14 July 2025 | 8:29AM CST Shennan Circuits (002916.SZ): 2Q Preview: AI PCB to drive a solid 2Q; BT price hike to be an incremental driver into 3Q; Buy For 2Q25E results, we expect revenue to grow 19% YoY to Rmb5.2bn and net profit to be flattish at -1% YoY off a high base, with gross margin at 25.3%, representing a slight increase QoQ, driven by product mix improvements. Into the earnings, we focus on 1) BT substrate pricing optimization on the back of improving demand and rising raw material costs; 2) AI P ...

AI（人工智能）技术不断迭代，加速与实体经济融合，成为推动产业升级、塑造新质生产力的强大引擎。 科技创新正以前所未有的力量重塑投资格局。基金经理们认为，每次新的技术突破都会带来传统行业的重新定 位，或会孕育很多投资机会。基金经理们希望通过投资AI产业链上确定性较高的传统制造业，间接享受AI发 展带来的行业红利。 在新时代技术升级下，PCB（印制电路板）行业成为搭上人工智能发展浪潮的又一传统制造行业。近期，高端 PCB龙头公司胜宏科技股价一路飙升，在短短一年半的时间，创造10倍神话，为诸多重仓该公司的基金产品净 值增长贡献卓著。 高端PCB龙头上演10倍神话 近期，高端PCB核心供应商胜宏科技股价一路飙升，年内累计涨幅超过2倍，自去年2月初的最低点计算，累计 涨幅一度超过10倍，也成为同期内股价涨幅最多的公司。 胜宏科技是近年来上演业绩驱动股价上涨的典型公司，也是算力需求推升PCB行业景气度回升的典型代表。同 时，胜宏科技也成为传统价值派基金经理与AI链接的纽带，其受益于AI行业发展，又符合基金经理对行业地 位、估值、增强潜力等指标的审美。 伴随该公司超预期业绩逐季披露，公司股价不断攀升。在AI与智能驾驶的双引 ...

Core Viewpoint - The company is expected to achieve a significant increase in net profit for 1H25, driven by the rising demand for high-end PCBs related to AI applications, despite facing challenges such as foreign exchange pressures and tariff conflicts [1][2]. Financial Performance - The company anticipates a net profit of 1.65-1.75 billion yuan for 1H25, representing a year-on-year growth of 45-53%. In 2Q25, the net profit is projected to be 0.89-0.99 billion yuan, reflecting a year-on-year increase of 42-58%, marking a historical high for the company in a single quarter [1]. - The net profit forecasts for 2025, 2026, and 2027 have been raised by 3%, 19%, and 30% respectively, now estimated at 3.83 billion, 5.41 billion, and 6.47 billion yuan [4]. Market Position and Demand - The company has established a strong position with core cloud customers, benefiting from the rapid growth in PCB demand from overseas cloud service providers. The anticipated launch of new ASIC chip projects by major cloud players like Google, Amazon, and Meta is expected to generate an additional 13.4 billion yuan in PCB demand by 2026 [2]. - The company is well-positioned to secure more high-end AI PCB orders from cloud customers in the upcoming periods, contributing to revenue growth [2]. Capacity and Production - The company has been operating at full capacity due to strong demand from AI clients. However, concerns regarding production capacity bottlenecks have been raised. Increased capital expenditure (approximately 2.1 billion yuan from 3Q24 to 1Q25) is expected to alleviate these bottlenecks starting in 2H25, allowing for continued profit growth [3]. Valuation and Target Price - The target price has been raised to 72.80 yuan, maintaining a "buy" rating. This adjustment reflects the better-than-expected demand for ASIC AI server PCBs and the anticipated easing of capacity constraints [4].

Summary of Key Points from the Conference Call Industry Overview - The AI server market is expected to maintain strong growth in Q3 2025, with companies like Quanta, Wistron, and Hon Hai projecting triple-digit revenue growth for the year. [1][4] - The overall performance of the AI computing industry in Taiwan's stock market for the first half of 2025 was robust, with significant revenue increases for AI server manufacturers. [2] Company-Specific Insights - Quanta's AI server revenue share is projected to rise from 60% in Q1 to 70% in Q2, while Wistron's share is expected to increase to 50%-60%, and Inventec's to 30%-40%. [1][2] - Hon Hai's cloud network business showed strong growth compared to the same period last year. [1][2] Market Trends and Projections - The lithium battery business is expected to see a slowdown in demand in the second half of the year due to earlier-than-expected orders and currency impacts, with overall performance anticipated to remain flat or show slight growth. [5] - NVIDIA's GPU series is fully transitioning to liquid cooling, with significant market share in liquid cooling components for large cloud providers. [6] Component and Supply Chain Developments - The PCB industry is experiencing growth driven by smooth GPU supply, particularly from NVIDIA's new GPU shipments and traditional PC business. [7] - BMC shipments in the first half of the year were primarily driven by AI servers, with general servers also benefiting from AI applications. [8] Advanced Technology and Future Plans - TSMC is expected to see a transformation in its advanced packaging technology, with new facilities in the U.S. projected to begin construction in 2028. [3][9] - TSMC's AI chip business revenue is forecasted to double by 2025, with a compound annual growth rate of approximately 45% over the next five years. [3][9] Investment Recommendations - Recommended companies across various segments include: - AI Processors: Haiguang Information, Cambricon - Computing Rental: Xiechuang Data, Hongjing Technology, Youfang Technology, Yingfeng Environment - Server Systems: Industrial Fulian, Zhongke Shuguang, Inspur Information, Huqin Technology - Core Components: - PCB: Shenghong Technology, Hude Electronics - Optical Modules: Jinyisheng, Tianfu Communication, Zhongji Xuchuang - Cooling: Shuguang Shuchuang, Feirongda - Copper Connections: Huafeng Technology - CPU: Haiguang Information, Longxin Zhongke [10][11]

