每经AI快讯，12月15日，鹏鼎控股(002938.SZ)公告称，公司2026年拟向泰国园区投资合计42.97亿元人 民币用于建设泰国园区生产厂房及周边配套设施，并同步投资建设包括高阶HDI（含SLP）、HLC等产 品产能，为快速成长的AI应用市场提供涵盖服务器、AI端侧产品、低轨卫星等多领域的全方位PCB解决 方案。面对AI技术革命对PCB行业带来的巨大市场前景，公司本次投资建设泰国生产园区，有利于进一 步扩充公司AI产品线的产能布局，进一步提升公司在AI算力领域的技术实力和量产能力,有助于进一步 扩大公司经营规模，推动各产品线的技术和产品升级，提升公司经营效益。 ...

12月14日消息，近日，中国台湾电路板协会（TPCA）与工研院产科所发布"2025中国大陆PCB 产业动 态观测"、"2025日韩PCB 产业观测"，分析东亚PCB 生产地在AI时代下的产业变化，并拓展新产地。 日本为全球第3大PCB 生产地，TPCA 表示，日资企业2024年产值约115.3亿美元，全球市占率约 14.4%，预估2025年日本PCB 产业有望转为正增长，海内外总产值预估将提升至118.2亿美元，2026年更 可达123.5亿美元。 此外，TPCA 指出，日本不仅依靠企业投资推动产能提升，更配合政府近年的AI 与半导体国家战略， 透过制度化的补助、专款制度与供应链安全战略，强化在先进封装与高阶PCB 生态系的整体竞争力。 韩国在全球PCB 市场中位居第四，TPCA 表示，韩资企业2024年海内外总产值约78.6亿美元，市占率 9.8%。韩国产业在2025年至2026年将呈现稳定温和成长，预估海内外总产值分别可达79.4亿美元与81.6 亿美元。 在海外布局方面，TPCA 指出，韩商PCB 因三星供应链已耕耘越南多年，载板则以马来西亚为近年主要 扩产基地，积极提升BT 载板产能以因应后续內存市场 ...

来源：新浪港股-好仓工作室 主营业务：算力PCB龙头全球份额4.9% 境外收入占超七成 广合科技核心业务为算力服务器PCB研发生产，产品包括AI服务器加速板、CPU主板等，2022-2024年 累计收入全球排名第三（市场份额4.9%），中国大陆第一。2024年营收37.34亿元，其中算力场景PCB 收入占比72.5%，境外收入占比超70%，业务高度依赖境外市场及算力服务器需求。 财务表现：净利润增速63%跑赢营收 毛利率提升至33.4% 2022-2024年业绩高速增长，但净利润增速显著高于营收，反映高毛利产品占比上升。2024年毛利率 33.4%较2022年提升7.3个百分点，净利率18.1%提升6.5个百分点，但2024年毛利率同比仅微增0.1个百分 点，增长动能或趋缓。 指标2022年2023年2024年2024年同比增速营业收入（亿元）39.4%净利润（亿元）2.804.156.7663.0%毛 利率26.1%33.3%33.4%0.1个百分点净利率11.6%15.5%18.1%2.6个百分点 收入构成：18层及以上PCB收入激增127% 占比仅10.5% 算力场景PCB为增长核心，2024年收入27 ...

胜宏科技(惠州)股份有限公司投资者关系活动记录表 证券代码：300476 证券简称：胜宏科技 | 投资者关系活动类别 | 特定对象调研 ☐ ☐ | 分析师会议 | | --- | --- | --- | | | 媒体采访 ☐ ☐ | 业绩说明会 | | | ☐ 新闻发布会 ☐ | 路演活动 | | | 现场参观 ☐ 电话会议 | | | | ☐ 其他 | | | | 兴证全球基金、国盛证券、易方达基金、博时基金、淡水 泉、砥俊资产、东方阿尔法、沣京资本、富荣基金、歌汝 | | | | 私募、工银瑞信、广发证券、国金证券、国联证券、国泰 | | | | 证券、国投证券、国信证券、和沣资产、红筹投资、宏利 | | | | 基金、鸿道投资、华安基金、华安合鑫、华宝基金、华商 | | | | 基金、汇添富基金、惠通基金、混沌投资、嘉合基金、健 | | | | 顺投资、交银施罗德基金、今赫资产、景林资产、景顺资 | | | 参与单位名称及人员姓名 | 产、理成资产、摩根士丹利基金、南方基金、南土资产、 | | | | 宁波数法、诺德基金、盘京投资、鹏华基金、平安基金、 | | | | 平安养老、平安资产、前海开源基金 ...

