每经记者：吴泽鹏每经编辑：廖丹 抓住AI浪潮、加码布局高端产能，正成为PCB（印制电路板）行业头部企业的共同举措。 11月17日晚间，生益电子（SH688183，股价93.40元，市值776.92亿元）公告宣布，拟定增不超过26亿 元投向人工智能计算HDI生产基地建设项目、智能制造高多层算力电路板项目等。 此外，智能制造高多层算力电路板项目预计总投资19.37亿元，拟使用募集资金11亿元，项目分两阶段 建设，规划建设期合计30个月，第一阶段于第二年开始试生产，至第三年达产；第二阶段于第三年开始 试生产，至第四年达产，该项目的实施地点位于江西省吉安市，拟建设生产高多层板，计划年产能70万 平方米。 《每日经济新闻》记者在生益电子2024年年报中查询到，去年，生益电子PCB销售面积达到145.69万平 方米，同比增长15.24%。 《每日经济新闻》记者注意到，生益电子是一家印制电路板（PCB）企业，于2021年2月上市，这是该 企业上市以来的首次股权再融资。此外，生益电子股价在今年取得较大增长，截至11月17日收盘，其年 内涨幅约140%。 PCB被誉为"电子产品之母"，主要由覆铜板（CCL）、铜箔、玻纤布、树脂 ...

Core Viewpoint - The PCB industry is experiencing a new boom driven by strong demand for AI computing power, with leading companies like Shenghong Technology seeing significant stock price increases and revenue growth [1][3]. Market Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market leads at $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for 60% of China's PCB production capacity, playing a crucial role in the global AI supply chain [1]. Company Performance - Shenghong Technology reported a revenue of 14.117 billion yuan for the year-to-date, an increase of 83.40% year-on-year, and a net profit of 3.245 billion yuan, up 324.38% [4]. - The company achieved a quarterly net profit growth of 260.52% in the third quarter, with gross and net profit margins of 35.19% and 21.66%, respectively [4]. Technological Advancements - Shenghong Technology has established a strong technical barrier in the high-end PCB sector, being one of the first to mass-produce advanced AI computing center products and possessing capabilities for high-layer precision PCBs [5][6]. - The demand for high-layer and high-density PCBs is expected to remain strong, with increasing technical challenges and value [6]. Industry Trends - The Chinese government is promoting the PCB industry's high-end, green, and intelligent development through new regulations aimed at eliminating outdated capacity and encouraging technological innovation [6][7]. - The PCB industry is shifting from low-end expansion to high-quality innovation, with a focus on enhancing competitiveness in the global market [7]. Regional Dynamics - Guangdong's PCB industry benefits from a robust industrial ecosystem, with a significant concentration of companies and resources in the Pearl River Delta region [9][11]. - The region's logistics advantages support the efficient operation of the PCB industry, which relies heavily on imported raw materials and exports finished products [13]. Future Projections - The PCB market in China is expected to grow to 415.6 billion yuan in 2024, driven by demand from emerging sectors such as AI, 5G, and new energy vehicles, with projections reaching 554.51 billion yuan by 2029 [14].

