Summary of Delton (001389.SZ) Conference Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI Key Points 1. Capacity Expansion - Delton is committed to expanding its capacity in mainland China and Thailand - The third factory in Guangzhou began construction in August 2025, focusing on Multi-layer PCB (MLPCB) and HDI, with mass production expected in Q4 2026 and revenue contributions in 2027 [3] - The Thailand factory started mass production in June 2025, projected to turn profitable by December 2025, and aims to fully ramp up phase 1 by the end of 2026, with the second stage contributing revenues in 2027 [3] 2. General Servers Outlook - Delton is a leading PCB supplier for general servers, serving major server brands and ODMs globally - General servers are currently the major revenue contributor, with an expected increase in AI PCB contributions - Global shipments of general servers are typically 3-5% YoY, but Delton anticipates double-digit shipment growth in 2026 due to strong orders and specification upgrades (e.g., from PCIE 5.0 to 6.0) [4] 3. AI Servers Outlook - Management is optimistic about expanding into AI servers, with the gross margin for AI server PCBs projected to be 5-6 percentage points higher than that for general servers - Delton aims to leverage its experience with Taiwan ODMs to penetrate the AI server PCB market, targeting leading US cloud service providers [8] 4. Market Growth Projections - The global AI server PCB total addressable market (TAM) is expected to grow at a 140% CAGR from 2025 to 2027, reaching approximately US$27 billion by 2027 [1] - This growth is driven by strong demand for high-end AI servers, PCB specification upgrades, and increased capital expenditure for accelerated expansion [1] Additional Insights - Delton's strategy includes enhancing its product mix to improve blended gross margins, indicating a focus on higher-value products in the AI segment [8] - The company is positioning itself to capture rising demand in the AI PCB market, which is becoming increasingly significant in the overall PCB landscape [2]

Group 1 - The core viewpoint of the news is that 40 stocks were listed on the institutional leaderboard today, with 23 stocks experiencing net buying and 17 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions are: Zhongtung High-tech (3.05 billion), Dazhu CNC (2.79 billion), and ST Jiaao (240 million) [1] - Dazhu CNC saw a net buying of 2.79 billion from five institutions, and the stock price increased by 20% [2][3] Group 2 - Resonac, a well-known Japanese materials manufacturer, announced a price increase of over 30% for PCB materials such as copper foil substrates and adhesive films due to tight supply and significant price hikes [3] - The company is actively collaborating with industry-leading clients to develop cutting-edge technology solutions for AI PCB, focusing on high precision and complex structures [3] - TSMC's new advanced packaging line at the Jiayi AP7 factory is expected to double its capacity to 60,000 pieces per month by 2026, with plans to double again by 2027 [3]

Summary of Conference Call Notes Industry Overview: PCB Equipment Key Points - **Expansion Plans**: - Pengding plans to invest 4.3 billion yuan in expansion, focusing on HDI and HLC products aimed at AI servers, AI edge devices, and low-orbit satellites. The project is expected to be completed by the end of 2026, with PCB equipment orders anticipated to materialize within the same year [1][1][1] - **Technological Advancements**: - Huadian Co. is investing in a high-density optoelectronic integrated circuit board project in Jintan District, Changzhou, with a total investment of 300 million USD (phased into two parts). This initiative aims to establish platforms for cutting-edge technologies like CoWoP and advanced processes such as mSAP, focusing on next-generation technology directions like copper-light integration [1][1][1] Market Dynamics - **Accelerated Expansion and Technological Iteration**: - Leading PCB manufacturers are rapidly expanding, particularly in the AI PCB sector. Equipment manufacturers are expected to benefit significantly from this expansion wave, while material suppliers may see improvements in product structure due to the increasing layers in AI PCBs [2][2][2] - **High-End PCB Upgrades**: - Continuous advancements in chip technology are driving the upgrade of PCBs towards high-end applications, characterized by smaller aperture sizes and narrower line widths. Advanced packaging processes like CoWoP and micro-aperture/line-width processing techniques such as mSAP are expected to propel the development of high-end equipment, leading to increased demand for high-resolution LDI equipment and ultra-fast laser drilling [2][2][2] Investment Recommendations - **Focus Areas**: - It is recommended to pay attention to companies involved in the PCB drilling segment, such as Dazhu CNC, Zhongtung High-tech, and Dingtai High-tech, as well as those in the LDI segment like Chip Quik [2][2][2] Risk Factors - **Potential Risks**: - Macro-economic risks and the possibility of technology development falling short of expectations are highlighted as significant risk factors [2][2][2]

