Core Viewpoint - The company emphasizes its commitment to core application areas such as communication equipment, high-performance servers, artificial intelligence, data center infrastructure, and automotive electronics, while focusing on technological innovation and product upgrades to create long-term value for investors [1] Group 1: Core Application Areas - The company's core application areas include communication equipment, high-performance servers, artificial intelligence, data center infrastructure, and automotive electronics [1] Group 2: Strategic Focus - The management team is dedicated to maintaining strategic focus and responding proactively to external challenges while identifying new business opportunities in emerging markets [1] - The company aims to leverage structural demand for high-end PCBs driven by artificial intelligence and high-speed networks [1] Group 3: Innovation and Development - The company plans to accelerate the construction of new projects and enhance its product offerings through technological innovation [1] - The focus on product upgrades is central to the company's strategy for long-term development [1]

证券日报网讯沪电股份（002463）8月22日在互动平台回答投资者提问时表示，公司PCB产品以通信通 讯设备、高速运算服务器、人工智能、数据中心基础设施、汽车电子为核心应用领域。公司紧抓其对高 端PCB的结构性需求，大力开展相关业务，以实现更长远的发展目标，为投资者创造更多价值。 ...

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]

Core Viewpoint - Shenghong Technology has submitted an application for listing on the Hong Kong Stock Exchange, with significant growth in stock price and performance driven by its focus on AI and high-performance computing PCBs [1][3]. Group 1: Company Overview - Shenghong Technology is a supplier of PCBs for artificial intelligence and high-performance computing, specializing in high-end HDI and multi-layer PCBs, serving over 350 global clients [2][4]. - The company has seen its stock price increase by over 400% in 2023, becoming a "10x stock" [3]. Group 2: Financial Performance - Revenue figures for Shenghong Technology from 2022 to Q1 2025 are as follows: RMB 7.885 billion, RMB 7.931 billion, RMB 10.731 billion, and RMB 4.312 billion, with corresponding net profits of RMB 791 million, RMB 671 million, RMB 1.154 billion, and RMB 921 million [2]. - The gross profit margins have improved significantly, with rates of 18.15%, 20.72%, 22.72%, and 19.49% for the respective years, and a notable increase to 33.37% in Q1 2025 [2]. Group 3: Market Position and Growth Drivers - Shenghong Technology has established itself as a market leader in the global AI and high-performance computing PCB sector, with a market share exceeding 50% in its segment [4]. - The company has secured major clients, including NVIDIA, AMD, and Tesla, and has seen a substantial increase in orders from NVIDIA, accounting for over 70% of its orders in Q1 2025 [4]. Group 4: Expansion and Investment Plans - The company plans to use funds from its Hong Kong IPO to expand production capabilities in mainland China and establish new facilities in Thailand and Vietnam [6][7]. - Shenghong Technology aims to invest up to USD 2.6 billion in Vietnam for high-end HDI products and has already acquired APCB Electronics for its Thai production base [6][7].

Core Viewpoint - Shenghong Technology (Huizhou) Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the AI and high-performance computing PCB market, with significant revenue growth projected for the coming years [2]. Financial Performance - The company reported revenues of RMB 78.85 billion, RMB 79.31 billion, and RMB 107.31 billion for the years 2022, 2023, and 2024 respectively, with profits of RMB 7.91 billion, RMB 6.71 billion, and RMB 11.54 billion during the same period [2][4]. - In the first three months of 2025, Shenghong Technology achieved revenue of RMB 43.12 billion, representing an 80.3% year-on-year increase, and a profit of RMB 9.21 billion, marking a 339.2% increase [2][4]. Market Position - According to Frost & Sullivan, Shenghong Technology is projected to hold the largest market share globally in the AI and high-performance computing PCB sector by the first quarter of 2025, with key applications in AI computing cards, servers, data center switches, and general substrates [2]. Stock Performance - As of August 21, the stock price of Shenghong Technology was reported at RMB 216.16, with a total market capitalization of approximately RMB 186.48 billion, reflecting a year-to-date increase of 415.67%, making it one of the best-performing companies in the A-share market over the past two years [4]. Leadership and Background - The founder and major shareholder, Chen Tao, holds a 31.24% stake in the company, and is recognized for his significant contributions to the PCB industry, being referred to as "the key person for NVIDIA in China" by NVIDIA's CEO Jensen Huang [6][8]. Client Base and Growth Potential - Shenghong Technology has successfully entered the supply chains of top global server clients, with its products being utilized by renowned brands such as NVIDIA, AMD, Intel, Tesla, and Microsoft, which provides a solid foundation for future growth [9].

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 company, Pengding Holdings, has approved an investment plan totaling 8 billion RMB to develop an industrial park in Huai'an, focusing on expanding production capacity for various PCB solutions to cater to the growing AI application market [1] Investment Plan - The total investment for the Huai'an industrial park project is 8 billion RMB, with the construction period set from the second half of 2025 to 2028 [1] - The investment will include the construction of production capacity for SLP, high-end HDI, and HLC products, aimed at enhancing soft board production capacity [1] Strategic Focus - The project aims to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI, covering cloud, management, and terminal aspects [1] - The investment is intended to strengthen the company's overall competitive strength in various fields, including servers, optical communications, humanoid robots, smart vehicles, and AI edge products [1]

证券日报网讯兴森科技8月15日在互动平台回答投资者提问时表示，公司的PCB产品可用于服务器、交 换机、计算和存储领域，客户群体多为下游行业领先企业或龙头企业。 （文章来源：证券日报） ...

Core Viewpoint - The report from CICC indicates a systematic expansion in global computing power demand, particularly for GPUs and ASICs, which is expected to significantly enhance the value of PCB products due to advancements in materials and high-layer designs [1] Industry Summary - The AI-related PCB market is projected to reach a total scale of $5.6 billion in 2025 and $10 billion in 2026, driven by strong demand for computing infrastructure [1] - The PCB and CCL markets are experiencing sustained high demand due to AI, prompting core suppliers in the industry to accelerate capacity expansion [1] - A total investment of approximately 32 billion yuan has been announced by seven listed companies in A-shares for PCB capacity expansion, with a focus on upgrading products to higher-end specifications [1] Supply Chain Insights - The ramp-up period for high-end product yields is lengthy, and the local supply chain in Southeast Asia is not yet fully mature, which may lead to a lag in capacity release compared to demand growth [1] - A supply-demand gap is expected to persist in the medium term due to these factors [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]