智通财经APP获悉，大华继显发布研报称，将建滔积层板(01888)目标价由9.58港元上调至12.43港元，该 行对其业务展望及新材料开发感正面，但认为目前股价已反映短期增长潜力，评级下调至"持有"。该行 对其2025至27年收入预测大致不变，但降各年盈测分别16%、14%及9%，反映层压板平均售价升幅较 弱。该行留意高端材料急速发展，如low-Dk fibreglass yarn，料明年起带来显著盈利贡献。 报告指，建滔积层板上半年净利润同比增长28%至9.33亿元，达到该行全年预测的33%。毛利率下降1.3 个百分点，因层压板平均售价升幅未能完全覆盖铜成本上升。管理层对低介电玻璃纤维纱(low-Dk fibreglass yarn)的发展前景乐观，并正加速下半年产能扩张。该行对印刷电路板(PCB)行业趋势持积极态 度，已将产品加价因素纳入预测。 ...

证券代码：603228 证券简称：景旺电子 公告编号:2025-095 债券代码：113669 债券简称：景 23 转债 深圳市景旺电子股份有限公司 关于珠海金湾基地扩产投资计划的补充公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 深圳市景旺电子股份有限公司（以下简称"公司"、"景旺电子"）于 2025 年 8 月 23 日披露了《景旺电子关于珠海金湾基地扩产投资计划的公告》 （公告编 号：2025-094），现就上述公告涉及的投资事项补充说明如下： 一、本次扩产投资概况 项目税后投资回收期约为 7.5 年（含建设期）。 具体情况分阶段实施，具体如下。 建设内容 投资金额 预计形成产能 建设周期 在高多层工厂针对性的技术 利用现有厂房空间，加 改造补齐瓶颈工序产能、在 大设备投入，突破现有 2025 年 下 半 年 实 施 HDI 工厂新增 AI 服务器高阶 产线瓶颈，提升技术能 完成并投入使用 HDI 产线 力 计划于 2025 年下半 年产 80 万㎡高阶 HDI 投资新建高阶 HDI 工厂 32 亿元 年 动 工 ...

景旺电子表示，本次扩产投资项目符合国家相关的产业政策、行业发展趋势，满足新兴领域对高端 PCB 的中长期、高标准需求，具有良好的市场发展前景；扩充公司高阶HDI、SLP、HLC 产品产能，完 善专业化生产线，符合公司持续提升技术创新能力和高端产品占比、聚焦 AI+打造第二增长曲线的战略 规划要求，保持并拉大领先优势，提高公司经济效益，拓展公司经营规模，以满足 AI 算力、高速网络 通讯、汽车智驾、AI 端侧应用等领域全球客户的中长期、高标准需求，提升公司在高端产品的市场竞 争优势。 近年来，以大模型与生成式 AI 为代表的技术突破推动科技硬件创新蓬勃发展，高端 PCB 供不应求，市 场前景可观。Prismark 预测，在 AI 服务器和高速网络基础设施建设的驱动下，2024-2029 年 18 层以上 多层板、HDI 的 5 年复合增长率分别达到 15.7%、6.4%，高于其他应用领域的增长。与此同时，前述应 用领域的高端 PCB 技术要求高，产品的附加值也更高，而普通产品则出现竞争加剧的现象。 8月24日，景旺电子发布公告，公司拟投资建设珠海金湾基地扩产项目，预计总投资50亿元。经初步测 算，此次扩产投资项 ...

点击招商研究小程序查看PDF报告原文 事件： 公司公告珠海金湾基地50亿元扩产投资计划：主要包括在高多层工厂针对性的技术改造补齐瓶颈工 序产能、在HDI工厂新增AI服务器高阶HDI产线、投资新建高阶HDI工厂、利用储备用地增加投资强 化关键工序产能。扩产项目定位于AI算力、高速网络通讯、汽车智驾、AI端侧应用等领域的高阶 HDI、HLC、SLP产品。通过此次扩产投资，整合珠海金湾基地资源，增强公司高端产品制造能 力，强化高端产品供应交付能力。加速其在AI算力、高速网络通讯、汽车智驾、AI端侧应用等领域 的高端产品布局，提升高阶HDI、HLC、SLP的产能和技术能力，满足 AI 算力、高速网络通讯、汽 车智驾、AI 端侧应用等领域客户的需求。建设周期：2025年至2027年。结合公司近况，我们点评 如下： 50亿投资扩充金湾基地AI算力等领域产能，有望助力公司25-26年在N客户及CSP客户收获弹性算 力PCB订单。 近期根据我们对产业的跟踪，未来AI服务器中高多层板以及高阶HDI厚板的用量需求 将保持快速增长，而产业链中高端产能目前处于相对紧缺的状态。在这一趋势下，公司有望在海外 及国内核心算力客户未来产品中 ...

Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]

瑞财经 吴文婷8月20日，胜宏科技(惠州)股份有限公司（以下简称"胜宏科技"）在港交所递交招股书，摩根大通、中信建投国际、广发证券（香港）为联席 保荐人。 胜宏科技是人工智能及高性能计算PCB供应商，专注于高阶HDI、高多层PCB的研发、生产和销售。 2025年前三个月，公司实现收入为43.12亿元，同比增长80.3%；期内溢利为9.21亿元，同比增长339.2%。 | | | | 截至12月31日止年度 | | | | | 截至3月31日止三個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣 | g | 人民幣 | 96 | 人民幣 | 96 | 人民幣 | % | 人民幣 | 96 | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | | | (未經審計) | | (未經審計) | | | 收入 | 7,885,155 | 100.0 ...

