从行业表现来看，2024年全球PCB行业呈现结构性复苏，高多层板（18层及以上）和HDI板分别实现约40%和18.8%的同比增长，主要受益于AI、通信及卫 星领域需求拉动。封装基板行业整体需求不足，但预计2025年将回暖，BT载板表现或优于ABF载板。目前内资企业中仅深南电路与兴森科技等少数企业布 局FCBGA封装基板，且均未进入大批量生产阶段。 其他业务方面，北京兴斐于2024年中启动产线升级，重点扩充AI服务器加速卡及高端光模块产品产能；半导体测试板业务营收同比增长超30%，高阶产品占 比持续提升。公司表示，未来盈利增长点将聚焦于PCB样板、测试板业务的稳健发展，以及CSP封装基板、FCBGA封装基板的产能利用率提升和成本优 化。 近日，兴森科技在接受机构调研时表示，公司FCBGA（ABF基板）封装基板业务当前处于小批量生产阶段，未来大批量量产进度将取决于行业需求恢复状 况、客户量产进展及供应商管理策略。公司正持续推进市场拓展与客户认证，并通过提升技术能力、优化工艺水平、提高良率及交付表现，争取尽早实现大 规模量产。 2024年度，兴森科技实现营业收入58.17亿元，同比增长8.53%，但归属于上市公司股 ...

分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 分析师:李元晨 投资评级:买入(维持) 报告日期:2024-05-07 收盘价（元) 近 12个月最高/最低（元) | 近 12 个月最高/最低（元） 41.60/22.45 | | | --- | --- | | 总股本(百万股) | 932.82 | | 流通股本(百万股) | 921.00 | | 流通股比例 (%) | 98.73 | | 总市值(亿元) | 273.2 | | 流通市值 (亿元) | 269.8 | 公司价格与沪深 300 走势比较 景旺电子 (603228) 公司点评 景旺电子：拥抱 Al 新态势加码高端市场,研发持续投入巩固技术优势 70% 30% 1 0% -10% -30% 执业证书号: S0010524070001 邮箱:liyc@hazq.com 相关报告 1. 景旺电子:汽车和服务器 PCB 高速 成长,消费类中高端需求稳步提升 20241116 主要观点: ● 事件：公司发布 2024 年年报和 2025 年第一季度报告 2024 年，公司实现营业总收入 126.5 ...

景旺电子 (603228) 公司点评 景旺电子：拥抱 Al 新态势加码高端市场,研发持续投入巩固技术优势 投资评级:买入(维持) 报告日期:2024-05-07 | 收盘价(元) | 29.29 | | --- | --- | | 近 12个月最高/最低（元） 41.60/22.45 | | | 总股本(百万股) | 932.82 | | 流通股本(百万股) | 921.00 | | 流通股比例 (%) | 98.73 | | 总市值 (亿元) | 273.2 | | 流通市值 (亿元) | 269.8 | 公司价格与沪深 300 走势比较 70% 30% 1 0% -10% -30% 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 分析师:李元晨 执业证书号: S0010524070001 邮箱:liyc@hazq.com 相关报告 1. 景旺电子:汽车和服务器 PCB 高速 成长,消费类中高端需求稳步提升 20241116 主要观点: 公司具备 100G-1.6T 高速光模块板、分级分段金手指制作、微通孔、 深微盲孔、微盲孔选镀填孔、子母多层板Ｚ向互 ...

TTM Technologies, Inc. (NASDAQ: NASDAQ: TTMI ) makes printed circuit boards and RF components, and sells them into just about every sector with a pulse: defense, data centers, automotive, and medical devices. They’ve got plants in North America and Asia, and lately, they’ve been trying toI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a ful ...

TTM Technologies (TTMI) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Company Participants Sameer Desai - Vice President of Corporate Development & Investor RelationsThomas Edman - President & CEODaniel Boehle - Executive VP & CFORuben Roy - Managing Director - Equity ResearchMike Crawford - SMD & Head of Discovery Group Conference Call Participants William Stein - Managing Director/Senior Research Analyst - TechnologyJim Ricchiuti - Managing Director & Senior Equity Research Analyst Operator Good aftern ...

TTM Technologies (TTMI) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Speaker0 Good afternoon. Thank you for standing by. Welcome to the TTM Technologies Inc. First Quarter twenty twenty five Financial Results Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open for questions. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your ha ...

TTM Technologies (TTMI) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Company Participants Sameer Desai - Vice President of Corporate Development & Investor RelationsThomas Edman - President & CEODaniel Boehle - Executive VP & CFORuben Roy - Managing Director - Equity ResearchMike Crawford - SMD & Head of Discovery Group Conference Call Participants William Stein - Managing Director/Senior Research Analyst - TechnologyJim Ricchiuti - Managing Director & Senior Equity Research Analyst Operator Good aftern ...