Core Insights - The PCB industry is experiencing a new boom driven by strong demand for AI computing power, with leading company Shenghong Technology's stock price soaring over 590% year-to-date as of November 13 [2][3] - The global PCB market is projected to reach $73.565 billion in 2024, reflecting a year-on-year growth of 5.8%, while China's PCB market is expected to lead with a value of $41.213 billion and a growth rate of 9.0% [2] - Guangdong province, which accounts for 60% of China's PCB production capacity, is playing an increasingly critical role in the global AI supply chain due to its comprehensive ecosystem advantages [2] Company Performance - Shenghong Technology reported a revenue of 14.117 billion yuan for the year-to-date, marking an 83.40% increase compared to the same period last year, with net profit attributable to shareholders soaring to 3.245 billion yuan, a 324.38% increase [4][6] - The company's third-quarter net profit grew by 260.52%, with gross and net profit margins reaching 35.19% and 21.66%, respectively, showcasing strong profitability [6] - Shenghong Technology has established itself as a leader in high-end PCB production, being one of the first to achieve large-scale production of advanced AI computing products [7] Industry Trends - The PCB industry is shifting towards high-end, high-quality production, as indicated by recent regulatory guidance from the Ministry of Industry and Information Technology aimed at phasing out low-end production and promoting technological innovation [8] - The market is expected to see significant growth driven by emerging fields such as industrial automation, 5G, new energy vehicles, and AI, with the PCB market projected to reach 554.51 billion yuan by 2029 [14] - The Guangdong PCB industry benefits from a robust cluster effect, with 30 out of 44 major PCB companies located in the province, highlighting its dominance in the sector [9][10] Competitive Landscape - Shenghong Technology's remarkable performance is part of a broader trend in Guangdong, where companies like Shenyang Electronics and Pengding Holdings are also experiencing substantial growth [10] - The industry is witnessing a significant increase in net profit margins, with companies like Shenghong Technology and Shenyang Electronics reporting profit growth rates in the hundreds of percent [10] - The complete ecosystem in the Pearl River Delta region, which includes a wide range of suppliers and manufacturers, is crucial for the PCB industry's efficiency and responsiveness to market demands [13][14]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company achieved a revenue of 11.083 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 22.08%. The net profit attributable to shareholders was 949 million yuan, up 4.83% year-on-year, while the net profit excluding non-recurring items decreased by 6.36% to 776 million yuan [2]. - In Q3 2025, the company reported a revenue of 3.987 billion yuan, a year-on-year increase of 24.19% and a quarter-on-quarter increase of 6.28%. The net profit attributable to shareholders was 299 million yuan, up 20.44% year-on-year but down 8.06% quarter-on-quarter [2]. - The report highlights the company's strategic focus on AI and automotive sectors, indicating a robust growth potential driven by high demand in AI servers and advanced optical modules [8]. Financial Performance Summary - The company is projected to achieve total revenue of 15.256 billion yuan in 2025, with a year-on-year growth rate of 20.5%. The net profit attributable to shareholders is expected to reach 1.394 billion yuan, reflecting a growth rate of 19.2% [4]. - The earnings per share (EPS) is forecasted to be 1.42 yuan in 2025, with a price-to-earnings (P/E) ratio of 47 [4]. - The company plans to invest 5 billion yuan in its Zhuhai Jinwan base to enhance production capacity, particularly in high-density interconnect (HDI) technology for AI servers [8]. Market Position and Future Outlook - The company has become the largest automotive PCB supplier globally, with significant growth expected in the automotive electronics sector as electric and intelligent vehicles gain traction [8]. - The report anticipates that the company's product iterations will enhance average selling prices (ASP) and profitability, with a target price set at 89.6 yuan based on a 35x valuation for 2026 [8].

Core Insights - The report by Zhiyan Consulting analyzes the market operation pattern and competitive strategy of the printed circuit board (PCB) industry in China from 2026 to 2032 [1] Import and Export Data - In September 2025, China imported 2.8 billion PCBs, representing a year-on-year decrease of 9.9%, with an import value of $790 million, which is a year-on-year increase of 9.9% [1] - In the same month, China exported 5.5 billion PCBs, showing a year-on-year increase of 54.7%, with an export value of $2.334 billion, reflecting a year-on-year increase of 32.8% [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its professional approach, quality service, and keen market insights to provide comprehensive industry solutions that empower investment decisions [1]

