Group 1 - The company, Shenzhen Sannuo Circuit (002916.SZ), has indicated in investor relations that it is planning to utilize a new land plot in Wuxi for PCB business-related products [1] - The land is designated for the storage of products related to the computing power of PCB business, with investments expected to be phased [1] - Specific investment amounts will be determined based on business development and market conditions [1]

Group 1 - The company aims to capitalize on three growth opportunities by 2025: AI computing power upgrades, increasing demand in the storage market, and the electrification and intelligence of automobiles [1] - The company plans to enhance market development efforts and improve market competitiveness to optimize product structure [1] - The company is committed to advancing digital transformation and smart manufacturing upgrades to enhance operational management capabilities, which will contribute to revenue and profit growth [1] Group 2 - The company expects to achieve a net profit attributable to shareholders of 3.15 billion to 3.34 billion yuan by 2025, representing a year-on-year growth of 68% to 78% [1]

Group 1: Financial Performance - The company expects a net profit attributable to shareholders of RMB 3.15 billion to RMB 3.34 billion for 2025, representing a year-on-year growth of 68% to 78% [1] - The projected net profit excluding non-recurring items is estimated to be RMB 2.99 billion to RMB 3.17 billion, with a year-on-year increase of 72% to 82% [1] Group 2: Business Operations - The company’s packaging substrate business serves a diverse range of clients, including IDM (Integrated Device Manufacturers), Fabless (semiconductor design companies), and OSAT (Outsourced Semiconductor Assembly and Test) manufacturers [2] - The overall capacity utilization rate for PCB (Printed Circuit Board) business remains high, with significant increases in the packaging substrate business due to rising demand in the storage market [3] Group 3: Production Capacity and Investments - The company has PCB factories located in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing upgrades to existing facilities to enhance capacity [4] - The total investment in the Thailand factory amounts to RMB 1.274 billion, aimed at expanding overseas market reach and meeting international customer demands [5] Group 4: Market Trends and Material Costs - The demand for high-performance PCB products is increasing due to the accelerated evolution of AI technology, particularly in sectors like high-speed switches and AI accelerator cards [6] - Raw material prices, including copper and gold salts, have risen in the second half of 2025 due to fluctuations in commodity prices, impacting the company's cost structure [7] Group 5: Future Developments - The new land in Wuxi is designated for the storage of products related to PCB business capabilities, with investments to be phased based on business growth and market conditions [8]

Core Viewpoint - The report from China Merchants Securities indicates that Shenzhen South Circuit's 2025 performance is expected to see a significant increase in net profit, with a forecasted range of 3.15-3.34 billion yuan, representing a year-on-year growth of 68.0% to 78.0% [1]. Financial Performance - The company's net profit attributable to shareholders is projected to be between 3.15-3.34 billion yuan, with a year-on-year increase of 68.0% to 78.0% [1]. - The non-recurring net profit is expected to be between 2.99-3.17 billion yuan, reflecting a year-on-year growth of 72.0% to 82.0% [1]. - The fourth quarter is anticipated to show a decline due to new capacity ramp-up and increased expenses, with expectations for a significant year-on-year increase in the first half of the year [1]. Growth Opportunities - The company is capitalizing on three major growth opportunities: the upgrade of AI computing power, the increasing demand in the storage market, and the electrification and intelligence of automobiles [1]. - Efforts to enhance market development and competitiveness are driving product structure optimization [1]. Digital Transformation and Manufacturing Upgrade - The company is advancing its digital transformation and smart manufacturing upgrades, which are expected to enhance operational management capabilities and contribute to revenue and profit growth [1]. Market Position and Expansion - The company is well-positioned in the fields of computing boards and substrates, actively expanding its presence among overseas computing clients and aiming to play a key role in the domestic computing supply chain [1]. - Plans to expand AI computing capacity include the gradual production release of the Nantong Phase IV, Thailand base, and new capacity in Wuxi, expected to come online between 2026 and 2027, opening up long-term growth potential [1]. - The investment rating is maintained as "strongly recommended" [1].

事件：公司公告 25 年业绩预增：归母净利 31.5-33.4 亿同比+68.0%～78.0%， 扣非归母净利 29.9-31.7 亿同比+72.0%～82.0%。结合行业和公司近况，我们 点评如下： ❑ 风险提示：同行竞争加剧、算力客户开拓及订单导入不及预期，产能扩张不 及预期。 财务数据与估值 证券研究报告 | 公司点评报告 2026 年 02 月 04 日 深南电路（002916.SZ） Q4 环降源于新产能爬坡、费用增加，静待 H1 业绩环比高增 TMT 及中小盘/电子 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13526 | 17907 | 23817 | 32153 | 43406 | | 同比增长 | -3% | 32% | 33% | 35% | 35% | | 营业利润(百万元) | 1398 | 2028 | 3530 | 6114 | 8921 | | 同比增长 | -19% | 45% | 74% | 73% | 46% | | ...

