Group 1 - The company, Shiyun Circuit (603920.SH), is collaborating with Tesla on the Dojo project, focusing on PCB products primarily for its supercomputer sector [1]

Core Viewpoint - The company has a strong position in the PCB industry, focusing on high-end applications such as communication devices, data center infrastructure, and automotive electronics, with significant revenue growth expected in 2024 driven by AI and data center demand [1][4]. Group 1: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a year-on-year growth of 49.26%, with net profit attributable to shareholders expected to reach 2.587 billion yuan, a 71.05% increase [1]. - In the first half of the year, the company maintained high growth, with net profit attributable to shareholders around 1.7 billion yuan, and Q2 net profit approximately 938 million yuan, both showing significant quarter-on-quarter growth [1]. Group 2: Market Demand and Product Development - The demand for HDI and multi-layer boards is increasing due to the upgrade of data center switches from 100G and 400G to 800G, which raises the specifications for PCB layers, materials, and processes, thus enhancing product value [2]. - The company is actively expanding its high-end production capacity through technological upgrades and new projects, including a new facility in Kunshan aimed at producing 290,000 square meters of HDI annually, positioning itself to benefit from the AI wave [2][4]. Group 3: Automotive PCB Market - The electric and intelligent vehicle sectors are driving an increase in PCB usage, with the area per vehicle rising significantly from 0.6-1 square meters in traditional vehicles to 5-8 square meters in electric vehicles, leading to higher value requirements [3]. - The company's revenue from automotive PCBs is expected to reach 2.408 billion yuan in 2024, an 11.58% increase, with a growing share of revenue coming from advanced products like millimeter-wave radar and HDI for autonomous driving [3]. Group 4: Strategic Positioning - The company maintains close cooperation with major clients to develop next-generation GPU and XPU computing platform products, as well as various high-speed network switching products, showcasing its technological positioning advantage [2][4]. - The company is well-positioned to benefit from the ongoing trends in AI and automotive electrification, with a forecasted EPS of 1.96 yuan in 2025 and 2.66 yuan in 2026, corresponding to PE ratios of 28 and 20 times, respectively [4].

每经AI快讯，有投资者在投资者互动平台提问：公司PCB中小订单在行业里算低端还中高端？什么时候 能扭亏为盈？目前产能利用率多少？ 一博科技（301366.SZ）8月5日在投资者互动平台表示，公司PCB工厂一期产能主要定位于生产高端快 件，为客户提供研发打样及中小批量PCB快速交付服务，订单种类以中高端、高多层的PCB研制为主， 主要聚焦下一代服务器、ATE和其他跟AI紧密相关（算力卡、服务器、数据中心）的复杂PCB产品生 产。该工厂自试生产以来，营收、利润、产能利用率等财务指标正逐月好转，具体情况请查询公司披露 的定期报告相关信息。 （文章来源：每日经济新闻） ...

Summary of PCB Industry and Company Insights Industry Overview - The PCB industry is experiencing significant growth driven by increased demand for AI-related applications, particularly in high-end HDI boards and multilayer boards [1][5][11] - Major overseas companies like Meta, Google, and Microsoft are increasing their capital expenditures, which is expected to boost PCB demand significantly [1][6][7] Key Insights - **AI Demand Growth**: PCB demand in the AI sector is projected to grow by 30%-50% between 2026 and 2027, primarily due to the high-performance requirements of AI servers [1][5] - **Capital Expenditure Increases**: Meta's capital expenditure for 2025 has been raised from $64 billion to $66 billion, with a cap of $72 billion remaining unchanged. Microsoft’s capital expenditure is expected to reach around $30 billion next quarter, while Google's has increased to $22.4 billion, up from a previous estimate of $18.2 billion [2][6][7] - **Domestic Expansion**: Major domestic PCB manufacturers like Huadian, Shennan, and Pengding are actively expanding production capacities to meet rising market demands. For instance, Huadian is investing 4.3 billion yuan in a high-end HDI factory and an additional 3.6 billion yuan in another project [1][7][8] Equipment Market Dynamics - **Supply and Demand**: The PCB equipment market is facing a supply shortage due to increased demand from downstream manufacturers. Companies like Jinliwei have reported a significant increase in orders and extended delivery times [9][11] - **Technological Upgrades**: The market is witnessing a trend towards technological upgrades and increased localization. New products such as advanced testing machines and drilling machines are being introduced, with exposure equipment line spacing evolving to below 25 microns [3][10] - **Price Adjustments**: In response to the supply-demand imbalance, equipment suppliers are adjusting their pricing strategies to enhance order volumes and prices [9][11] Future Projections - **Market Size Forecast**: The server market is expected to grow from approximately $14 billion in 2025 to $18.9 billion by 2029, indicating a robust growth trajectory for the PCB sector [5] - **Capacity Expansion**: Companies like Shengdan and Fangzheng are planning significant capacity expansions, with new factories being established in locations such as Thailand and Vietnam to cater to AI product demands [8][12] Conclusion - The PCB industry is poised for substantial growth driven by AI demand, with significant capital investments from major tech companies and domestic manufacturers. The equipment market is adapting to these changes through technological advancements and strategic pricing adjustments, indicating a dynamic and evolving landscape in the PCB sector [1][11][12]

