上 市 公 司 机械设备 2025 年 08 月 21 日 鼎泰高科 (301377) ——AI PCB 需求激增，公司 PCB 刀具量价齐升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（元） | 59.29 | | 一年内最高/最低（元） | 63.90/14.91 | | 市净率 | 9.5 | | 股息率%（分红/股价） | 0.81 | | 流通 A 股市值（百万元） | 4,211 | | 上证指数/深证成指 | 3,766.21/11,926.74 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.17 | | 资产负债率% | 33.49 | | 总股本/流通 A 股（百万） | 410/71 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-20 09-20 10-20 11-20 12-20 01-20 02-20 03-20 04-20 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and growth potential of the AI computing industry, particularly in the context of the recent rise of the Sci-Tech Innovation Board AI ETF and its constituent stocks [1][2] - The Sci-Tech Innovation Board AI ETF (588930) has seen a continuous increase, with a 2.31% rise, indicating strong investor interest and confidence in AI-related stocks [1] - Open Source Securities emphasizes the high prosperity and performance certainty of the AI computing chain, identifying light modules and PCBs as crucial components driving growth in AI infrastructure [1] Group 2 - Guosheng Securities notes that the investment in the computing power industry is entering a heated phase, with significant capital expenditure from major CSP manufacturers directed towards AI computing [2] - CITIC Securities points out that the second half of the year typically marks a concentrated technology release period for the domestic technology industry, with increasing certainty in areas such as AI computing and consumer electronics [2] - The articles collectively recommend focusing on the computing power industry chain, particularly leading companies in the light module sector and related infrastructure [2]

随着上市公司半年报密集披露，上市公司分红派息越发踊跃，并且不少业绩向好、大举派现个股在财报 披露后股价大幅上涨。据最新统计，已超130家沪、深两市公司披露了2025年中期分红方案，预估最新 分红规模已经超过1080亿元。新"国九条"强化上市公司现金分红监管下，上市公司分红意愿有望进一步 提升。 绩优股大手笔分红 Wind统计显示，截至8月20日记者发稿，已超过130家沪、深两市公司披露了2025年中期分红方案，以 基准日股本估算，最新分红规模已经超过1080亿元，龙头企业踊跃参与，并且大手笔分红的绩优股备受 资本市场追捧。 作为汽车玻璃巨头，福耀玻璃今年上半年实现归母净利润约48亿元，同比增长近四成；同时，公司拟每 股分配现金股利0.9元（含税），分红规模占归母净利润近一半。 8月20日开盘后，福耀玻璃A股迅速涨停，H股大幅上涨16.72%。 PCB大厂生益电子披露中期利润方案，2025年半年度拟每10股派发现金红利3元（含税），合计拟派发 现金红利2.47亿元（含税），占2025年半年度合并报表归属于上市公司股东净利润的比例为46.57%。 受益于行业基数较低及人工智能等高端应用领域的快速扩张，PCB产业整 ...

Core Viewpoint - The company plans to invest 8 billion yuan in the Huai'an Industrial Park to expand its production capacity for AI-PCB solutions, which is expected to enhance its competitiveness in the rapidly growing AI application market [1]. Group 1: Investment and Expansion Plans - The 8 billion yuan investment in Huai'an exceeds market expectations and is aimed at expanding production capacity for high-end HDI and HLC products, primarily focusing on high-end HDI [1]. - The investment reflects the company's optimistic outlook on the AI-PCB industry's growth and the increasing demand from downstream AI computing clients [1]. - The company has a long-term capacity planning strategy for AI-PCB in Huai'an, which aligns with its previous investment plans of over 30 billion New Taiwan dollars (approximately 6.5 billion yuan) for 2025-2026, with 50% allocated for AI-PCB expansion [1]. Group 2: Market Trends and Future Outlook - The company anticipates a three-year upward cycle driven by hardware innovation and the resonance of AI cloud-edge integration, with 2025-2027 expected to be significant years for innovation in AI-related products [2]. - The company is actively expanding its production capacity for high-end HDI and SLP products, leveraging its experience in the AI computing field to attract GPU/ASIC terminal clients [2]. - The ongoing AI technology revolution is expected to create substantial market opportunities for the PCB industry, prompting the company to accelerate customer development and capacity expansion in the AI sector [1][2].