Summary of Conference Call Records Company and Industry Involved - The records pertain to **Minbao Optoelectronics** and its acquisition of **Xiamen Maida** and **Xiamen Zhizhi Precision** in the **PCB drilling needle** industry [1][2] Core Points and Arguments - **Acquisition Details**: Minbao Optoelectronics plans to acquire 51% of Xiamen Zhizhi Precision for a cash consideration not exceeding **250 million yuan** and intends to acquire an additional 49% through a share issuance priced at **36.05 yuan per share** [1] - **Revenue Projections**: Xiamen Zhizhi Precision is projected to generate revenues of **125 million yuan** and **135 million yuan** in 2024 and 2025 respectively, with net profits of **9.27 million yuan** and **11.27 million yuan** [1] - **Market Position**: Xiamen Zhizhi Precision has over **30 years** of experience in the PCB drilling needle sector and offers a full range of products with sizes ranging from **0.09mm to 0.35mm** [1] - **Client Relationships**: The company has established long-term stable partnerships with notable manufacturers such as **Huatong Computer**, **Jian Ding Technology**, and **Shen Nan Circuit** [2] - **AI Server Board Growth**: The company’s drilling needle products have been successfully integrated into the supply chains of key clients in the rapidly growing **AI server board** market [2] - **Production Capabilities**: Xiamen Zhizhi Precision is one of the few companies in China capable of mass-producing **50 times diameter drilling needles** and has initiated collaborations on high-end drilling needles for AI boards with major clients [2] - **Equipment Production**: The company possesses the capability to produce essential PCB drilling needle manufacturing equipment, addressing issues related to long lead times and high costs of imported custom equipment [3] Other Important but Possibly Overlooked Content - The acquisition of **100% equity** of Jiangxi Maida by Xiamen Zhizhi Precision indicates a strategic consolidation within the industry, enhancing its market position [1] - The self-developed equipment by the company is expected to facilitate smooth expansion in production, which is crucial for meeting increasing market demands [3]