Core Viewpoint - The company, Huadian Co., is planning to list on the Hong Kong Stock Exchange to raise funds for capacity expansion and investment in high-performance PCB development, particularly in the data communication and smart automotive sectors [1][5]. Group 1: Company Overview - Huadian Co. is a leading provider of PCB solutions in the data communication and smart automotive sectors, with a focus on high-growth and high-tech barrier products [2]. - The company has seen its stock price increase by over 84% this year, reaching a market capitalization of 138.7 billion RMB, with a TTM P/E ratio of 40.14, which is relatively low within the PCB sector [2]. Group 2: Market Position and Performance - Huadian Co. holds the top position globally in several PCB categories, including data center PCBs (10.3% market share), 22-layer and above PCBs (25.3% market share), and PCBs for switches and routers (12.5% market share) [4]. - The company has developed advanced technologies, including 108-layer multilayer board technology and the ability to mass-produce 44-layer and 54-layer PCBs, establishing a strong competitive moat [4]. Group 3: Financial Performance - The company's revenue and profit figures from 2022 to 2024 show significant growth, with revenues of 8.336 billion RMB, 8.938 billion RMB, and 13.342 billion RMB, and profits of 1.362 billion RMB, 1.490 billion RMB, and 2.566 billion RMB respectively [6]. - For the first three quarters of 2025, Huadian Co. reported revenues of 13.512 billion RMB, a year-on-year increase of 49.96%, and profits of 2.713 billion RMB, up 48.25% [6]. Group 4: Dividend Policy - The company has been generous with dividends, declaring 285 million RMB, 286 million RMB, 957 million RMB, and 962 million RMB from 2022 to the first half of 2025 [6]. Group 5: Strategic Focus and Future Growth - The company identifies AI-driven data center demand and the rapid development of electric and intelligent vehicles as key growth drivers for its long-term performance [5]. - The revenue contribution from high-speed switches and routers has been significant, with a notable increase in the share of AI servers and HPC in total revenue [8]. Group 6: Inventory Management - Despite a significant increase in inventory, the average turnover days have not extended, indicating effective inventory management [9].

人民财讯12月2日电，科翔股份（300903）12月1日在机构调研中表示，目前全球都在拥抱AI产业发 展。在PCB领域，已经有参与较早的厂商享受到了AI发展带来的红利。科翔股份已在PCB行业深耕20余 年，于2020年上市，PCB产品应用于汽车电子、新能源、通讯设备、低空飞行等领域。AI产业领域公司 也有布局，目前已锚定AI这个巨大的增长赛道，增加投资。 ...

2，PCB 材料商 正式向港交所递交申请（来源：贝壳财经） 12月1日，鼎泰高科公告，公司于2025年12月1日向香港联合交易所有限公司递交了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联 交所网站刊登了本次发行上市的申请材料。该申请材料为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决 定。 12月1日，威尔高在互动平台回答投资者提问时表示，公司持续密切关注市场趋势，并依据对行业发展的精准判断进行产能规划，以确保能够及时满足客 户的需求。目前，公司在泰国的生产基地计划于2025年底将产能提升至月产10万平方米:同时，江西二期扩建项目也在稳步推进，项目预计将新增月产12 万平方米的产能。 微信中部赞助商广告开放招募中 与您一路同行，做您最忠实的拥护者--PCB行业融合新媒体-2025年最有价值的电路板产业服务平台！欢迎您的关注与点赞！祝您事业有成！平安喜乐！ 1，PCB大厂 披露泰国基地进展：2025 年底月产能冲刺 10 万平方米（来源：证券日报） ...

Core Viewpoint - Huadian Electronics Co., Ltd. (沪士电子股份有限公司) has submitted an application to list on the Hong Kong Stock Exchange, with China International Capital Corporation and HSBC serving as joint sponsors [1] Company Overview - Huadian Electronics is a leading global provider of PCB solutions in the data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of electric, intelligent, and connected vehicles [4] - PCB product sales accounted for approximately 95.2% to 96.3% of total revenue from 2022 to 2024 [4] Financial Performance - Revenue for Huadian Electronics was approximately RMB 8.336 billion, RMB 8.938 billion, and RMB 13.342 billion for the years 2022, 2023, and 2024, respectively [7] - The company achieved profits of RMB 1.362 billion, RMB 1.490 billion, and RMB 2.566 billion for the same years [7] Production Capacity - The effective production capacity and utilization rates for various production bases show a trend of increasing utilization, with the Kunshan base achieving a utilization rate of 99.7% by mid-2025 [6] Industry Overview - The global PCB market is projected to reach USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024, and expected to grow to USD 96.8 billion by 2029 [9] - The data communication PCB market is anticipated to grow from USD 14.1 billion in 2020 to USD 21.8 billion in 2024, with a CAGR of 11.5% [9] - The automotive PCB market is expected to increase from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a CAGR of 9.2% [9]

