Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by high demand in the computing power supply chain and improvements in operational efficiency [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% [1]. - For Q2 2025, the company reported revenue of 1.308 billion yuan, a year-on-year growth of 41.96% and a quarter-on-quarter increase of 17.08%. The net profit for the same period was 251 million yuan, reflecting a year-on-year increase of 44.13% and a quarter-on-quarter growth of 4.51% [2]. Market Trends - The global PCB industry is expected to reach a market value of 79.128 billion USD in 2025, representing a year-on-year increase of 7.60% [2]. - The PCB market segments, particularly for multilayer boards with more than 18 layers, HDI, and packaging substrates, are projected to grow at rates of 41.70%, 12.90%, and 7.60% respectively [3]. Business Focus - The company specializes in the research, production, and sales of high-layer printed circuit boards (PCBs), with a significant focus on the server application market, which accounts for approximately 70% of its revenue [4]. - The company has achieved mass production capabilities for 46-layer PCBs and has validated the 7-stage HDI manufacturing process, allowing for high customization based on client needs [4]. Capacity and Production - The company's production capacity utilization rates are high, with the Guangzhou factory operating above 90% and the Huangshi factory exceeding 80%. The Thailand factory commenced operations in June 2025, with a projected annual output value of 2 billion yuan [4]. Earnings Forecast - Revenue projections for the company are 4.967 billion yuan in 2025, 5.895 billion yuan in 2026, and 6.803 billion yuan in 2027, with corresponding EPS estimates of 2.22, 2.67, and 3.11 yuan [5].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9]. Core Views - The company has demonstrated impressive performance with significant revenue and profit growth, driven by strong demand in the computing power supply chain and improvements in operational efficiency [5][6]. - The AI PCB market is experiencing high demand, particularly for server PCBs, which is expected to continue growing due to increased capital expenditure by global cloud service providers [6][8]. - The company is focused on the high-end application market for multi-layer printed circuit boards (PCBs), with a significant portion of its revenue derived from server-related applications [8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% year-on-year [4]. - For Q2 2025, revenue reached 1.308 billion yuan, reflecting a 41.96% year-on-year growth and a 17.08% quarter-on-quarter increase [5]. Market Outlook - The global PCB industry is projected to reach a market value of 79.128 billion USD in 2025, with a year-on-year growth of 7.60% [6]. - The server-related PCB segment is expected to see the highest growth among all application areas, with a projected market value of 18.9 billion USD by 2029, representing a CAGR of 11.6% from 2024 to 2029 [6]. Production Capacity and Efficiency - The company specializes in the research, production, and sales of high-layer printed circuit boards, with approximately 70% of its revenue coming from server-related products [8]. - The production capacity utilization rates are high, with the Guangzhou factory operating above 90% and the Huangshi factory exceeding 80% [8]. Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 4.967 billion yuan, 5.895 billion yuan, and 6.803 billion yuan, respectively, with corresponding EPS estimates of 2.22 yuan, 2.67 yuan, and 3.11 yuan [9][11].

Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以412.13亿美元的产值领跑全球，同比增速高达9.0%。 数据来源：Prismark 制图：杨期鑫 而在这场产业竞逐中，城市间的角力尤为激烈——作为中国PCB产业核心区域，广东PCB产能占全国约60%，拥有超万亿市值的上市企业集群，以及深 圳、惠州、东莞等城市形成的城市集群；与此同时，中西部城市如江西信丰、安徽广德正借势产业转移东风强势崛起。 在全球科技竞争日趋白热化的当下，高端PCB产业已成为其中的关键一环——最先进的芯片需依托同样高端的PCB才能实现性能释放，其技术水平直接制 约着算力、通信等前沿领域的突破。AI技术的爆发式发展，正为PCB产业开辟新的增长极：算力服务器、智能驾驶等场景对高层数（超20层）、高精度 PCB的需求激增，推动产业加速向高端化、定制化转型。 PCB（印制电路板），是现代电子产品的核心组件，PCB与芯片、面板并称电子信息产业三大元器件，主要作用是实现电子元器件之间的相互连接，实现 信号传输，因此也被称为"电子产品之母"。 在这个过程中，广东珠海正凭借东山精密（002384）、景旺电 ...

