证券日报网讯 1月8日，沃尔核材在互动平台回答投资者提问时表示，公司的高速通信线处于产业链上 游，通过国内外连接器行业领先客户最终供应国际、国内各大服务器厂商终端使用。目前，公司是单通 道224G高速线的主要供应商，得到行业头部客户的认可并持续交货中；且公司已完成单通道448G高速 通信线样品的开发工作，并交给重点客户验证中。 （编辑 楚丽君） ...

Investment Rating - The report gives a "Buy" rating for Shengyi Electronics (688183.SH) for the first time [6]. Core Viewpoints - Shengyi Electronics, established in 1985 and listed in 2021, has become a leading PCB supplier in China, focusing on high-end applications in communication networks, computers/servers, and automotive electronics [10][13]. - The company is experiencing significant growth in high-value products, with a revenue increase of 114.79% year-on-year in the first three quarters of 2025, driven by the rising demand for AI and high-speed communication PCBs [17][21]. - Shengyi Electronics is actively expanding its production capacity and investing in high-end PCB projects, with a total investment of 4.5 billion yuan planned for new projects [51][52]. Summary by Sections Company Overview - Shengyi Electronics has a total share capital of 832 million shares and a market capitalization of 87.4 billion yuan, with a major shareholder holding 62.93% [6][15]. - The company has been recognized multiple times as an "Excellent Supplier" and "Gold Supplier" by core clients, reflecting its strong customer relationships and product quality [10]. Financial Performance - The projected revenue for 2023 is 3.273 billion yuan, with a forecasted increase to 10.83 billion yuan by 2025, representing a year-on-year growth of 131.1% [5]. - The net profit is expected to rise from a loss of 25 million yuan in 2023 to a profit of 1.676 billion yuan in 2025, indicating a significant turnaround [5]. Market Trends - The global PCB market is projected to grow, with an expected value of 69.517 billion USD in 2024, increasing to 79.128 billion USD in 2025, driven by the demand for AI infrastructure [25][28]. - Shengyi Electronics is positioned to benefit from the increasing demand for high-end PCBs, particularly in AI servers and high-speed communication equipment, as the industry continues to evolve [30][32]. Strategic Initiatives - The company is focusing on high-end product lines and has successfully transitioned to AI computing infrastructure, achieving large-scale production of AI server motherboards and accelerator cards [48]. - Shengyi Electronics plans to enhance its production capacity through a public offering, aiming to invest 2.6 billion yuan in high-end PCB production facilities [51][52].

主线的开始，Q 布和铜箔 20251222 摘要 Q 布（改良版碳金属）在性能上优于 PTFE 方案，预计将在 Ruby 系列 产品（Service Tree、Meta Pando、CPX 等基板）中量产导入，但面 临斗山和台光两种方案选择，前者易实现但性能稍逊，后者性能优越但 加工难度大。 Q 布供应链面临挑战，国内菲利华占据主导但良率低，需提升窑炉稳定 性并扩建产能；PCB 厂商需改进钻针性能以应对 Q 布高硬度，并采用超 快激光或混合方案提高加工效率。2026 年 1 月中旬将决定 Ruby 系列 能否批量使用 Q 布。 国内菲利华已量产 Q 布，海外企业多处于研发阶段，菲利华产能 70%已 被锁定。PCB 厂家使用 Q 布方案的预估良率约为 70%，主要受原材料 和钻针消耗影响。若 Q 布供应链在 2026 年 Q1 未准备好，Ruby 系列 应用可能转移到 Ultra 背板。 Q 布与 PTFE 方案可能并行，前者性能更优但供应链存在问题。高长径 比钻针与激光钻孔的瓶颈取决于具体设计，高多层板主要瓶颈在于钻针， HDR 版本则转移到激光钻孔。 Q&A 近期在 PCB 上游领域，交换托盘和正胶背板有哪 ...

Group 1 - The company has been asked by investors about the availability of active copper connection products and the differences between these and its copper connection offerings [2] - The company responded that its high-speed communication wires are bare wire products, which can be widely applied in AEC (Active Copper Cables) and DAC (Passive Copper Cables) [2]

Group 1 - The company expects to have over 20 imported foam core extrusion machines operational by the end of this year [1] - Currently, the company has 7 foam core extrusion machines, and they are assessing production capacity based on market demand [1] - The demand for high-speed communication is increasing, leading to an expanding market space for the company's products [1]

Core Insights - The company will have over twenty imported foam core line extruders by the end of this year [1] - The demand for high-speed communication is increasing, leading to an expanding market space [1] - The company plans to match production capacity according to customer needs [1]

Core Viewpoint - Longi Technology reported a revenue of 28.669 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 14.78%, while net profit attributable to shareholders decreased by 11.39% to 0.954 billion yuan due to rising raw material costs and increased financial expenses [1][2]. Revenue and Profit Summary - In Q3 2025, the company achieved a revenue of 10.064 billion yuan, marking a year-on-year increase of 6.03% and a quarter-on-quarter increase of 8.56% [2]. - The gross profit margin for Q3 2025 reached 14.25%, an increase of 2.02 percentage points year-on-year, contributing to a net profit margin increase of 1.94 percentage points to 4.80% [2]. - The net profit for Q3 2025 was 0.483 billion yuan, representing a year-on-year increase of 5.66% and a significant quarter-on-quarter increase of 80.60% [2]. Business Growth and Structural Optimization - The company has seen significant growth in high-growth sectors, with revenues from computing electronics, automotive electronics, and industrial and medical electronics increasing by 69.5%, 31.3%, and 40.7% year-on-year, respectively [3]. - The automotive electronics segment has successfully integrated power module packaging and automotive-grade MCU technology, leading to strategic projects with major global clients [3]. - The acquisition of 80% of Shengdie Semiconductor has allowed the company to leverage over 20 years of storage packaging technology, positioning it well for the enterprise SSD market [3]. R&D Investment and Future Growth - R&D expenses for the first three quarters of 2025 reached 1.54 billion yuan, a year-on-year increase of 24.7%, focusing on key technologies such as glass substrates and high-density SiP [4]. - The company is gradually launching new high-end capacities in automotive electronics and wafer-level projects, enhancing its delivery capabilities in high-value markets [4]. - The synergy between technological breakthroughs and capacity releases is expected to solidify the company's competitive edge in advanced packaging and capture strategic opportunities in AI and automotive electronics markets [4].