东威科技2025年业绩预告简评 1、预计25年归母净利润为1.2-1.4亿元，同比增长73.23%-102.10%；扣非净利润1.16-1.36亿元，同比增长88.09%- 120.63%。 按此测算，25Q4归母净利润0.35-0.55亿元（24年同期0.01亿元）。 2、25年VCP交付创历史新高超200台，接单也实现高增创历史新高，海外占比超20%。 受厂房 按此测算，25Q4归母净利润0.35-0.55亿元（24年同期0.01亿元）。 2、25年VCP交付创历史新高超200台，接单也实现高增创历史新高，海外占比超20%。 受厂房扩产等影响，公司费用端有增加，且部分设备海外确收周期拉长，实际生产更多。 3、海外扩产+AIPCB+设备更新共振，推动本轮PCB设备高景气。 PCB东南亚投资潮、AI需求、国内部分客户设备更新等共同推动行业需求。 高端产品方面，水平镀三合一采购客户持续增加；水平镀膜、磁控溅射用于生产HVLP5铜箔、PI电子铜箔、屏显 铜箔及屏蔽材料。 东威科技2025年业绩预告简评 1、预计25年归母净利润为1.2-1.4亿元，同比增长73.23%-102.10%；扣非净利润1.16-1.36 ...

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology (300476.SZ) [2][3] Core Views - Shenghong Technology is expected to achieve a net profit attributable to shareholders of approximately 4.16 to 4.56 billion yuan for the year 2025, representing a year-on-year growth of 260.35% to 295.00% [2] - The company is actively expanding its production capacity and is set to launch new materials, which is anticipated to drive significant revenue growth [2] - The company has established itself as a leader in the HDI (High-Density Interconnect) technology sector, with plans to advance to 10-layer 30-layer HDI product development [2] - Shenghong Technology's revenue is projected to reach 35.8 billion yuan in 2026 and 57.5 billion yuan in 2027, with net profits expected to be 10.5 billion yuan and 18.0 billion yuan respectively [2] Financial Summary - Revenue for 2023 is reported at 7.93 billion yuan, with projections of 10.73 billion yuan for 2024, 19.98 billion yuan for 2025, 35.80 billion yuan for 2026, and 57.54 billion yuan for 2027 [7] - The net profit attributable to shareholders is forecasted to grow from 671 million yuan in 2023 to 18.04 billion yuan in 2027, with significant year-on-year growth rates [7] - The latest diluted EPS is expected to increase from 0.77 yuan in 2023 to 20.73 yuan in 2027 [7] - The company’s return on equity (ROE) is projected to rise from 8.8% in 2023 to 47.8% in 2027 [7]

Core Viewpoint - CICC has initiated coverage on Jaxin International Resources (03858), focusing on its operations at the Bakuta tungsten mine in Kazakhstan, and has given it an "outperform" rating with a target price of HKD 95.00, based on a P/E valuation method corresponding to 22.6x and 14.8x P/E for 2026-2027 [2][10] Industry Overview - The global tungsten supply-demand balance is expected to remain tight, with tungsten prices likely to steadily increase. The supply side shows strong scarcity and high concentration, with China consistently holding the largest share of global tungsten production. Domestic supply is facing contraction pressures due to declining ore grades and stricter production regulations, while overseas tungsten mine development is generally slow. CICC forecasts a CAGR of +2.4% for global tungsten supply from 2023 to 2028. On the demand side, emerging needs from photovoltaic tungsten wire, AI PCBs, and large infrastructure projects are expected to boost domestic tungsten consumption. Additionally, ongoing geopolitical conflicts may trigger strategic stockpiling demand. CICC anticipates a CAGR of +2.7% for global tungsten consumption during the same period [3][11][12] Company Advantages - Jaxin International Resources possesses four core advantages that could establish it as a leading player in the mining sector in Central Asia. 1. **Good Resources**: The Bakuta tungsten mine has large reserves, low costs, and favorable conditions for large-scale development. 2. **Good Location**: The Bakuta project is strategically located with convenient transportation, benefiting from Kazakhstan's rich resources and favorable business environment, supported by the comprehensive strategic partnership between China and Kazakhstan and the Belt and Road Initiative. 3. **Good Mechanism**: The mixed ownership structure and management team are expected to empower the company. 4. **Good Growth**: The company shows strong growth potential in capacity expansion, deep processing, and resource replenishment, positioning it to become a leading non-ferrous company in Central Asia with global sales [4][13] Profit Forecast and Valuation - CICC projects the company's EPS for 2025-2027 to be HKD 0.63, HKD 4.18, and HKD 6.56, respectively, with a CAGR of 221.6%. The net profit attributable to the parent company is expected to be RMB 2.6 billion, RMB 17.2 billion, and RMB 26.3 billion for the same years. The current stock price corresponds to a P/E of 16.5x and 10.5x for 2026-2027. The initial coverage gives an "outperform" rating with a target price of HKD 95, indicating a potential upside of 38% [6][14]

