Group 1 - The release of OpenAI's GPT-5, which includes three versions (GPT-5, GPT-5-Mini, GPT-5-Nano), is expected to stimulate demand for computing power, benefiting the ASIC industry chain [2] - Major cloud and model companies continue to explore advanced models, with GPT-5 and GROK4 showing that larger clusters and more parameters can enhance model capabilities [2] - The rapid development of ASIC chips by companies like Google, Amazon, and Meta is projected to exceed 7 million units by 2026, indicating strong growth in the ASIC market [2] Group 2 - Nvidia's Blackwell and the robust development of ASICs are expected to drive sustained strong demand for AI-PCB [3] - AI copper-clad laminates are in high demand, with a shift towards M8 materials for AI servers and switches, and potential future upgrades to M9 materials [3] - The strong demand for AI copper-clad laminates and PCBs is also boosting the demand for supporting equipment and upstream materials like electronic fabrics and copper foil [3]

Core Viewpoint - The company Yibo Technology (301366) is focusing on high-end PCB production, particularly for next-generation servers and AI-related products, with improving financial metrics since the start of trial production [1] Group 1: Company Overview - Yibo Technology's PCB factory phase one is primarily aimed at producing high-end quick delivery services for R&D prototyping and small to medium batch PCB orders [1] - The factory's order types mainly consist of mid to high-end, high-layer count PCB development [1] Group 2: Industry Focus - The production is concentrated on complex PCB products closely related to AI, including computing cards, servers, and data centers [1] - Financial indicators such as revenue, profit, and capacity utilization rate have been improving month by month since the factory began trial production [1]

Summary of Conference Call on PCB Industry Industry Overview - The PCB sector is benefiting from AI-driven demand, with multi-layer board growth expected to reach 40% in 2024 and overall growth between 10% and 20% [1][3] - The PCB index has increased by 57% year-to-date, with public fund holdings rising to 3.2% [1][4] - The political bureau meeting emphasized the importance of industry and technology during the "15th Five-Year Plan," indicating significant potential for the tech sector [1][6] Core Insights and Arguments - **Supply-Demand Dynamics**: The core issue in the PCB industry is the supply-demand gap, driven by unexpected growth in demand from GPU clients like NVIDIA and overseas cloud providers [1][7] - **Technological Advancements**: New technologies such as orthogonal backplanes and narrow board designs are enhancing PCB value. For instance, NVIDIA's GB200 72-card cabinet uses double the number of cards compared to traditional servers, increasing demand for high-density interconnect (HDI) products [1][8] - **Chip Process Improvements**: Advancements in chip manufacturing processes are leading to increased data transmission bandwidth, which in turn drives upgrades in high-speed materials and PCB architecture [1][9] - **Supply Chain Bottlenecks**: High-end PCB production relies on equipment from Japan and Germany, which has limited capacity. The construction of new facilities in Southeast Asia is progressing slower than expected, leading to a tight supply situation anticipated in 2026 [1][10] Financial Performance - PCB sector profits declined by 4% in 2023 but are expected to rebound to a 25% growth in Q1 2025, with net profit growth rising from -30% in 2023 to 56% in Q1 2025 [1][3] - Current valuations for leading PCB companies are generally below 20 times expected earnings for 2026, indicating strong growth potential and locked-in orders [1][11] Investment Opportunities - Companies with significant capacity flexibility, such as Jingwang Electronics, Zhongchuan Precision, and Shenghong Technology, are recommended for investment [1][12] - Notable performers in the AI equipment and consumables sector include Ding Tai Gao Ke and Zhong Wu Gao Xin, which have seen record revenues and profits [1][13][14] Market Trends - The global market for PB specialized equipment is projected to grow from $5.8 billion in 2020 to $7.085 billion in 2024, driven by increased demand for high-precision drilling and exposure equipment [1][15] - Domestic manufacturers like Dazhu CNC and New Flag Micro are making significant strides in the PB specialized equipment market [1][16] Upstream Material Trends - The PCB industry is experiencing a wave of upgrades in core materials such as copper-clad laminates (CCL), resins, and copper foil, driven by the higher performance requirements of AI servers [1][21] - Key suppliers for these materials include companies like Taiguang, Dou Shan, and Shengyi Technology [1][22] Recommendations for Material Configuration - Focus on companies with strong performance in the evolving material landscape, such as Lianrui New Materials and Shengquan, which are positioned well within the AI supply chain [1][25]

