转自：前瞻产业研究院 行业主要上市公司：鹏鼎控股(002938.SZ)、东山精密(002384.SZ)、深南电路(002916.SZ)、景旺电子 (603228.SH)、沪电股份(002463.SZ)、兴森科技(002436.SZ)、世运电路(603920.SH)等 本文核心数据：印制电路板政策汇总;政策解读;发展目标汇总等 1、 政策历程图 印制电路板(PCB)是电子产品的关键电子互联件，被誉为"电子产品之母"。近年来我国印制电路板行业 在政策支持下有了较快的发展，从"十二五"规划中的提高基础专用材料自给保障能力和制备技术水平， 到"十三五"规划中的形成产业集群、加强印制电路板技术创新和成果应用，再到"十四五"规划中的发展 高性能印制电路板(PCB)产品，研发新型印刷电路板及覆铜板材料，印制电路板(PCB)行业朝着高端 化、规模化、绿色化方向不断发展。 2、 国家层面政策汇总及解读 ——国家层面印制电路板(PCB)行业政策汇总 近年来，国家发布一系列政策重点发展高性能、高频高速印制电路板(PCB)产品，同时鼓励行业创新发 展，研发新型印刷电路板及覆铜板材料。截至2025年2月，我国印制电路板行业相关政策汇总 ...

Investment Rating - The investment rating for the company is "Buy" with a first-time recommendation [12]. Core Viewpoints - The company, established in 1985, has developed into a leading PCB manufacturer in China, with a strong focus on the automotive sector, particularly in electric vehicles, and is expanding into emerging industries such as artificial intelligence and humanoid robots [4][20]. - The global PCB market has shown a steady upward trend, with a CAGR of approximately 5% from 2017 to 2022, driven by the increasing demand for high-density and high-performance PCBs [8][38]. - The automotive industry is experiencing a surge in electronic applications, leading to a higher demand for automotive PCBs, which are subject to stringent reliability and stability requirements [9][53]. Summary by Sections Company Overview - The company has a workforce of about 6,000 employees, an annual production capacity exceeding 5 million square meters, and annual sales exceeding 4.5 billion yuan [20]. - Major clients include Tesla, Panasonic, Mitsubishi, Bosch Siemens, Dyson, Toyota, and Volkswagen, indicating a strong market presence [4][20]. PCB Market Trends - The PCB industry is moving towards high-density and high-performance products, with increasing requirements for precision and stability due to trends in electronic devices becoming lighter and faster [38][46]. - The automotive PCB market is expected to grow significantly, with a projected compound annual growth rate of 6.20% from 2022 to 2027 [51][66]. Automotive Sector Insights - The company has strategically positioned itself in the automotive sector, particularly in electric vehicles, which are projected to drive demand for PCBs due to their complex electronic systems [67]. - The penetration rate of new energy vehicles in China is expected to reach 40.9% by 2024, highlighting the growing importance of this market segment [68]. Financial Performance - In 2024, the company achieved a revenue of 5.022 billion yuan, an increase of 11.13% year-on-year, with a net profit of 675 million yuan, reflecting a growth of 36.17% [28]. - In the first quarter of 2025, the company reported a revenue of 1.217 billion yuan, up 11.33% year-on-year, and a net profit of 180 million yuan, marking a significant increase of 65.61% [28].

Group 1 - Mergers and acquisitions (M&A) are important market tools supporting economic transformation and high-quality development, with a significant focus on technological innovation [1] - The current round of M&A respects market rules and has fully mobilized the enthusiasm of listed companies to participate [1] - Cross-industry mergers and vertical integration of industrial chains are becoming new opportunities for listed companies to break through [1] Group 2 - A total of 86 A-share listed companies have disclosed M&A progress since April, excluding ST and failed restructurings [2] - Notable companies involved in M&A include Shenyang Machine Tool, Binhai Energy, and China Shipbuilding, among others [2] - The disclosed M&A activities include various types of transactions such as capital increases, asset acquisitions, and mergers [4][5][6] Group 3 - Xunjie Technology plans to acquire 100% equity of Shenzhen Jiahong Electronics through share issuance and cash payment, enhancing its position in the flexible printed circuit board sector [6] - Chenghe Technology intends to acquire at least 51% of Yuhua Yingri Technology, with an estimated valuation of 1.8 billion RMB, aiming to strengthen its presence in the display materials market [8] - Sunshine Nuohe plans to acquire 100% of Jiangsu Langyan Life Science Technology through share issuance and convertible bonds, focusing on drug research and development [10]

