27 May 2025 | 8:50AM CST Shennan Circuits (002916.SZ): TechNet China 2025; Robust AI PCB outlook; ABF ramping off low base; Buy We hosted Shennan Circuits at GS TechNet China 2025. Key discussions focused on 1) raw material cost dynamics on the back of commodity price changes (e.g. gold, copper); 2) ABF business status; and 3) AI PCB outlook. In sum, Shennan noted the raw material cost uptrend and intends to work with customers to absorb the cost pressure. Overall PCB capacity utilization rate is 90%+ and A ...

中金公司 市场走到哪一步了？20250526 摘要 美国关税政策通过供给冲击影响库存和价格，进而影响货币政策和经济 增长。短期内表现为通胀压力，长期可能转为需求冲击。当前美国经济 基础尚可，关税压力延后，增长压力可控，需关注库存数据以判断持续 性。 对等关税对不同行业影响显著，微观调研显示企业面临成本增加、利润 压缩和供应链调整等挑战。部分企业通过提高产品附加值、转向其他市 场或优化生产流程应对，为制定有效策略和评估未来趋势提供参考。 行业产能周期处于关键阶段，去产能背景下，供给收缩充分的企业提供 投资机会。关注具备强劲竞争力并适应新形势的企业，深入分析行业产 能周期，把握潜在机遇，实现稳健投资。 日本国债利率抬升引发关注，可能源于日本央行加息后日元套利交易扰 动。需密切关注日本国债利率走势及相关政策调整，评估对全球金融市 场潜在风险，制定相应策略。 4 月经济数据显示同比增速放缓，工业增加值、服务业生产指数和固定 资产投资均受关税扰动影响。基建和两新政策支持减缓了数据放缓幅度， 表明经济状况受到多重因素综合作用。 Q&A 当前市场面临的主要不确定因素是什么？美国能在关税问题上持续多久？ 当前市场面临的主要不 ...

Investment Rating - The report assigns a "Buy" rating to SICC (688234.SS) with a 12-month price target of Rmb75.50, indicating an upside potential of 24.7% from the current price of Rmb60.55 [10]. Core Insights - The management of SICC is optimistic about market demand driven by the increasing launch of 800V electric vehicles (EVs) and the growing need for EV fast charging. Additionally, the demand for SiC substrates in augmented reality (AR) glasses is expected to rise significantly [1][3]. - SICC is positioned well within the AD/ADAS trend, enhancing SiC's penetration in the EV market. The company is a local leader in SiC substrates, benefiting from local car OEMs diversifying their supply chains amid geopolitical tensions [1][3]. Summary by Sections Capacity Expansion - SICC's production facilities are located in Shanghai and Jinan, China. The Shanghai plant has a capacity of 300k units per year for phase 1 (6-inch or 8-inch SiC substrate) and an additional 300k units per year in phase 2, primarily for 8-inch SiC substrate. The Jinan site has a capacity of 100-150k units per year for 6-inch SiC substrate. The company plans to expand its 8-inch capacity to non-China markets to increase its market share among global SiC device manufacturers [2]. SiC Penetration in EVs - Management anticipates that the penetration rate of SiC in mainstream EV models will continue to rise as more 800V EV models are introduced in the coming years. The localization trend of SiC substrates is expected to support the company's growth, as local suppliers offer more cost-effective products, allowing customers to diversify their supply chains [3]. SiC Application in AR Glasses - SiC is identified as the optimal solution for AR glasses due to its superior reflection control and lightweight properties. Management projects that the demand for SiC substrates from AR glasses may eventually surpass that from EVs in the long term, presenting significant upside potential for SICC [7].

