| 证券代码：002815 | 证券简称：崇达技术 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：128131 | 债券简称：崇达转2 | | （三）可转债转股期限 根据有关规定和《崇达技术股份有限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》"）的约定，本次发行的可转债转股期限自发 行结束之日起满六个月后的第一个交易日起至可转换公司债券到期日止，即自 2021 年 3 月 11 日至 2026 年 9 月 6 日（由于 2026 年 9 月 6 日为非交易日，实际 转股截止日期为 2026 年 9 月 4 日）。 1 崇达技术股份有限公司 关于"崇达转 2"赎回结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可[2020]1487 号文"核准，崇达技术股 份有限公司（以下简称"公司"）于 2020 年 9 月 7 日公开发行了 1,400.00 万张 可转债，每张面值 100 元，发行总额 140,000.00 ...

Core Viewpoint - The PCB (Printed Circuit Board) industry is a crucial component of modern electronic products, with China leading the global market in production value and growth rate [1][3]. Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market is expected to reach $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [3][6]. Historical Development - China's PCB industry has evolved from limited production capabilities in the 1950s to becoming the world's largest producer by the mid-2000s, with significant contributions from Taiwan and Japan [5][6]. - The industry is concentrated in the Pearl River Delta and Yangtze River Delta regions, with Guangdong being the primary production base [5]. Market Dynamics - As of September 2025, there are 43 listed PCB companies in China's A-share market, with a total market capitalization of 1.46 trillion yuan, representing 1.27% of the total A-share market [6]. - Major cities for PCB companies include Shenzhen, Huizhou, Changzhou, and Shanghai, with Guangdong's listed companies valued at 1.03 trillion yuan [6]. Regional Development - The PCB industry is experiencing a shift towards midwestern cities, with regions like Jiangxi and Anhui emerging as new hubs due to favorable policies and cost advantages [8][10]. - Xinfeng County in Jiangxi has attracted over 200 electronic enterprises, achieving a production value of 22.887 billion yuan in 2024, marking a 23.2% increase [9]. - Guangde County in Anhui has developed into a significant PCB production area, with over 92 electronic circuit companies and an annual output exceeding 10 billion yuan [10]. Technological Advancements - The rise of AI technology is driving demand for high-performance PCBs, particularly for applications in AI servers and smart driving, necessitating advanced manufacturing processes [12]. - Leading companies in the PCB sector are increasing investments in high-end production capabilities, particularly in Zhuhai, which is becoming a new center for high-end PCB manufacturing [12][14]. Investment Trends - Major PCB manufacturers are planning significant expansions, with investments in advanced PCB production facilities across various cities, including Zhuhai and Huizhou [13][14]. - For instance, Jingwang Electronics is investing 5 billion yuan in a high-end HDI production project in Zhuhai, while Dongshan Precision has a total investment plan of $1 billion for its operations [13][14].

崇达技术（002815.SZ）9月23日在投资者互动平台表示，公司PCB产品已应用于AI智能体领域，如AI服 务器等，并持续配合客户进行新一代产品开发。公司将继续深耕该领域，为投资者创造价值。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司的产品有没应用到AI智能体领域？ ...

Group 1 - The A-share market saw a collective decline in PCB concept stocks, with notable drops including Dazhu CNC down 9%, Helitai down over 8%, and Aikou Optoelectronics and Chongda Technology down over 7% [1][2] - Specific stock performances included Dazhu CNC with a market cap of 44.3 billion and a year-to-date increase of 190.60%, while Helitai had a market cap of 24.9 billion and a year-to-date increase of 39.33% [2] - Other companies such as Huaguan Technology, Zhixin Precision, and Honghe Technology experienced declines of over 6%, with market caps ranging from 25.84 billion to 331 billion [2]

Group 1 - The A-share market saw a collective decline in PCB concept stocks, with notable drops in several companies [1] - Dazhu CNC experienced a decline of 9.09%, while Helitai fell by 8.77% [2] - Other companies such as Aikemi, Chongda Technology, and Guanghua Technology also reported significant decreases, with drops exceeding 7% [1][2] Group 2 - The total market capitalization of Dazhu CNC is 44.3 billion, and it has increased by 190.60% year-to-date [2] - Helitai's market capitalization stands at 24.9 billion, with a year-to-date increase of 39.33% [2] - Aikemi's market capitalization is approximately 48.13 billion, showing a year-to-date increase of 103.98% [2]

