Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is enhancing its product structure, with high-end PCB revenue accounting for over 60% of total revenue. Its product range includes high-layer boards, HDI boards, high-frequency boards, thick copper boards, backplanes, and rigid-flex boards, catering to diverse applications in communication, servers, mobile phones, computers, and automotive sectors. The high-end PCB market has high entry barriers due to technology, craftsmanship, capital, and scale [4]. - The company is ramping up production capacity with new factories coming online, which will drive revenue growth. The Shenzhen facility focuses on high-layer PCBs for 5G communication and aerospace, while the Jiangmen plants produce various PCBs for industrial control and automotive applications. The Zhuhai facilities are set to enhance production capabilities significantly by 2025, supporting the company's strategic growth and international market expansion [5]. - The company is committed to R&D, with a 8.35% year-on-year increase in R&D expenditure, amounting to 180 million yuan in the first half of 2025. Key technology developments include advanced packaging substrates and high-precision circuit boards for AI chips and automotive applications [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 73.1 billion yuan, 83.4 billion yuan, and 92.9 billion yuan, respectively. The net profit attributable to the parent company is forecasted to be 5.7 billion yuan, 6.9 billion yuan, and 7.9 billion yuan for the same years [7]. - The company is expected to see a revenue growth rate of 16.37% in 2025, followed by 14.23% in 2026 and 11.34% in 2027. The net profit growth rates are projected at 120.96% for 2025, 21.43% for 2026, and 13.60% for 2027 [11][14].

Core Viewpoint - The company has decided to exercise its right for early redemption of the convertible bond "崇达转 2" due to market conditions and the company's situation, with a redemption date set for September 17, 2025 [2][5]. Group 1: Convertible Bond Basic Information - The company issued 14 million convertible bonds on September 7, 2020, with a total amount of 1.4 billion yuan [2]. - The bond's conversion period is from March 11, 2021, to September 4, 2026 [2]. - The bond's conversion price has been adjusted multiple times, currently set at 10.25 yuan per share as of May 22, 2025 [3][4]. Group 2: Redemption Conditions and Procedures - The early redemption was triggered as the stock price was above 130% of the conversion price for 15 trading days [5]. - The redemption price is set at 100.049 yuan per bond, which includes accrued interest [7]. - The redemption will be executed for all unconverted bonds as of the close of trading on September 16, 2025 [7][8]. Group 3: Shareholder Transactions - The actual controller and major shareholders did not engage in any transactions involving "崇达转 2" in the six months prior to the redemption conditions being met [8]. - There are no plans for these stakeholders to reduce their holdings in "崇达转 2" in the upcoming six months [8]. Group 4: Conversion Procedures - Bondholders must apply for conversion through the securities company that holds their bonds, with a minimum conversion unit of one bond [9][10]. - Newly converted shares will be listed for trading the day after the conversion application [10].

Core Viewpoint - The company announced the interest payment details for its convertible bonds "崇达转 2" for the fifth year, with a total interest of 18.00 yuan per 10 bonds, which will be paid on September 8, 2025 [1][2][6]. Group 1: Bond Issuance and Interest Payment - The company issued 14 million convertible bonds on September 7, 2020, with a face value of 1,000 yuan each [2]. - The interest rates for the bonds are set at 1.00% for the first year, 1.50% for the fourth year, 1.80% for the fifth year, and 2.00% for the sixth year [2][3]. - The interest payment date is September 8, 2025, with the interest calculation period from September 7, 2024, to September 7, 2025 [6][7]. Group 2: Tax and Payment Details - The actual interest received by bondholders will be 14.40 yuan per 10 bonds after a 20% withholding tax on the interest [6][7]. - The company will not withhold taxes on the interest payments; this responsibility lies with the bondholders [7][9]. - Non-resident enterprises holding the bonds will be exempt from corporate income tax on the interest income until December 31, 2025 [9]. Group 3: Conversion and Redemption - The bondholders who convert their bonds into shares before the interest payment date will not receive the interest for that year [3][7]. - The company plans to redeem all unconverted "崇达转 2" bonds after the market closes on September 16, 2025 [3]. Group 4: Contact Information - For inquiries, the company provides contact details for its Securities Legal Affairs Department, located in Shenzhen [9].