Investment Rating - The report maintains a Neutral rating for Maxscend with a 12-month target price of Rmb86, indicating an upside potential of 23.2% from the current price of Rmb69.81 [2][11]. Core Insights - Management is optimistic about the company's RF modules expansion, the ramp-up of in-house capacity utilization, and new growth opportunities in the long term [1][2]. - The smartphone market is anticipated to take time to transition to the next product cycle (6G), and the shift from fabless to fab-lite may also require time to enhance efficiency and profitability [2]. Summary by Sections 2025 Business Outlook - Management expects quarterly revenues and margins to increase sequentially in 2025, driven by RF modules expansion, improved smartphone seasonality in the second half of 2025, and normalizing depreciation as utilization rates rise [3]. - Inventory levels are projected to decline but remain relatively high due to geopolitical tensions [3]. Xinzhuo Project Development Progress - The 6" and 12" wafer production lines have commenced mass production, with the 12" production line currently achieving a capacity of 4,000 wafers per month, aiming for 5,000 wafers per month by the end of 2025 [4]. - As capacity increases, the depreciation cost per wafer is expected to decrease, leading to margin improvements [4]. New Growth Opportunities - Management is positive about the potential of LEO satellite direct-to-cell functions, which could create additional RF module opportunities for Maxscend [8]. - There are also long-term prospects in high-end markets such as AI and robotics, allowing the company to leverage its in-house capacity more effectively [8].

Investment Rating - The report assigns a "Buy" rating to HG Tech with a 12-month price target of Rmb53, indicating an upside potential of 26.6% from the current price of Rmb41.86 [16][18]. Core Insights - HG Tech is expected to benefit from multiple growth drivers, including AI infrastructure demand for optical transceivers, overseas expansion in the sensors segment, and new product introductions in laser tools [1]. - The company anticipates robust revenue and profit growth across all three business segments in 2025-26, addressing investor concerns regarding non-AI business growth [1]. Segment Summaries Sensors Segment - The sensors segment contributed over 60% of the company's net profit in 2024, with key growth drivers identified as overseas expansion and new sensor product development [2]. - HG Tech has secured a US$100 million order from a European luxury car maker, marking a significant milestone in its overseas business [2]. - A production plant in Thailand has been established with an annual capacity of 2 million units for PTC heaters, complementing the 9 million units capacity in mainland China [2]. Laser Tools Segment - The laser tools segment includes high-power tools for various industries such as automotive, metal processing, and shipbuilding [3]. - Orders from shipbuilding customers have more than quadrupled, with current orders standing at Rmb700 million, compared to Rmb3.5 billion in total revenue for the laser tool segment in 2024 [6]. Optical Transceivers Segment - HG Tech primarily supplies optical transceivers to Chinese cloud companies, benefiting from increased AI spending [8]. - The company plans to ramp up production capacity to 1 million units per month by the end of 2025, up from 500,000 units in early 2025 [8]. 3D Printing Segment - The company has initiated a joint venture in 3D printing, which is seen as a long-term growth driver across various sectors including consumer electronics and automotive [7]. - HG Tech currently offers six 3D printing products capable of producing parts ranging from 100mm to 400mm in size [7].

Investment Rating - The report assigns a "Buy" rating to several companies related to the foldable phone and AI device supply chain, including SZS, Fositek, Lingyi, AVC, AAC, and Huaqin [17]. Core Insights - The report highlights a positive outlook for Lens Technology Co. (300433.SZ) as it expands its product offerings from smartphone components to emerging markets such as AI glasses and automotive components, which is expected to enhance profitability through improved utilization rates and specification upgrades [1][4]. - There is an anticipated increase in global foldable phone shipments and a rising demand for AI devices driven by generative AI use cases, aligning with the company's optimistic view on AI glasses and foldable phones [2][4]. Summary by Sections 2025 Outlook - Management is optimistic about growth in 2025, supported by new smartphone model launches from major customers, which is expected to improve utilization rates during traditionally slow seasons [4][8]. Tariffs' Impact - Tariffs are expected to have a minor impact on growth due to the company's shipping practices and global production sites in Vietnam, Thailand, Mexico, and China, allowing for flexible capacity adjustments [8][9]. New Business Expansion - Lens Tech aims to penetrate the automotive components market, targeting major OEMs with higher dollar content per vehicle, and has formed a strategic partnership with Rokid in the AI glasses sector, anticipating growth as market demand increases [9][4].

