SINOLINK SECURITIES(SH:600109) 智通财经网·2025-10-26 11:53Core Insights - The report from Guojin Securities highlights a strong demand for AI-related products, particularly in the AI-PCB and core computing hardware sectors, as well as the Apple supply chain and self-controllable industries [1][2][4] - The upcoming Q3 earnings reports are expected to exceed expectations, driven by robust demand in the AI computing supply chain [1][3] Industry Overview - The AI demand is surging, with companies in the global AI supply chain set to report impressive Q3 results, such as Shengyi Electronics, which anticipates Q3 revenue of 2.84-3.26 billion yuan, a year-on-year increase of 135-170%, and profits of 540-620 million yuan, a year-on-year increase of 504-592% [2] - North American companies are increasing their AI investments, leading to an upward revision of CoWoS demand and additional orders for 800G, 1.6T optical modules, and AI-PCB products [2][3] - TSMC is optimistic about AI demand, projecting a compound annual growth rate (CAGR) of around 45% for AI revenue from 2024 to 2029 [2] Market Dynamics - The demand for AI copper-clad laminates, PCBs, and BT substrates is strong, with some products experiencing price increases due to full production and sales [3][4] - The storage chip market is also seeing a price increase trend, with reports indicating that some manufacturers have paused quotes for DRAM and Flash products, leading to a supply-demand imbalance [3] - The current market conditions suggest that NAND Flash 512Gb wafer prices have reached $5.80, with TF card supply prices continuing to rise [3] Future Outlook - The AI server shipments from NVIDIA are expected to accelerate in Q4, with the supply chain actively increasing orders, indicating continued high growth in AI computing hardware performance [4] - Overall, the outlook remains positive for AI-PCB, core computing hardware, the Apple supply chain, and self-controllable industries [1][4]