Investment Rating - The report assigns a "Buy" rating to the company [10] Core Views - The company is expected to benefit from the recovery of the PCB industry, along with the expansion of AI PCB production and new technology iterations, leading to simultaneous increases in volume, price, and profit [2][8] - As a leading PCB equipment manufacturer, the company has significant platform advantages, and its performance is anticipated to continue growing at a high rate [2][8] - The company aims to establish a comprehensive platform layout covering the entire production process of PCB equipment, from traditional rigid boards to high-end products like IC substrates and HDI [2][5] Summary by Sections Company Overview - The company has been a global leader in PCB equipment for over 20 years, focusing on the development, production, and sales of PCB specialized equipment [5][20] - Its product range includes drilling, exposure, forming, and testing equipment, covering all core production processes in PCB manufacturing [5][31] Market Dynamics - The global PCB market is entering a new recovery cycle, driven by structural growth momentum from AI technology innovations and the rapid growth of the electric vehicle market [49] - The demand for PCB specialized processing equipment is rebounding quickly due to the explosive demand for infrastructure in the AI industry and the recovery of the consumer electronics market [5][27] Financial Projections - The company is projected to achieve net profits of 580 million, 860 million, and 1.18 billion yuan from 2025 to 2027, corresponding to PE ratios of 69, 46, and 34 times [2][8] - In 2024, the company expects significant revenue growth, with a projected revenue of 3.343 billion yuan, a year-on-year increase of 104.56% [27] Product Matrix and Competitive Advantage - The company is building a collaborative product matrix across all production processes, enhancing its platform advantages [7][31] - Its core advantages include the synergy of technology platforms, comprehensive service capabilities, and breakthroughs in high-end markets [7][31] Customer Base and Sales Strategy - The company serves 80% of the top 100 global PCB companies and has a stable customer base, including well-known domestic and international manufacturers [36][37] - The sales model primarily involves direct sales, with some products sold through agents and distributors to enhance cooperation with foreign PCB manufacturers [38]

（文章来源：每日经济新闻） 中信证券认为，横向对比光模块，强增长逻辑、高产业壁垒/定位决定了AI PCB有望获得超额估值。历 史来看，2023年以来，由于光模块龙头公司率先进入全球AI算力供应链，业绩增长周期相对前置，且 市场对光模块（爆发增长）和PCB（从周期复苏到快速成长行业）的发展属性认知存在差异，PCB估值 整体相对较低（2023年以来光模块的预测PE（当年度）均值/峰值分别为26x、83x，而PCB为23x、 37x）。但目前AI PCB公司逐步进入全球算力链，供不应求关系获得市场认知，估值已逐步超过光模 块。展望后续，AI PCB行业具有逻辑强（持续升规迭代，量价双升）、产业阶位高（从组件供应商身 份向AI芯片协作开发者身份升级）的超额价值。 资料显示，5G通信ETF（515050），跟踪中证5G通信主题指数，深度聚焦英伟达、苹果、华为产业 链，覆盖了多个AI算力、6G、PCB、通信设备、服务器、光模块、消费电子、半导体、物联网等细分 行业的龙头个股。相关ETF全称：华夏中证5G通信主题ETF（515050），场外联接(A类：008086；C 类：008087)。 7月14日，A股三大指数高开，T ...

