Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a significant performance exceeding expectations in Q2 2025, with revenue of 16.38 billion yuan, a year-on-year increase of 24.8%, and a net profit attributable to shareholders of 1.23 billion yuan, up 57.2% year-on-year [1] - The growth in profit was driven by improvements in business structure, yield enhancement, and cost reduction [1] - The company is increasing its capital expenditure for AI PCB due to strong demand in AI servers, with plans to raise capital expenditure to over 30 billion New Taiwan dollars for 2025-2026 [10] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 16.38 billion yuan, a 24.8% increase year-on-year, and a net profit of 1.23 billion yuan, a 57.2% increase year-on-year [1] - Q2 2025 revenue was 8.29 billion yuan, up 28.7% year-on-year, with a net profit of 740 million yuan, reflecting a 159.5% year-on-year increase [1] Business Segments - The communication board business generated revenue of 10.27 billion yuan, a 17.6% increase year-on-year, maintaining a gross margin of 16.0% [2] - The consumer electronics and computer board business achieved revenue of 5.17 billion yuan, a 31.6% increase year-on-year, with a gross margin of 24.5% [2] - The automotive and server board business saw revenue of 810 million yuan, an 87.4% increase year-on-year, driven by new product certifications and collaborations in AI ASIC products [2] Market Position and Growth Drivers - The company holds over 30% market share in the FPC industry and is positioned to benefit from the growing demand for AI-related products, including AI glasses and foldable screens [3] - The global FPC market is projected to reach 15.62 billion USD by 2029, with a CAGR of 4.5% from 2024 to 2029 [3] - The company is enhancing its production capabilities for high-end HDI and SLP products to meet the increasing performance requirements of AI servers [4] Future Projections - Revenue projections for the company are 41.25 billion yuan in 2025, 48.34 billion yuan in 2026, and 55.58 billion yuan in 2027, with expected year-on-year growth rates of 17%, 17%, and 15% respectively [11] - Net profit projections are 4.5 billion yuan in 2025, 5.5 billion yuan in 2026, and 6.34 billion yuan in 2027, with year-on-year growth rates of 24%, 22%, and 15% respectively [11]

Group 1 - As of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total CFO compensation of 4.243 billion yuan and an average salary of 760,300 yuan [1] - In the components industry, there are 45 CFOs with an average salary of 1.0059 million yuan, ranking 30th among 124 industries, and a salary increase of 134,100 yuan compared to the previous year, ranking 14th in salary growth [1][2] - Among the 45 CFOs in the components industry, 40% earn between 500,000 and 1 million yuan, while another 40% earn over 1 million yuan [2] Group 2 - The age distribution of the 45 CFOs ranges from 32 to 64 years, with the most common age group being 48-53 years, accounting for nearly 30% [4] - The highest average salary is found in the 59-year age group, represented by one CFO, who is from Pengding Holdings [4] - The oldest CFO is 64 years old, while the youngest is 32 years old, with a notable salary difference based on age and experience [6] Group 3 - In the components industry, 38 out of 135 CFOs hold bachelor's or master's degrees, accounting for over 80% of the total [6] - Notably, the average salary of CFOs with a diploma is higher than that of those with a bachelor's degree, primarily due to the high salary of the CFO from Shengyi Electronics [6] - The relationship between CFO compensation and company performance in the electronics industry shows no significant correlation, with revenue growth rates varying across different salary segments [8]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。作为上市公司核心管理层关键成员，财务总 监CFO不仅需要确保公司财务稳健、资金高效运转，更需要从财务视角为公司的战略制定提供支撑，其 能力与决策直接影响公司的财务健康、战略成败、资本市场形象乃至生存风险。据2024年年报显示，去 年A股CFO（财务总监、财务负责人等）薪酬合计达42.43亿元，平均薪酬76.03万元。 分行业来看，元件行业信息完备的上市公司CFO共有45位，2024年CFO平均薪酬为100.59万元，在124 个申万一级行业中排名第30位，CFO薪资水平处于行业前列。此外， 2024年元件行业CFO平均薪资水 平相较上年上升13.41万元，薪酬增幅在124个申万一级行业中排名第14位，亦处于行业前列。 从元件行业的CFO薪酬分布角度来看，45位CFO中有18位的薪酬水平处于50万元到100万元之间，占比 为四成。此外，元件行业中薪酬超100万元的CFO共有19位，占比也为四成。其中，薪酬最高的CFO为 生益电子唐慧芬，其薪资为282.97万元。尾随其后的为 ...