Core Viewpoint - The article emphasizes the critical role of high-frequency and high-speed PCBs in various applications such as AI, high-speed communication, data centers, and consumer electronics, highlighting their performance stability and reliability as key factors for system signal integrity and operational efficiency [1]. Upstream, Midstream, and Downstream Summary - Upstream: Material suppliers provide high-performance substrate materials, where key parameters like dielectric constant (Dk/Df) and copper foil surface roughness (SR) directly impact PCB signal transmission performance [2]. - Midstream: PCB manufacturers utilize the supplied materials to produce multilayer high-frequency and high-speed circuit boards, catering to complex application demands through advanced manufacturing processes [2]. - Downstream: End customers integrate high-frequency and high-speed PCBs into various electronic devices, including AI servers, data centers, communication equipment, and smart terminals [2]. Key Testing Indicators for High-Speed PCBs - The main testing projects for PCBs include frequency domain S-parameters, time domain impedance, rise time, skew, eye diagrams, and material characteristics, which collectively assess transmission performance, impedance characteristics, timing characteristics, and signal integrity [3]. S-Parameter Testing - S-parameter testing is a routine evaluation method for high-speed PCBs, allowing designers to assess transmission and reflection performance, with a particular focus on insertion loss performance indicated by Sdd21, which reflects signal attenuation during transmission [5]. Time Domain Impedance Testing - Time domain impedance testing is crucial for evaluating the impedance characteristics of high-speed PCBs, providing insights into transmission line characteristics and impedance matching [8]. Rise Time and Skew Testing - Rise time testing measures the signal's rise time, reflecting transmission speed and response time, while skew testing measures the time delay differences between different signal lines, assessing signal synchronization and timing accuracy [10]. Eye Diagram Testing - Eye diagram testing is essential for evaluating signal integrity in high-speed PCBs, allowing for the observation of noise, jitter, and distortion issues [12]. Dk/Df Testing for PCB Copper Clad Materials - Dk (dielectric constant) and Df (loss factor) testing of PCB copper clad materials are vital for assessing dielectric performance and energy loss characteristics, with common measurement methods including resonant cavity methods [14]. De-embedding Applications and Methods - De-embedding is crucial for accurate PCB testing, as it eliminates the influence of fixtures on the test results. Various de-embedding methods are employed, including basic de-embedding, advanced time-domain de-embedding, and specialized methods like TRL and Delta-L [16][18]. New Challenges and Testing Requirements - The testing of high-frequency and high-speed PCBs faces new challenges due to the continuous development of high-speed technologies, necessitating comprehensive consideration of material properties, signal integrity, and compliance with standards [23][27]. Specific Challenges in High-Frequency Testing - The emergence of resonant issues in PCB lines at high frequencies and the need for improved de-embedding methods for frequencies exceeding 40GHz are highlighted, with ongoing research into Delta-L measurement solutions for 67GHz [24][26]. Conclusion - The industry must innovate and optimize testing solutions to meet the evolving demands of high-speed applications, ensuring that PCB designs comply with the requirements of 5G, AI, and supercomputing [27].

Core Viewpoint - The company, Wolong Cable (002130), has established strong relationships with major international clients in the high-speed communication cable sector, showcasing its competitive advantages in product development and manufacturing capabilities [1] Group 1: Client Relationships - The company's direct international clients in high-speed communication cables include Amphenol, Huber+Suhner, Molex, and TE Connectivity, indicating a robust client base [1] Group 2: Competitive Advantages - The subsidiary, Letin Intelligent, has extensive experience in the communication cable industry, which contributes to its strong product development and process control capabilities [1] - The company possesses leading technical strength and key equipment reserves in the high-speed communication cable field, positioning it favorably within the industry [1] Group 3: Industry Position - The company has formed long-term stable partnerships with top domestic and international clients, reflecting its solid standing in the market [1]

Group 1 - The core viewpoint of the news is that Guangdong Dingtai High-Tech Co., Ltd. held an earnings briefing to address investor concerns regarding its performance and growth potential, particularly in the high-end PCB market [1][2] - The significant growth in the first quarter was attributed to increased market demand, optimized product structure, and improved internal operational efficiency [1] - The company anticipates that the demand for high-performance, high-value-added drilling needle products will increase due to the development of industries such as AI, data centers, high-speed communications, and automotive electronics [1] Group 2 - The company is committed to a global development strategy, planning to increase resource investment in key overseas markets, enhance technical support and customer service capabilities, and strengthen brand international influence [2] - The company has developed the technical capability to produce high-performance drilling needles, which meet the demands of the high-end market, through technological innovation and process accumulation [2]