Market Performance - The Shanghai Composite Index closed at 3420.57 points, up 1.15%, with a trading volume of approximately 544.9 billion yuan [2] - The Shenzhen Component Index closed at 10217.63 points, up 1.68%, with a trading volume of approximately 869.7 billion yuan [2] - The ChiNext Index closed at 2064.13 points, up 2.30%, with a trading volume of approximately 441.7 billion yuan [2] - The STAR Market Index closed at 1198.12 points, up 2.07%, with a trading volume of approximately 103.1 billion yuan [2] - The North Star 50 Index closed at 1418.02 points, up 3.65%, with a trading volume of approximately 33.8 billion yuan [2] Sector Performance - The solid-state battery sector and humanoid robot sector led the gains, with significant increases in other sectors such as reducers, PEEK materials, integrated die-casting, tire pressure monitoring, automotive thermal management, composite copper foil, autonomous driving, high-speed charging, liquid cooling servers, power battery recycling, industrial mother machines, and cloud gaming [1] - Conversely, sectors such as oil and gas extraction, combustible ice, and port shipping experienced notable declines [1] Institutional Insights - Market activity is improving as it recovers from external geopolitical conflicts, with a focus on sectors expected to outperform due to upcoming mid-year earnings reports [3] - Key sectors to watch include high-end manufacturing, new energy, and technology that aligns with national strategic directions [3] - The securities industry is experiencing a trend of mergers and acquisitions, with a focus on strong leading brokerages and those enhancing core competitiveness through restructuring [3] Solid-State Battery Developments - Companies like Winbond Technology, Lead Intelligent, and Xingyun Co. have completed core equipment deliveries for solid-state batteries, significantly catalyzing the sector [4] - Investment in solid-state battery equipment ranges from 400 million to 500 million yuan per GWh, which is substantially higher than traditional liquid lithium battery equipment [4] - The push for semi-solid and fully solid production lines by battery manufacturers, along with policy support, is expected to enhance capital expenditure in the solid-state battery materials sector [4]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has seen a strong increase of 4.18%, with constituent stocks such as Liyuanheng (688499) rising by 20.01%, Huasheng Lithium Battery (688353) by 15.20%, and Zhenhua New Materials (688707) by 12.99% [1] - The Sci-Tech Innovation New Energy ETF (588830) increased by 4.04%, with the latest price reported at 1.08 yuan, indicating active market trading with a turnover rate of 17.07% and a transaction volume of 77.3467 million yuan [1] - Solid-state battery core equipment deliveries by companies like Winbond Technology, Xian Dao Intelligent, and Xingyun Co. have significantly catalyzed the sector [1] Group 2 - The Sci-Tech Innovation New Energy ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index, which selects 50 large-cap stocks from the photovoltaic, wind power, and new energy vehicle sectors to reflect the overall performance of representative new energy companies [2] - As of May 30, 2025, the top ten weighted stocks in the index include JinkoSolar (688223), Trina Solar (688599), and Canadian Solar (688472), collectively accounting for 51.28% of the index [2]

Overall Viewpoints - Wind Power: The issuance of Document No. 136 reshapes the logic of new energy installations. Due to the favorable output curve of wind power, sales of wind power stations are expected to recover, and profits from wind turbine manufacturing are likely to improve. Focus should be on wind turbine manufacturers, with Q2 performance potentially under pressure, while monitoring the degree of profit improvement in Q3-Q4 and the progress of power station sales [4]. - Solid-State Batteries: Companies like Winbond Technology, Leading Intelligent, and Xingyun Co. have completed the delivery of core equipment for solid-state batteries, significantly catalyzing the sector. The investment in solid-state battery equipment is 400-500 million per GWh, significantly higher than traditional liquid lithium battery equipment, with comprehensive upgrades in equipment requirements. The solid-state battery sector is seeing increased capital expenditure driven by policy support and the active promotion of semi-solid and all-solid experimental lines by battery manufacturers [4]. - Photovoltaics: After the anti-involution policy in Q4 2024 and the rush for installation in Q1 2025, the photovoltaic sector's debt repayment ability did not continue to deteriorate during Q1 2025. However, starting in May 2025, the decline in production and prices has led to further deterioration in the sector's debt repayment and profitability. It is expected that the next phase of supply or demand-side support policies will further strengthen the industry [4]. - Energy Storage: Recent adjustments in the stock price of Deye Technology are mainly due to European inventory factors leading to a downward revision of performance expectations. However, its valuation has entered a reasonable range, and it is still considered to have allocation value. Continuous monitoring of monthly data for household storage in July-August is necessary. The outlook for large-scale energy storage and commercial energy storage in Europe remains high, with a core focus on Q2-Q3 performance or order releases [5]. - Controlled Nuclear Fusion: The sector has seen significant adjustments recently, primarily due to changes in market style and a lack of catalytic factors. Future focus should be on domestic experimental pile bidding and the resonance of technological progress between China and the U.S. Controlled nuclear fusion remains an important thematic investment opportunity, with potential for repeated market speculation [6].

