Agent 趋势乘风起，关注 CPU 产业机遇 电子 证券研究报告/行业点评报告 2026 年 01 月 28 日 | 分析师：王芳 | | --- | | 执业证书编号：S0740521120002 | | Email：wangfang02@zts.com.cn | 2026-01-05 沿主线，买缺口》2025-12-10 3、《【中泰电子】4F2+CBA 是国产 颈》2025-12-01 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：王芳 | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740521120002 | 海光信息 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notice regarding Guangzhou Guanghe Technology Co., Ltd.'s application for overseas listing, allowing the company to issue up to 54,393,500 overseas listed ordinary shares on the Hong Kong Stock Exchange [1][2] - The company is required to report any significant events to the CSRC during the period from the issuance of the notice until the completion of the overseas listing [2] - After the overseas listing is completed, the company must report the listing status to the CSRC within 15 working days [2] Group 2 - Guanghe Technology focuses on manufacturing key components for computing power servers, specifically custom PCBs used in computing power servers and other related scenarios [4] - According to Frost & Sullivan, Guanghe Technology ranks third globally in cumulative revenue from computing power server PCBs from 2022 to 2024, and it is the top manufacturer in mainland China [4]

Group 1 - The core viewpoint of the news is that Guanghe Technology Co., Ltd. plans to issue up to 54,393,500 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] - Guanghe Technology is focused on manufacturing key components for computing power servers, specifically custom PCBs used in computing power servers and other related scenarios [3] - According to Frost & Sullivan, Guanghe Technology ranks third globally among manufacturers of PCBs for computing power servers based on cumulative revenue from 2022 to 2024, and it is the top manufacturer in mainland China [3]

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Investment Rating - The report maintains a "Buy" rating for companies such as Guanghe Technology and Haiguang Information, while Longxin Zhongke and Huahong Technology remain unrated [8][16]. Core Insights - The semiconductor industry is experiencing a surge in demand for server CPUs due to the expansion of AI data centers by major cloud service providers, leading to a supply shortage and a planned price increase of 10-15% by Intel and AMD [4][13]. - A critical hardware vulnerability, "StackWarp," has been identified in AMD's Zen series CPUs, affecting multiple generations. However, Haiguang's C86 processor is not impacted, highlighting the increasing scrutiny on domestic processors' security capabilities [5][14]. Summary by Sections Market Performance - The semiconductor sector has shown strong relative performance, with the electronic sector up 63.2% over the past 12 months compared to the 22.7% increase in the CSI 300 index [2][3]. Key Companies and Earnings Forecast - Guanghe Technology (001389.SZ) has an EPS forecast of 2.67 for 2026 with a PE ratio of 37.33, rated as "Buy" [16]. - Haiguang Information (688041.SH) is projected to have an EPS of 1.58 for 2026, also rated as "Buy" [16]. - Longxin Zhongke (688047.SH) and Huahong Technology (688347.SH) remain unrated, with their earnings forecasts indicating potential for growth [16]. Industry Dynamics - The semiconductor industry is witnessing a significant increase in prices for DRAM and NAND storage chips, driven by heightened demand from AI applications and shifts in production capacity by major players [50][51]. - The report emphasizes the importance of domestic semiconductor manufacturers, particularly in light of the vulnerabilities identified in foreign products, suggesting a growing market for local alternatives [5][14].

来源：长江商报 长江商报消息 ●长江商报记者 沈右荣 突破百元，A股上市不到两年的广合科技（001389.SZ）股价创了新高。 1月26日，广合科技盘中股价突破106.55元/股，创下了历史新高，最终收报102.31元/股，较发行价17.43元/股上涨 近5倍。 股价创新高的广合科技，2025年预计盈利10亿元左右，也创了历史新高，同比增长50%左右。 广合科技解释，业绩增长主要是因为受益于算力供应链需求旺盛，公司以全球化产能为支点，在算力浪潮中稳健 前行。 广合科技是一家PCB企业，致力于以高速、高频为主的高端PCB制造。 主攻高端市场，公司研发投入持续增长。2025年前三季度，公司研发投入1.94亿元，已经超过了2024年全年。 广合科技深耕全球市场。2025年上半年，公司来自于境外市场的收入占比为66.29%。 为了深化全球化战略布局，广合科技寻求港股上市，通过募资补充全球布局的"弹药"。1月23日晚，公司公告，其 拟发行不超5439.35万股H股已获得中国证监会备案。 业绩股价双创新高 广合科技取得了创新高的经营业绩。 根据广合科技近期发布的年度业绩预告，2025年度，公司预计实现归母净利润9.80亿 ...

