Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is enhancing its product structure, with high-end PCB revenue accounting for over 60% of total revenue. Its product range includes high-layer boards, HDI boards, high-frequency boards, thick copper boards, backplanes, and rigid-flex boards, catering to diverse applications in communication, servers, mobile phones, computers, and automotive sectors. The high-end PCB market has high entry barriers due to technology, craftsmanship, capital, and scale [4]. - The company is ramping up production capacity with new factories coming online, which will drive revenue growth. The Shenzhen facility focuses on high-layer PCBs for 5G communication and aerospace, while the Jiangmen plants produce various PCBs for industrial control and automotive applications. The Zhuhai facilities are set to enhance production capabilities significantly by 2025, supporting the company's strategic growth and international market expansion [5]. - The company is committed to R&D, with a 8.35% year-on-year increase in R&D expenditure, amounting to 180 million yuan in the first half of 2025. Key technology developments include advanced packaging substrates and high-precision circuit boards for AI chips and automotive applications [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 73.1 billion yuan, 83.4 billion yuan, and 92.9 billion yuan, respectively. The net profit attributable to the parent company is forecasted to be 5.7 billion yuan, 6.9 billion yuan, and 7.9 billion yuan for the same years [7]. - The company is expected to see a revenue growth rate of 16.37% in 2025, followed by 14.23% in 2026 and 11.34% in 2027. The net profit growth rates are projected at 120.96% for 2025, 21.43% for 2026, and 13.60% for 2027 [11][14].

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]