Core Viewpoint - The recent financing and expansion plans of major PCB companies are primarily driven by the increasing demand for AI technologies and high-end PCB products, indicating a significant shift in the industry towards advanced manufacturing capabilities [1][3][6]. Group 1: Company Expansion Plans - Huadian Co. disclosed a new project for high-end printed circuit boards (PCBs) with an investment of 4.3 billion yuan, which began construction in June 2023 and is expected to start trial production in the second half of 2026 [1]. - Shenghong Technology completed a fundraising round of 1.9 billion yuan, with allocations of 850 million yuan for an AI HDI project in Vietnam and 500 million yuan for a high-layer PCB project in Thailand [1]. - Eight PCB manufacturers have announced new financing and expansion plans since July 25, focusing on enhancing their capabilities in HDI, HLC, and SLP products [1][2]. Group 2: Market Demand and Trends - The demand for high-density and high-layer PCBs is expected to grow significantly due to advancements in AI, satellite communications, and automotive electronics, with the HDI market projected to reach 17.037 billion USD by 2029, reflecting a compound annual growth rate of 6.4% [6]. - The complexity of PCB production processes is increasing, necessitating higher precision and efficiency in manufacturing equipment, particularly in plating and drilling stages [6][7]. - The shift towards high-end PCB products is driving upgrades in core materials such as copper foil, electronic cloth, and resin, which are essential for meeting the demands of high-speed signal transmission [7]. Group 3: Investment Opportunities - The expansion of PCB production is anticipated to create a favorable cycle for the industry, benefiting upstream material and equipment companies as demand for high-end PCBs rises [7]. - The global market for PCB-specific equipment is expected to reach 10.765 billion USD by 2029, with a compound annual growth rate of 8.7% from 2024 to 2029 [6].

Core Viewpoint - The company has announced the early redemption of its convertible bond "Jing 23 Convertible Bond" due to the stock price meeting the conditional redemption criteria, with significant implications for investors regarding conversion and redemption options [2][4][7]. Redemption Terms - The "Jing 23 Convertible Bond" will stop trading on September 26, 2025, with the last conversion date set for September 30, 2025 [2][15]. - The redemption price is set at 100.515 CNY per bond, which includes the face value and accrued interest [9][10]. - The accrued interest is calculated based on a 1.0% annual coupon rate over 188 days, resulting in 0.515 CNY per bond [9][10]. Conditional Redemption Trigger - The bond's conditional redemption was triggered as the stock price exceeded 130% of the conversion price for 15 trading days from August 20 to September 9, 2025 [4][7]. - The company’s board decided not to exercise the early redemption right previously but has now opted to redeem the bonds due to current market conditions and financial strategy [3][4]. Redemption Process - The redemption registration date is September 30, 2025, with the redemption payment date scheduled for October 9, 2025 [4][14]. - All bonds registered by the redemption date will be frozen and redeemed at the specified price [13][14]. Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, affecting the net amount received upon redemption [11][12]. - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds until December 31, 2025 [12]. Trading and Listing - The bonds will be delisted from the Shanghai Stock Exchange on October 9, 2025, following the completion of the redemption process [16].

Investment Highlights - PCB technology is evolving in materials, processes, and architecture, driving continuous value growth. The demand from AI servers, high-speed communication, and automotive electronics is pushing PCB technology upgrades across these three dimensions [2][3][9] - The upstream high-end materials are in short supply, and cost increases are being passed down to downstream PCB manufacturers. The core materials for copper-clad laminates (CCL) include copper foil, resin, and fiberglass cloth, with cost shares of 39%, 26%, and 18% respectively [4][6][46] - The PCB market is on an upward cycle, driven by AI, with both volume and price increasing across various sectors. The global PCB market is expected to reach $94.7 billion by 2029, with a CAGR of 5.2% from 2024 to 2029 [7][8] PCB Technology Evolution - The evolution of PCB technology is driven by high line density and electrical performance. PCBs serve as critical interconnects in electronic products, supporting various components and providing electrical connections [10][11] - The PCB production technology is continuously updated in materials, processes, and architecture, with significant advancements in high-density interconnects and high-performance materials [18][19][20] Upstream Materials - The core materials for CCL are copper foil, resin, and fiberglass cloth, which significantly influence signal transmission speed and loss. The CCL accounts for 40% of the total PCB cost [39][46] - The global CCL industry is highly concentrated, with a CR10 of 77% in 2024, indicating a strong oligopoly in the market [41] - The demand for high-end HVLP copper foil and ultra-thin copper foil is surging, with Japanese and Taiwanese manufacturers dominating the high-end market [60][62][63] Market Dynamics - The PCB industry is experiencing a shift towards Southeast Asia, with China's share of the global PCB market expected to be around 50% by 2029. The industry has matured, with significant competition and a fragmented market [17] - The demand for special fiberglass cloth is increasing due to AI and high-speed communication, leading to upgrades in low-dielectric and quartz cloth [66][70] Future Outlook - The PCB market is expected to benefit from the ongoing technological advancements and increasing demand from AI and high-speed communication sectors. The integration of advanced packaging technologies like CoWoP and embedded power chips is anticipated to further enhance PCB value [23][32][34]