风险 四大核心优势有望成就中亚地区极具国际竞争力的矿业领先者 一是好资源。巴库塔钨矿储量大，成本低，规模化开发条件优异。二是好区位。巴库塔项目位置优越， 交通便利。哈萨克斯坦资源丰富且具备良好营商环境，公司有望受惠于中哈永久全面战略伙伴关系 和"一带一路"支持。三是好机制。混合所有制结构和管理团队有望为公司赋能。四是好成长。公司在产 能扩张、深加工拓展、资源增储层面均具备较强成长性。更进一步，公司有望成为在中亚地区开发资 源，并将产品销往全球的领先的有色公司。 盈利预测与估值 中金预计公司2025-2027年EPS分别为0.63、4.18、6.56港币，CAGR为221.6%；归母净利润分别为2.6、 17.2、26.3亿人民币，当前股价对应2026-2027e16.5、10.5x P/E。首次覆盖给予跑赢行业评级，目标价95 港币，有38%上行空间。 中金发布研报称，佳鑫国际资源(03858)专注于哈萨克斯坦巴库塔钨矿运营，坚定看好公司。首次覆盖 佳鑫国际资源给予跑赢行业评级，目标价95.00港元，基于P/E估值法，对应2026-2027e22.6/14.8xP/E。 值得注意的是，该行不仅聚焦于公司产量及 ...

Core Viewpoint - Dazhu CNC's 2025 performance forecast significantly exceeds expectations, driven by the expansion of computing PCB and technological upgrades, indicating strong growth potential in the PCB equipment industry [2][4]. Group 1: Performance Forecast - The company forecasts a net profit attributable to shareholders of 7.85-8.85 billion, with a median of 8.35 billion, representing a substantial year-on-year increase of 177%. The non-recurring net profit is expected to be 7.80-8.80 billion, with a median of 8.30 billion, reflecting a year-on-year growth of 295% [2]. - For Q4 2025, the forecasted net profit attributable to shareholders is 3.43 billion, showing a year-on-year increase of 250% and a quarter-on-quarter increase of 50%. The non-recurring net profit is projected at 3.55 billion, with a year-on-year growth of 759% and a quarter-on-quarter growth of 57% [2]. Group 2: Industry Position and Product Development - Dazhu CNC is positioned as a leader in the mechanical drilling sector, with its CCD back-drilling machine showing significant advantages and doubling in value. The demand for orders is expected to increase quarterly, supported by a rising proportion of AI products, which enhances profitability [3]. - The company is preparing to double its production capacity this year, ensuring sufficient readiness for equipment delivery to PCB manufacturers in the coming years, with expectations of securing bulk orders from major PCB clients [3]. - The ultra-fast laser products from Dazhu are technologically advanced, offering advantages such as improved processing quality and efficiency, suitable for new technologies and material upgrades in the computing PCB sector [3]. Group 3: Equipment and Process Overview - Dazhu CNC's equipment includes exposure equipment, pressing equipment, drilling equipment, electroplating equipment, testing equipment, and forming equipment, each playing a critical role in the PCB production process [5][10]. - The exposure process involves high-precision imaging systems, while the drilling process utilizes advanced laser technology to address key interconnection challenges in PCB production [5][10].

