JCET(SH:600584) Huaxin Securities·2026-01-26 11:31Investment Rating - The report maintains a "Buy" rating for Jiangsu Changjiang Electronics Technology Co., Ltd. (长电科技), Haiguang Information Technology Co., Ltd. (海光信息), and Guanghe Technology Co., Ltd. (广合科技) [7][14] Core Insights - Jiangsu Changjiang Electronics Technology Co., Ltd. has made significant progress in the CPO product technology field, successfully delivering samples of its XDFOI process silicon photonic engine, which optimizes energy efficiency and bandwidth performance [12][13] - Intel showcased its EMIB glass substrate technology at the NEPCON Japan electronics exhibition, demonstrating the capability of glass substrates to support complex multi-chip configurations, offering advantages over traditional organic substrates [13] - The report highlights the increasing demand for PCBs driven by emerging technologies such as 5G, AI, and automotive electronics, with China becoming the largest PCB production base globally [28][29] Summary by Sections Company Performance and Forecast - Jiangsu Changjiang Electronics Technology Co., Ltd. is projected to have an EPS of 1.23 in 2026 with a PE ratio of 39.73 [7][14] - Haiguang Information Technology Co., Ltd. is expected to achieve an EPS of 1.58 in 2026 with a PE ratio of 174.68 [7][14] - Guanghe Technology Co., Ltd. is forecasted to have an EPS of 2.67 in 2026 with a PE ratio of 37.33 [7][14] Industry Dynamics - The electronic industry saw a 1.39% increase in the week of January 19-23, ranking 22nd among the primary industries [15][24] - The AI computing-related sub-sector experienced a significant increase, with the integrated circuit packaging and testing sector rising by 7.25% [18][20] - The PCB industry is expected to recover from a downturn, with revenue growth projected to stabilize in 2025 after a challenging period in 2023 [29][30] Market Trends - The report notes a trend of increasing orders in the data processing sector, with AI-related orders constituting over 73% of new contracts for companies like Chip Origin Technology [42][43] - The automotive industry faces challenges due to rising memory prices, which could significantly impact manufacturing costs and supply availability [46][47]