Group 1 - The demand for high-end printed circuit boards (PCBs) is surging due to the rapid development of industries such as electric vehicles, 5G, and AI [1][4] - Several listed companies are engaging in capital operations and capacity expansion to seize market opportunities, reinforcing the industry's growth logic [1][3] Group 2 - Dongshan Precision announced a $350 million investment in high-end PCB projects through a combination of cash and debt-to-equity swaps [3] - Fourhui Fushi's subsidiary has commenced a project with a total investment of 3 billion yuan to produce 5.58 million square meters of high-reliability PCBs, focusing on AI and intelligent driving [3] - Aoshikan plans to issue convertible bonds of up to 1 billion yuan to fund high-end PCB projects, increasing capacity for multi-layer boards and HDI boards [3] - Huitian's 4.3 billion yuan project for AI chip supporting high-end PCBs is expected to generate nearly 10 billion yuan in annual output value upon completion [3] - Pengding Holdings has planned 5 billion yuan in capital expenditure this year, focusing on advanced HDI and SLP projects [3] Group 3 - The increase in demand for PCBs is driven by the rising value of PCBs in electric vehicles and the surge in demand for high-frequency and high-speed products due to 5G base stations [4] - Prismark estimates that the global PCB market will reach $78.6 billion by 2025, with high-end products' share continuing to rise, particularly from AI servers and high-performance computing [4]

Core Viewpoint - TTM Technologies (TTMI) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Company Performance and Outlook - The upgrade for TTM suggests an improvement in the company's underlying business, which is expected to be reflected in higher stock prices as investors respond positively [4]. - For the fiscal year ending December 2025, TTM is projected to earn $2.32 per share, with a 5.9% increase in the Zacks Consensus Estimate over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - TTM's upgrade places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].

Core Viewpoint - The company has been collaborating with leading international clients in the electric vehicle sector for over a decade, which positions it favorably for future product supply as new products are launched by these clients [1] Group 1: Collaboration and Supply Chain - The company has established a long-term partnership with leading international clients in the electric vehicle industry, focusing on new products and technologies [1] - As new products from these clients are introduced, the company will have a certain priority in supplying these new products [1] Group 2: AI Server Capabilities - The company has developed the capability to supply PCBs required for mainstream AI servers in bulk [1] - The company's products have successfully entered the supply chains of major players like NVIDIA and AMD through OEM arrangements [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses advancements in the semiconductor packaging industry, particularly focusing on the evolution of packaging technologies such as CoWoS (Chip-on-Wafer-on-Substrate), CoPoS (Chip-on-Panel-on-Substrate), and CoWoP (Chip-on-Wafer-on-PCB) [9][18][24]. Core Concepts and Technologies - **CCL (Copper Clad Laminate)** is identified as a core material for the electronics industry, essential for high-frequency and high-speed circuits, with major suppliers including TUC, EMC, Unimicron, Resonac, MGC, and Panasonic [5][6]. - **CoWoP** aims to eliminate the traditional ABF (Ajinomoto Build-up Film) package substrate, allowing direct mounting of chip and silicon interposer modules onto high-precision PCBs, theoretically offering shorter signal paths and improved thermal management [10][25][30]. - **Technical Challenges**: CoWoP faces significant challenges, including the need for PCB precision below 10 μm, thermo-mechanical reliability issues, and manufacturing yield challenges [12][29][30]. Market Dynamics - The demand for high-end CCL and PCB materials is rising sharply due to the expansion of AI accelerators and data center computing needs, with a notable shift from M7-grade to M8 and M9-grade materials [74][76][81]. - NVIDIA's next-generation Rubin platform and Google's chip are expected to adopt M9-grade CCL, indicating a significant increase in material costs associated with advanced AI computing platforms [77][80]. Future Outlook - CoWoP is not expected to enter mass production in the near term, with industry consensus suggesting that NVIDIA will continue to rely on a mix of CoWoS and CoPoS solutions for product reliability and supply stability [13][26][37]. - The transition to CoWoP may require one to two more product generations before it can reshape the packaging models and supply chain ecosystem for high-performance computing and AI servers [14][28]. Key Suppliers and Innovations - **Mitsui Mining** is highlighted as a dominant supplier of ultra-thin copper foil, critical for SLP and CoWoP applications, with the market entering a high-growth phase due to increasing demand from AI and HPC sectors [41][55]. - **Shin-Etsu Chemical** has developed innovative equipment and methods for advanced packaging substrates, aiming to enhance production capabilities for next-generation chiplet and high-frequency packaging [66][70]. Material Specifications - The specifications for high-speed PCB materials are becoming increasingly stringent, with targets for dielectric constant (Dk) ≤ 3.3 and dissipation factor (Df) ≤ 0.005 to minimize signal loss and ensure impedance stability [48][49]. - Electronic-grade glass fiber fabric is emphasized as a critical reinforcement material for CCL, playing a vital role in ensuring signal integrity and power integrity in high-performance applications [82][86]. Conclusion - The semiconductor packaging industry is undergoing significant transformations driven by advancements in technologies like CoWoP, with increasing demands for high-performance materials and innovative manufacturing processes shaping the future landscape of AI and HPC systems [22][73].