| 证券代码：002815 | 证券简称：崇达技术 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：128131 | 债券简称：崇达转2 | | 崇达技术股份有限公司 关于可转换公司债券 2025 年付息公告 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。 特别提示： 1、"崇达转 2"将于 2025 年 9 月 8 日按面值支付第五年利息，每 10 张"崇 达转 2"（面值 1,000.00 元）利息为 18.00 元（含税） 2、债权登记日：2025 年 9 月 5 日 3、除息日：2025 年 9 月 8 日 4、付息日：2025 年 9 月 8 日 5、"崇达转 2"票面利率：第一年 0.30%、第二年 0.60%、第三年 1.00%、 第四年 1.50%、第五年 1.80%、第六年 2.00%。 3、发行规模：14 亿元（1,400 万张） 4、上市时间：2020 年 9 月 28 日 5、票面金额和发行价格：每张面值为人民币 100 元，按面值发行。 6、"崇达转 2"本次付息的债权登记日为 2025 年 ...

Group 1 - The core point of the announcement is that "Chongda Convertible Bond 2" will be forcibly redeemed if not converted by the close of trading on September 16, 2025 [2] - After the redemption, "Chongda Convertible Bond 2" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to release any pledges or freezes on their "Chongda Convertible Bond 2" before the conversion deadline to avoid being redeemed due to inability to convert [2]

| 证券代码：002815 | 证券简称：崇达技术 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：128131 | 债券简称：崇达转2 | | 崇达技术股份有限公司 关于提前赎回"崇达转 2"的第六次提示性公告 4、"崇达转 2"赎回登记日：2025 年 9 月 16 日 5、"崇达转 2"停止转股日：2025 年 9 月 17 日 6、"崇达转 2"赎回日：2025 年 9 月 17 日 7、赎回资金到账日（到达中登公司账户）：2025 年 9 月 22 日 8、投资者赎回款到账日：2025 年 9 月 24 日 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。 重要内容提示： 证券代码：002815 证券简称：崇达技术 债券代码：128131 债券简称：崇达转 2 转股价格：人民币 10.25 元/股 1、"崇达转 2"赎回价格：100.049 元/张（含当期应计利息，当期年利率为 2%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深 圳分公司（以下简称"中登公司"）核准的价格为准。 2、赎回条 ...

Core Viewpoint - Chongda Technology (002815.SZ) supplies communication backplane PCB products to Amphenol, which are applicable in the data communication field [1] Company Summary - Chongda Technology is engaged in providing communication backplane PCB products [1] - Amphenol is identified as a key customer for Chongda Technology [1] Industry Summary - The communication backplane PCB products are utilized in the data communication sector, indicating a focus on technological applications within the industry [1]

Core Viewpoint - Chongda Technology (002815.SZ) has demonstrated its capability in producing HDI samples of 5 layers and above, as well as PTFE substrate PCB technology, and can mass-produce 40-layer high multilayer boards [1] Group 1 - The company is committed to keeping pace with cutting-edge technology research and development to meet the demands of the high-end market [1] - Specific customers and projects are not disclosed due to commercial sensitivity [1]

Group 1 - The core point of the article is that Chongda Technology (002815.SZ) has confirmed that its subsidiary, Punowei, produces IC substrates that are indirectly used in Apple's TWS (True Wireless Stereo) headphones and other consumer electronics [1] Group 2 - The company has stated that specific customer and cooperation details cannot be disclosed due to confidentiality agreements [1]

（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：你好，贵公司与苹果公司是否有合作，为苹果公司提 供零配件？ 崇达技术（002815.SZ）9月1日在投资者互动平台表示，公司控股子公司普诺威的IC载板产品间接应用 于苹果TWS耳机等消费电子领域。具体客户及合作细节因恪守保密协议不便披露，敬请理解。感谢您 的关注。 ...