记者丨杨期鑫 实习生钟宸 编辑丨李振 PCB（印制电路板），是现代电子产品的核心组件，PCB与芯片、面板并称电子信息产业三大 元器件，主要作用是实现电子元器件之间的相互连接，实现信号传输，因此也被称为"电子产 品之母"。 Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以 412.13亿美元的产值领跑全球，同比增速高达9.0%。 数据来源：Prismark 制图：杨期鑫 而在这场产业竞逐中，城市间的角力尤为激烈—— 作为中国PCB产业核心区域，广东PCB产 能占全国约60%，拥有超万亿市值的上市企业集群，以及深圳、惠州、东莞等城市形成的城 市集群；与此同时，中西部城市如江西信丰、安徽广德正借势产业转移东风强势崛起 。 广东P C B板块市值已超万亿 从一开始的一穷二白到如今全球最大的PCB生产国，中国PCB产业发展并非一帆风顺。 1936年，奥地利人保罗·爱斯勒（Paul Eisler）发明了世界上第一块PCB，并于50年代初开始 大规模应用。 但是由于西方的技术封锁，直到1956年，中国第一块PCB在北京一间简陋的实验室内诞生。 上世纪60—70年代，中国 ...

资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月 27日，上市日期1998年10月28日，公司主营业务涉及设计、生产和销售覆铜板和粘结片、印制线路板、 陶瓷电子元件、液晶产品、电子级玻璃布、环氧树脂、铜箔、电子用挠性材料、显示材料、封装材料、 绝缘材料,自有房屋出租。从事非配额许可证管理、非专营商品的收购出口业务。提供产品服务、技术 服务、咨询服务、加工服务和佣金代理(拍卖除外)。主营业务收入构成为：覆铜板和粘结片65.96%，印 制线路板28.63%，废弃资源综合利用3.37%，其他(补充)2.04%。 9月25日，生益科技盘中上涨2.11%，截至10:21，报57.08元/股，成交9.52亿元，换手率0.71%，总市值 1386.62亿元。 资金流向方面，主力资金净流出3684.18万元，特大单买入1.07亿元，占比11.29%，卖出1.36亿元，占比 14.28%；大单买入2.48亿元，占比26.03%，卖出2.56亿元，占比26.90%。 生益科技今年以来股价涨147.64%，近5个交易日涨1.95%，近20日涨9.56%，近60日涨93.69%。 今年 ...

兴森科技所属申万行业为：电子-元件-印制电路板。所属概念板块包括：PCB概念、5G、光通信、华为 概念、毫米波雷达等。 截至9月19日，兴森科技股东户数13.30万，较上期增加13.68%；人均流通股11357股，较上期减少 12.03%。2025年1月-6月，兴森科技实现营业收入34.26亿元，同比增长18.91%；归母净利润2883.29万 元，同比增长47.85%。 分红方面，兴森科技A股上市后累计派现11.29亿元。近三年，累计派现2.70亿元。 机构持仓方面，截止2025年6月30日，兴森科技十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股3361.64万股，相比上期增加831.05万股。南方中证500ETF（510500）位居第六大流通股 东，持股2504.68万股，相比上期增加351.90万股。光大保德信信用添益债券A类（360013）位居第九大 流通股东，持股1129.31万股，相比上期减少1064.60万股。易方达供给改革混合（002910）退出十大流 通股东之列。 9月25日，兴森科技盘中下跌2.05%，截至09:39，报22.48元/股，成交2.44亿元，换手率0.71%， ...

Company Overview - Shenghong Technology Co., Ltd. is located in Huizhou, Guangdong Province, and specializes in the research, development, production, and sales of new electronic devices, primarily printed circuit boards (PCBs) [1][2] - The company was established on July 28, 2006, and went public on June 11, 2015 [1] Financial Performance - For the first half of 2025, Shenghong Technology achieved a revenue of 9.031 billion yuan, representing a year-on-year growth of 86.00%, and a net profit attributable to shareholders of 2.143 billion yuan, with a significant year-on-year increase of 366.89% [2] - The company has distributed a total of 1.483 billion yuan in dividends since its A-share listing, with 583 million yuan distributed over the past three years [3] Stock Performance - As of September 25, the stock price of Shenghong Technology was 301.20 yuan per share, with a market capitalization of 259.842 billion yuan [1] - The stock has seen a year-to-date increase of 620.73%, but has experienced a decline of 6.89% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net buy of 2.117 billion yuan on September 5 [1] Shareholder Information - As of September 19, the number of shareholders increased to 164,800, up by 18.55%, while the average number of circulating shares per person decreased by 15.65% to 5,189 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3] Industry Context - Shenghong Technology operates within the electronic components sector, specifically in the PCB industry, and is associated with concepts such as Foxconn, Tesla, new energy vehicles, and the Apple supply chain [2]

