WUS(SZ:002463) Zheng Quan Ri Bao·2025-07-10 16:16Group 1 - The core viewpoint of the articles highlights the strong performance of Huadian Electronics Co., Ltd. (Huadian) in the high-end PCB market, driven by structural demand from emerging computing scenarios such as AI and high-performance servers [1][2] - Huadian's projected net profit for the first half of 2025 is estimated to be between 1.65 billion to 1.75 billion yuan, representing a year-on-year growth of 44.63% to 53.4% [1] - The company achieved a total revenue of 13.342 billion yuan in 2024, with a year-on-year increase of 49.26%, and a net profit of 2.587 billion yuan, up 71.05% [1] Group 2 - The industry is shifting from "scale expansion" to "technology iteration speed," emphasizing the importance of continuous breakthroughs in core technologies such as high-frequency materials and precision manufacturing processes [2] - Global capacity layout and supply chain responsiveness are becoming increasingly important, with a need for companies to focus R&D resources on high-end areas like packaging substrates and multilayer boards [2] - The global PCB market is projected to reach nearly 95 billion USD by 2029, with a compound annual growth rate of approximately 5.2% over the next five years [2] Group 3 - Multiple listed companies are actively positioning themselves in the PCB sector, driven by the explosive demand for high-end PCBs from AI servers and automotive intelligence [3] - The competition among PCB companies will not only focus on products and technology but also on supply chain collaboration and global operational capabilities [3] - There is a warning against the disorderly expansion of low-end capacity, which could lead to resource waste, emphasizing the need for the industry to upgrade towards green manufacturing and efficient collaboration [3]