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号：2025-115 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 转债 23 | | 深圳市景旺电子股份有限公司 关于实施"景 23 转债"赎回暨摘牌的最后一次提示 性公告 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。 重要内容提示： 自 2025 年 9 月 26 日起，"景 23 转债"停止交易。 最后转股日：2025 年 9 月 30 日 截至 2025 年 9 月 29 日收市后，距离 9 月 30 日（"景 23 转债"最后转股日， 含当日）仅剩 1 个交易日，9 月 30 日为"景 23 转债"最后一个转股日。 本次提前赎回完成后，"景 23 转债"将自 2025 年 10 月 9 日起在上海证 券交易所（以下简称"上交所"）摘牌。 投资者所持的"景 23 转债"除在规定时限内按照 23.91 元/股的转股价格 进行转股外，仅能选择以 100 元/张的票面价值加当期应计利息（即 100.515 元/ 张）被 ...

Core Viewpoint - Jingwang Electronics reported a net profit attributable to shareholders of 650 million yuan for the first half of 2025, a year-on-year decrease of 1.06%. The company is actively embracing the opportunities and challenges brought by the AI wave, achieving significant results in various downstream application fields [1]. Group 1: Financial Performance - The net profit for the first half of 2025 was 650 million yuan, reflecting a decline of 1.06% compared to the previous year [1]. Group 2: Industry Trends and Opportunities - Global cloud vendors continue to maintain high capital expenditures, leading to a surge in demand for AI servers and related innovative solutions, resulting in a shortage of high-speed materials, high-end HDI, and HLC products [1]. - The penetration rate of AI applications in automotive sectors is increasing with the accelerated implementation of advanced intelligent driving, indicating a broad growth space for the company's automotive business in the future [1]. Group 3: Strategic Investments - The company plans to invest an additional 5 billion yuan in Zhuhai Jinwan to build high-end production capacity [1]. - The company has a solid foundation in the AIPCB field, and the expansion of high-end capacity is expected to benefit from the sustained growth in downstream AI computing power [1].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is actively embracing opportunities and challenges brought by the AI wave, achieving significant results in various downstream application areas, particularly in data centers and AI servers [3][4]. - The company has become the world's largest automotive PCB supplier in 2024, with expectations for substantial growth in the automotive business due to increasing penetration of AI applications in vehicles [3][4]. - The company is expanding its high-end PCB production capacity to meet the growing demand from AI servers and related fields, with significant investments planned for upgrading existing facilities and constructing new ones [6][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, while the net profit attributable to shareholders was 650 million yuan, a slight decline of 1.06% [2]. - The forecasted revenues for 2025, 2026, and 2027 are 14.981 billion yuan, 17.705 billion yuan, and 20.893 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 2.04 yuan, and 2.56 yuan [7][9]. Market Position and Strategy - The company is a core supplier of PCBs for AI servers, with competitive advantages in high-end PCB mass production capabilities and established long-term strategic partnerships with leading global clients [4][6]. - The company plans to invest 5 billion yuan in its Zhuhai Jinwan base to enhance high-end production capacity, focusing on technology upgrades and new production lines for AI server high-end HDI boards [6][7]. Growth Potential - The company is expected to benefit from the ongoing growth in AI computing demand, with a robust pipeline of orders in AI servers and high-end optical modules [3][4]. - The anticipated release of high-end production capacity across global manufacturing bases is expected to open new avenues for revenue growth in the AI server business [6][7].