截至6月30日，广合科技股东户数2.78万，较上期增加78.06%；人均流通股5397股，较上期增加 121.64%。2025年1月-6月，广合科技实现营业收入24.25亿元，同比增长42.17%；归母净利润4.92亿元， 同比增长53.91%。 分红方面，广合科技A股上市后累计派现3.10亿元。 9月24日，广合科技涨0.82%，成交额6.37亿元。两融数据显示，当日广合科技获融资买入额6270.38万 元，融资偿还4919.38万元，融资净买入1351.00万元。截至9月24日，广合科技融资融券余额合计6.80亿 元。 融资方面，广合科技当日融资买入6270.38万元。当前融资余额6.79亿元，占流通市值的5.49%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，广合科技9月24日融券偿还1400.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.08万股，融券余额88.88万元，超过近一年90%分位水平，处于高位。 资料显示，广州广合科技股份有限公司位于广东省广州保税区保盈南路22号,香港铜锣湾希慎道33号利 园1期19楼1928室，成立日期2002年6月17日 ...

9月24日，苏州东山精密（002384）制造股份有限公司(以下简称"东山精密")发布公告称，为进一步推 动公司国际化战略落地、拓展海外业务布局，提升国际品牌知名度与综合竞争力，东山精密正筹划发行 H股并在香港联合交易所有限公司(以下简称"香港联交所")主板挂牌上市的相关工作。 众和昆仑(北京)资产管理有限公司董事长柏文喜对《证券日报》记者分析称，从战略价值看，港股平台 与东山精密的全球化布局高度契合。一方面，借助旗下公司的国际客户网络，东山精密已深度融入全球 高端电子产业链；另一方面，港股市场聚集的国际机构投资者群体，不仅能为公司提供长期稳定的资金 支持，更可强化其与海外客户的合作信任度，进一步拓展国际市场份额。同时，在AI(人工智能)服务器 与数据中心供应链中，港股上市将帮助东山精密提升全球话语权，更好地把握高端光模块领域的增长机 遇。 柏文喜进一步表示，当前港股市场已汇聚新能源汽车、消费电子及AI产业链等领域的核心企业，形成 鲜明的产业集群效应。东山精密登陆香港联交所后，可依托港股资本平台深化与上下游企业的协同合 作，强化"PCB+光模块+精密组件"的一体化供应优势，这一业务模式也与港股市场对"硬科技+产 ...

PCB（印制电路板），是现代电子产品的核心组件，PCB与芯片、面板并称电子信息产业三大元器件，主要作用是实现电子 元器件之间的相互连接，实现信号传输，因此也被称为"电子产品之母"。 Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以412.13亿美元的产值领跑全球，同比 增速高达9.0%。 数据来源：Prismark 制图：杨期鑫 而在这场产业竞逐中，城市间的角力尤为激烈——作为中国PCB产业核心区域，广东PCB产能占全国约60%，拥有超万亿市值 的上市企业集群，以及深圳、惠州、东莞等城市形成的城市集群；与此同时，中西部城市如江西信丰、安徽广德正借势产业 转移东风强势崛起。 在全球科技竞争日趋白热化的当下，高端PCB产业已成为其中的关键一环——最先进的芯片需依托同样高端的PCB才能实现 性能释放，其技术水平直接制约着算力、通信等前沿领域的突破。AI技术的爆发式发展，正为PCB产业开辟新的增长极：算 力服务器、智能驾驶等场景对高层数（超20层）、高精度PCB的需求激增，推动产业加速向高端化、定制化转型。 在这个过程中，广东珠海正凭借东山精密、景旺电子等头部企业 ...