Group 1 - Northern Huachuang is a leading domestic semiconductor equipment manufacturer, covering core process equipment such as etching machines, thin film deposition equipment, and cleaning machines, which are essential for memory chip manufacturing [1] - The company is expected to benefit from the growth in equipment orders driven by the expansion and technological upgrades of domestic memory manufacturers during the memory chip price increase cycle [1] - Northern Huachuang has made breakthroughs in advanced process equipment for 3D NAND and HBM, establishing a core competitive advantage in the global memory equipment market [1] Group 2 - Hua Hong Semiconductor is a leading domestic specialty process manufacturer with mature memory chip foundry capabilities, focusing on NOR Flash, eMMC, and SPI NAND [2] - The company is expected to benefit from the rising demand for memory chip foundry services as domestic memory manufacturers expand production [2] - Hua Hong's layout in automotive-grade memory chip foundry will further enhance its resilience against economic cycles [2] Group 3 - Zhongwei Company is a core supplier of etching equipment, with its 5nm etching machine already integrated into the supply chain of memory manufacturers [3] - The demand for high-end equipment is expected to grow due to the trend of upgrading memory chips to advanced processes like 3D NAND and HBM [3] - Zhongwei's layout in thin film deposition equipment enhances its service capabilities for memory manufacturers [3] Group 4 - Lanke Technology is a global leader in memory interface chips, with its products widely used in servers and PCs, holding a leading share in the DDR5 interface chip market [4] - The demand for DDR5 interface chips is expected to surge due to the explosion in AI server and high-end PC demand during the memory chip price increase cycle [4] - Lanke's breakthroughs in HBM interface chips will further open up growth opportunities [4] Group 5 - GigaDevice is a leading domestic memory chip design company, focusing on NOR Flash while also expanding into NAND Flash and DRAM [5] - The company is expected to benefit from the price increase of NOR Flash products driven by the recovery of consumer electronics and AI terminal demand [5] - GigaDevice's layout in automotive-grade memory chips will further expand its downstream application space [5] Group 6 - Shengyi Technology is a leading domestic copper-clad laminate manufacturer, with its products being core raw materials for memory chip packaging [6][7] - The growth in demand for copper-clad laminates is expected to be driven by the expansion of memory manufacturers and the increase in packaging needs during the memory chip price increase cycle [6][7] - Shengyi's breakthroughs in high-frequency and high-speed copper-clad laminates will adapt to the upgrade demands of memory chips [6][7] Group 7 - Shenzhen South Circuit is a leading domestic PCB manufacturer, with its high-end PCB products being core carriers for storage servers and modules [8] - The demand for high-end PCBs is expected to grow due to the explosion in AI server demand and the expansion of memory manufacturers during the memory chip price increase cycle [8] - Shenzhen South Circuit's layout in storage packaging substrates further enhances its position in the memory industry chain [8] Group 8 - Jiangbolong is a leading domestic storage module manufacturer, focusing on the development and manufacturing of storage modules for various applications [9] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [9] - Jiangbolong's layout in automotive-grade storage modules will further open up downstream application spaces [9] Group 9 - Xi'an Yicai is a core enterprise in semiconductor materials, focusing on silicon-based materials essential for memory chip manufacturing [10] - The demand for silicon-based materials is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [10] - Xi'an Yicai's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [10] Group 10 - Tuojing Technology is a leading domestic thin film deposition equipment manufacturer, with its PECVD and ALD equipment being core process equipment for memory chip manufacturing [11] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of 3D NAND technology during the memory chip price increase cycle [11] - Tuojing's layout in HBM-related equipment will further adapt to the upgrade demands driven by AI [11] Group 11 - Maiwei Co. is a core domestic semiconductor equipment enterprise, with its equipment already integrated into the supply chain of leading domestic memory manufacturers [12] - The growth in equipment orders is expected to be driven by the expansion of memory manufacturers and the increase in advanced packaging demand during the memory chip price increase cycle [12] - Maiwei's breakthroughs in HBM packaging equipment will adapt to the upgrade demands driven by AI [12] Group 12 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with its single-wafer cleaning equipment integrated into the supply chain of leading memory manufacturers [13] - The demand for cleaning equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [13] - Shengmei's breakthroughs in 3D NAND cleaning technology will adapt to the technical iteration needs of memory chips [13] Group 13 - Changdian Technology is a leading domestic packaging and testing enterprise, covering the packaging and testing of various memory chip types [14] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [14] - Changdian's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [14] Group 14 - Changchuan Technology is a leading domestic semiconductor testing equipment manufacturer, with its testing equipment covering memory and logic chips [15] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [15] - Changchuan's breakthroughs in DDR5 and HBM testing technologies will adapt to the upgrade demands driven by AI [15] Group 15 - Baiwei Storage is a leading domestic storage chip design and module manufacturer, focusing on various storage modules for different applications [16] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [16] - Baiwei's layout in automotive-grade storage will further open up downstream application spaces [16] Group 16 - China Resources Microelectronics is a leading domestic power semiconductor and storage chip manufacturer, focusing on NOR Flash and eMMC [17] - The company is expected to benefit from the recovery in consumer electronics and industrial control demand during the memory chip price increase cycle [17] - China Resources' layout in automotive-grade storage chips will enhance its resilience against economic cycles [17] Group 17 - Tongfu Microelectronics is a core domestic packaging enterprise, covering the packaging of various memory chip types [18] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [18] - Tongfu's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [18] Group 18 - Yitang Co. is a core domestic semiconductor equipment enterprise, focusing on thin film deposition and rapid thermal processing equipment [19] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [19] - Yitang's breakthroughs in 3D NAND-related equipment will adapt to the technical iteration needs of memory chips [19] Group 19 - Jingsheng Mechanical and Electrical is a leading domestic semiconductor silicon wafer equipment manufacturer, with its equipment integrated into the supply chain of leading memory manufacturers [20] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the increase in silicon wafer demand during the memory chip price increase cycle [20] - Jingsheng's breakthroughs in 300mm large silicon wafer equipment will adapt to the advanced process needs of domestic storage [20] Group 20 - Xichuang Data is a leading domestic storage module and smart terminal manufacturer, focusing on various storage modules for different applications [21] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [21] - Xichuang's layout in automotive-grade storage will further open up downstream application spaces [21] Group 21 - Shannon Chip is a leading domestic storage chip distribution and solution provider, focusing on distribution and technical services for storage chips [22] - The growth in distribution revenue is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [22] - Shannon's layout in storage module solutions will enhance customer stickiness [22] Group 22 - Hushi Silicon Industry is a leading domestic semiconductor silicon wafer manufacturer, covering various specifications essential for memory chip manufacturing [23] - The demand for silicon wafers is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [23] - Hushi's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [23] Group 23 - Unisoc is a leading domestic security chip and storage chip manufacturer, focusing on eMMC and UFS [24] - The company is expected to benefit from the recovery in consumer electronics and the growth in security storage demand during the memory chip price increase cycle [24] - Unisoc's layout in automotive-grade storage chips will enhance its resilience against economic cycles [24] Group 24 - Fudan Microelectronics is a leading domestic FPGA and storage chip manufacturer, covering various storage chip types [25] - The growth in demand for storage products is expected to be driven by the increase in industrial control demand and the acceleration of domestic substitution during the memory chip price increase cycle [25] - Fudan's layout in automotive-grade storage chips will further open up downstream application spaces [25] Group 25 - Zhongke Feicai is a leading domestic semiconductor testing equipment manufacturer, covering testing equipment for memory and logic chips [26] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [26] - Zhongke's breakthroughs in 3D NAND testing technology will adapt to the technical iteration needs of memory chips [26] Group 26 - Huahai Qingke is a leading domestic chemical mechanical polishing (CMP) equipment manufacturer, with its CMP equipment integrated into the supply chain of leading memory manufacturers [27] - The demand for CMP equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [27] - Huahai's breakthroughs in 3D NAND polishing technology will adapt to the technical iteration needs of memory chips [27]