Group 1 - As of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total CFO compensation of 4.243 billion yuan and an average salary of 760,300 yuan [1] - In the components industry, there are 45 CFOs with an average salary of 1.0059 million yuan, ranking 30th among 124 industries, and a salary increase of 134,100 yuan compared to the previous year, ranking 14th in salary growth [1][2] - Among the 45 CFOs in the components industry, 40% earn between 500,000 and 1 million yuan, while another 40% earn over 1 million yuan [2] Group 2 - The age distribution of the 45 CFOs ranges from 32 to 64 years, with the most common age group being 48-53 years, accounting for nearly 30% [4] - The highest average salary is found in the 59-year age group, represented by one CFO, while the oldest CFO is 64 years old and the youngest is 32 years old [4][6] - Over 80% of CFOs hold either a bachelor's or master's degree, with the average salary of those with a diploma exceeding that of bachelor's degree holders, influenced by the high salary of a specific CFO [6] Group 3 - In the optical and optoelectronic industry, there is no significant correlation between CFO salaries and company performance, with revenue growth rates of 19.81%, 18.80%, and 21.70% across three salary segments [8] - The corresponding net profit growth rates show a decline as CFO salaries increase, with rates of 43.82%, 30.75%, and 1.06% respectively [8]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。董秘作为连接投资者与上市公司的"桥梁"， 在上市公司资本运作中发挥着关键作用。据2024年年报显示，去年A股董秘薪酬合计达40.86亿元，平均 薪酬75.43万元。 分行业来看，元件行业共有70家上市公司，2024年董秘平均薪酬为96.00万元，在125个申万二级行业中 排名第13位，董秘薪资水平处于前列。此外， 2024年元件行业董秘平均薪资水平相较上年上升12.07万 元，薪酬增幅在125个申万一级行业中排名第11位，亦处于行业前列。 从元件行业的薪酬分布角度来看，70位董秘中有33位的薪酬水平位于50-100万元区间，占比近五成。此 外，元件行业中薪酬超100万元的董秘有21位，占比为30%。其中，薪酬最高的董秘为生益科技唐芙 云，薪酬达到369.02万元，远超其他董秘。尾随其后的是生益电子唐慧芬，其薪资为282.97万元。2024 年始终在任的财务总监中薪酬最低的为胜业电气莫东霖，其薪资为26.40万元。 从年龄角度来看，187位董秘的年龄分布在28到67岁之间， ...