Core Viewpoint - Eltek Ltd. is set to release its financial results for Q2 2025 on August 14, 2025, before market opening, highlighting its ongoing operations in the printed circuit board industry [1] Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in printed circuit boards (PCBs), specializing in complex, high-quality PCBs, HDI, multilayered, and flex-rigid boards for high-end markets [3] - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, serving customers in defense, aerospace, and medical industries across Israel, the United States, Europe, and Asia [3] - Founded in 1970, Eltek's headquarters, R&D, production, and marketing center are located in Israel, with operations in North America and through agents and distributors in Europe, India, South Africa, and South America [4] Financial Results Announcement - The financial results will be discussed in a conference call on August 14, 2025, at 9:00 a.m. Eastern Time, featuring remarks from the CEO and CFO [2] - A replay of the conference call will be available on Eltek's corporate website approximately 24 hours after the call and archived for 30 days [2]

每经AI快讯，有投资者在投资者互动平台提问：贵公司说400G和800G光模块研发项目已完成，是不是 指400G、800G的光模块PCB板研发已完成，而不是光模块？ 强达电路（301628.SZ）8月1日在投资者互动平台表示，800G光模块印制板技术研究"和"400G光模块印 制板技术研究都已经完成。 （文章来源：每日经济新闻） ...

Core Viewpoint - The article highlights the significant interest from major investment institutions, particularly Point 72, in Shenghong Technology, a leading company in the high-density printed circuit board (PCB) industry, which has seen substantial stock price increases and market capitalization growth in 2023 [1][3][4]. Group 1: Company Overview - Shenghong Technology specializes in the research, production, and sales of high-density printed circuit boards, including rigid and flexible circuit boards, with applications in AI, automotive electronics, new communication technologies, and more [3][7]. - As of July 30, 2023, Shenghong Technology's stock price has surged by 351.46% year-to-date, with a total market capitalization of 165.7 billion yuan [3][8]. Group 2: Investment Interest - Point 72, a global asset management firm, has shown interest in Shenghong Technology, appearing on the company's investor relations activity record [1][4]. - Point 72 has a history of frequent A-share company research, leading all foreign institutions with 252 A-share company investigations in 2024 [5]. Group 3: Industry Trends and Future Outlook - The chairman of Shenghong Technology, Chen Tao, emphasizes the transformative impact of AI, predicting a new computing era and significant changes across various industries [7][9]. - The Chinese AI industry is projected to grow from 486.2 billion yuan in 2026 to 1 trillion yuan by 2030, with a compound annual growth rate of approximately 20% [9]. - Chen Tao outlines six transformative changes driven by AI, including the emergence of new industries and the reconfiguration of manufacturing processes [9][10]. Group 4: Strategic Recommendations - Chen Tao provides four strategic recommendations for companies to embrace the AI era, including setting high-level strategies, fostering a spirit of action, maintaining a positive mindset, and sustaining a belief in success [10]. - Shenghong Technology aims to enhance its core competitiveness by increasing production capacity and investing in high-end products and technologies [10].