Investment Rating - The report assigns a "Buy" rating to Huaqin Technology with a 12-month price target of Rmb81.80, indicating an upside potential of 19.9% from the current price of Rmb68.20 [9]. Core Insights - Huaqin Technology is expected to achieve double-digit revenue growth in 2025, driven by its data center business, consumer electronics, and new ventures in automotive electronics and robotics [1][2][3]. Summary by Sections Data Center Business - Huaqin's data center product lines include AI servers, general servers, and switches, primarily targeting China cloud service providers (CSPs). The company is optimistic about ramping up its AI server production, benefiting from market share gains and increased capital expenditures in AI infrastructure in China [2][3]. Consumer Electronics - The management anticipates double-digit year-over-year growth in its PC business for 2025. The smartphone segment is expected to benefit from growing market share in the Android ODM market. Additionally, there are growth opportunities in smart wearables, driven by brand customers expanding their market share and the introduction of AI-powered wearables [3][4]. New Business Ventures - Huaqin has made strategic moves into automotive electronics and robotics, including the acquisition of HCTRobot to enhance its robotics capabilities. The company has established an R&D team focused on developing industrial robotics prototypes and is working on a smart driving domain controller [4][7]. Financial Projections - The report projects Huaqin's revenue to grow from Rmb109.88 billion in 2024 to Rmb209.38 billion by 2027. EBITDA is expected to increase from Rmb3.28 billion in 2024 to Rmb8.43 billion in 2027, with EPS projected to rise from Rmb2.88 to Rmb6.31 over the same period [9].

Investment Rating - The report assigns a "Buy" rating to Lingyi (002600.SZ) with a 12-month price target of Rmb10.10, indicating an upside potential of 24.7% from the current price of Rmb8.10 [8]. Core Insights - Lingyi's management is optimistic about growth driven by the demand for precision components in consumer electronics and server cooling modules, particularly due to the shift in smartphone form factors and the rise of AI applications [1][2]. - The company is expanding its product offerings in foldable phones and AI glasses, targeting higher dollar content per device and anticipating increased shipments [3][6]. Summary by Sections Cooling / Thermal Modules for AI Smartphones - Lingyi provides over 200 SKUs of metal precision parts for major smartphone brands, focusing on high-end models using copper materials for 2025, with plans to introduce hybrid materials in 2026 [2]. - The company's factory in India is expected to meet client demand, contingent on the capacity expansion by assemblers in the region [2]. Foldable Phones - The company supplies metal middle frames and precision parts for foldable phones, with a positive outlook on the growing trend and plans to engage with global-tier smartphone brands [3]. AI Glasses - Lingyi manufactures structural parts and cooling components for AI/AR glasses, expecting significant upside as major global technology companies plan to launch their own versions [6]. Financial Projections - Revenue projections for Lingyi are Rmb44.21 billion in 2024, increasing to Rmb79.75 billion by 2027, with EPS expected to grow from Rmb0.25 in 2024 to Rmb0.73 in 2027 [8].

26 May 2025 | 8:02AM CST Innolight (300308.SZ): TechNet China 2025; 800G continues to be the primary growth driver; Buy We hosted Innolight's management at GS TechNet China 2025 conference. Demand and shipment outlook remain the key investor focus at the meeting. To address investors' key concerns on demand, shipment/supply constraints, and profitability, Innolight noted: 1) demand outlook for 2025 remains unchanged; looking into 2026, the company expects ongoing AI inferencing demand and upgrade from 400G ...

abc 2025 年 05 月 22 日 Global Research 首次覆盖 圣泉集团 被忽略的AI+EV标的；首次覆盖给予买入评级 独特的材料平台带来新增长空间 从农废品起步，圣泉通过生物质精炼及化学合成生产大宗材料，且能充分利 用流程中的副产品。通过不懈的材料研发，公司开发出更高利润、用于人工 智能（AI）服务器和动力电池的新材料，我们预计可推动其净利润CAGR 从2020-24年的0%，提升至2024-27年的28%。对于合成树脂业务（主要为 工程塑料），圣泉已整合20-30%的国内市场，我们认为未来可实现10%的 毛利增长。该股当前股价对应18x 2025E PE，2024-27年预测每股收 益CAGR为28%，我们认为该股被低估。首次覆盖给予买入评级。 新材料：乘AI服务器和动力电池材料升级趋势之东风 我们将电子和电池材料定义为新材料。AI服务器领域，圣泉是全球为数不多 能量产聚苯醚（PPO）等高速树脂的厂商之一，而PPO是服务器中印刷电路 板（PCB）的关键材料，可实现超低损耗的快速信号传输。AI应用的上升趋 势推动PCB树脂单价上升及用量增长，我们预测到2027年可为圣泉带来40亿 元的潜 ...