Core Viewpoint - The company plans to invest a total of 8 billion RMB in the Huai'an Industrial Park to enhance its production capacity for various PCB solutions, targeting the rapidly growing AI application market [1] Investment Plan - The board of directors approved an investment of 8 billion RMB for the integration and construction of the Huai'an Industrial Park [1] - The investment period is set from the second half of 2025 to 2028 [1] Product Expansion - The investment will support the construction of production capacity for products including SLP, high-end HDI, and HLC [1] - The aim is to expand soft board production capacity to provide comprehensive PCB solutions across multiple fields such as servers, optical communications, humanoid robots, smart vehicles, and AI edge products [1] Strategic Alignment - This investment is aligned with the company's strategy to capitalize on the AI trend and leverage the ONE AVARY product technology platform [1] - The initiative aims to accelerate the company's full industry chain layout in AI, enhancing overall competitive strength [1]

Core Viewpoint - The rise of AI-enabled personal computers (AI PCs) is transforming the PC industry, shifting from isolated products to a more integrated, ecosystem-driven approach, enhancing user experience through applications like AI search, content generation, and intelligent recommendations [1] Group 1 - AI PCs are emerging as a leading product in the PC market, establishing a dominant position for future development [1] - The value of PCB boards used in AI PCs has significantly increased compared to traditional PCs due to enhanced computing power [1] - The company has quickly entered the AI PC market and established deep partnerships with various PC manufacturers, providing customized product solutions for AI PCs and desktop all-in-one machines [1]

Group 1: China Unicom - Company revenue exceeded RMB 200 billion in the first half of the year, with a total profit of RMB 17.7 billion, representing a year-on-year increase of 5.2% [1] - Internet communication revenue reached RMB 131.9 billion, while intelligent network revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - The number of connected users surpassed 1.2 billion, with mobile and broadband users increasing by over 11 million, reaching a total of 480 million [1] Group 2: Kweichow Moutai - The net profit for the first half of the year increased by 8.89%, with favorable factors outweighing unfavorable ones [2] Group 3: Shuanghui Development - The company reported a total meat product export volume of 1.57 million tons, a year-on-year increase of 3.67%, and total revenue of RMB 28.5 billion, up 3.00% [4] - The total profit decreased by 2.36%, while the net profit attributable to shareholders rose by 1.17% due to improved profitability in tax-exempt businesses [4] Group 4: Pengding Holdings - The company achieved a revenue of RMB 16.375 billion, a year-on-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% [6] - The increase in revenue was attributed to a rise in customer orders [6] Group 5: Jinlongyu - The company reported a net profit increase of 60.07%, with revenue reaching RMB 115.68 billion, up from RMB 109.48 billion [9] - The growth in revenue was driven by increased sales of kitchen foods, feed raw materials, and oil technology products [9] Group 6: Other Companies - Zhenray Technology reported a turnaround in net profit due to significant growth in main business revenue [12] - Zhongke Sanhuan achieved a net profit increase of 160.82%, despite a revenue decline of 11.17% [16]

Core Insights - A significant number of A-share listed companies have reported substantial earnings growth in their semi-annual reports, with many companies showing impressive performance [1][3][4] Group 1: Company Performance - Zhenray Technology reported a net profit increase of 1006.99% and a revenue growth of 73.64% year-on-year, driven by a surge in its main business income [3] - Pengding Holdings achieved a revenue of 16.375 billion yuan, up 24.75% year-on-year, and a net profit of 1.233 billion yuan, reflecting a 57.22% increase [3] - Jinlongyu's revenue reached 115.682 billion yuan, a 5.67% increase, with a net profit of 1.756 billion yuan, up 60.07% [4] - Zhuhai Group's total revenue was 10.412 billion yuan, growing 14.89%, and its net profit increased by 57.83% to 585 million yuan [4] - Kweichow Moutai reported total revenue of 91.094 billion yuan, a 9.16% increase, and a net profit of 45.403 billion yuan, up 8.89% [6] Group 2: Strategic Developments - Zhenray Technology is focusing on strategic emerging industries such as commercial aerospace and deep-sea technology, leveraging its technological advantages and strong customer service [3] - Kweichow Moutai is enhancing its international market presence, with overseas revenue of approximately 2.9 billion yuan, accounting for 3.24% of total revenue, and increasing its foreign distributor count to 115 [6] Group 3: Turnaround Stories - Zhongke Sanhuan reported a revenue of 2.922 billion yuan, down 11.17%, but turned a profit of 44 million yuan compared to a loss of 72 million yuan in the previous year [9] - Yangfan New Materials achieved a revenue of 473 million yuan, up 47.9%, and turned a loss of 21.24 million yuan into a profit of 23.14 million yuan [9] - Haineng Technology reported a revenue of 136 million yuan, a 34.87% increase, and a net profit of 547,150 yuan, recovering from a loss of 1.401 million yuan in the previous year [9]