多家头部企业的产能利用率维持在高位水平。胜宏科技表示公司产能利用率目前处于较高水平，高阶HDI、高多层板产品均已取得较大规模的在手订单。鹏 鼎控股方面也表示公司产能利用率较上年有所提升。中京电子证券部工作人员透露，目前订单饱和度总体在90%以上，珠海新工厂产能利用率总体在 80%-90%区间。 高端产能布局加速推进 面对旺盛的市场需求，PCB企业正在加快高端产能布局步伐。人工智能和网络基础设施的发展需要更复杂、更高性能的PCB产品，以支持其复杂的计算和数 据处理需求。这为PCB市场带来新的增长机遇，同时也对企业的技术能力和创新能力提出更高挑战。 人工智能技术的快速发展正在重塑全球电子制造业格局，印制电路板产业作为电子设备的核心基础，迎来了前所未有的发展机遇。当前市场对高端PCB产品 的需求呈现爆发式增长态势，推动整个产业链进入新一轮景气周期。多家上市公司披露的中报业绩预告显示，行业整体呈现强劲复苏势头，产业链各环节企 业纷纷加大高端产能投资力度。 产业链企业业绩表现亮眼 从已披露的2025年上半年业绩预告来看，PCB产业链上市公司整体表现突出。沪电股份预计上半年归属于上市公司股东的净利润为16.50亿元至17 ...

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $730.6 million in Q2 2025, a 21% increase from $605.1 million in Q2 2024, driven by strong demand in various end markets [25][6][7] - Non-GAAP EPS reached a record $0.58, compared to $0.39 in the same quarter last year [31][7] - Non-GAAP operating margins improved to 11.1%, up 210 basis points year-on-year [29][7] - Cash flow from operations was 13.4% of revenues, with net leverage at 1.2 times [32][7] Business Line Data and Key Metrics Changes - Aerospace and defense represented 45% of total revenues, with a program backlog of approximately $1.46 billion, showing strong demand and growth [17][7] - Data center computing accounted for 21% of total sales, with a 20% year-on-year growth, driven by generative AI applications [18][7] - Medical industrial instrumentation contributed 15% of total sales, with a 28% year-on-year growth [19][7] - Automotive sales declined slightly to 11% of total sales due to inventory adjustments and soft demand [19][7] - Networking revenue grew significantly by 52% year-on-year, accounting for 8% of total sales [20][7] Market Data and Key Metrics Changes - The defense market is expected to benefit from increased defense budgets, with a significant $150 billion allocated in the fiscal year 2025 reconciliation bill [12][7] - NATO leaders have agreed to increase defense spending to 5% of GDP, providing a positive outlook for defense-related revenues [13][7] - The company is seeing growing interest from hyperscalers and EMS companies investing in new facilities in the U.S., particularly for generative AI [10][7] Company Strategy and Development Direction - TTM is focusing on diversifying its manufacturing footprint and end markets, having divested lower-margin facilities in China and invested in new capabilities in the U.S. and Malaysia [8][7] - The company plans to enhance its production capabilities in Eau Claire, Wisconsin, to support high-volume U.S. production of advanced technology PCBs [11][7] - TTM is also expanding its facility in Penang, Malaysia, to meet customer demand and diversify supply chains beyond China [15][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate potential tariff impacts due to its diversified end markets and manufacturing locations [9][7] - The company remains optimistic about future growth in the aerospace and defense sector, supported by a solid backlog and ongoing program bookings [17][7] - Management acknowledged challenges in ramping up the Penang facility but remains focused on achieving breakeven revenue levels [15][7] Other Important Information - The company announced a change in its reportable segments to better reflect its operations, now categorized into aerospace and defense, commercial, and RF and specialty components [26][7] - TTM's top five customers contributed 41% of total sales, indicating a stable customer base [21][7] - The company is actively pursuing M&A opportunities in the microelectronics and RF microwave spaces, anticipating more properties to come to market in the next year [76][7] Q&A Session Summary Question: Timeline for new capacity in Wisconsin and customer requests - Management indicated that the Eau Claire facility is prepared for customer engagement and discussions are ongoing, particularly in the data center space [39][7] Question: Concerns about slippage in Penang's breakeven timeline - Management stated that while there are challenges, they do not believe it impacts their competitive position and are focused on optimizing yields [46][7] Question: Update on capacity expansion in China - Management confirmed that they are on track to add 20% additional capacity in their Dongguan facility and are qualifying programs in Guangzhou [55][7] Question: Customer diversification in the data center segment - Management reported good diversification in the data center space, with ongoing efforts to balance capacity for core customers and new entrants [58][7] Question: Cost competitiveness of the Eau Claire facility - Management acknowledged that initial costs would be higher than in China, but there is customer appetite for U.S.-based capacity [82][7] Question: Margin drag in Penang - Management noted that the margin drag in Penang has increased to about 210 basis points year-over-year [84][7]