Core Insights - The A-share market is experiencing fluctuations below the 4000-point mark, with a focus on whether traditional value sectors like dividends and consumption can lead the market upward [1] - The divergence in performance between growth and value sectors is becoming more pronounced, with institutional investors showing differing views on popular sectors [1][2] - The third-quarter reports indicate that some popular sectors are showing signs of valuation bubbles, and the pace of new fund investments is slowing down, which could impact future market dynamics [1][2] Growth Sector Performance - The Ruiyuan Growth Value Fund has surpassed 20 billion yuan in size, with a net value increase of over 50% in Q3, focusing on high-growth sectors like internet technology and semiconductors [2] - The Xingquan Helun Fund, with nearly 25 billion yuan, reported a 36.16% net value increase, emphasizing the importance of overseas computing power sectors [2] - The Galaxy Innovation Growth Fund, exceeding 16 billion yuan, also saw a net value increase of over 50%, primarily driven by the technology sector [3] Value Sector Challenges - The consumer sector, particularly food and beverage, has underperformed, with the sector index rising only 2.44% in Q3, ranking 27th among 31 industry indices [5][6] - The E-Fonda Consumer Fund, the largest active stock fund, reported an 8.83% net value increase in Q3 but a year-to-date decline of 1.2% [6] - Fund managers are adjusting their portfolios to focus on companies that can adapt to industry changes and are increasing exposure to undervalued sectors [6][7] Market Sentiment and Strategy - Fund managers express caution regarding the rapid market gains in Q3, with some indicating that the current market environment may not be sustainable [9][10] - The sentiment among value fund managers remains optimistic about traditional sectors, anticipating a recovery in domestic demand and asset prices [7][8] - The market's high activity level in Q3 is noted, but the concentration of gains in specific sectors raises concerns about long-term sustainability [9][10] Investment Outlook - The AI sector is highlighted as a key area for investment, but concerns about high valuations and the need for performance to meet optimistic expectations are prevalent [11] - Fund managers emphasize the importance of maintaining a long-term investment perspective amidst market volatility and the challenges of adjusting large portfolios [10][11]

Group 1 - The company has significant technological reserves in the field of edge computing PCB, focusing on miniaturization and low power consumption [1] - The company's PCB products are applicable in various sectors including AI computers, tablets, home appliances, audio-visual and gaming devices, smart home devices, wearable devices, and AR/VR [1] - In the automotive electronics sector, the company's products are primarily used in main control units, inverters, battery management systems, and power converters, with applications in smart driving, "three electric systems," smart cockpits, domain controllers, and vehicle networking [1] Group 2 - The company collaborates deeply with numerous domestic and international technology giants, leveraging its leading R&D, manufacturing, and quality technology advantages [1] - The company places a strong emphasis on new technologies and product applications within the industry, prioritizing R&D innovation and product upgrades to continuously enhance its core competitiveness [1]

Core Viewpoint - Hongban Technology's IPO application will be reviewed by the Shanghai Stock Exchange on October 31, despite concerns over environmental issues, family control, and performance risks associated with its pricing strategy [1][2]. Group 1: Environmental Concerns - Hongban Technology claims it is not a heavy polluter, contradicting the PCB industry's classification as a high pollution risk sector since 2014 [1][2]. - The company cites a 2013 document to support its non-polluting status, while competitors like Shennan Circuit and Huitian Technology acknowledge the industry's pollution risks and disclose their environmental measures [2]. Group 2: Family Control and Governance Issues - The controlling shareholder, Ye Senran, indirectly holds 95.12% of the company's shares, maintaining absolute control even post-IPO with a 71.34% stake [3]. - The company has engaged in multiple related-party transactions, including property leases and service procurements, raising concerns about governance and fairness in decision-making [3]. - High dividend payouts totaling 138 million yuan from 2022 to 2023, against a net profit of 246 million yuan, suggest potential issues with financial management, especially given the family's significant ownership [3]. Group 3: Financial Performance and Risks - Revenue growth from 2.205 billion yuan in 2022 to 2.702 billion yuan in 2024 is noted, but the quality of this growth is questioned due to significant fluctuations in net profit, including a 25% decline in 2023 [4]. - The company's strategy of "price for volume" is under scrutiny, with a 19.94% drop in the price of its core HDI boards in 2023 and a further 5.26% decline expected in 2024 [4]. - Research and development expenditures are below industry averages, with rates of 4.56%, 4.69%, and 4.63% from 2022 to 2024 [4]. - Accounts receivable have increased from 591 million yuan in 2022 to 873 million yuan in 2024, indicating weakened collection capabilities and raising concerns about the sustainability of revenue growth [4].

