Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. maintains a stable credit rating of AA, with a positive outlook due to its strong market position and product advantages in the PCB industry [4][8]. Company Overview - The company ranks 10th globally and 3rd among domestic PCB manufacturers in China, benefiting from a diverse customer base and broad application fields including automotive, communication technology, and consumer electronics [6][18]. - The company has a significant number of patents, with 30 new invention patents added in 2024, enhancing its competitive edge [6][18]. Financial Performance - Total assets increased to 203.41 billion RMB in 2024, with total liabilities at 172.31 billion RMB, reflecting a healthy financial position [4][21]. - Revenue for 2024 reached 126.59 billion RMB, with a net profit of 11.60 billion RMB, indicating growth driven by demand in data centers and automotive electronics [4][21]. - The EBITDA margin was 22.73% in 2024, although it experienced a slight decline due to rising raw material costs [21][25]. Market Position and Competitive Landscape - The company holds a strong market share in the PCB industry, with a focus on high-density interconnect (HDI) products, which are expected to see significant growth due to AI server demand [11][12]. - The PCB market is projected to grow, with a global market value of 73.6 billion USD in 2024, driven by recovery in the AI server and consumer electronics sectors [10][11]. Operational Environment - The company operates multiple production bases in China and is expanding internationally, with a focus on maintaining high capacity utilization rates [18][19]. - The PCB industry is facing challenges from high raw material prices and increased competition, which may impact profit margins [13][20]. Future Outlook - The company is expected to continue benefiting from its strong market position and diverse applications, although it must navigate potential cost pressures and external factors such as U.S. tariff policies [7][17]. - The credit rating agency maintains a stable outlook for the company, anticipating sustained business viability due to its leading position in the PCB sector [8].

金信诺 20250624 摘要 金信诺传统电线电缆业务营收稳定，占比 50%-60%，约 10-12 亿元， 为公司提供坚实基础。高速项目营收快速增长，2024 年达 3.4 亿元， 已与浪潮、华三等厂商合作，并向头部互联网企业送样，预计 2026 年 持续上量，Marvell 的 AI 芯片可能成为新的增长点。 PCB 业务整合常州安泰诺与赣州信丰产能后，亏损显著减少，预计 2025 年订单持续增长，营收有望达 3 亿元。2025-2026 年固定资产折 旧完成，PCB 业务预计迎来拐点，或将显著提升公司盈利能力。 高速项目已成为国内领先企业，主力产品为 PEACE5.0，并预研 6.0 版 本。AI 服务器内部线缆需求显著增长，尤其是 ASIC 服务器，线缆使用 量远超传统服务器，推动整体价格上升，为公司高速线缆业务带来增长 机遇。 新一代 ASIC 服务器对 Kaleyra 数量需求无显著提升，但单品价值更高， 性能从 PCIe 5.0 升级到 6.0，预计 2026 年第三季度大规模应用。英伟 达 GB200 和 GB300 服务器并行存在，散热问题已解决，两者价值量差 异不大。 Q&A 请简要介绍一 ...

周专题：浮法玻璃价格还有多少下跌空间？ ——建材、建筑及基建公募REITs周报（6月16日-6月20日） 2025年6月24日 孙伟风，光大建筑建材首席分析师，执业证书编号：S0930516110003 陈奇凡，光大建筑建材分析师，执业证书编号：S0930523050002 证券研究报告 核心观点 风险提示：基建投资不及预期；房地产需求恢复不及预期；原燃料价格上涨。 请务必参阅正文之后的重要声明 1 周专题：浮法玻璃价格还有多少下跌空间？当前，天然气/动力煤/石油焦燃料的玻璃吨毛利分别为-97/93/-144元，与 24年9月价格低点的吨毛利相比，下跌空间为149/240/-9元；若后续玻璃价格持续低迷或继续阴跌，企业持续亏损或使 得供给端日熔量加速收缩。需求端，7-8月雨水天气及高温天气较多，预计下游需求相对疲软；9月及Q4逐步进入传统 施工旺季，玻璃供需格局或将阶段性改善，有望复制24Q4的提价及股价反弹机会。此外，应当注意纯碱价格持续下跌 背景下，玻璃价格可能会创本轮下行周期的价格新低。截至2025.6.20，玻璃价格为1190元/吨，较24年9月末的价格低 点（1160元/吨）仅有30元的下跌空间；但 ...

