电子：台湾PCB行业跟踪，金像电单月营收创新高

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a revenue of NT$598 billion in February, representing a year-on-year growth of 26$ 1,215 billion, with a year-on-year increase of 11% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with significant revenue growth observed in February [11][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections Taiwan PCB Industry Revenue Situation - In February, the hardboard and carrier board manufacturers generated NT$447 billion, a 26$ 891 billion, also up 11% year-on-year. Softboard manufacturers reported NT$152 billion in revenue, a 29$ 324 billion, reflecting an 11% year-on-year growth [10][11]. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$100 billion, up 21$ 28 billion, up 50% year-on-year, up 9% month-on-month [11]. - Jeng Shing Technology: NT$29 billion, up 30$ 53 billion, up 33% year-on-year, down 10% month-on-month [11]. - Huatong: NT$52 billion, up 21$ 39 billion, up 47% year-on-year, up 8% month-on-month, marking a new monthly revenue high [9][13]. Investment Recommendations - The report suggests focusing on leading technology firms such as Shenghong Technology, Shennan Circuit, and Huitian Technology, as the high-layer and HDI sectors are expected to maintain a favorable outlook [17][19].