Summary of Xingsen Technology Conference Call Company Overview - **Company**: Xingsen Technology - **Industry**: PCB (Printed Circuit Board) and Substrate Manufacturing Key Points and Arguments Business Expansion and Production Capacity - Xingsen Technology enhanced its production capacity for HDI (High-Density Interconnect) and SLP (Semi-Laminated Process) boards through the acquisition of the Xingfei factory, laying the foundation for higher-end mSAP (Modified Semi-Additive Process) and SRP (Semi-Rigid PCB) production, thus improving overall competitiveness [2][3] - The company is actively expanding its product offerings to overseas core computing power customers, capitalizing on the tight supply-demand situation in the high-end PCB market [3] Technological Advantages - Xingsen Technology has accumulated significant experience in producing IC substrates, allowing it to leverage this capability to produce advanced HDI products [4] - The company possesses the technical potential to enter the COWOP (Chip-on-Wafer-on-Panel) packaging field, which requires stringent production standards [4] Market Trends and Financial Performance - In Q2 2025, the BT substrate market is expected to see price increases of 10%-20% due to rising demand in the storage market, potentially boosting gross margins by 14-15 percentage points and contributing over 100 million yuan in profit [2][13] - The AI market's growth is driving increased demand for high-end PCBs, with expectations of reduced losses at the Yixing factory and significant profit elasticity from overseas collaborations [2][13] Revenue Growth Projections - For 2025, Xingsen anticipates continued growth in its small-batch business, with Yixing expected to significantly reduce losses. The Bilibili business is projected to grow over 20%, and semiconductor test boards are expected to maintain a 30% compound annual growth rate [15] - The company expects to turn losses into profits in the Zhuhai BT substrate segment, with last year's losses of approximately 70 million yuan expected to be reversed this year [15] Strategic Collaborations - Collaborations with overseas major clients are crucial for Xingsen's development, providing significant profit elasticity and the potential to attract more clients, thus transforming the company's customer and product structure [14] Future Outlook - The company is optimistic about its profitability in 2026, with the effects of BT substrate price increases expected to manifest throughout the year, alongside collaborations with Yixing and potential overseas clients [16] Additional Important Insights - The substrate market is currently dominated by Japanese, Korean, and Taiwanese manufacturers, with Xingsen and Shenzhen Deep South Circuit holding a combined market share of only about 5% [11][12] - The global market for substrates is approximately 20 billion USD, with significant barriers to entry due to high investment requirements and stringent supplier certification processes [11]

Group 1: Aojie Technology - Aojie Technology has made significant progress in ASIC business, RedCap chips, and 4G/5G smartphone chips [1] - The ASIC business is focused on smart wearables, edge SOC, RISC-V, and cloud inference chips, with expected substantial revenue growth by 2026 [1] - RedCap chips are commercially available in the IoT market, and the company has production capabilities for smart wearables [1] - The company has successfully commercialized 4G quad-core chips and is making progress on 4G octa-core, 6nm 4G octa-core, and 6nm 5G octa-core chips [1] - Aojie Technology plans to control the growth of operating and R&D expenses to no more than 15% [1] Group 2: Changhua Group - Changhua Group has successfully produced new iterative samples of planetary roller screw, but the product is still in the R&D stage and has not generated revenue [2] - The company plans to supply carbon-ceramic brake disc metal structural parts to new energy vehicle companies by the end of 2024, with a total sales amount expected to exceed 100 million yuan [2] - As of July 2025, the company has announced new customer contracts worth 2.013 billion yuan, indicating strong order backlog and expected significant increase in capacity utilization [2] - Changhua Group is actively acquiring land and increasing capacity to enhance profitability [2] Group 3: Haohan Depth - Haohan Depth's convertible bond (118052) is set to be listed on April 7, 2025 [3] - The company has established a "Low-altitude Airspace Safety Technology Innovation Joint Laboratory" in collaboration with several institutions [3] - Haohan Depth's DPI technology and related cybersecurity solutions are designed to detect risks, identify threats, block attacks, and protect data and privacy, enhancing overall security in the Internet of Vehicles [3] Group 4: Chongda Technology - Chongda Technology anticipates positive growth in the global PCB market by 2025, with strong order demand and rising product prices [4] - The company's capacity utilization rate is at 85%, with new production capacities including multiple factories in Zhuhai and a production base in Thailand [4] - To improve profitability, Chongda Technology is focusing on high-value customers, optimizing sales structure, and enhancing cost management [4] - The company is implementing a structural price increase strategy to cope with rising raw material costs [4] - The U.S. market accounts for 10% of the company's revenue, and it is adopting strategies to diversify markets and optimize customer cooperation in response to tariff policy changes [4] Group 5: Galaxy Fund - Galaxy Fund was established in 2002, with total assets under management of 105.976 billion yuan, ranking 58th out of 210 [4] - The fund's non-monetary public fund assets amount to 75.871 billion yuan, ranking 56th out of 210 [4] - The fund manages 162 public funds, ranking 47th out of 210, with 25 fund managers, ranking 54th out of 210 [4] - The best-performing public fund product in the past year is the Galaxy Innovation Growth Mixed A, with a latest net value of 6.62 and a growth of 52.02% over the past year [4]