Market Overview - On August 1, the market experienced fluctuations with the three major indices slightly declining, and the total trading volume in the Shanghai and Shenzhen markets was 1.60 trillion CNY, a decrease of 337.7 billion CNY compared to the previous trading day[2] - The Shanghai Composite Index saw a net outflow of 2.381 billion CNY, while the Shenzhen Composite Index had a net inflow of 2.675 billion CNY[4] Sector Performance - The sectors with the highest net inflows were photovoltaic equipment, traditional Chinese medicine, and logistics, while the sectors with the highest net outflows included semiconductors, components, and ground weaponry[4] - The pharmaceutical and education sectors showed resistance but did not exhibit complete trends, indicating potential areas for continued observation[1] Economic Policy Insights - The National Development and Reform Commission (NDRC) announced that the 800 billion CNY list of "two heavy" construction projects has been fully allocated, and 735 billion CNY of central budget investment has been largely distributed[5] - The NDRC plans to implement a "AI+" initiative to enhance the application of artificial intelligence, indicating a focus on technological advancement[5] Long-term Investment Directions - Long-term investment opportunities are expected to be centered around industries supported by national policies, particularly in new energy and computing power sectors[1] - The NDRC is also working on establishing a list of national-level zero-carbon parks, which may present future investment opportunities[5] Fund Dynamics - The second batch of floating fee funds is set to launch, with three products scheduled for issuance on August 4, including a medical innovation fund with a fundraising cap of 3 billion CNY[12] - The number of private equity securities investment funds from insurance companies has increased to six, indicating a growing trend of long-term capital inflow into the market[13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 3.224 billion yuan in H1 2025, representing a year-on-year growth of 19.8%, and a net profit attributable to shareholders of 486 million yuan, with a year-on-year increase of 32.03% [4] - The company is expanding into new business areas, which is expected to open up growth opportunities [5][6] - The company has a strong performance in traditional markets such as mobile communications and consumer electronics, while also achieving significant growth in emerging markets like AI applications and automotive electronics [5] Financial Performance Summary - Revenue projections for the company are as follows: 5,040 million yuan in 2023, 5,897 million yuan in 2024, 7,276 million yuan in 2025, 8,932 million yuan in 2026, and 10,908 million yuan in 2027, with growth rates of 19%, 17%, 23%, 23%, and 22% respectively [3] - The net profit attributable to shareholders is projected to be 641 million yuan in 2023, 832 million yuan in 2024, 1,105 million yuan in 2025, 1,390 million yuan in 2026, and 1,723 million yuan in 2027, with year-on-year growth rates of 48%, 30%, 33%, 26%, and 24% respectively [3] - The company's gross margin for H1 2025 was 36.68%, with a net profit margin of 17.34% [4] Growth Opportunities - The company is actively pursuing new business lines, including hydrogen fuel cells and AI applications, which are expected to contribute to future growth [6][8] - The employee stock ownership plan indicates the company's confidence in its future performance, with a target net profit of at least 1.05 billion yuan in any of the years 2025, 2026, or 2027 to meet the unlocking conditions [4] Valuation Metrics - The projected P/E ratios for the company are 35.9 for 2023, 27.6 for 2024, 20.8 for 2025, 16.5 for 2026, and 13.4 for 2027 [3] - The projected P/B ratios are 3.9 for 2023, 3.7 for 2024, 3.2 for 2025, 2.7 for 2026, and 2.3 for 2027 [3]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market index in the next six months [5][38]. Core Insights - In Q2 2025, the SW Electronics industry saw an increase in fund heavy positions and overweight ratios, with the heavy position ratio at 17.22%, an increase of 0.19 percentage points from the previous quarter and 2.58 percentage points year-on-year [1][13]. - The focus of institutional investors is on AI computing power construction and semiconductor self-sufficiency, with AI PCB being a primary area for increased investment [2][22]. - The top ten heavily held stocks in the SW Electronics industry include major players in the semiconductor and PCB sectors, indicating a stable composition with a strong performance from PCB leaders [17][18]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a heavy position ratio of 17.22% and an overweight ratio of 8.27% in Q2 2025, both showing increases compared to previous periods [1][13][15]. Top Heavy Holdings - The top ten heavily held stocks include SMIC, Cambricon, and Huada Semiconductor, with a significant portion of the holdings in the semiconductor sector [17][18]. Focus Areas for Investment - Institutional investors are particularly focused on AI computing power and semiconductor self-sufficiency, with notable increases in holdings for companies like Shenghong Technology and Huadian [2][22]. Component Sector Performance - The component sector saw a significant increase in overweight ratios, driven by interest in AI PCB, while the semiconductor sector remains a key focus with a 7.86% overweight ratio [28][31]. Diversification in Heavy Holdings - The concentration of the top five heavy holdings in the SW Electronics industry decreased to 36.72%, indicating a trend towards diversification in fund allocations [34][35]. Investment Recommendations - The report suggests focusing on leading companies in the AI computing power chain and semiconductor self-sufficiency, as these areas are expected to see significant growth [35].

