股票简称：博杰股份 股票代码：002975 债券简称：博杰转债 债券代码：127051 珠海博杰电子股份有限公司公开 发行可转换公司债券受托管理事 务报告（2024年度） 债券受托管理人 （中国（上海）自由贸易试验区浦明路8号） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《珠海博杰电子股份有限公司公开发行可转换公司债券募集说明书》（以下简称 "《募集说明书》"）、《珠海博杰电子股份有限公司2021年公开发行可转换公司 债券之受托管理协议》（以下简称"《受托管理协议》"）、《珠海博杰电子股份 有限公司2024年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业 意见等，由本次债券受托管理人民生证券股份有限公司（以下简称"民生证券"、 "受托管理人"）编制。民生证券对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任 何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的内容据以作为民生证券所作的承诺或声明。 请投资者 ...

Core Viewpoint - The rapid development of the information technology industry in China has significantly boosted the growth of the mica capacitor (CY) industry, with the market size projected to increase from 0.992 billion yuan in 2017 to 2.258 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 12.47% [1][16]. Industry Overview - Capacitors are essential components for storing electric charge and energy, with various types including gas, solid, and liquid dielectric capacitors, among which mica capacitors are a key category [3][5]. - Mica capacitors utilize natural mica as the dielectric medium, known for their high dielectric strength, low loss, and excellent thermal stability, making them irreplaceable by other capacitor types [5][11]. Market Growth - The mica capacitor industry in China is expected to grow significantly, driven by the increasing demand for high-performance and miniaturized electronic components [1][16]. - The market size of the mica capacitor industry is projected to reach 2.258 billion yuan by 2024, with a CAGR of 12.47% from 2017 [1][16]. Industry Development History - The mica capacitor industry has evolved through several stages, initially used as insulation materials in electrical equipment, and later expanding into various applications in electronics, power, and communication sectors [9][10]. - Technological innovations have become a key driver for the industry's growth, with new materials and processes enhancing the performance of mica capacitors [9][10]. Competitive Landscape - The mica capacitor market is characterized by intense competition among domestic and international companies, with domestic firms holding a significant market share due to cost advantages and localized services [17]. - Key players in the industry include Shaanxi Huamao Electronic Technology Co., Ltd., Green Energy (Shanghai) Energy Technology Co., Ltd., Chengdu Hongming Electronics Co., Ltd., and others [17][19]. Application Areas - Mica capacitors are widely used in high-frequency RF applications and satellite communication systems, benefiting from the rapid development of China's communication equipment manufacturing industry [14][16]. - The communication equipment manufacturing market in China is projected to grow from 2,106.598 billion yuan in 2018 to 2,755.288 billion yuan in 2024, with a CAGR of 4.58% [14]. Industry Chain - The upstream of the mica capacitor industry includes raw materials such as mica, metal foils, and various types of shells, while the downstream applications span electronics, power, and communication devices [11][12]. Future Trends - The industry is moving towards high-performance dielectric materials and automated, intelligent manufacturing processes, enhancing production efficiency and product quality [23][24]. - Mica capacitors are evolving from single energy storage components to multifunctional modules, integrating advanced features for applications in high-tech fields such as aerospace and renewable energy [25].

Core Points - Egide Group is finalizing its 2024 financial statements and plans to publish them on June 30, 2025, after the closure of the French market [3] - The company has received an extension from the Commercial Court of Avignon, allowing it to convene its Combined General Meeting by September 30, 2025 [4] - The statutory auditors' certification work is in its final phase, indicating progress in the financial statement closure process [3] Financial Calendar - 2024 Annual Financial Report will be published on June 30, 2025 [5] - 2025 Half-Year Revenue is scheduled for release on July 30, 2025 [5] - Combined General Meeting is expected to occur before September 30, 2025 [5] - 2025 Half-Year Results will be announced on October 20, 2025 [5] Company Overview - Egide Group specializes in hermetic packages and heat dissipation solutions for sensitive electronic components, operating in high-tech markets with significant barriers to entry [7] - The company is the only pure player in its niche market, with manufacturing facilities located in France and the United States [7]