行 业 华福证券 电子 2026 年 02 月 02 日 行 业 投 资 策 略 截止到 2025Q3，三星 25Q1-Q3 全球智能手机出货量达到 6060 万 台，市场份额达 19%，保持全球第一；苹果 25Q3 出货量为 5650 万台， 同比上升 4%，市场份额位列第二；其次为小米/传音/vivo。据环球网 援引IDC 报告显示 2025年全球智能手机出货量预计将达到 12.4 亿部， 2024-2029 年 CAGR=1.5%，呈现温和增长。展望 2026 年，我们持续看 好手机结构化升级带来的创新需求，包括潜望式镜头成为安卓/苹果高 端手机标配带来渗透率持续提升。 研 究 电子行业 2026 年度策略报告：AI 与自主可控共 振 投资要点： 预计 2026 年手机行业温和复苏，看好结构创新带来增量需求 证 券 研 随着国产算力需求的不断增加，先进制程的产能需求也不断提升。 中芯国际、华虹公司、长鑫存储等企业的先进制程制造产能预计不断 增加。成熟制程工艺各个制造商各有千秋，特色工艺投资机会显现。 芯联集成、晶合集成、赛微电子各自特色领域优势显著。内生增长以 及外延并购提升半导体设备覆盖率。半导体制造 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are highlighted, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article identifies 14 key advanced packaging materials that are critical for the semiconductor industry, emphasizing the potential for domestic companies to capture market share from established foreign competitors [7][8]. - Companies like 鼎龙股份, 国风新材, and 三月科 are mentioned as potential leaders in the domestic market for advanced packaging materials [8]. Growth Projections - The market for conductive adhesives is expected to reach 3 billion yuan by 2026, while the chip bonding materials market is projected to grow from approximately $4.85 billion in 2023 to $6.84 billion by 2029 [8]. - The epoxy encapsulation materials market is anticipated to grow to $9.9 billion by 2027, indicating strong demand in the sector [8]. Competitive Landscape - The article outlines the competitive landscape, noting that foreign companies such as Fujifilm, Toray, and Dow currently dominate the market, but domestic firms are rapidly advancing [8]. - The need for innovation and investment in R&D is emphasized for domestic companies to successfully compete against established international players [8].

转自：中国证券报·中证网 中证报中证网讯（记者 齐金钊）日前，民爆光电公告，公司拟现金收购厦芝精密51%股权，同时拟通 过发行股份的方式向厦门麦达购买厦芝精密49%股权并募集配套资金。 据悉，厦芝精密战略定位于高端PCB钻针市场，凭借持续的工艺创新与稳定的产品质量，赢得全球知名 PCB制造商认可。合作客户涵盖深南电路、奥特斯（AT&S）、胜宏科技、华通电脑、健鼎科技、沪电 股份、景旺电子、日本名幸电子等国内外龙头企业，客户粘性强。作为业内少数能实现AI服务器板用 钻针、高端载板极小径钻针批量稳定供应的厂商，已跻身核心客户供应链并开展联合开发，深度绑定高 景气赛道需求。 业内人士表示，PCB行业实行严格的"合格供应商认证制度"，需通过管理体系、质量控制、现场审核等 多维度考核，合作一旦建立便形成长期稳定粘性。厦芝精密是国内少数具备50倍径钻针量产能力的企 业，率先切入AI服务器板钻针领域，与胜宏科技、深南电路、景旺电子等头部客户建立稳定合作，先 发优势显著，技术与客户壁垒难以被竞争对手突破。 PCB钻针作为印制电路板制造的核心耗材，其市场需求与电子产业技术迭代深度绑定。随着AI服务器、 5G通讯、汽车电子等高端 ...