证券研究报告：电子 | 公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -9% 4% 17% 30% 43% 56% 69% 82% 95% 108% 121% 崇达技术 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.70 | | --- | --- | | 总股本/流通股本（亿股）11.70 | / 7.29 | | 总市值/流通市值（亿元）207 | / 129 | | 52 周内最高/最低价 | 17.70 / 7.36 | | 资产负债率(%) | 37.6% | | 市盈率 | 73.75 | | 第一大股东 | 姜雪飞 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 崇达技术(002815) 高端板收入占比持续提升 l 投资要点 重视研发投入，开展多项关键技术研发。2025 年上半年，公司研 发费用投入 1.8 亿元，同比增长 8.35%，开展多项关键技术研发，包 括 AI 芯片用 ...

Core Viewpoint - The company has successfully established a mSAP (modified semi-additive process) production line, which is set to officially commence operations in September 2023, focusing on high-end applications in RF packaging substrates, SiP packaging substrates, PMIC packaging substrates, and TPMS substrates [1] Group 1 - The mSAP production line has achieved a line width/spacing capability of 20/20 micrometers for mass production, while the ETS buried line process can reach 15/15 micrometers, meeting the mass production requirements for advanced packaging substrates [1] - The company is currently centered on advanced packaging substrates and is building a technological moat through mSAP process upgrades and customer certification systems [1] - The COWOP technology is still in the industry research and validation stage, and the company has not yet directly engaged in COWOP packaging, but its experience in high-precision PCB manufacturing and advanced packaging substrates positions it for potential future involvement in higher-level packaging technology integration [1] Group 2 - The company will continue to monitor industry trends and assess technology extension paths in conjunction with market demand and technological maturity [1]

Core Viewpoint - Chongda Technology (002815.SZ) has successfully established a mSAP (Modified Semi-additive Process) production line, which is set to officially commence production in September 2023, focusing on high-end applications in RF packaging substrates, SiP packaging substrates, PMIC packaging substrates, and TPMS substrates [1] Group 1 - The mSAP process has achieved mass production capabilities with a line width/spacing of 20/20 micrometers, while the ETS buried line process can reach a line width/spacing of 15/15 micrometers, meeting the demand for advanced packaging substrates [1] - Products made using the mSAP process are already being shipped in large quantities, indicating a successful transition to mass production [1] - The company is currently centered on advanced packaging substrates and is building a technological moat through mSAP process upgrades and customer certification systems [1] Group 2 - The COWOP technology is still in the industry research and validation phase, and the company has not yet directly engaged in COWOP packaging [1] - The company's experience in high-precision PCB manufacturing, advanced packaging substrates, and AI server fields provides potential for future involvement in higher-level packaging technology integration [1] - The company will continue to monitor industry trends and assess technology extension paths based on market demand and technological maturity [1]