Investment Ratings - Power Equipment New Energy: Buy (Maintain) - Public Utilities: Buy (Maintain) - Environmental Protection: Buy (Maintain) [1] Core Views - Wind Power: Document 136 reshapes the logic of new energy installations, with wind power's output curve being favorable. Sales of wind power stations are expected to recover, and profits from wind turbine manufacturing are likely to improve. Focus on wind turbine manufacturers, with Q2 performance potentially under pressure, but watch for profitability improvements in Q3 and Q4, as well as progress in sales of power stations. Recommended companies include Mingyang Smart Energy, Yunda Co., and Goldwind Technology [4] - Solid-State Batteries: Companies like Winbond Technology, Xianlead Intelligent, and Xingyun Co. have completed the delivery of core equipment for solid-state batteries, significantly catalyzing the sector. Investment in solid-state battery equipment is 400-500 million per GWh, significantly higher than traditional liquid lithium battery equipment. The demand for solid-state battery materials is expected to rise due to policy support and advancements in AI PCB concepts. Recommended companies include Honggong Technology, Naconor, Winbond Technology, and Xiamen Tungsten [4] - Photovoltaics: After the anti-involution policy in Q4 2024 and the rush for installations in Q1 2025, the photovoltaic sector's debt repayment ability did not deteriorate further. However, from May 2025, production and prices in the photovoltaic sector have declined, leading to further deterioration in debt repayment and profitability. Anticipated supply or demand-side policies may strengthen the sector. Focus on integrated companies with low PB ratios, such as Aiko Solar and Tongwei Co. [5] - Energy Storage: Recent stock price adjustments for Deye Co. are primarily due to European inventory factors affecting performance expectations. However, its valuation has entered a reasonable range, and it is still considered to have allocation value. Monitor monthly data on household storage in July and August 2025. The outlook for large-scale energy storage and commercial energy storage in Europe remains positive, with key focus on Q2-Q3 performance and order releases. Recommended companies include Haibo Technology, Sungrow Power, Goodwe, and Deye Co. [5] - Controlled Nuclear Fusion: Recent adjustments are mainly due to market style changes and fewer catalytic factors. Future focus should be on domestic experimental pile bidding and technological progress between China and the US. Controlled nuclear fusion is seen as an important thematic investment opportunity, with potential for market speculation. Recommended company is Hezhan Intelligent [5] Summary by Sections - Wind Power: New installed capacity in 2024 is expected to be approximately 75.8 GW for onshore wind, a year-on-year increase of 9.68%, while offshore wind is expected to be about 4.0 GW, a year-on-year decrease of 40.85%. In the first four months of 2025, new installed capacity reached 19.96 GW, a year-on-year increase of 18.53% [7][8] - Public Utilities: As of June 20, 2025, the price of 5500 kcal thermal coal at Qinhuangdao Port is 619 RMB/ton, a slight increase from the previous week. Imported thermal coal prices remain stable [35] - Energy Storage Projects: Recent bidding information shows multiple large-scale energy storage projects, with a total capacity of 2830 MW and 9740 MWh across various projects [34]