智通财经APP获悉，据港交所8月20日披露，胜宏科技(惠州)股份有限公司(简称：胜宏科技)向港交所主板递交上 市申请，摩根大通、中信建投国际、广发证券(香港)为联席保荐人。 招股书显示，胜宏科技是全球领先的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。凭借领先的技术、高品质产品和强大的生产能力，成为众多全球顶尖科技企业的重要合作伙伴。 根据弗若斯特沙利文的资料，以2025年第一季度人工智能及高性能算力PCB收入规模计，公司的市场份额位居 全球第一，核心应用涵盖AI算力卡、服务器、AI服务器、数据中心交换机、通用基板等关键设备。 作为PCB行业技术引领者，胜宏科技具备生产100层以上高多层PCB制造能力，是全球首批实现6阶24层HDI产品 大规模生产，以及8阶28层HDI与16层任意互联(Any-layer)HDI技术能力的企业，产品广泛应用于人工智能、新能 源汽车、高速网络通信等高增长领域，助推中国高端PCB产业发展。 在人工智能技术爆发式增长的当下，AI算力硬件迭代催生PCB行业结构性增长机遇。作为承载核心计算组件的 关键载体，PCB板需满足高频高速、低信号损耗、高散 ...

Group 1 - The new generation information technology index on the Sci-Tech Innovation Board has seen a strong increase of 3.41%, with key stocks like Chip Origin and Shengke Communication hitting the 20% daily limit up [1] - The Sci-Tech Information Technology ETF (588100) rose by 3.26%, with a turnover rate of 9.23% and a transaction volume of 21.19 million yuan [1] - Over the past year, the Sci-Tech Information Technology ETF has achieved a net value increase of 74.00%, ranking 278 out of 2965 in the index stock fund category, placing it in the top 9.38% [1] Group 2 - The AI computing power chain is experiencing high prosperity and strong earnings certainty, making it a core focus of the current technology market [1] - Light modules and PCBs are crucial components of the AI computing power chain, benefiting from the construction wave of AI infrastructure both domestically and internationally [1] - The entire computing power industry is entering a heated investment phase, with significant capital expenditure from major CSP manufacturers directed towards AI computing power [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the new generation information technology index account for 55.76% of the index, with companies like SMIC, Cambricon, and Haiguang Information leading the list [2] - The top ten stocks include: SMIC (10.27%), Haiguang Information (9.24%), Cambricon (8.80%), and others, indicating a diverse representation in the index [3] Group 4 - The Sci-Tech Information Technology Index consists of stocks from the Sci-Tech Innovation Board, covering various fields such as chips, software, cloud computing, big data, and artificial intelligence [5] - This index is positioned to benefit continuously from multiple trends in AI computing power, chips, computers, and communications [5]

Macroeconomic Group - In the first seven months of 2025, national general public fiscal revenue increased by 0.1% year-on-year, marking the first positive growth of the year, with a recovery of 0.4 percentage points compared to the first half of the year [3] - General public fiscal expenditure increased by 3.4% year-on-year, remaining stable compared to the first half of the year, with central government expenditure decreasing by 0.2 percentage points to 8.8% and local government expenditure decreasing by 0.1 percentage points to 2.5% [3] - Government fund revenue decreased by 0.7% year-on-year, while government fund expenditure growth was 31.7%, indicating a significant increase in spending driven by special bonds and central financial institution injections [3] Industry Comprehensive Group - Rare earth prices have significantly increased, with neodymium oxide prices rising to 555,000-560,000 yuan per ton, reflecting a 23% increase over the past four trading days and nearly 40% year-to-date [7] - Pengding Holdings announced an investment of 8 billion yuan to build an industrial park in Huai'an, expanding production capacity for PCB products, indicating optimism in the PCB industry due to high demand for advanced HDI boards [7] - The national railway initiated its second tender for high-speed trains in 2025, with a total of 210 sets, indicating a strong recovery in the railway equipment sector and expectations for continued high growth in the industry [8] Advanced Manufacturing Group - Leap Motor reported a 174% year-on-year increase in revenue to 24.25 billion yuan in the first half of 2025, driven by a 155.7% increase in total deliveries to 221,700 units [10] - The company has established a global sales network covering approximately 30 international markets, with exports reaching 24,980 units, indicating strong international growth [10] - Cost control measures have effectively reduced costs while maintaining product quality, enhancing the company's competitiveness in the market [10] Consumer Group - Pop Mart reported a 204.4% year-on-year increase in revenue to 13.88 billion yuan in the first half of 2025, with net profit increasing by 385.6% to 4.68 billion yuan, driven by significant growth in both domestic and overseas markets [14] - The company saw a 135% increase in domestic revenue and a 440% increase in overseas revenue, with a notable rise in membership numbers [14] - Huace Film and Television reported a 114.94% year-on-year increase in total revenue to 790 million yuan, driven by strong sales of television dramas and business expansion [15]