以下是2025年6月23日的财经热点梳理： --- 一、股市动态与市场情绪 1. A股震荡调整 - 周五（6月20日）A股全天震荡走低，创业板指领跌0.84%，深成指跌0.47%，沪指微跌0.07%。市场成交量缩至1.07万亿元，显 示观望情绪浓厚。 - 技术面显示，大盘仍处于3300-3400点的箱体结构，创业板指逼近60日均线，短期存在破位风险。 2. 外围市场影响 - 美股三大指数涨跌不一，科技股普遍下跌，谷歌跌近4%，苹果逆势涨超2%。中概股表现分化，纳斯达克中国金龙指数跌 0.92%。 --- 二、政策与重大事件 1. 美国关税政策落地 - 美国自6月23日起对钢制家用电器加征关税，亚太股市集体调整。市场担忧家电出口企业（尤其是北美市场依赖型厂商）利润 承压，部分企业考虑转产东南亚或改用铝合金替代钢材。 2. 美联储政策博弈 - 美联储6月议息会议维持利率不变，但"点阵图"显示2025年降息预期从两次下调至一次，释放"鹰派"信号。特朗普持续施压要 求大幅降息，鲍威尔强调政策独立性，市场对降息路径分歧加剧。 3. 跨境支付通启动 - 中国央行与香港金管局联合推出"跨境支付通"，实现内地与香港双向汇款零 ...

证券代码：300689 证券简称：澄天伟业 编号：2025-006 深圳市澄天伟业科技股份有限公司投资者关系活动记录表 | | ☑特定对象调研□分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观□其他 | | 参与单位名称 | 国泰海通、玖稳资产、衍进资产 | | /人员姓名 | | | 时间 | 2025 年 6 月 18 日 | | 地点 | 深圳市南山区粤海街道高新区社区高新南九道 10 号深圳湾科技生态 | | | 园 10 栋 B 座 34 楼公司会议室 | | 上市公司接待 | 董事：宋嘉斌 | | 人员姓名 | 董事会秘书、财务总监：蒋伟红 | | | 证券事务代表：陈远紫 | | | 一、公司介绍公司基本情况和发展历程。 | | | 二、与调研机构的互动交流。 | | | 公司与调研机构方互动交流的主要内容如下： | | | Q1、2025 年一季度业绩高增长的具体原因？ | | | 答：增长原因如下： （1）持续加大智能卡产品销售力度，依托于行业内端到端的全产业 | | 投资者关系活 | ...

广东省梅州市莲花山脉五指峰下的雁洋镇，是"八山一水一分田"的山区镇。在青山与梅江的环抱下，广 东嘉元科技股份有限公司的智能化生产车间便坐落于此。 "这些全固态及半固态电池所用铜箔已实现小批量供应，为固态电池的生产提供了关键的负极集流体材 料。"近日，嘉元科技董事长廖平元在接受上海证券报记者专访时表示，高端铜箔的国产化，本就是一 场没有退路的战役。突围的关键，就是要把技术攥在自己手里。 一张铜箔的"厚度革命" 在锂电铜箔行业，"薄如蝉翼"一直是竞争力的代名词。"2001年，公司刚创立时，即瞄准了18微米至35 微米的中高端PCB铜箔产品。"廖平元回忆，彼时，国内厂商的生产设备都依赖进口，一台设备的价格 抵得上半条生产线。"我们只能咬牙走这条路，一步一步积累技术经验。" 2005年，嘉元科技开始向更薄、更高端的12至15微米电解铜箔进军；2008年，嘉元科技掌握了8微米超 薄锂电铜箔的生产技术；2016年至2017年，嘉元科技掌握了6微米极薄锂电铜箔的核心技术…… "事实上，公司发展的每一步都像在钢丝上行走，挑战比想象中更大。"廖平元告诉记者，这一片片铜箔 产品看起来并不起眼，却是电子工业中的关键基础材料，广泛应 ...

报告援引供应链最新消息称， Meta计划在2025年底至2026年间推出数款高规格AI ASIC芯片，总量或达 100万至150万片， 与此同时，谷歌、AWS等云服务巨头也在加速自研ASIC部署，AI服务器市场的竞争格 局正悄然生变。 01 AISC芯片迎爆发 明年出货量或超英伟达 报告显示，目前英伟达在AI服务器市场价值占比超过80%，而ASIC AI服务器价值占比仅为8-11%。 野村证券表示，Meta计划在2025年底至2026年间推出数款高规格AI ASIC芯片，总量或达100万至150万片，在此助推 下，ASIC总出货量有望在2026年某个时点超越英伟达GPU。 硬·AI 作者 | 李笑寅 编辑 | 硬 AI ASIC服务器崛起，能否撼动英伟达霸主地位？ 据追风交易台消息，野村证券分析师Anne Lee及其团队最新发布的研报显示，Meta在AI服务器领域的雄 心正在迅速升温，其自主研发的ASIC（专用集成电路）服务器项目MTIA预计将在2026年迎来关键突破， 可能对英伟达长久以来的市场霸主地位发起挑战。 报告显示，据供应链估计，Meta希望2025年底至2026年实现100万至150万片ASIC出 ...