Core Viewpoint - The company has successfully begun small-scale deliveries of its 800G optical modules and is planning to advance the development of its 1.5T optical modules based on market demand and technological progress [2] Group 1 - The company confirmed that the 800G optical module PCB is currently in the small-scale delivery phase [2] - Future advancements for the 1.5T optical module will depend on market demand and technological developments [2]

Core Viewpoint - The company, Chongda Technology, confirmed its supply relationship with Luxshare Precision and GoerTek through its subsidiary, providing IC substrate products for various electronic devices [1] Group 1: Supply Relationship - Chongda Technology's subsidiary, Puno Wei, supplies IC substrate products [1] - These products are utilized in smartphones, TWS earphones, and wearable devices [1]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In H1 2025, the company's revenue grew well, but net profit declined due to a drop in gross margin caused by rising raw material prices. The company is taking multiple measures to improve profitability, such as optimizing sales structure, strengthening sales teams, managing costs, and expanding production capacity [23]. - The company is formulating strategies for the exit of convertible bonds, aiming to promote them to be converted into stocks and ensuring repayment if necessary. It will adjust strategies according to market dynamics [26]. - The company is implementing cost - control measures to mitigate the impact of rising raw material prices, including cost monitoring, improving material utilization, and product price adjustment [27]. - The company's overall capacity utilization is around 85%, and it is actively expanding production capacity to meet market demand [28]. - The subsidiary Sande Guan is expected to turn a profit in H2 2025, while Punuowei's profitability is gradually improving [29][31]. - The company's sales in the US account for about 10%. It is implementing strategies to cope with US tariff policies, such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency [31]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Chongda Technology - Industry: Electronic components - Reception time: September 18, 2025 - Company receptionist: Zhu Qionghua, Securities Affairs Representative [17] 3.2. Detailed Research Institutions - Wudang Asset (Asset management company) - Hongding Wealth (Other) - Aixi Capital (Other) - Guojin Securities (Securities company) [18] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company's Main Business Operation - **Revenue**: In H1 2025, the company achieved revenue of 3.533 billion yuan, a year - on - year increase of 20.73% [23]. - **Net profit**: In H1 2025, the company's net profit attributable to shareholders was 222 million yuan, a year - on - year decrease of 6.19%. The gross margin was 21.51%, a decrease of 3.57 percentage points compared to the same period last year, mainly due to the rise in precious metal raw material prices [23]. 3.4.2. Main Q&A - **Improving profitability**: The company is taking measures such as optimizing sales structure, strengthening the sales team, managing costs, improving order delivery and customer service, innovating product systems, and expanding production capacity [23]. - **Convertible bond exit**: The company aims to promote the conversion of "Chongda Convertible Bond 2" by improving performance and ensuring repayment with sufficient cash flow. It will adjust strategies according to market conditions [26]. - **Cost - control**: The company is implementing measures like cost monitoring, improving material utilization, and product price adjustment to cope with rising raw material prices [27]. - **Capacity utilization and expansion**: The current overall capacity utilization is about 85%. The company is accelerating the release of high - multilayer PCB capacity in Zhuhai factories, starting production in Zhuhai No. 3 Factory, building a production base in Thailand, and planning to build an HDI factory in Jiangmen [28]. - **Subsidiary performance**: Sande Guan is expected to turn a profit in H2 2025. Punuowei's profitability is improving with the recovery of market demand and customer inventory [29][31]. - **US market**: The company's sales in the US account for about 10%. It is implementing strategies such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency to cope with US tariff policies [31].

每日经济新闻 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，崇达技术发布公告称，2025年9月18日，崇达技术接受武当资产调研，公司证券事务代表 朱琼华参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 ...

Core Viewpoint - Chongda Technology (stock code: 002815) has signed a guarantee contract with Bank of Communications Shenzhen Branch, providing full credit guarantees for its wholly-owned subsidiaries with a total credit of 600 million yuan [1] Group 1: Guarantee Details - The company has signed a guarantee contract for comprehensive credit business of 200 million yuan for each of its subsidiaries: Shenzhen Chongda, Jiangmen Chongda, and Zhuhai Chongda [1] - The company previously approved guarantee limits of up to 1.47 billion yuan, 1.3 billion yuan, and 1.75 billion yuan for the three subsidiaries respectively [1] - The guarantee method is joint liability guarantee, with a term lasting until three years after the last due date of the main debt [1] Group 2: Current Guarantee Status - As of now, the company has approved effective guarantee limits totaling 5.8561 billion yuan [1] - The total amount of contracts signed for subsidiary credit is 5.1177 billion yuan [1] - The actual credit balance used by subsidiaries is approximately 1.4575906 billion yuan, with no overdue or guarantee litigation matters [1]