Summary of Benchmark Electronics Conference Call Company Overview - **Company**: Benchmark Electronics - **Industry**: Electronics and Precision Technologies Manufacturing - **Market Capitalization**: $2.7 billion [3] Key Financial Highlights - **Free Cash Flow**: $140 million over the last twelve months, with a gross margin greater than 10% for six consecutive quarters [4][11] - **Net Cash**: $79 million at the end of Q1 [4][19] - **Revenue**: $632 million in Q1, in line with guidance [13] - **Gross Margin**: 10.1% in Q1, slightly up from 10.0% year-over-year [14] Operational Insights - **Global Manufacturing Footprint**: 21 locations, with 55% in the Americas and 36% in the U.S. [6] - **Employee Count**: 12,500 associates, including 420 engineers [4] - **Focus on Inventory Management**: Reduced inventory days from 94 to 89, aiming for 5-5.5 turns [20] Sector Performance - **Medical Sector**: 12% decline quarter-over-quarter due to demand softness, expected recovery in the latter half of the year [16][24] - **Aerospace and Defense**: 4% growth quarter-over-quarter, driven by strong defense demand [15][22] - **Industrial Sector**: Slight decline of 2% quarter-over-quarter, but positive outlook for growth [15][22] - **Semi Cap Sector**: Revenue decreased by 2%, but year-over-year growth of 18% indicates market share gains [14] Strategic Focus - **Outsourcing Trend**: Continued growth expected in outsourcing, particularly in industrial and medical sectors [8][30] - **Tariff Management**: Minimal impact from tariffs as they are considered a pass-through, with 36% U.S. footprint providing stability [12][13] - **Future Growth Areas**: Anticipated growth in semi cap and industrial sectors, with ongoing investments in technology and capacity [21][22] Capital Allocation and Shareholder Returns - **Dividends**: Commitment to maintaining dividends, with a focus on returning capital to shareholders [18][47] - **Share Buybacks**: $8 million in shares repurchased in Q1, aimed at offsetting dilution [19][47] - **M&A Strategy**: No recent acquisitions, focusing on organic growth and existing customer base [48][49] Conclusion - **Outlook**: Optimistic about future growth, particularly in semi cap and industrial sectors, while maintaining operational efficiency and margin stability [28][30]

特朗普的美国制造政策或迎来首个胜利 凤凰网科技讯 北京时间6月11日，据《日经亚洲》报道，美国总统特朗普力推的"美国制造"战略将迎来 首个胜利。富士康目前正积极在美国扩大AI服务器产能，大幅提高美国制造的GPU模块的占比。与此 同时，其他AI服务器供应商也积极在美国布局。 在得州休斯顿的富士康制造中心，数百名建筑工人和工程师正夜以继日地工作，努力扩大该公司在美国 的AI服务器产能。 作为英伟达的重要供应商，富士康正在美国进行大规模扩张，计划将相当大的一部分(两位数百分 比)GPU模组和主板转移至美国生产。目前，该公司超过90%的此类关键组件仍在中国台湾地区制造。 "休斯顿是我们的首要任务，因为目前GPU模块和主板大多在中国台湾生产。"富士康高管对《日经亚 洲》表示。 对于富士康来说，在当前地缘政治不确定性加剧的情况下，在美国生产这些组件有助于公司及其客户提 高供应链的韧性。 这对于特朗普来说也是一场胜利。这位美国总统一直通过实施高额关税，大力推动"美国制造"政策。他 在这一领域最引人注目的举措，便是针对苹果公司，威胁对进口的iPhone征收25%关税。 AI服务器或成美国制造首个成功案例 此外，台达电子、光宝 ...

