人工智能计算HDI生产基地建设项目规划建设期36个月，第三年开始试生产，第五年完全达产。智能制 造高多层算力电路板项目规划建设期30个月，分阶段试生产，第一阶段于第二年试生产，第三年达产； 第二阶段于第三年试生产，第四年达产。这些项目旨在缓解高端PCB产能瓶颈，匹配AI算力需求增长。 经济观察网生益电子(688183)近期多项重要事件值得关注，包括定增计划进展、产能建设项目里程碑、 2025年业绩预告披露以及国际化布局与客户合作。 定增股票 公司26亿元定增计划正稳步推进，预计在2026年第二季度完成资金募集，用于人工智能计算HDI生产基 地建设项目和智能制造高多层算力电路板项目。该计划需经过股东大会审议及监管审核，资金到位后将 支持高端产能扩张。 项目定位规划 公司计划加速泰国基地建设以规避地缘政治风险，并深化与英伟达等核心客户的供应链合作，这些战略 举措可能在未来逐步落地。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司于2026年1月29日发布2025年业绩预告，预计净利润同比增长331.03%至355.88%，正式年度报告计 划在后续披露，将提供经审计的财务细节。 战略推进 ...

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

Economic Performance - The GDP of Dongcheng Street reached 75.23 billion yuan, with a year-on-year growth of 5%, ranking fourth among all towns and streets in the city [5][14][18] - Fixed asset investment totaled 10.14 billion yuan, with a growth rate of 13.4%, ranking second in total and third in growth rate citywide [5][18] - The total retail sales of social consumer goods amounted to 32.44 billion yuan, showing a year-on-year increase of 11.3%, ranking third in growth rate [5][18] - The total import and export volume reached 55.59 billion yuan, with a year-on-year growth of 20.9%, ranking eighth in total and tenth in growth rate [5][18] Major Projects and Investments - Significant projects like Minguan Oasis and Shengyi Electronics are progressing steadily, contributing to the rapid implementation of major investments [7][8] - In 2025, Dongcheng successfully introduced 27 industrial projects and commenced construction on 43 projects, achieving a total investment of 4.27 billion yuan, exceeding the annual target by 137.6% [7][8] - The Minguan Oasis project, covering an area of 476.3 acres, aims to become a large-scale cultural and tourism complex [5][19] Strategic Development Goals - Dongcheng aims to implement "three major leads" to promote economic development and improve quality, aligning with the city's strategic goals of "Intelligent Creation of Quality Products and Beautiful Livable Cities" [12][14] - The focus will be on enhancing the industrial development environment and supporting leading enterprises like Shengyi Electronics to expand and strengthen their operations [10][14] Infrastructure and Urban Development - The government plans to enhance infrastructure investments in modern industrial parks and public facilities, aiming for a significant increase in new signed, started, and produced industrial projects [8][9] - Urban improvement initiatives include upgrading five major parks and enhancing the quality of public spaces to create a more livable environment [15][20] Education and Social Development - Efforts will be made to improve educational quality and expand healthcare resources, including the completion of new school facilities and partnerships with high-level hospitals [16][17] - The focus on social governance will include enhancing safety measures and promoting civilized behavior among residents [17]

深南电路涨停，中富电路涨超10%，胜宏科技、鹏鼎控股、富佳股份、生益电子、方正科技等跟涨。 (本文来自第一财经) 深南电路涨停，中富电路涨超10%，胜宏科技、鹏鼎控股、富佳股份、生益电子、方正科技等跟涨。 (本文来自第一财经) ...