Investment Rating - The report maintains a "Buy" rating for companies such as Guanghe Technology and Haiguang Information, while Longxin Zhongke and Huahong Technology remain unrated [8][16]. Core Insights - The semiconductor industry is experiencing a surge in demand for server CPUs due to the expansion of AI data centers by major cloud service providers, leading to a supply shortage and a planned price increase of 10-15% by Intel and AMD [4][13]. - A critical hardware vulnerability, "StackWarp," has been identified in AMD's Zen architecture, affecting multiple generations of products. However, Haiguang's C86 processor is not impacted, highlighting the security advancements in domestic processors [5][14]. Summary by Sections Market Performance - The semiconductor sector has shown strong performance, with the electronic sector up 63.2% over the past 12 months, significantly outperforming the CSI 300 index [2][3]. Key Company Announcements - Companies to watch include Guanghe Technology, Haiguang Information, Longxin Zhongke, and Huahong Technology, with specific earnings per share (EPS) and price-to-earnings (PE) ratios provided for the rated companies [15][16]. Industry Dynamics - The semiconductor industry is witnessing a shift in demand dynamics, with traditional DRAM and NAND prices rising due to increased AI storage needs and production shifts by major players [50][51].

Investment 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]

Summary of Delton (001389.SZ) Conference Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI Key Points 1. Capacity Expansion - Delton is committed to expanding its capacity in mainland China and Thailand - The third factory in Guangzhou began construction in August 2025, focusing on Multi-layer PCB (MLPCB) and HDI, with mass production expected in Q4 2026 and revenue contributions in 2027 [3] - The Thailand factory started mass production in June 2025, projected to turn profitable by December 2025, and aims to fully ramp up phase 1 by the end of 2026, with the second stage contributing revenues in 2027 [3] 2. General Servers Outlook - Delton is a leading PCB supplier for general servers, serving major server brands and ODMs globally - General servers are currently the major revenue contributor, with an expected increase in AI PCB contributions - Global shipments of general servers are typically 3-5% YoY, but Delton anticipates double-digit shipment growth in 2026 due to strong orders and specification upgrades (e.g., from PCIE 5.0 to 6.0) [4] 3. AI Servers Outlook - Management is optimistic about expanding into AI servers, with the gross margin for AI server PCBs projected to be 5-6 percentage points higher than that for general servers - Delton aims to leverage its experience with Taiwan ODMs to penetrate the AI server PCB market, targeting leading US cloud service providers [8] 4. Market Growth Projections - The global AI server PCB total addressable market (TAM) is expected to grow at a 140% CAGR from 2025 to 2027, reaching approximately US$27 billion by 2027 [1] - This growth is driven by strong demand for high-end AI servers, PCB specification upgrades, and increased capital expenditure for accelerated expansion [1] Additional Insights - Delton's strategy includes enhancing its product mix to improve blended gross margins, indicating a focus on higher-value products in the AI segment [8] - The company is positioning itself to capture rising demand in the AI PCB market, which is becoming increasingly significant in the overall PCB landscape [2]

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies, such as昊志机电 and 胜宏科技 [1][3][5] Company Performance - 昊志机电 expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%, with a non-net profit forecast of 77 million to 112 million yuan, reflecting a growth of 79.77% to 163.19% [1][3] - 胜宏科技 anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, indicating a year-on-year increase of 260.35% to 295% [3][5] Market Drivers - The growth in the PCB industry is attributed to the rapid increase in demand for AI computing infrastructure and the continuous upgrade of consumer electronics, which has significantly boosted sales of specialized processing equipment [3][5] - The sales revenue of PCB spindle products from 昊志机电 reached 169 million yuan, marking an increase of 83.99% [3] Industry Trends - The PCB market is entering a high prosperity cycle due to the explosive growth of AI applications, with increasing demand for high-density interconnect (HDI) and multi-layer boards [7] - Consulting firm Prismark predicts a global PCB market value growth of approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [7] Competitive Landscape - Companies like 金安国纪 and 东威科技 are also forecasting significant profit growth, with 金安国纪 expecting a net profit of 280 million to 360 million yuan, reflecting a year-on-year increase of 655.53% to 871.40% [6][7] - The industry is witnessing a trend of domestic companies enhancing their production capacity and focusing on high-end products to maintain competitive advantages in the global market [5][6]