Core Insights - Powell Industries, Inc. (POWL) is experiencing strong momentum due to its solid position in the oil, gas, and utility markets, with Q2 fiscal 2025 revenues increasing by 9.2% to $278.6 million, driven by robust project activity [1][9] Group 1: Market Performance - The company benefits from favorable trends in energy transition projects, including biofuels, carbon capture, and hydrogen, which have positively impacted its performance [2] - Significant project awards, particularly in LNG and petrochemical processes, have established POWL as a leading supplier of critical electrical infrastructure [2] - POWL's diversification beyond core markets has enhanced its market share in utility, commercial, and other industrial sectors, capitalizing on global electrification and digitalization trends [3] Group 2: Financial Metrics - The company reported a strong backlog of $1.3 billion at the end of Q2 2025, with new orders totaling $249 million, up from $235 million in the same quarter last year [3][9] - POWL has committed to rewarding shareholders, distributing $6.4 million in dividends in the first half of fiscal 2025, and increasing its fiscal 2024 dividends by 2.4% year-over-year [4] Group 3: Cost Challenges - Despite strong revenue growth, POWL faces challenges from high operating costs, with cost of sales rising 11.5% year-over-year in the first half of fiscal 2025 due to increased raw material costs [8] - Selling, general, and administrative expenses also increased by 4.6% during the same period, with previous fiscal year costs climbing 34% for sales and 7.7% for administrative expenses [8]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **server ODM/OEM market**, particularly in the context of **AI servers** and the competitive landscape among various players in the industry [1][10][26]. Market Projections - Global server shipments are projected to grow at a **3% CAGR from 2024 to 2026**, with high-end GPU server shipments expected to increase by approximately **50% this year** and high-teens growth next year [2][11]. - The global server market is anticipated to reach **$350 billion by 2026**, driven primarily by sustained demand for AI servers [9][13]. Competitive Landscape - Over **10 ODM/OEMs** have established a strong presence in the AI server market, with **70% of high-end AI server demand** coming from U.S. cloud service providers (CSPs) [3][28]. - Major players include **Quanta, FII, Wistron, Wiwynn, Supermicro, and Celestica**, with Quanta and FII expected to capture the largest market shares in AI servers by 2025 [39][40]. Financial Insights - The financial benefits of AI for ODMs are reflected more in **profit expansion** rather than revenue growth, with gross margins for AI servers projected to be significantly lower than traditional servers due to high GPU costs [4][84]. - Quanta's EPS estimates for 2025-26 are below consensus due to margin pressures, with total sales expected to grow at a **~40% CAGR through 2026** [5][68]. Business Models - ODMs operate under two primary business models: **consignment** and **buy-sell**. The buy-sell model tends to inflate revenue figures but compresses gross margins due to high GPU costs [83][84]. - Quanta employs a buy-sell model for its AI server business, leading to significant revenue growth but diluted margins, while FII uses a consignment model for some projects, yielding stronger margins [84][90]. Revenue and Margin Expectations - Quanta's AI server revenue is expected to leap from **$5.5 billion in Q1 2025** to **$8-11 billion per quarter** for the remainder of the year, with AI revenue expected to exceed **80% of total server revenue** [68][73]. - The gross margin for Quanta's AI servers is projected to be between **2.5-5%**, compared to high-single-digit figures for traditional servers [4][84]. Emerging Opportunities - New demand may arise from projects like **Stargate** and **OpenAI ASIC**, potentially providing new revenue streams for companies like FII, Wiwynn, and Celestica in the latter half of 2026 [3][28]. - The **ASIC server segment** is also gaining traction, with companies like Wiwynn and Accton focusing on this area, particularly for major clients like Amazon and Meta [72][70]. Risks and Challenges - The impact of tariffs on new datacenter constructions involving raw materials from China remains uncertain, posing a potential risk to the supply chain [2][9]. - Competition in the GPU AI server market is expected to intensify with the return of players like ZT System and new entrants such as Pegatron and Compal [3][42]. Conclusion - The server ODM/OEM market is poised for significant growth driven by AI demand, but players must navigate challenges related to margins, competition, and geopolitical risks. The financial outlook for major companies like Quanta and FII reflects both opportunities and pressures in this evolving landscape [5][66][90].

Core Insights - Flex collaborates with MIT to advance manufacturing through AI, machine automation, and new system-level approaches [1][2] - The initiative aims to enhance resilience, productivity, and sustainability in manufacturing, contributing to a stronger industrial base in the U.S. and globally [2][3] Initiative Focus - The MIT Initiative for New Manufacturing emphasizes four core pillars: reimagining manufacturing technologies, elevating productivity and human experience, scaling new ventures and resilient supply chains, and transforming the global manufacturing base with sustainability and economic opportunity [5] - New labs will be established to develop advanced manufacturing tools and techniques, and students will gain hands-on experience through visits to Flex production sites [2][3] Collaboration Details - Flex will host MIT faculty, researchers, and Masters of Engineering students at its Sorocaba, Brazil site, working with the Flex Institute of Technology [2] - The collaboration aligns with a shared vision of creating resilient, human-centered, and technologically advanced manufacturing ecosystems [3] Company Overview - Flex operates in 30 countries, providing technology innovation, supply chain, and manufacturing solutions across diverse industries [4]

Bookings for VPX Power Supplies Remain Strong in 2025HAUPPAUGE, N.Y., June 05, 2025 (GLOBE NEWSWIRE) -- Orbit International Corp. (the “Company”) (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Orbit Power Group (“OPG”) for the month of May 2025 were approximately $1,000,000. Deliveries for these orders have already commenced and are expected to continue through the fourth quarter of 2026. Mitchell Binder, President and CEO of Orbit Internat ...

Key Takeaways CLS stock jumped 24.3% in 3 months, beating FLEX, JBL and the broader industry's 15.4% gain. Celestica is riding GenAI momentum with high-speed switches and scalable AI storage platforms. Earnings estimates for CLS rose 5.7% for 2025 and 2.4% for 2026, signaling bullish sentiment.Celestica Inc. (CLS) has gained 24.3% over the past three months compared with the industry’s growth of 15.4%. It has also outperformed peers like Flex Ltd. (FLEX) and Jabil Inc. (JBL) . Flex has gained 17.3% and Ja ...