（来源：淘金ETF） 1. 中际旭创（300308）作为全球高速光模块领域的绝对龙头企业，中际旭创深度绑定英伟达、微软、谷 歌等北美头部云厂商，是AI算力爆发周期内最具确定性的核心受益标的。800G与1.6T高速光模块出货 量稳居全球前列，产品结构持续向高端迭代，毛利率与盈利水平稳步抬升。随着英伟达GB300与Rubin 新一代算力平台规模化落地，单机光模块用量大幅提升，直接推动公司订单持续高增。在CPO共封装光 学领域，企业技术储备完善，与产业链上下游协同推进下一代互联方案，长期成长空间进一步打开。北 美四大云厂商资本开支同比增长超60%，叠加英伟达业绩超预期，公司未来两年业绩确定性极高，产能 持续满载，客户结构优质且壁垒深厚，是光模块板块中业绩弹性最强、成长逻辑最清晰的龙头企业。 2. 新易盛（300502） 专注于高速光模块研发、生产与销售的新易盛，是国内少数具备全球竞争力的核心企业，产品覆盖数据 中心、电信传输全场景，在400G、800G高端模块领域出货量位居行业第一梯队。企业海外收入占比 高，深度绑定全球主流云厂商与设备商，订单能见度高且交付能力突出。受益于AI数据中心建设提速 与高速互联需求爆发， ...

Group 1 - Mingyang Circuit focuses on the R&D, production, and sales of printed circuit boards (PCBs), covering high multilayer boards, HDI boards, and rigid-flex boards, widely used in industrial control, communication equipment, and automotive electronics. The demand for high-reliability, high-density PCBs is continuously growing due to industrial automation upgrades, 5G communication network construction, and the increasing penetration of new energy vehicles [1][32] - Weirgao specializes in the R&D, production, and sales of electronic-grade special epoxy resins and related composite materials, which are key raw materials for PCBs. The demand for high-frequency, high-temperature, and low-loss materials is increasing in 5G communication, data centers, and new energy vehicles, leading to an expanding market space for specialty epoxy resins [2][33] - Qiangda Circuit focuses on the R&D, production, and sales of high-density interconnect printed circuit boards (HDI), widely used in consumer electronics such as smartphones and tablets. The market demand for high-end products like high multilayer HDI and AnyLayer HDI is continuously growing due to the recovery of the consumer electronics market and the upgrade of smart terminal functions [3][34] Group 2 - Benchuan Intelligent specializes in the R&D, production, and sales of PCBs, with core products including communication boards, automotive boards, and industrial control boards. The market demand for high-reliability, high-frequency PCBs is expanding due to the construction of 5G base stations and the upgrade of new energy vehicle systems [4][35] - Kexiang Co., Ltd. focuses on the R&D, production, and sales of HDI and high multilayer boards, covering various fields including consumer electronics and automotive electronics. The demand for high-end PCBs is continuously growing due to the functional upgrades of consumer electronics and the increasing demand for automotive electronic systems [5][36] - Jinlu Electronics specializes in the R&D, production, and sales of PCBs, with core products including automotive electronic boards and communication boards. The demand for high-reliability, high-integration PCBs is continuously growing due to the increasing penetration of new energy vehicles and the deep coverage of 5G networks [6][37] Group 3 - Shengyi Technology is a leading global supplier of copper-clad laminates (CCL) and related electronic materials, with products widely used in PCBs and electronic packaging. The demand for high-end copper-clad laminates is continuously expanding due to the increasing demand for high-frequency, high-temperature materials in 5G communication and data centers [7][38] - Xiehe Electronics focuses on the R&D, production, and sales of PCBs, including high-frequency and high-speed boards. The market demand for high-end products is continuously growing due to the advancement of 5G networks and the expansion of new energy vehicle systems [8][39] - Shiyun Circuit specializes in the R&D, production, and sales of PCBs, covering automotive electronics, consumer electronics, and industrial control. The demand for high-reliability, high-integration automotive PCBs is continuously growing due to the increasing complexity of in-vehicle electronic systems [9][40]