Core Viewpoint - The incident involving Jiang Jingyi, a former representative of Jingwang Electronics, raises legal and ethical concerns regarding the company's treatment of pregnant employees and its compliance with labor laws [2][4][5]. Group 1: Incident Details - Jiang Jingyi publicly stated that her employment was unlawfully terminated during her pregnancy, leading to a miscarriage after a confrontation with her superiors [2][3]. - On June 26, Jingwang Electronics announced Jiang's removal from her position without prior confirmation, and she was informed of her non-renewal on June 28, despite submitting her pregnancy proof [3][5]. - Following a series of communications, Jiang was told on July 21 that her contract was ready for signing, but upon her visit to the office on July 31, she faced confrontational treatment from HR and legal staff [3][5]. Group 2: Legal Implications - Legal experts indicated that under labor laws, a pregnant employee's contract should be extended until the end of her pregnancy, and failure to provide a contract could warrant a complaint to labor authorities [4][5]. - Jiang's claims, if substantiated, suggest that Jingwang Electronics failed to fulfill its legal obligations regarding her employment status during her pregnancy [4]. Group 3: Company Performance and Market Reaction - Jingwang Electronics reported a revenue of 21.287 billion yuan for the first half of 2023, a year-on-year increase of 10.62%, but the net profit slightly decreased by 1.06% to 650 million yuan [6]. - Following the incident, the company's stock price dropped by over 12%, with a closing price of 63.28 yuan on September 26, down from 72.64 yuan on September 19 [6].

Core Points - Jingwang Electronics announced that the "Jing 23 Convertible Bond" will stop trading on September 26, 2025 [2] - The last conversion date for the "Jing 23 Convertible Bond" is September 30, 2025, which is only two trading days after the trading halt [2] - After the early redemption, the "Jing 23 Convertible Bond" will be delisted from the Shanghai Stock Exchange on October 9, 2025 [2] - Investors can either convert the bond at a conversion price of 23.91 CNY per share or face forced redemption at a value of 100 CNY per bond plus accrued interest, totaling 100.515 CNY per bond [2] - Forced redemption may lead to significant investment losses for investors [2]

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号：2025-114 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 转债 23 | | 深圳市景旺电子股份有限公司 关于实施"景 23 转债"赎回暨摘牌的第七次提示性 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。 重要内容提示： 自 2025 年 9 月 26 日起，"景 23 转债"停止交易。 自 2025 年 1 月 20 日至 2025 年 2 月 19 日，深圳市景旺电子股份有限公司（以 下简称"公司"）股价已有十五个交易日的收盘价格不低于"景 23 转债"当期转 股价格 24.71 元/股（实施 2024 年度权益分派前）的 130%（即 32.13 元/股），根 据公司《公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的 相关约定，已触发"景 23 转债"的有条件赎回条款。公司于 2025 年 2 月 19 日 召开董事会，决定不行使"景 23 转债"的提前赎回权，且在未来 6 个月内（ ...

Market Performance - As of September 26, the AI PC concept index declined by 4.01%, ranking among the top declines in concept sectors, with leading companies such as Lingyi iTech, Geling Deep Vision, and Jingwang Electronics experiencing significant drops [1][2] - The top gainers in the market included soybean (+1.02%) and other sectors, while the AI PC sector and related indices like China AI 50 saw declines of -4.01% and -3.94% respectively [1] Capital Flow - The AI PC concept sector experienced a net outflow of 7.475 billion yuan, with 37 stocks seeing net outflows, and 17 stocks exceeding 100 million yuan in outflows [1] - The stock with the highest net outflow was Shenghong Technology, with a net outflow of 2.121 billion yuan, followed by Lingyi iTech (-1.154 billion yuan) and Changying Precision (-675 million yuan) [1][2] Stock Performance - Notable stocks in the AI PC concept with significant declines included Shenghong Technology (-4.68%), Lingyi iTech (-7.60%), and Changying Precision (-4.77%) [1][2] - Conversely, stocks with net inflows included Yidao Information (+2.366 million yuan), Haopeng Technology (+1.768 million yuan), and Anfu Technology (+1.019 million yuan) [2]