Core Viewpoint - ChaoYing Electronics has successfully listed on the Shanghai Stock Exchange, demonstrating strong market performance and investor confidence in its competitive position within the PCB industry [1] Company Overview - ChaoYing Electronics (stock code: 603175) is a significant player in the PCB sector, which is essential for various electronic devices, including smartphones and electric vehicles [3] - The company ranked 23rd among comprehensive PCB enterprises in China and is among the top ten global automotive electronics PCB suppliers [3][4] Financial Performance - The company's revenue increased from 3.51 billion yuan in 2022 to 4.12 billion yuan in 2024, while net profit nearly doubled from 140.83 million yuan to 276.22 million yuan during the same period [4] - In the first half of 2025, the company achieved a revenue of 2.185 billion yuan, with a year-on-year growth of 12.63% [4] - The gross profit margin improved significantly, reflecting a shift towards higher-end products [4] Research and Development - ChaoYing Electronics has invested in R&D, with expenses rising from 107 million yuan to 135 million yuan over three years, and the R&D team has grown in size and qualifications [5] - The company holds 14 invention patents and 85 utility model patents, showcasing its technological capabilities [5] Client Base and Market Position - The company has established long-term partnerships with major automotive suppliers and has received multiple awards for its quality and service [6] - Over 80% of its revenue comes from international sales, indicating a strong global market presence [6] Industry Opportunities - The global PCB market is projected to grow at a compound annual growth rate of 5.5% from 2024 to 2028, with significant opportunities in automotive electronics, servers, and communications [7] - The company is well-positioned to capitalize on these trends, particularly in the automotive electronics sector, which is its primary revenue source [7] Capacity Expansion and IPO Utilization - ChaoYing Electronics is optimizing its production capacity, with new facilities in both domestic and international markets to enhance its manufacturing capabilities [8] - The IPO funds will be used to expand production capacity and improve financial stability, supporting the company's growth strategy [8]

Core Viewpoint - Hongban Technology plans to issue no more than 218 million shares on the Shanghai Stock Exchange, raising 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards annually. Despite a market share of approximately 13% in HDI boards for the top ten global smartphone brands, the company faces challenges such as performance volatility and increased fixed asset depreciation [1][2][3]. Company Overview - Hongban Technology, originally established in 2005 as Hongban (Jiangxi) Co., has evolved into a significant player in the PCB industry, focusing on HDI boards. The company has a concentrated shareholding structure, with the controlling shareholder holding 95.12% of the shares, raising governance concerns as it approaches the capital market [2]. - In 2024, the company supplied 154 million HDI boards and 228 million flexible and rigid-flex battery boards, capturing 13% and 20% of the respective markets for the top ten smartphone brands [2]. Financial Performance - From 2022 to 2024, the company's revenue increased from 2.205 billion yuan to 2.702 billion yuan, while net profit fluctuated significantly, dropping from 141 million yuan to 105 million yuan, then rebounding to 214 million yuan. The net profit in 2023 decreased by 25.40%, but in 2024, it is expected to grow by 103.87% [3]. - The company has triggered 24 financial risk warning indicators, with accounts receivable rising from 622 million yuan in 2022 to 919 million yuan in 2024, increasing the accounts receivable to revenue ratio from 28.21% to 34.00%, indicating growing collection pressure [3]. Industry Context - The PCB industry is highly competitive, with China's PCB output accounting for 56% of the global total in 2024. The global PCB market is expected to grow at a compound annual growth rate of 5.2% from 2024 to 2029, intensifying competition [4]. - Hongban Technology holds only 0.49% of the global PCB market share, ranking 58th in the industry. The low concentration in the Chinese PCB market, where the top ten manufacturers hold only 54.85% of the market, leads to fierce competition among numerous small and medium-sized enterprises [4]. Business Structure and Risks - Approximately 60% of the company's revenue comes from the consumer electronics sector, making it highly dependent on the market demand for smartphones and other consumer electronics. This dependency poses risks, especially in the context of a slowing smartphone market [4]. - The planned investment of 2.057 billion yuan for the new production project is expected to increase HDI production capacity by about 70%. However, the project will also significantly increase annual depreciation by 122 million yuan, which is 57% of the projected net profit for 2024, potentially impacting profitability [5]. Research and Development - The company's R&D expenditure has consistently been below the 5% industry benchmark, with 2024 R&D expenses at 125 million yuan, less than one-third of the industry average. Insufficient investment in technology may hinder the company's competitiveness in the rapidly evolving PCB sector [5][6].