24 December 2025 | 8:44AM HKT Equity Research China Technology: Delton (001389.SZ): Mgmt call takeaways; AI PCB drives product mix upgrade; Thailand/China capacity in expansion We talked to Delton (001389.SZ, Not Covered) management recently. Delton is actively expanding China/Thailand PCB capacity to capture the rising demand, and management expects its production site diversification and upgrade to bring opportunities for Delton to enter local and overseas AI PCB supply chains. Management notes AI PCB gen ...

Group 1 - The company currently supplies automotive PCBs primarily for electronic drive systems and body electronics [1] - The company is also producing products for millimeter-wave radar and other advanced driver-assistance systems [1] - The company will continue to monitor the development of autonomous driving technology [1]

超声电子（000823）(000823.SZ)发布公告，为紧抓人工智能技术驱动下的新一代移动终端、汽车电 子、高端消费电子等产业的发展机遇，公司控股子公司汕头超声印制板(三厂)有限公司拟投资高性能 HDI印制板扩产升级技术改造项目，旨在快速提升高性能HDI印制板的生产能力与技术水平，进而满足 战略客户供货需求，增强公司整体市场竞争力。项目总投资额预计为10.08亿元。 ...

China PCB: Victory Giant (300476.SZ, NC): Mgmt call takeaways: MLPCB/ HDI capacity expansion; Growing AI PCB dollar content We talked to Victory Giant's (300476.SZ, Not Covered) management recently. 22 December 2025 | 8:17AM HKT Equity Research Company profile: Victory Giant (300476.SZ) is a global leading PCB supplier that engages in the product design, mass production, and sales. The company offers MLPCB, HDI, single / double layer PCB, FPC (flexible printed circuit), etc., covering diversified end market ...

Read across to Shennan Circuits: Management's positive view on the rising AI demand echoes our positive view on Shennan Circuits. Despite rising pricing pressure from CCL on higher raw material cost, we see AI products are less price sensitive compared to other end applications. Shennan Circuits is expanding to AI PCB and started the mass production of PCB for AI accelerators, 800G optical transceivers, and switches, with the ongoing global capacity to support the shipments ramp up. Read more: Shennan Circu ...

来源：市值风云 虽然分拆上市了，但母公司还不忘常来割肉。 作者 | 贝壳XY 编辑 | 小白 当前，随着DeepSeek等开源大模型推动AI应用全面爆发，AI服务器、光模块、交换机等底层硬件需求持续攀升，直接带动PCB（印制电路板）产业链进 入新一轮高景气周期。PCB厂商纷纷扩产备货，一场行业"军备竞赛"已然展开。 但老话说得好："淘金热中，卖铲子的往往最赚钱。"在这轮产业淘金潮里，处于PCB产业链上游的设备制造商，正扮演着那个确定性最高的"卖铲人"角 色。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内容、版权或其他问题需要与新浪财经头条联系的，请 于上述内容发布后的30天内进行。 ...

19 December 2025 | 9:09AM HKT Equity Research China PCB: Kingboard (1888.HK): Mgmt. call takeaway: CCL supplier with vertical integration, mix upgrade towards high-end products We talked to Kingboard Laminates (1888.HK, Not Covered) management recently. Kingboard is the local CCL supplier that produces CCL and upstream raw materials. Management views Kingboard's vertically integrated solution as the company's key strength, which empowers its higher manufacturing efficiency and CCL products with competitive ...

曾于2020年12月递表科创板，三个月后却自愿撤回申请，时隔三年后如愿登陆A股深交所，今年市值暴增超60%，然而其并不满足于此，这家算力服务器 PCB龙头广合科技（001389.SZ）即将奔赴港股市场，实现AH股双上市地位。 智通财经APP了解到，12月14日，广合科技递表港交所主板，中信证券、汇丰为其联席保荐人。广合科技为算力服务器关键部件PCB龙头，根据弗若斯特沙 利文的资料，以2022年至2024年的算力服务器PCB累计收入计，公司在全球算力服务器PCB制造商中排名第三，在总部位于中国大陆的算力服务器PCB制造 商中排名第一。 该公司业绩表现强势，2022-2025年前9月，公司收入分别为24.12亿元、26.78亿元、37.34亿元及38.35亿元，保持双位数的增速，而盈利能力持续提升，上述 周期净利率分别为11.6%、15.5%、18.1%、18.9%。此外，该公司现金流也非常充裕，截至2025年10月，现金及等价物有7.15亿元。 广合科技此次上市为实现AH股双上市地位，该公司于2024年4登陆深交所，受基本面驱动，今年获得资金追捧，大幅上涨超60%。其实今年以来A股大部分 行业龙头选择了AH股双 ...

12月15日晚间，鹏鼎控股发布公告称，拟投入42.97亿元用于泰国园区建设，聚焦AI相关PCB产品产能 拓展。公司表示，此次投资旨在把握AI产业发展机遇，加快AI"云—管—端"全产业链及全球业务布局， 提升公司整体竞争力。 长江商报消息 ●长江商报记者 潘瑞冬 全球PCB（印制电路板）龙头鹏鼎控股（002938.SZ）拟大手笔加码AI产能。 除了扩大海外产能，鹏鼎控股还计划增加国内产能。2025年8月，公司称，为了抢抓AI市场机遇，拟总 投资80亿元对国内淮安园区进行扩建，建设周期从2025年下半年持续至2028年。 造血能力强劲 鹏鼎控股是全球最大的PCB生产企业，产品广泛应用于通讯电子、消费电子、汽车电子等下游领域。公 司经营业绩整体表现强劲。 鹏鼎控股的实力强劲。2025年前三季度，公司营业收入和归母净利润规模分别达268.55亿元、24.08亿 元。 在产能扩张的同时，鹏鼎控股保持高强度研发，提升竞争力。2025年前三季度，公司的研发费用为 17.13亿元，近五年公司研发费用累计接近百亿元规模。 深耕AI领域完善全球布局 根据公告，鹏鼎控股第三届董事会第二十二次会议已于12月15日审议通过2026年泰 ...

Core Viewpoint - The company announced a significant investment plan of 4.3 billion yuan in Thailand to enhance its production capacity for high-end HDI and HLC products, aiming to capture the growing AI application market [1]. Group 1: Investment Plans - The investment in Thailand will focus on constructing production facilities and increasing capacity for high-end HDI (including SLP) and HLC products, targeting the AI server and low-orbit satellite markets [1]. - The project is expected to be completed throughout 2026, with the second phase of production anticipated to start by the end of 2026 and the third phase by mid-2027 [1]. Group 2: Market Performance - Short-term revenue for M10 and M12 was reported at 4.22 billion and 3.82 billion yuan, reflecting year-on-year declines of 3.1% and 5.6%, respectively, attributed to earlier customer inventory adjustments [2]. - The company has successfully passed factory certifications for its AI capabilities at both its Huai'an and Thailand bases, positioning itself for future growth in the AI PCB sector [2]. Group 3: Long-term Outlook - The company anticipates a three-year upward cycle driven by hardware innovation and AI integration, with significant product innovations expected from key clients between 2025 and 2027 [3]. - The company is actively expanding its GPU/ASIC terminal customer base and increasing production capacity for high-end HDI and HLC products, which is expected to drive new growth opportunities [3].