Strategy Overview - The AI industry wave is driving a recovery in PCB demand and technological advancement, with AI computing, edge AI, and new energy vehicles becoming core growth engines for the PCB industry. The demand for multilayer boards with more than 18 layers and HDI is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively, with a five-year CAGR of 15.7% and 6.4% projected [3][12][26]. Electronics Sector - PCB is known as the "mother of electronic products" and is widely used in various electronic devices. The rapid growth of AI computing is significantly boosting the demand for server-related products, with the server/storage PCB market expected to see a year-on-year growth of 33.1% in 2024, outpacing the overall PCB market growth of 5.8% [43][29][56]. - Recommended stocks in the PCB sector include Jingwang Electronics, Shenghong Technology, Dongshan Precision, and others, while CCL and copper foil sectors also have recommended stocks such as Shengyi Technology and Tongguan Copper Foil [5][12][37]. Machinery Sector - The demand for high-performance servers, GPUs, and advanced PCBs is surging due to the rapid iteration of AI models and smart hardware applications. This has led to increased demand for PCB-specific equipment and materials, with a focus on companies like Dazhu CNC and Chip Quik [6][13]. - The complexity and precision requirements for PCB manufacturing are increasing, leading to higher demand for specialized equipment and materials, particularly in the areas of drilling and solder paste printing [6][13]. Chemical Sector - The growth trend of AI servers is confirmed, leading to higher demands for core materials such as CCL, resin, copper foil, and electronic cloth. This upgrade not only involves physical characteristics but also enhances value and supply chain dynamics [7][13]. - Recommended stocks in the chemical sector include Lianrui New Materials and Dongcai Technology, which are expected to benefit from these trends [7][13]. Market Dynamics - The global PCB market is projected to reach a value of $94.7 billion by 2029, with China accounting for approximately 53% of this market. The demand for high-end PCBs is particularly strong in AI computing and new energy vehicles, which are expected to drive significant growth in the coming years [17][20][59]. - The PCB industry is entering a high prosperity cycle driven by AI computing, automotive electronics, and edge AI, with significant increases in revenue and net profit observed in the first quarter of 2025 compared to the previous year [32][38].

Investment Rating - The report maintains a positive investment rating for the electronic industry, highlighting a historical high in allocation and overweight ratios for active equity funds [10][24]. Core Insights - The electronic industry saw a record allocation ratio of 19.11% in Q2 2025, with an overweight ratio of 7.73%, indicating strong confidence from institutional investors [10][24]. - The semiconductor sector is emphasized as a key area for investment, driven by domestic supply chain localization and improving fundamentals [27][28]. - AI PCB is identified as a core investment direction due to its high demand and growth potential linked to AI server deployments [18][34]. Summary by Sections Public Fund Allocation - In Q2 2025, the allocation ratio for the electronic industry reached 19.11%, ranking first among all sectors, with a slight increase of 0.01 percentage points from the previous quarter [10][24]. - The electronic sector's overweight ratio also reached a historical high of 7.73%, reflecting strong institutional interest [10][24]. Sub-Industry Analysis Semiconductor - The semiconductor sector's allocation ratio was 9.53%, accounting for 53.65% of the total industry allocation, despite a decrease of 0.7 percentage points [24][27]. - Key companies in this sector include SMIC, North Huachuang, and Zhaoyi Innovation, with significant increases in their market values [27][28]. Consumer Electronics - The consumer electronics sector's allocation ratio was 4.03%, with a decrease of 0.61 percentage points, reflecting some valuation pressures due to tariff uncertainties [24][31]. - Major players include Xiaomi and Luxshare Precision, with notable growth in their market values despite the overall sector challenges [31][32]. Components - The components sector saw an increase in allocation ratio to 2.92%, with a significant rise of 1.07 percentage points, driven by AI PCB demand [24][34]. - Key companies include Shenghong Technology and Huadian, which experienced substantial growth in their market values [34]. Investment Recommendations - The report suggests focusing on AI PCB, semiconductor self-sufficiency, and the Apple supply chain as key investment areas, anticipating strong growth in ASIC demand and related technologies [18][34].