Core Viewpoint - The company Shengyi Electronics (688183.SH) has experienced significant growth in its operating performance due to the increasing demand for multilayer printed circuit boards, with substantial year-on-year increases in revenue and net profit reported for the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, Shengyi Electronics achieved revenue of 1.579 billion yuan, a year-on-year increase of 78.55%, and a net profit of 200 million yuan, up 656.87% [1]. - For the full year 2024, the company reported revenue of 4.687 billion yuan, a 43.19% increase, and a net profit of 332 million yuan, recovering from a loss of 24.99 million yuan in the same period of 2023 [1]. - The net profit has shown exponential growth over the quarters in 2024, with figures of 26.45 million, 69.64 million, 90.43 million, and 145 million yuan for Q1 to Q4 respectively, reflecting year-on-year increases of 759.89%, 412.84%, 432.26%, and 2079.78% [1]. Business Strategy and R&D - Shengyi Electronics has been optimizing its product structure and enhancing its business layout in response to the growing market demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2]. - The company has consistently invested in R&D, with expenditures of 196 million, 193 million, and 284 million yuan from 2022 to 2024, totaling 673 million yuan over three years, and Q1 2025 R&D expenses were 91.13 million yuan, an increase of 87.08% year-on-year [2]. - As of the end of 2024, the company holds 276 invention patents and has participated in the formulation of 20 industry standards and specifications [2]. Market Performance - As of April 28, the stock price of Shengyi Electronics was 25.62 yuan per share, with an overall increase of 158.78% over the past 12 months [3]. - The company has been generous in cash dividends, having distributed a total of 745 million yuan since its listing in 2021, which accounts for approximately 68.7% of the total net profit since then [3].

研发投入助力产品迭代升级，市场竞争力不断提升。2024 年，公司在汽车电子、AIPC、数据中心及服 务器等多个关键领域均取得了较大进展。在汽车电子领域，公司重点聚焦于自动驾驶等高端产品的研发 与生产，深度切入新能源汽车ECU、VCU 等核心产品线，为未来在智能电动化赛道的长远布局开辟全 新增长极，成功与多家国际知名汽车品牌及Tier1 供应商建立了长期稳定的合作关系。在AIPC 领域，依 托HDI 工艺的深度技术积淀与前瞻性产能布局，通过与行业内多家PC 厂商建立深度合作关系，公司产 品已实现稳定供货，且供货量呈现稳步增长的良好态势，进一步夯实公司在AIPC 市场的竞争优势。在 数据中心及服务器领域，实现关键平台的迭代供应，同步前瞻布局下一代技术研发与工艺储备，推出一 系列满足数据中心及服务器应用需求的高性能PCB 产品，有效提升公司在该领域的市场竞争力。 盈利预测与投资评级： 我们预测公司2025-2027 年归母净利润为4.43/5.53/6.72 亿元，当前股价对应PE 分别为17/14/11 倍，基于汽车智能化、AI 服务器等领域市场景气度持续提升，公司产品能力持续提 升，我们看好公司未来业绩稳健增长 ...

4月25日，博敏电子发布2024年年报，公司实现营业收入32.66亿元，同比增长12.11%；归属净利润 为-2.36亿元，同比减亏58.29%；扣非净利润为-2.63亿元，同比减亏56.27%。尽管公司仍处于亏损状 态，但通过高端产品布局和产能释放，亏损幅度显著收窄。报告期内，博敏电子在AI数据中心、汽车 电子等领域取得突破，江苏博敏二期工厂产能爬坡顺利，高端产品逐步释放。 尽管博敏电子在2024年实现了营收增长，但归属净利润仍为负值，主要受商誉减值、递延所得税资产冲 减、存货跌价准备等因素影响。报告期内，公司计提商誉减值准备5,390.79万元，主要由于对君天恒 讯、裕立诚、芯舟电子等子公司的未来经营业绩和盈利能力进行了谨慎评估。此外，公司还计提了存货 跌价准备5,276.66万元，反映出公司在存货管理方面存在一定压力。 高端产品布局助力营收增长 2024年，博敏电子通过江苏博敏二期工厂产能爬坡，以及在AI数据中心、AI端侧产品、智能汽车等领 域的拓展，实现了营业收入的稳步增长。报告期内，公司高端产品需求增速超10%，尤其是在AI数据中 心领域，公司获得了超亿元订单，驱动了数据/通讯领域收入的快速增长。此 ...