Market Overview - The three major stock indices rose in early trading, with the Shanghai Composite Index reaching a new high of 3746.67 points, while the Northbound 50 Index surged nearly 4% to set a historical peak [1] - By the end of the trading day, the Shanghai Composite Index slightly decreased by 0.02% to 3727.29 points, and the Shenzhen Component Index fell by 0.12% to 11821.63 points, while the Northbound 50 Index increased by 1.27% [1] - Total trading volume in the Shanghai, Shenzhen, and Northbound markets was 26,413 billion yuan, a decrease of nearly 1,700 billion yuan compared to the previous day [1] Investment Opportunities - The demand for printed circuit boards (PCBs) is expected to explode due to the acceleration of AI computing infrastructure construction, with a projected CAGR of 11.6% for server and storage PCBs from 2024 to 2029 [2] - Domestic PCB manufacturers are actively expanding high-end production capacity, with an estimated investment of 41.9 billion yuan from leading PCB companies by 2025-2026 [2] - The increase in AI server requirements for PCBs is anticipated to benefit precision equipment manufacturers, particularly in exposure, drilling, plating, and testing processes [2] Price Trends - Leading copper-clad laminate manufacturer, Jiantao, announced a price increase of 10 yuan per sheet for various products due to rising costs of copper, glass cloth, and chemical raw materials, reflecting an approximate 8% increase [3] - The price increase is attributed to strong demand for copper-clad laminates and improved profitability in downstream sectors, indicating a shift from corrective price increases to profit potential driven by supply-demand dynamics [3] Industry Regulation - A joint meeting by several government departments focused on regulating competition in the photovoltaic industry, emphasizing the importance of maintaining a healthy competitive environment for high-quality development [4][6] - The meeting outlined measures to strengthen industry regulation, curb below-cost sales, and promote orderly competition, with a focus on supporting industry self-discipline and technological innovation [6] Consumer Market Initiatives - The Ministry of Commerce is advancing the next phase of the consumer goods replacement program, emphasizing regulatory measures and risk prevention to ensure the safety of funds [7] - From January to July, the securities transaction stamp duty reached 93.6 billion yuan, a year-on-year increase of 62.5%, indicating a robust performance in the securities market [7] Product Developments - Apple’s iPhone 17 has entered large-scale production, with significant upgrades expected in AI capabilities, thermal management, flexible printed circuit boards, batteries, and back covers [8]

Group 1 - The State Council Information Office held a press conference to discuss the preparations for the military parade [2] - The Ministry of Human Resources and Social Security announced new regulations for personal pension withdrawals, effective September 1 [4] - The Ministry of Finance reported that local government special bonds and other financial instruments have led to a 31.7% increase in government fund budget expenditures [7] Group 2 - A meeting was held by six departments to strengthen regulation in the photovoltaic industry and curb low-price competition [3][8] - The Ministry of Industry and Information Technology and other agencies are promoting the application of industrial robots in high-risk work scenarios to improve production efficiency and safety [9] - The Guangdong provincial government issued policies to support the development of commercial aerospace, including satellite constellation construction [9] Group 3 - The U.S. Department of Commerce announced the inclusion of 407 product categories in the steel and aluminum tariff list, with a 50% tax rate [11] - The Chinese stock market showed mixed results, with the Nasdaq China Golden Dragon Index down by 0.9% [12] - The Ministry of Finance reported a 20.7% year-on-year increase in stamp duty revenue, with securities transaction stamp duty rising by 62.5% [8]

年初至今，股价涨幅超过1倍的A股PCB概念股多达18家。AI带动相关品类的市场需求持续旺盛，成为 PCB行业成长的最大驱动力，带动相关公司营收、利润快速增长。叠加上游铜箔、玻纤布等的供应不足 和涨价，PCB产业链公司在近期开启了密集的涨价。而上述PCB龙头公司之一的生益电子，早在第二季 度就对PCB产品进行了提价。展望产业发展趋势，多位业内人士表示，由于玻纤布等扩产或产品验证需 要数月时间，短期内供应紧张的局面难以缓解，这将对PCB产品的价格形成一定支撑。（上证报） ...