Core Viewpoint - The market's perception of valuation levels for the PCB and CCL industries has become more rational, with fundamental changes becoming more critical drivers of stock prices rather than valuation and earnings growth [1][2]. PCB Industry - The PCB industry has shown significant improvement in fundamentals, with a year-on-year revenue growth of 24% and a net profit growth of 52% in Q1 2025 [3]. - The average gross margin for PCB companies has risen to 20.2%, and the net profit margin has increased to 6.1% [3]. - Export quantities for PCB remained stable, with a notable year-on-year growth of 14% in February, although March showed no significant increase due to high base effects [3]. CCL Industry - The CCL industry has also seen improvements, with all major manufacturers achieving profitability in Q1 2025, and average gross and net profit margins rising to 15% and 3%, respectively [4]. - CCL manufacturers experienced a year-on-year price increase of 17%, 23%, and 14% from January to March, indicating strong market demand [4][5]. - The monthly revenue growth for Taiwanese CCL manufacturers was 22%, 60%, and 34% from January to March, reflecting a strengthening market sentiment [5]. Investment Strategy - The PCB industry is expected to continue its growth momentum into 2025, with a confirmed upward trend in demand recovery [6]. - Despite concerns over long-term demand due to trade tensions, the current stock prices and valuations in the sector are believed to reflect the worst expectations, presenting opportunities for strong alpha companies [6].

盈利预测及投资建议：展望未来，我们认为公司高多层产品结构有望进一步优化，更高层数产品占比提 升，成为公司营收业绩增长的又一支柱。同时公司新产品放量及HDI 与高多层新建产能爬坡（惠州工 厂在现有产能基础上新扩50%HDI 和30%高多层，泰国工厂后续结合HDI 工艺的复合型高多层产能将投 产，越南工厂规划布局HDI 产品），叠加全球头部客户示范效应下，全球市场进一步打开。预计公司 2025/2026/2027 年分别实现营收201.21/281.97/345.68 亿元，归母净利润56/85/106 亿元，对应PE 为 12.7/8.4/6.7x，看好公司全球高阶HDI 龙头地位，维持"买入"评级。 风险提示：下游需求不及预期、行业竞争加剧、研发不及预期、数据测算误差。 AI PCB 全球核心厂商，进入营收业绩爆发期。胜宏科技实现PCB 全品类覆盖（PTH、HDI、FPC、软 硬结合板RigidFlex、FPCA、PCBA 等），具备70 层高精密线路板、28 层八阶HDI 线路板、14 层高精 密HDI 任意阶互联板、12 层高精密板软硬结合板RigidFlex、10 层高精密FPC/FPCA（线宽25um ...

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology [5] Core Views - Shenghong Technology's Q1 2025 performance significantly exceeded market expectations, indicating the beginning of high growth driven by barriers, customers, and R&D, positioning the company as a global leader in AI PCB [1][2] - The company is expected to achieve revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.3%, and a net profit of 1.135 billion yuan, up 69.0% year-on-year [11] - For Q1 2025, the forecasted net profit ranges from 780 million to 980 million yuan, representing a year-on-year growth of 272.12% to 367.54% [2] Summary by Sections Performance Analysis - The company anticipates a significant increase in orders for high-value products such as high-density interconnect (HDI) and AI multi-layer boards, driven by the acceleration of new AI server products from overseas major clients [2][3] - The complexity and high barriers associated with AI HDI technology are highlighted, with Shenghong's capabilities demonstrating a significant competitive advantage over other leading manufacturers [3] Product Development - Shenghong Technology has achieved a leading position in AI HDI technology and is rapidly advancing in high multi-layer board technology, collaborating closely with key clients to explore new product structures and materials [4] - The company has successfully integrated new technologies and materials, enhancing its product offerings and establishing a strong technical barrier in the industry [4] Market Trends - The report emphasizes the ongoing trend of AI HDI technology, which is essential for the performance upgrades of chip products, necessitating more efficient PCB designs [3] - The company is well-positioned to capitalize on the high demand for AI PCBs, with ongoing capacity expansions in Thailand and Vietnam to meet global needs [9] Financial Projections - Revenue forecasts for 2025 and 2026 have been raised to 20.115 billion yuan and 26.200 billion yuan, respectively, with net profit estimates adjusted to 4.620 billion yuan and 6.391 billion yuan [9] - The report projects a significant increase in profitability, with a PE ratio of 13.1 for 2025 and 9.4 for 2026, indicating strong future earnings potential [11]