Summary of the Conference Call for XunJieXing Company Overview - **Company**: XunJieXing - **Industry**: Optical modules and PCB manufacturing Key Points Industry and Market Dynamics - XunJieXing benefits from the increasing demand for AI, with major clients like Foxconn gradually ramping up orders, establishing a foundation for capacity growth [2][3] - The company has released its production capacity and is positioned for scalable development, with four factories located in Shenzhen, Xinfeng, and Zhuhai [3] Optical Module Business - Starting from July 2025, the monthly demand for 400G optical modules is expected to reach approximately 600K units, translating to an order value of 10-12 million yuan [2][4] - The pricing structure for optical modules is as follows: - 400G: ~11,000 yuan/sqm - 800G: ~30,000 yuan/sqm - 1.6T: Expected to exceed 60,000 yuan/sqm - The high pricing of these products significantly enhances the company's profitability, with Foxconn's 400G orders priced much higher than the company's previous average [5][27] Client Relationships and Orders - Foxconn has placed its first batch of optical module PCB orders worth over 10 million yuan, primarily for 400G products, with some 800G products included [4] - Other significant clients include Hisense, Chengdu Chuhan, and Huagong Zhengyuan, with expectations of million-level orders from them in the future [22] Collaboration with PCB Manufacturers - XunJieXing is collaborating with power PCB manufacturers such as Boke, Weidi, and Oulutong, with expected shipments in 2026 [6] Robotics PCB Business - The robotics PCB segment accounts for about 10% of total orders, with ongoing efforts to engage leading enterprises for future growth [7][8] - The company is developing electronic skin technology in collaboration with Nankai University, which has received positive feedback from clients like Xiaomi [9][10][11] New Factory Developments - The Zhuhai factory commenced production in Q3-Q4 2025, utilizing a large panel strategy and high automation to enhance order consolidation and value addition [12][14] - Expected gross margin for the Zhuhai factory is projected to be at least 50% when operating at full capacity [15] Future Revenue Projections - The optical module business is anticipated to generate at least 100 million yuan in total revenue in 2026, with potential to reach around 200 million yuan [19][20] - The company is also expanding its production capacity to meet the growing demand for 800G and 1.6T products [20] Strategic Directions - XunJieXing is focused on optimizing its customer and product structure, with confidence in future performance driven by ongoing client onboarding and new product developments [28] Additional Insights - The company has begun to explore overseas markets through an online mall model, aiming to reduce costs and improve delivery times [16] - The collaboration with Professor Xu's team from Nankai University is expected to deepen, potentially leading to equity partnerships and independent project operations [18] This summary encapsulates the key insights and developments discussed during the conference call, highlighting XunJieXing's strategic positioning and growth potential in the optical module and PCB manufacturing sectors.

全球数据中心PCB市场规模2024年为125亿美元，预计2029年增至210亿美元，复合年增长率10.9%。全 球交换机及路由器PCB市场规模从2020年的22亿美元增至2024年的50亿美元，复合年增长率23.3%，预 计2029年达102亿美元，复合年增长率15.2%。AI服务器PCB市场规模从2020年的5亿美元增至2024年的 31亿美元，复合年增长率58.8%，预计2029年增至80亿美元，复合年增长率20.8%。 全球PCB行业市场规模预计将从2024年的750亿美元增至2029年的968亿美元，2024年至2029年复合年增 长率为5.2%。 沪电股份递表港交所主板，联席保荐人为中金公司和汇丰。 公司定位为全球领先的数据通信和智能汽车领域PCB解决方案提供商，其PCB产品销售额持续占总收入 的95%以上。根据灼识咨询数据，截至2025年6月30日止18个月，沪电股份在多个领域位居全球第一： 数据中心领域PCB收入（全球市场份额10.3%）；22层及以上PCB（全球市场份额25.3%）；交换机及路 由器用PCB收入（全球市场份额12.5%）；L2+自动驾驶域控制器高阶HDIPCB（全球市场份额 1 ...