Summary of the Conference Call for Dazhong Laser Company and Industry Overview - **Company**: Dazhong Laser - **Industry**: PCB (Printed Circuit Board) and Consumer Electronics Key Points and Arguments - Dazhong Laser is benefiting from a surge in AI PCB capital expenditures, leading to a rapid recovery in equipment demand, particularly in the ultra-fast laser technology sector, which has achieved breakthroughs in multi-layer and HDI board processing due to low thermal effect technology, positioning the company for a potential demand explosion [2][4] - Apple Inc. is entering a significant innovation cycle from 2025 to 2027, with the launch of new products such as the iPhone 17, foldable phones, and the 20th anniversary edition, which is expected to significantly boost demand for high-end manufacturing equipment, including AI phone VC heat dissipation boards and laser welding camera dispensing technologies [2][7] - The adoption of 3D printing technology in the consumer electronics sector, particularly in the manufacturing of titanium alloy frames, is expected to provide a competitive advantage over traditional CNC processes, with Apple likely to gradually incorporate this technology into high-end phones, thereby increasing demand for 3D printing equipment from Dazhong Laser [2][8] - Dazhong CNC, a subsidiary of Dazhong Laser, is a supplier of mechanical drilling machines and CO2 drilling machines for domestic PCB manufacturers, and is experiencing a rapid recovery in equipment demand due to the explosion of AI PCB capital expenditures and increased demand from overseas clients for new material applications [4][5][6] Additional Important Insights - The synchronization of growth in PCB and consumer electronics businesses is anticipated to significantly enhance Dazhong Laser's profitability in 2026-2027, with the market not fully pricing in the potential of its core consumer electronics business, suggesting a possible 50% to 100% revaluation of the company's market value [3][9] - Historical data indicates that major updates during Apple's innovation cycles, such as the launch of the iPhone X in 2017, have led to substantial increases in demand for related equipment, highlighting the importance of Apple's product cycles for Dazhong Laser's business [7] - The development of ultra-fast laser technology has allowed Dazhong CNC to achieve a competitive edge in the laser drilling machine sector, particularly in processing multi-layer and HDI boards, which is crucial for future material upgrades [5][6]

Summary of Conference Call Notes Industry Overview - The Q fabric (Q 布) industry is experiencing a significant boost due to the deployment of A-grade chips, which is enhancing the overall PCB (Printed Circuit Board) market sentiment. The market is particularly focused on the store segment, driven by projected demand for AI PCBs and the value share of CCL (Copper Clad Laminate) in 2026 [2][4]. Key Insights and Arguments - The announcement of NVIDIA's CPS (Cloud Processing Service) solution has clarified the market's understanding of the supply-demand relationship, with approximately 1,000 million meters of demand already met for 70% of PCB capacity compensation [2][4]. - In 2026, the demand is expected to increase significantly, with Robin's mass production of the Switch version anticipated to add around 4 million meters of demand. If Google's TPU V8 series adopts the proposed repair solution, an additional 8 million meters of demand could arise, potentially doubling total demand from 1,000 million meters to over 2,000 million meters [2][5][6]. - Looking ahead to 2027, if NVIDIA's ROPIN ULTRA series fully adopts the proposed solutions and Google's TPU V8 and V9 chips reach a production target of 5 million units, total demand could exceed 80 million meters [6]. Production Challenges - The production of Q fabric faces three main challenges: 1. High purity and low impurity requirements for quartz raw material. 2. Complex quartz rod drawing processes that require uniformity control and are prone to breakage. 3. Strict weaving processes that involve maintaining smoothness and applying lubricants [7]. - Currently, only two suppliers, Feiliwa and Asahi Kasei, can produce quartz fibers with a dielectric constant DF value below 5/10,000 in small batches. Feiliwa has a mature drawing process capable of supporting 300,000 meters of customer production monthly, with plans to expand to a capacity of 1,200 million meters by 2026 [7]. Company-Specific Developments - New Qimei Beauty Company is optimistic about its prospects in the PCB equipment sector, with new products like CO2 laser drills and advanced packaging expected to ramp up production next year. The company is positioned to benefit from the rising PCB market, potentially achieving a second growth curve and enhancing its valuation [3][8]. - Other domestic companies, such as Xi'an Laide Optoelectronics, are also making strides in the Q fabric supply chain, including upstream quartz mining and downstream weaving processes. Shanghai Telai Crystal is expected to reach a production capacity of 1 million meters per month by 2027, contingent on successful capacity construction and validation [9].