Company Overview - 科翔股份 is a leading digital PCB enterprise with over 20 years of experience in the PCB industry, having established a strategic presence in five locations: Huizhou, Shenzhen, Jiujiang, Ganzhou, and Shangrao, with seven business divisions [1] - The company offers a one-stop full-category PCB supply capability, capable of large-scale production of double-sided boards, multi-layer boards, HDI boards, thick copper boards, and ceramic substrates [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.727 billion yuan, representing a year-on-year increase of 10.10%, while reporting a net loss attributable to shareholders of 120 million yuan [1] - The company forecasts a net loss attributable to shareholders of 170 to 230 million yuan for 2025, a significant reduction from a loss of 340 million yuan in the same period of 2024, primarily due to the ramp-up of production capacity at its Jiangxi factory and rising raw material prices [1] Industry Trends - The AI sector is identified as the largest growth driver for the PCB industry, with the global PCB market expected to reach a value of 78.562 billion USD by 2025, and a compound annual growth rate (CAGR) of 4.8% from 2025 to 2029 [1] - The server/storage segment is projected to account for 15% of the overall PCB market by 2025, with a CAGR of 11.6% from 2025 to 2029 [1] Technological Advancements - The evolution of AI servers is driving the widespread application of high-layer PCBs, with the number of layers in mainstream AI server multi-layer boards increasing from over 16 layers to 40 layers and above [2] - CoWoP (Chip-on-Wafer-on-PCB) technology is expected to exceed expectations, simplifying the connection structure between chips and PCBs, leading to reduced signal loss and improved heat dissipation [2] - Ceramic substrates are effectively addressing the thermal resistance challenges of high-end HDI and CoWoP packaging stability, offering superior thermal conductivity compared to traditional FR-4 materials [2][3] Capacity Expansion and Future Outlook - The company has made significant investments in capacity expansion since 2022, with total capacity exceeding 10 million square meters, and plans to gradually release new production lines in the second half of 2023 [3] - As production capacity ramps up, the company is expected to reach a performance inflection point in 2026, with profit margins for PCB products anticipated to recover to industry levels [3] - The company is focusing on high-performance ceramic substrate technology innovation, leveraging advanced materials and processes to meet the demands of high-power applications [4] - Forecasted net profits for the company from 2025 to 2027 are projected to be -200 million, 240 million, and 470 million yuan, respectively, with significant year-on-year growth rates [4]

Core Viewpoint - Company is actively pursuing financing, operational improvements, and strategic partnerships to enhance its market position in the high-end server PCB and ceramic substrate sectors, particularly in response to AI hardware demand [1][3]. Financing Progress - Company submitted a registration application for a private placement of shares on January 5, 2026, aiming to raise 287 million yuan, primarily for upgrading the PCB production line for high-end servers and supplementing working capital. The issue price is set at 13.87 yuan per share with a lock-up period of 6 months [1]. Performance Outlook - On January 30, 2026, the company announced a profit forecast for 2025, expecting a net loss attributable to shareholders of between 230 million yuan and 170 million yuan, representing a reduction in loss by 33.07% to 50.53% compared to the previous year. This is mainly due to rising raw material costs and increased depreciation during the ramp-up of production capacity at the Jiangxi factory [2]. Business Development - As of January 27, 2026, the subsidiary Guangzhou Taoji Electric is advancing cooperation with NV on ceramic substrates and is expected to secure related orders for HW servers, although specific agreement amounts have not been disclosed. The company is focusing on high-end server PCBs and ceramic substrates to meet AI hardware demands, while adjusting its product structure to reduce reliance on traditional consumer electronics clients [3]. Financial Condition - As of September 30, 2025, the company's debt-to-asset ratio reached 73.61%, with accounts receivable at 1.762 billion yuan and high inventory levels, indicating cash flow pressure. Several investment projects by subsidiaries have faced completion delays, potentially leading to tax incentive recoveries or breach of contract liabilities. The controlling shareholder has a high share pledge ratio of 42.42% as of September 30, 2025, raising concerns about control stability [4].