Company Decisions - The Annual General Meeting of Aspocomp Group Plc approved the annual accounts for the financial period 2024 and granted discharge from liability to the Board of Directors and CEO [1] - No dividend will be paid for the fiscal year January 1 - December 31, 2024 [2] - The number of Board members was set at four, with the reelection of Mr. Anssi Korhonen and Mr. Ville Vuori, and the election of Ms. Jenni Enroth and Kaisa Kokkonen as new members [3] Remuneration and Audit - The remuneration for the Board of Directors will remain the same, with the chairman receiving EUR 30,000, the vice chairman EUR 20,000, and other members EUR 15,000 each [4] - Ernst & Young Oy was elected as the company's auditor, with Ms. Erika Grönlund acting as the principal auditor [3] Share Issuance Authorization - The Board of Directors was authorized to issue a maximum of 684,144 shares and options, with the ability to deviate from shareholders' pre-emptive rights [5][6] - This authorization cancels a previous one from April 18, 2024, and is valid until June 30, 2026 [7] Board Organization - Mr. Ville Vuori was elected as the Chairman of the Board, and Ms. Kaisa Kokkonen as the Vice Chairman during the organization meeting [8] - An Audit Committee was established with Ms. Jenni Enroth and Ms. Kaisa Kokkonen as members [9] Independence Assessment - The Board of Directors evaluated the independence of its members and concluded that all are independent of major shareholders and the company [10] Company Overview - Aspocomp specializes in printed circuit board (PCB) technology design, testing, and logistics services throughout the product lifecycle [11] - The company serves customers in telecommunications, automotive, industrial electronics, and semiconductor testing, with a significant portion of net sales generated from exports [12]

Core Insights - Aspocomp's net sales for January-March 2025 reached EUR 10.3 million, marking a 66% increase year-on-year, driven primarily by strong demand in the Semiconductor Industry [5][12][13] - The company reported an operating profit of EUR 0.8 million, a significant turnaround from a loss of EUR 1.6 million in the same period last year, with an operating margin of 8% [9][15][16] - The order book at the end of the review period was a record EUR 21.0 million, reflecting a year-on-year increase of 79%, indicating robust demand across various customer segments [6][17] Financial Performance - Net sales for January-March 2025 were EUR 10.3 million, up from EUR 6.2 million in the same period of 2024, representing a 66% increase [9][12] - The operating result improved to EUR 0.8 million, compared to a loss of EUR 1.6 million in the previous year, with the operating result as a percentage of net sales rising to 8% from -26% [9][16] - Earnings per share for the period were EUR 0.10, a significant improvement from a loss of EUR 0.24 in the previous year [9][15] Market Demand and Segments - Demand for Aspocomp's products remained strong, particularly in the Semiconductor Industry, where net sales increased by 382% year-on-year to EUR 5.2 million [13][14] - The Security, Defense, and Aerospace customer segment saw a 24% increase in net sales, reaching EUR 2.0 million, while the Automotive segment grew by 19% to EUR 2.1 million [14] - The order book's growth was primarily driven by strong demand from the Semiconductor Industry, which accounted for a significant portion of the total orders received [6][17] Operational Efficiency - The company has focused on streamlining production processes, resulting in improved production throughput and delivery reliability [10][8] - Operating cash flow for January-March 2025 was EUR 1.8 million, a substantial improvement from a negative cash flow of EUR 2.0 million in the previous year [8][22] - Investments during the review period were EUR 0.2 million, aimed at modernizing factory equipment at the Oulu plant [21] Outlook - Aspocomp anticipates solid demand for its products in 2025, particularly in the semiconductor market, driven by significant investments in AI applications and data centers [2][11] - The company expects net sales for 2025 to grow significantly compared to 2024, with a clear turnaround to profitability in operating results [3][12]

本文核心数据：PCB市场规模;PCB产品结构;PCB应用结构 全球PCB市场规模波动增长 2016-2023年，全球PCB市场规模波动上升。2023年，受宅经济退潮及全球高通胀等影响，终端电子消 费品行业景气持续下降，据Prismark数据，2023年全球PCB行业产值同比下降15%至695亿美元。但随着 终端需求复苏、产业链去库存化，叠加落后产能出清，Prismark预计2024年全球PCB行业将实现恢复性 增长，整体市场规模达到729.7亿美元，同比增长4.97%。 中国为全球最大的PCB生产基地 PCB产业在世界范围内广泛分布，美欧日发达国家起步早，研发并充分利用先进的技术设备，PCB行业 得到了长足发展。2000年以前，美洲、欧洲和日本三大地区占据全球PCB生产70%以上的产值，是最主 要的生产基地。自21世纪以来，由于欧美国家的生产成本过高以及经济下行，亚洲尤其是中国大陆地区 凭借在劳动力、资源、政策、产业聚集等方面的优势，成为全球最重要的电子产品制造基地，中国、日 本、韩国以及东南亚国家开始大规模生产PCB产品，全球电子制造业产能向中国大陆等亚洲地区进行转 移。随着全球产业重心向亚洲转移，PCB行 ...