Core Viewpoint - The report from Huaxin Securities highlights that Shiyun Circuit's automotive PCB technology is leading, with significant growth potential linked to Tesla's expansion [1] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 180 million yuan, representing a year-on-year increase of 65.61% [1] - The improvement in performance is attributed to increased business volume, optimized product structure, and higher unit prices [1] Industry Trends - The demand for computing power is expected to rise rapidly as xAI continues its training work on the next-generation model Grok [1] - With the imminent mass production of Dojo2, the AI computing cluster centered around Dojo is anticipated to play a crucial role in accelerating the iteration of Tesla's FSD system, the development of the Optimus robot, and the Grok model [1] Growth Potential - In the context of rapid advancements in electric vehicle intelligence, humanoid robots, and AI large models, the company is well-positioned with major technology clients, indicating a broad growth space for its PCB business in the future [1] - The investment rating is maintained at "Buy" [1]

Group 1: Multiple Sclerosis (MS) Market Opportunity - The global MS patient base is substantial, with a market size exceeding $200 billion, primarily focused on RMS treatment, which has limited neuroprotective effects [2][4] - BTK inhibitors are expected to fill the treatment gap in the PMS area by blocking chronic neuroinflammation and slowing neurodegenerative processes, with key data releases anticipated in H2 2025 [5][6] - Companies likely to benefit from this market opportunity include several listed firms, which are positioned to capitalize on the expected growth in the MS treatment landscape [2][3] Group 2: PCB Technology Revolution - The demand for SLP (Substrate-like PCB) is significantly increasing, with expectations that it will closely match IC substrate performance as CoWoP (Chip-on-Wafer-on-Panel) technology becomes more prevalent [6][8] - The SLP manufacturing process has high barriers to entry, and companies with leading positions in this space are expected to gain substantial benefits [6][9] - The requirements for upstream laser direct writing and drilling equipment are increasing, indicating a shift in technology needs within the PCB industry [6][9]

Group 1: Multiple Sclerosis (MS) Market Opportunity - The global market for Multiple Sclerosis (MS) is estimated to have a gap of $20 billion, with BTK inhibitors potentially igniting the MS treatment sector, particularly in the second half of the year [2][3] - The existing market for MS treatments is primarily focused on Relapsing MS (RMS), while BTK inhibitors are expected to address the unmet needs in Progressive MS (PMS) [3][5] - Key companies expected to benefit from this market opportunity include specific listed firms, with significant data readouts anticipated in the second half of 2025 [3][6] Group 2: PCB Technology Revolution - A new process in printed circuit boards (PCBs) is anticipated to trigger a technological revolution, with a notable increase in demand for SLP (Substrate-like PCB) and a rise in requirements for laser equipment [7][8] - SLP technology is expected to closely resemble IC substrates, with significant performance improvements anticipated as CoWoP (Chip-on-Wafer-on-Panel) technology becomes more commercialized [7][8] - Companies with leading positions in SLP technology and those supplying advanced laser writing and drilling equipment are expected to benefit significantly from these developments [7][8]

Group 1 - The company, Shenghong Technology, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [1] - The IPO will include a public offering in Hong Kong and an international placement of new shares, with a maximum issuance of 10% of the total share capital post-issue and an over-allotment option of up to 15% [1] - The PCB industry is experiencing a significant recovery due to the rapid development of AI technology, with high demand for advanced PCBs in AI servers, high-speed computing, and automotive electronics [1] Group 2 - Shenghong Technology is expanding its production capacity for high-end products such as high-layer HDI and high-multilayer boards, with ongoing projects in Huizhou, Thailand, and Vietnam [2] - The company has established stable partnerships with several domestic and international tech giants, resulting in strong order demand [2] - The company's stock has surged over 350% year-to-date, with a market capitalization exceeding 160 billion, reaching a historical high [2]