Core Viewpoint - The company anticipates a significant increase in net profit for 2025, projecting a range of 1.43 to 1.51 billion, representing a year-on-year growth of 331.0% to 355.9% [2] Group 1: 2025 Performance Expectations - The projected net profit for 2025 is between 1.43 to 1.51 billion, with a year-on-year increase of 331.0% to 355.9%, and the same range applies to the non-recurring net profit [2] - In Q4, the company experienced a quarter-on-quarter decline in net profit, with a median of 360 million, a year-on-year increase of 145.8% but a quarter-on-quarter decrease of 38.8% [2] - The decline in Q4 performance is attributed to a slowdown in order fulfillment from major clients in the computing power sector, particularly AWS, along with increased depreciation and foreign exchange losses [2] Group 2: Market Outlook for 2026 - For 2026, the company expects a new growth inflection point with the anticipated switch and ramp-up of AWS's new architecture products in Q2 [3] - The company is rapidly expanding its high-end production capacity, with new facilities in Jinan and Thailand expected to come online by mid-2026 [3] - The company is actively seeking certification from major clients like Meta, Google, and NV, which may enhance its market share in AI servers and high-speed switches [3] Group 3: Investment Recommendations - The company forecasts revenue for 2025-2027 to reach ***/***/*** billion, with net profit projected at ***/***/*** billion, corresponding to a PE ratio of ***/***/*** times [3] - The long-term outlook is positive due to accelerated expansion of high-end production capacity and continuous product structure optimization, which is expected to drive growth in the computing power market [3]

证券研究报告 | 公司点评报告 2026 年 02 月 04 日 生益电子（688183.SH） Q4 环降源于下游大客户拉货放缓，静待 Q2 新架构产品拉货 TMT 及中小盘/电子 公司公告 25 年业绩预增：归母净利 14.3-15.1 亿，同比+331.0%～355.9%； 扣非归母净利 14.3-15.1 亿，同比+334.8%～360.9%。结合公司近况，我们点 评如下： ❑ 风险提示：新增产能释放不及预期；下游需求低于预期；行业竞争加剧；贸 易摩擦加剧。 财务数据与估值 资料来源：公司数据、招商证券 增持（维持） 当前股价：86.58 元 基础数据 | 总股本（百万股） | 832 | | --- | --- | | 已上市流通股（百万股） | 832 | | 总市值（十亿元） | 72.0 | | 流通市值（十亿元） | 72.0 | | 每股净资产（MRQ） | 6.2 | | ROE（TTM） | 24.4 | | 资产负债率 | 54.0% | | 主要股东 | 广东生益科技股份有限公司 | | 主要股东持股比例 | 62.93% | 股价表现 % 1m 6m 12m 绝对表现 -10 6 ...

Core Viewpoint - The company is focused on the research, production, and sales of printed circuit boards (PCBs), particularly in the mid-to-high-end application market, while analyzing industry trends and product characteristics [1] Group 1: Company Strategy - The company has established its industry strategy based on its technical capabilities, equipment configuration, and customer resources, primarily targeting the communications network, computer/server, and automotive electronics sectors [1] - The company is also considering some high-difficulty and high-requirement specialty products in its strategy [1] Group 2: Industry Focus - The company is continuously monitoring technological developments in the industry to adapt its offerings and maintain competitiveness [1]

2月3日，生益电子跌1.61%，截至发稿，报86.58元/股，成交14.40亿元，换手率2.02%，总市值720.19亿 元。生益电子股价已经连续4天下跌，区间累计跌幅7.13%。 资料显示，生益电子股份有限公司位于广东省东莞市东城区(同沙)科技工业园同振路33号，成立日期 1985年8月2日，上市日期2021年2月25日，公司主营业务涉及各类印制电路板的研发、生产与销售业 务。主营业务收入构成为：印制电路板96.35%，其他(补充)3.65%。 从基金十大重仓股角度 数据显示，东财基金旗下1只基金重仓生益电子。东财数字经济混合发起式A（015096）四季度持有股 数13万股，占基金净值比例为4.92%，位居第八大重仓股。根据测算，今日浮亏损失约18.46万元。连续 4天下跌期间浮亏损失86.45万元。 东财数字经济混合发起式A（015096）成立日期2022年3月1日，最新规模1.02亿。今年以来亏损 1.85%，同类排名8456/8874；近一年收益84.91%，同类排名282/8124；成立以来收益89.16%。 东财数字经济混合发起式A（015096）基金经理为冯杰波。 截至发稿，冯杰波累计任职时间1 ...

每经AI快讯，科创50日内跌幅达1.01%，成分股中，寒武纪跌12.57%，盛科通信跌4.62%，生益电子跌 4.39%，海光信息跌2.85%。 （文章来源：每日经济新闻） ...