Summary of Huaguang New Materials Conference Call Company Overview - **Company**: Huaguang New Materials - **Main Business**: Soldering materials, including silver paste, copper-based materials, and other soldering materials [3][4] Industry Insights - **Downstream Market**: The main markets are refrigeration and HVAC, accounting for approximately 47% of revenue. The home appliance segment has decreased from over 70% to around 45%, but still maintains a growth rate of about 20% [2][3] - **Low-Temperature Soldering Materials Market**: The domestic market is valued at approximately 40 billion yuan. Revenue from low-temperature soldering materials reached about 300 million yuan in 2024, with expectations to exceed 500 million yuan in 2025 [6] Key Financial Metrics - **Revenue Growth**: - Silver paste and rare metal materials revenue reached 300 million yuan in 2024, a 200% increase year-on-year [2][4] - Rare metal materials revenue grew ninefold to 170 million yuan [2][4] - Expected revenue for special metal materials to surpass 300 million yuan in 2025 [5] - **Profit Margins**: - Gross margin for main business has been affected by raw material price fluctuations, particularly silver prices. However, there is an upward trend in gross margin since 2023 [7][9] - Information materials are expected to enhance overall gross margin due to their rapid growth and higher margins [7][9] - **Stock Performance**: The stock price has doubled since September 2024, and the current valuation is considered low [2][8] Growth Strategies - **Second Curve Growth**: Significant growth in silver paste and rare metal materials, with a focus on high-margin tin-based products like tin solder paste and pre-formed solder sheets [2][4][6] - **New Business Ventures**: - Breakthroughs in AI server liquid cooling plates, with expected revenue of nearly 100 million yuan for the year [11] - Collaboration in robot thermal management with Sanhua [11] - **Capacity Expansion**: Total production capacity will reach 10,000 tons after new production starts in 2025, supporting revenue growth [14] Market Position and Future Outlook - **International Market**: Huaguang has made significant progress in overseas markets, particularly in Southeast Asia, with plans to expand production capacity to 4,500 tons [10] - **Financial Health**: Despite poor operating cash flow, financing cash flow remains positive, allowing for capacity expansion and alleviating financial pressure [12][13] - **Long-Term Growth Potential**: The company is transitioning from mid-temperature soldering materials to low-temperature fields and equipment solutions, aiming to become a platform company [18][19] Conclusion - **Performance Expectations**: Projected revenue for 2025 is around 2.5 billion yuan, with net profit margins expected to improve from under 4% in 2024 to 5% [17] - **Investment Thesis**: The company is positioned for sustained growth through diversification, new product development, and market expansion, making it an attractive investment opportunity in the soldering materials sector [19]

| （1）叠层平台功率电感适合制造超小、超薄尺寸功率 | | --- | | 电感，主要面向手机、智能穿戴、模块芯片等功率1-10W的 | | 应用场景； | | （2）涂覆平台功率电感可制造的产品尺寸、感量范围 | | 非常广，性价比高，主要面向手机、家电、安防、车载等功 | | 率5-50W的应用场景； | | （3）组装平台功率电感适合制造中大尺寸、大电流功 | | 率电感，主要面向服务器、工业等功率50W以上的应用场景； | | （4）模压平台功率电感可制造的产品尺寸、感量范围 | | 较广，主要应用于手机、PC、车载、服务器等功率5-2000W | | 的应用场景。其中超低压平台功率电感以其卓越的低损耗、 | | 高可靠性优势，在高端消费电子、DDR5、电源模块等领域得 | | 到客户青睐；铜磁共烧平台电感凭借领先的高功率密度特 | | 性，在AI服务器领域颇受好评。 | | 公司对应不同细分市场客户及应用，为客户提供全面、 | | 系统、性价比高的功率电感解决方案。 | | 6、请问公司所处的行业的竞争格局？ | | 回答： | | 公司所在电子元器件行业属于重资本投入行业,对于初 | | 期投资 ...