公开信息显示，骏亚科技成立于2005年11月22日，上市日期为2017年9月12日，主营业务包括印制电路板的研发、生产和销售及印制电路板的表面贴装等。 单季度看，2024年第四季度骏亚科技实现营业收入5.92亿元，同比增长4.54%，环比下降7.70%；归母净亏损为1.39亿元，同比下降885.00%，环比下降 9497.84%；扣非归母净亏损为1.28亿元，同比下降610.22%，环比下降3061.94%。 财务指标方面，2024年骏亚科技毛利率为15.04%，同比下降5.01个百分点；净利率为-6.58%，同比下降9.40个百分点。 费用方面，2024年骏亚科技期间费用为3.83亿元，同比减少2019.97万元；期间费用率为16.32%，同比下降0.29个百分点。其中，销售费用同比增长1.17%， 管理费用同比减少7.84%，研发费用同比减少5.80%，财务费用同比减少0.26%。 此外，2024年骏亚科技经营活动产生的现金流量净额为4.05亿元，同比增长82.13%。截至2024年末，骏亚科技总资产为33.48亿元，同比下降2.2%；归母净 资产为13.41亿元，同比下降11.3%。 4月26日，广东骏 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company has embraced new AI trends, significantly expanding its presence in high-end markets, particularly in smart driving, AI servers, and AI computing hardware, leading to stable growth in operating performance [2][3]. - The company reported a revenue of 12.659 billion yuan for 2024, a year-on-year increase of 17.68%, and a net profit of 1.169 billion yuan, up 24.86% [1][4]. - For the first quarter of 2025, the company achieved a revenue of 3.343 billion yuan, reflecting a year-on-year growth of 21.9%, with a net profit of 325 million yuan, an increase of 2.18% [1][4]. Financial Performance Summary - The company is projected to achieve revenues of 15.128 billion yuan, 18.154 billion yuan, and 21.784 billion yuan for the years 2025, 2026, and 2027, respectively [4][11]. - The expected net profits for the same years are 1.527 billion yuan, 1.986 billion yuan, and 2.405 billion yuan [4][11]. - The report anticipates a 20x PE ratio for 2025, leading to a target price of 32.69 yuan within six months [4][6]. Market Position and Product Development - The company has made significant advancements in the data center sector, with mass shipments of AI server products and a leading position in high-speed FPC and ultra-high-layer PTFE products [2][3]. - In the automotive electronics sector, the company has seen high growth in smart driving and smart cockpit products, increasing its market share in HDI and high-layer products [2][3]. - The company has also increased its R&D investment, resulting in the acquisition of 30 new invention patents and 9 utility model patents during the reporting period [3][11].

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion, a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million, reflecting a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The gross margin was 32.75%, down 1.11 percentage points year-over-year but up 0.95 percentage points quarter-over-quarter [1] Group 2: Market Trends and Opportunities - The company benefits from strong demand for PCBs driven by high-performance computing servers and artificial intelligence, leading to significant revenue and profit growth [2] - The increasing complexity and performance requirements in the data communication field are pushing PCBs towards higher complexity, performance, and HDI development, which the company is well-positioned to capitalize on [3] Group 3: Research and Development - The company is actively investing in R&D, with GPU platform products already in mass production supporting rates of 112/224Gbps, and next-generation products under development [3] - In the automotive electronics sector, the company is focusing on high-reliability materials and advanced processing capabilities, with successful integration of low-voltage power chip technology [3] Group 4: Investment Outlook - The company is projected to achieve net profits of 3.559 billion, 4.589 billion, and 5.599 billion in 2025, 2026, and 2027 respectively, with a PE ratio of 15.8, 12.2, and 10 times based on the closing price on April 25, 2025 [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has significantly turned around its performance, achieving a net profit of 332 million yuan in 2024, compared to a loss in the previous year. In Q1 2025, the net profit soared to 200 million yuan, reflecting a year-on-year growth of 656.87% [4][3]. - The company has established deep collaborations with several well-known AI server enterprises, leading to a substantial increase in the sales proportion of server products, which now account for 48.96% of total sales [4][5]. - The demand for high-layer, high-precision, high-density, and high-reliability multi-layer printed circuit boards (PCBs) is on the rise, contributing to significant revenue growth compared to the previous year [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.687 billion yuan, a year-on-year increase of 43.19%. The net profit for the same year was 332 million yuan, marking a turnaround from losses [3][4]. - For Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 78.55% [3]. Market Position and Strategy - The company has successfully implemented key projects in the server field, enhancing its market share in high-end PCB products. The introduction of the intelligent computing center project aims to meet the growing demand for high-layer, high-density interconnect PCBs, with an expected annual production capacity of 250,000 square meters by 2027 [7][9]. - The company is also expanding its production capabilities in high-precision HDI and soft-hard combination boards, which are crucial for meeting the demands of AI server applications [9][10]. Future Outlook - Revenue forecasts for 2025 to 2027 are projected at 6.842 billion yuan, 9.032 billion yuan, and 11.832 billion yuan, respectively, with corresponding EPS estimates of 1.03 yuan, 1.46 yuan, and 2.03 yuan [11][13]. - The company is expected to benefit from the increasing domestic penetration of AI computing solutions, particularly following the U.S. export restrictions on certain AI chips, which may drive demand for its high-end PCB products [11].