KingShine(SZ:300903) Xin Lang Cai Jing·2026-02-14 04:41Company 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]