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $730.6 million in Q2 2025, a 21% increase from $605.1 million in Q2 2024, driven by strong demand in various end markets [25][26] - Non-GAAP EPS reached a record $0.58, compared to $0.39 in the same quarter last year, reflecting strong operational performance [31] - Non-GAAP operating margins improved to 11.1%, up 210 basis points year on year, marking the fourth consecutive quarter of double-digit operating margin performance [6][29] Business Line Data and Key Metrics Changes - Aerospace and Defense segment accounted for 45% of total revenues, with net sales of $327.6 million, up from $274.5 million in Q2 2024 [26][17] - Data Center Computing segment represented 21% of total sales, achieving 20% year-on-year growth, driven by demand for generative AI applications [18][19] - Medical Industrial Instrumentation segment contributed 15% of total sales, with a 28% year-on-year growth due to increased demand in robotics and automated test equipment [18][19] Market Data and Key Metrics Changes - The automotive market saw a slight decline, contributing 11% of total sales, down from 14% in the previous year, primarily due to inventory adjustments [19] - Networking segment grew significantly, accounting for 8% of revenue with a 52% year-on-year increase, driven by demand from networking customers [20] - The company maintains a solid backlog in the Aerospace and Defense market, amounting to approximately $1.46 billion, indicating strong future revenue visibility [17][22] Company Strategy and Development Direction - TTM is focusing on expanding its manufacturing capabilities in the U.S. to support defense and generative AI markets, including a new facility in Eau Claire, Wisconsin [9][10] - The company is diversifying its production footprint and end markets, having divested lower-margin facilities in China and invested in new capabilities in the U.S. and Malaysia [7][8] - TTM plans to establish a second production site in Malaysia to meet increasing customer demand and supply chain diversification needs [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the defense market due to increased government spending, with a $150 billion increase in defense budgets expected to drive growth [11][12] - The geopolitical environment is being monitored, but TTM does not anticipate significant short-term impacts from tariffs due to its diversified operations [8] - Management remains optimistic about future growth, particularly in the aerospace and defense sectors, and expects continued strong demand in data center computing [5][6] Other Important Information - The company announced a change in its reportable segments to better reflect its operations, now categorizing into Aerospace and Defense, Commercial, and RF and Specialty Components [26] - TTM's cash flow from operations was 13.4% of revenues, with a net leverage ratio of 1.2 times, indicating a healthy financial position [6][32] - The CEO announced plans to retire, with a search for a successor already underway [24] Q&A Session Summary Question: Timeline for new capacity in Wisconsin and customer requests - Management indicated that the Eau Claire facility is prepared for customer engagement and infrastructure is ready for equipment installation as demand increases [39][40] Question: Concerns about slippage in Malaysia's breakeven timeline - Management stated that while the ramp-up in Penang is slower than anticipated, it does not impact competitive positioning, and customer interest remains strong [46][48] Question: Update on capacity expansion in China - Management confirmed that capacity in China is being expanded, particularly in Dongguan and Guangzhou, to meet data center demands [54][56] Question: Customer diversification in the data center segment - Management reported good diversification in the data center space, with ongoing efforts to balance capacity for core customers while adding new ones [58] Question: Cost competitiveness of the Eau Claire facility - Management acknowledged that initial costs in Eau Claire would be higher than in China, but there is customer appetite for U.S.-sourced capacity [84][85] Question: Margin drag in Penang - Management noted that the margin drag in Penang has worsened slightly, now at about 210 basis points [86]