wheel project, with expected sales of approximately 1.37 billion yuan over the project duration [7] - Huakang Clean is expected to be awarded a hospital expansion project [8] - *ST Songfa's subsidiary signed a shipbuilding contract worth 200 to 300 million USD [8]