Group 1: Aojie Technology - Aojie Technology has made significant progress in ASIC business, RedCap chips, and 4G/5G smartphone chips [1] - The ASIC business is focused on smart wearables, edge SOC, RISC-V, and cloud inference chips, with expected substantial revenue growth by 2026 [1] - RedCap chips are commercially available in the IoT market, and the company has production capabilities in the smart wearable market [1] - The company has successfully commercialized 4G quad-core chips and is making steady progress in the development of 4G octa-core, 6nm 4G octa-core, and 6nm 5G octa-core chips [1] - Aojie Technology plans to control the growth of operating and R&D expenses to no more than 15% and has no plans for convertible bond issuance or Hong Kong listing [1] Group 2: Haoyuan Pharmaceutical - Haoyuan Pharmaceutical is committed to a global development strategy, with international business revenue expected to account for nearly 40% in 2024 [1] - The company has established collaborations with multinational pharmaceutical giants, universities, research institutes, and CROs [1] - The net operating cash flow is projected to turn positive to 380 million yuan in 2024, with continued focus on cash flow management in 2025 [1] - The company has a strong presence in the ADC field, with the Chongqing ADC CDMO factory providing one-stop services [1] - Haoyuan Pharmaceutical emphasizes ESG practices, having established an ESG governance framework and received multiple ESG awards [1] Group 3: Chongda Technology - Chongda Technology anticipates positive growth in the global PCB market by 2025, with strong order demand and rising product prices [2] - The company's capacity utilization rate is at 85%, with new production capacities being added in Zhuhai and Thailand [2] - To improve profitability, Chongda Technology is focusing on high-value customers, optimizing sales structure, and enhancing cost management [2] - The company is implementing a structural price increase strategy to address rising raw material costs [2] - The U.S. market accounts for 10% of the company's revenue, and it is adopting strategies to diversify markets and optimize customer cooperation in response to tariff policy changes [2]

Core Viewpoint - North American CSP companies like Google, Meta, Microsoft, and Amazon have reported better-than-expected Q2 performance, driven by accelerating AI-related business growth and increased Capex guidance, indicating strong long-term demand for AI computing power [2][3]. Group 1: Industry Prosperity Trends - CSP companies have significantly raised their future AI Capex guidance, with Google increasing its 2025 Capex from $75 billion to $85 billion (up 62% YoY), Meta raising its guidance to $66-72 billion (up 68%-84% YoY), and Microsoft reporting a record $24.2 billion in Q2 Capex (up 27% YoY) [3]. - The demand for AI computing power is expected to remain high, driven by advancements in large models and accelerated commercialization of AI applications, with Google reporting a monthly token consumption of 980 trillion and Meta achieving over 1 billion monthly active users for its AI applications [3]. Group 2: AI PCB Product Upgrade Trends - The upgrade of AI PCB products is exemplified by NVIDIA's upcoming Rubin series, which will require higher-grade materials and more complex designs, leading to increased average selling prices (ASP) for AI PCBs [4][5]. - The trend towards higher layer counts and advanced packaging technologies like CoWoP will necessitate the adoption of more sophisticated manufacturing processes, reinforcing the competitive position of leading PCB manufacturers [5]. Group 3: Impact of PCB Capacity Expansion - A surge in demand for high-end PCBs has prompted major A-share PCB manufacturers to announce significant capacity expansions, with companies like Huadian and Pengding planning substantial investments [6]. - The expansion of high-end PCB capacity is expected to be quickly absorbed due to the increasing complexity and demand for advanced designs, mitigating concerns about potential overcapacity in the short term [6]. Group 4: Upstream Raw Material Impact - The upgrade trend in AI PCBs will heighten demand for high-speed materials, particularly M8/M9 CCL substrates and specialized fiberglass, with a projected CAGR of 26% for high-end CCL materials from 2024 to 2026 [7][8]. - Domestic manufacturers like Shengyi Technology are positioned to capture market share in high-end CCL supply chains, while the supply of specialized fiberglass remains constrained, creating opportunities for domestic firms [7][8]. Group 5: Equipment Demand from PCB Expansion - The expansion cycle driven by AI computing power will increase demand for PCB manufacturing equipment, particularly for drilling, exposure, and plating processes, with the PCB equipment market expected to grow significantly [9]. - Domestic equipment manufacturers are likely to benefit from the shift towards high-end equipment and the need for local replacements of imported machinery [9]. Group 6: Investment Recommendations - The report suggests focusing on leading PCB manufacturers and those with flexible production capabilities, as well as companies involved in high-end CCL and upstream raw materials [10].

Group 1: Investor Relations Activities - The investor relations activities included a company tour, presentation by CEO Zhao Qixiang, and an interactive Q&A session with 96 participants from various investment institutions and media [1][2]. Group 2: Financial Performance and Projections - The company anticipates a potential increase in gross margin due to a higher proportion of high-value products and improved production efficiency [1][4]. - The company’s production capacity planning is primarily based on downstream customer demand and order forecasts [1][6]. Group 3: Technology and Industry Trends - The distinction between AI HDI and traditional HDI lies in their applications, with AI HDI supporting AI servers and requiring higher layer counts and thickness [4]. - Industry trends indicate a continuous reduction in unit power consumption and an increase in circuit density, leading to higher manufacturing requirements for PCB production [8]. Group 4: Competitive Landscape - The combination of technology and equipment is crucial for maintaining a competitive edge, with a typical 1.5-year timeframe for competitors to catch up under traditional processes [5]. - The demand for high-end production capacity is increasing, while supply remains relatively tight [8]. Group 5: Strategic Initiatives - The company plans to list on the Hong Kong Stock Exchange to support high-end capacity expansion, smart upgrades, and AI technology development, enhancing its global delivery capabilities [10][11]. - The listing aims to attract long-term global investors and improve the company's international influence and brand recognition [10][11].