Company and Industry Summary Company: 科翔股份 (Kexiang Co., Ltd.) Key Points - **Industry Focus**: The company is positioned in the PCB (Printed Circuit Board) sector, specifically targeting the HDI (High-Density Interconnect) market with a focus on ceramic materials as a solution for increasing GPU power demands [1][2] - **GPU Power Demand**: There is a rising concern regarding the reliability of PCB solder joints and materials as GPU power consumption increases, which could limit the GPU's ability to operate at maximum power for extended periods [1] - **Downstream Transformation Needs**: Achieving maximum GPU power in systems depends not only on the GPU itself but also on the PCB and overall thermal design of the machine [1] - **Example of Increased Demand**: The example of CPX shows that the number of dies in a computer tray has nearly doubled, leading to a corresponding increase in cooling requirements [1] - **Technical Solution**: The company proposes using ceramics to replace some organic materials, as ceramics have better thermal conductivity, allowing heat from the chip to be transferred more quickly to the cold plate, thereby reducing hotspots and deformation [1] - **Disruptive Innovation in Technology**: The existing HDI landscape is expected to be reshaped by the company's innovative approach, which requires three core capabilities: 1. **Ceramic Powder Capability**: The dielectric constant (Dk) of the ceramic must be low enough to meet filling material requirements [2] 2. **Ceramic Board Sintering Capability**: The brittle nature of ceramics necessitates the development of toughness and larger board sizes [2] 3. **HDI Solution Innovation Capability**: The filling of ceramic boards leads to significant differences in drilling and stacking processes [2] - **Growth Potential**: The company is viewed positively for its leading position and the substantial growth potential once the full process is implemented [2]

Group 1 - The company, Kexiang Co., Ltd. (300903.SZ), has indicated that its PCB products are supplied to the aerospace sector [1] - However, the company has not yet received any PCB orders for application in commercial satellite fields [1]

Group 1 - The company, Kexiang Co., Ltd. (300903.SZ), primarily produces PCB products used in memory modules and other storage devices in the storage sector [1]

证券代码：300903 证券简称：科翔股份 公告编号：2026-005 广东科翔电子科技股份有限公司 关于董事、高级管理人员持股情况变动的报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 广东科翔电子科技股份有限公司 董事会 2026年2月3日 经中国证券监督管理委员会《关于同意广东科翔电子科技股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2026〕76号）同意注册，广东科翔电 子科技股份有限公司（以下简称"公司"）以简易程序向特定对象发行20,692,141 股。本次发行完成后，公司总股本由414,694,422股增加至435,386,563股。 公司全体董事和高级管理人员未参与公司本次以简易程序向特定对象发行 股票。本次发行后，公司总股本相应增加，公司董事和高级管理人员持股数量未 发生变化，持股比例因总股本增加而被动稀释，具体变动情况如下： | | | 本次发行前 | | 本次发行后 | | | --- | --- | --- | --- | --- | --- | | 姓名 | 职位 | 持股数量 | 持股比例 | 持股数量 | 持股比例 ...

象发行股票导致持股比例被动稀释触及1%整数倍的公告 证券代码：300903 证券简称：科翔股份 公告编号：2026-006 广东科翔电子科技股份有限公司 关于控股股东、实际控制人及其一致行动人因公司向特定对 一、本次权益变动的基本情况 公司控股股东、实际控制人郑晓蓉女士、谭东先生及其一致行动人深圳市科 翔资本管理有限公司、珠海横琴科翔富鸿电子合伙企业（有限合伙）保证向公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏，并 对其真实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动系公司向特定对象发行股票导致控股股东、实际控制人 及其一致行动人持股比例被动稀释，不触及要约收购。 经中国证券监督管理委员会《关于同意广东科翔电子科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2026〕76号）同意注册，广东科 翔电子科技股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（ A股）20,692,141股于2026年2月5日在深圳证券交易所上市，公司总股本 由 414,694,422股增加至43 ...

广东科翔电子科技股份有限公司 2025 年度以简易程序向特定对象发行股票 发行情况报告书 保荐人（主承销商） 二〇二六年二月 广东科翔电子科技股份有限公司 2025 年度以简易程序向特定对象发行股票 发行情况报告书 发行人全体董事、董事会审计委员会委员及高级管理人员声明 本公司全体董事、董事会审计委员会委员及高级管理人员承诺本发行情况报 告书不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性 承担相应的法律责任。 | 董事签名： | | | | --- | --- | --- | | 郑晓蓉 | 谭 东 | 康国峰 | | 陈秋锋 董事会审计委员会委员签名： | 赵玉洁 | | | 赵玉洁 高级管理人员签名： | 谭 东 | 陈秋锋 | | 胡永栓 | 位珍光 | 郑海涛 | | 刘 涛 | | 广东科翔电子科技股份有限公司 | 1 年 月 日 注：本发行情况报告书中，若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原 因造成。 3 广东科翔电子科技股份有限公司 2025 年度以简易程序向特定对象发行股票 发行情况报告书 | 三、查询时间 33 | | --- | 广东科翔电子科技股份有 ...