【招商电子】东山精密：加速高端AI-PCB产能扩张，望助力突破算力大客户

Core Viewpoint - The company is investing up to $1 billion in a high-end PCB project to meet the growing demand for advanced PCBs in AI and high-performance computing applications, aiming to enhance its production capacity and solidify its market position [2]. Group 1: Investment and Capacity Expansion - The company’s subsidiary, Multek, is set to invest no more than $1 billion to expand its high-end PCB production capacity, targeting the increasing demand from AI and high-performance computing sectors [2]. - The investment is aimed at addressing the significant long-term demand for high-density interconnect and high-speed signal transmission PCBs, which Multek's current capacity cannot meet [2]. - This strategic move is expected to fill market gaps and enhance the company's competitive edge in the PCB industry, particularly in advanced technology products [2]. Group 2: Market Trends and Customer Demand - The AI sector is experiencing a substantial increase in demand for high-density interconnect and high-speed signal transmission PCBs, driven by the growth of AI applications [3]. - The upcoming years are anticipated to be significant for A customers, with innovations in AI smartphones, wearables, and robotics expected to drive replacement demand and ASP (Average Selling Price) improvements in flexible PCBs [3]. - The company is also focusing on expanding its presence in the North American and domestic computing markets through its investment in high-end AI-PCB capacity [3]. Group 3: Strategic Outlook and Financial Projections - The company maintains a long-term strategy that integrates consumer electronics, new energy, and AI computing, which is expected to yield benefits amid the ongoing trend of AI integration across various sectors [3]. - Future revenue projections for 2025-2027 remain stable, with expectations of growth driven by the expansion of AI-PCB capacity and customer acquisition [4]. - The company is positioned to leverage its investments in AI-PCB and light module acquisitions to enhance its growth trajectory in the computing sector [4].