Core Viewpoint - Shenghong Technology's board has approved the issuance of H shares and the application for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [2][3]. Group 1: H Share Issuance and Listing - The company plans to issue H shares not exceeding 10% of the total share capital post-issuance, with an option for underwriters to exercise over-allotment rights [3]. - The raised funds will be allocated for domestic and international capacity expansion, research and development, and to supplement working capital [3]. Group 2: Financial Performance - In 2024, Shenghong Technology achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% [5]. - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, reflecting a staggering increase of 339.22% [5]. - The company's AI computing and data center-related products accounted for over 40% of its revenue in Q1 2025, with a leading global market share in AI computing cards [5]. Group 3: Competitive Landscape - The domestic PCB industry in the AI server sector shows a stable competitive landscape with varying stages of production among companies, while Shenghong Technology has achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [6]. Group 4: Stock Performance - Since January 2024, Shenghong Technology's stock price has increased by over 10 times [7]. - As of July 29, the stock closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [8].

Core Viewpoint - Shenghong Technology's board has approved the issuance of H-shares and application for listing on the Hong Kong Stock Exchange to enhance global brand recognition and competitiveness, with a proposed issuance of H-shares not exceeding 10% of the total share capital post-issuance [1] Group 1: Financial Performance - In 2024, Shenghong Technology achieved revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, up 71.96% [1] - In Q1 2025, the company reported revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, reflecting a staggering increase of 339.22% [1] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [2] Group 2: Market Position and Strategy - Shenghong Technology has capitalized on the AI boom, with over 40% of its revenue in Q1 2025 coming from AI computing and data center-related products, holding the largest market share in AI computing cards globally [1] - The competitive landscape in the domestic PCB industry for AI servers is relatively stable, with companies at various stages of production and development; Shenghong Technology has achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [2] Group 3: Stock Performance - Since January 2024, Shenghong Technology's stock price has increased by over 10 times [3] - As of July 29, 2023, the stock price closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [4]

智通财经APP获悉，中信证券发布研报称，PCB正交背板作为解决AI算力集群中计算单元与网络单元间 带宽瓶颈的潜在方案，在速率、集成度、散热、稳定性、布线等方面具备优势。由于其超大尺寸+超高 层数的设计远超常规产品，可能带来PCB单位价值量的显著提升，并成为行业长期供需紧张的核心驱动 力。具备领先技术实力的PCB厂商有望优先受益，推荐首选AI算力供应链敞口大、客户导入预期明确的 头部公司，并关注随AI高ROE产值释放，PB估值还有提升空间的公司。 如何看待正交背板给PCB带来的潜在市场空间？预测2027-28年潜在市场需求80-200亿元，较2026年有 望带来12~29%需求增量 中信证券认为，PCB正交背板有望于2027~28年逐步落地应用。从设计初期方案来看，英伟达PCB正交 背板有可能采用70层以上的超高多层的设计，并使用M9级别覆铜板，CCL用量/规格、PCB加工难度显 著提升。这种70层以上PCB因超大尺寸+超高层数将消耗大量高速覆铜板，且在良率控制、阻抗一致 性、散热设计等方面远超常规产品，有可能带来PCB单位价值量的显著提升。 以NVL576机柜为例，估测单机柜PCB总价值量将达到约80-100 ...

Group 1: Investor Relations Activities - The investor relations activity involved 10 individual investors participating in a site visit at Shenghong Technology (Huizhou) Co., Ltd. on July 21, 2025 [1][2] - The event included a presentation by the CEO, Zhao Qixiang, introducing the company's basic situation [1] Group 2: AI Server PCB Market - The current competitive landscape for domestic PCB companies in the AI server sector is characterized by a tiered development pattern: some companies have achieved large-scale production, while others are in small-batch production or in the R&D phase [1] - Shenghong Technology has successfully entered the global supply chain of top-tier server clients with its large-scale production of AI server-related PCB products [1] Group 3: Company Developments - The company's private placement of shares is progressing smoothly, having received approval from the Shenzhen Stock Exchange, pending further approval from the China Securities Regulatory Commission [3] - The new factory (Factory No. 4) has officially commenced production as of mid-June, with confidence in future production efficiency and benefits [3] - The company emphasizes long-term capability building and global strategic alignment, focusing on technological upgrades to drive market breakthroughs and maintaining a stable supply chain and customer service [3] Group 4: Disclosure Information - The investor relations activity did not involve any undisclosed significant information [3]