胜率角度，结合中报评估后续景气。胜率方向，7月以来中报披露高增或超预期方向市场均给予及时反 馈，继续关注部分蓝筹白马龙头超预期背后体现的行业整体性改善预期，如船舶、CXO、半导体设 备、养殖、风电设备、军工电子、海外算力等。中期来看，工程师红利释放与自主可控依然是中期趋 势，关注半导体/国产算力与创新药等成长方向，等待产业催化。 "大美丽"法案落地后，特朗普发起新一轮关税冲击。特朗普发起新一轮关税政策冲击，对全球市场与美 联储降息节奏带来新的不确定性。另外近期特朗普宣称与越南达成贸易协议，对相关转口商品加征40% 关税，也值得注意，这可能为其他东南亚国家也制定了协定模板，对相关转口贸易带来较大影响。 结构选择：赔率角度，当高低切遇上反内卷。从行业轮动看，近期市场高低切换明显，"反内卷"进一步 强化了"高低切"趋势，低位布局，等待胜率催化这一策略持续有效。可关注3月20日以来涨幅相对靠 后，且可能受益"反内卷"的细分行业，如锂电池、乘用车、钢铁、建材等。 智通财经APP获悉，东方财富策略陈果团队发布研究报告称，上周上证指数收盘站上3500点，市场流动 性与范式和14-15年疯牛存在一定差异，中期大概率维持震荡慢 ...

Core Viewpoint - The rapid development of AI technology is reshaping the investment landscape, particularly benefiting traditional manufacturing sectors like the PCB industry, with Shenghong Technology emerging as a key player with significant stock price appreciation [2][3][4]. Company Summary - Shenghong Technology's stock has surged over 10 times in the past year and a half, making it one of the top-performing stocks in the A-share market [3][4]. - The company has shown strong performance driven by AI and smart driving demands, with its high-end products gaining traction in AI-related PCB and automotive electronics [4][5]. - Shenghong Technology's stock price has increased by over 200% this year, reflecting its status as a leading growth company in the PCB sector [4][6]. Industry Summary - The PCB industry is positioned to benefit significantly from the AI boom, with increasing demand for specialized components driven by advancements in AI infrastructure [5][6]. - The market for AI servers is expected to grow at a compound annual growth rate of over 50% in the next two years, further boosting demand for PCB products [5][6]. - Traditional manufacturing sectors, including PCB, are experiencing a "second spring" due to the integration of new technologies, leading to renewed growth opportunities [7][8]. - The overall PCB market is witnessing a surge in demand, with leading manufacturers reporting strong order volumes and revenue growth [6][8].

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved the initial public offering of Super Electronics Circuit Co., Ltd, confirming that it meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Super Electronics specializes in a wide range of products used in automotive electronics, displays, storage, consumer electronics, and communications, including double-sided boards, 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency high-speed boards [1] - The company primarily focuses on automotive electronic PCBs and is one of the few domestic companies capable of mass-producing multi-layer HDI and any-layer interconnected HDI automotive electronic boards [1] Group 2: Partnerships and Applications - Super Electronics has established stable partnerships with global Tier 1 automotive suppliers such as Continental, Valeo, Bosch, and Aptiv, as well as well-known new energy vehicle manufacturers like Tesla [1] - In traditional fuel vehicle applications, Super Electronics' products cover various PCB needs across the vehicle, including power control systems, central control systems, electronic dashboards, lighting systems, seat control systems, radar systems, and navigation systems, with applications in luxury car brands like Bentley, Porsche, Ferrari, Mercedes-Benz, BMW, Audi, Volkswagen, and Toyota [1] Group 3: New Energy Vehicles and Technology - In the new energy vehicle sector, Super Electronics focuses on cutting-edge product technology development, with applications in battery management systems, motor controllers, intelligent driving systems, intelligent cockpit domain controllers, and charging piles [2] - The company employs advanced technologies such as plasma degluing, pulse plating, selective plating, ultra-low loss materials, and asymmetric pressing to produce "high-frequency millimeter-wave radar boards," which are currently used in numerous well-known automotive production models [2] Group 4: Display and Storage Applications - In the display sector, Super Electronics collaborates with major PCB manufacturers like Zhi Chao and JandK Technology, and has established long-term stable partnerships with leading display panel manufacturers such as BOE and LG Group, with products used in LCD, OLED, and Mini LED displays [2] - In the storage domain, Super Electronics' products are primarily used in mechanical hard drives, solid-state drives, and memory modules, maintaining stable partnerships with leading global mechanical hard drive manufacturers like Seagate and Western Digital, as well as renowned solid-state drive manufacturers like SK Hynix [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Dazhu CNC to provide supplementary materials regarding its compliance with foreign investment policies before and after its planned overseas listing [1] - Dazhu CNC has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor [1] - The company is a leading provider of PCB (Printed Circuit Board) specialized production equipment solutions, with over 20 years of experience in the industry [1] Group 2 - Dazhu CNC's revenue for the fiscal years 2022, 2023, and 2024 was approximately 2.786 billion, 1.634 billion, and 3.343 billion RMB respectively [2] - The net profit for the same periods was approximately 432 million, 136 million, and 300 million RMB respectively [2]

朋友们，今天市场上最靓的仔非券商和稀土莫属，尤其是香港券商ETF大涨近5%。 实际上，上午指数表现更夸张，银行保险这段时间直接把指数干到3500以上了，上证指数今 天上午也是直接高开高走打到3550，然后午后银行集体放量跳水，带动指数大回调，但大家 能看到，银行跳水队对整体市场影响并不大。 究其原因，大概可以找到两个线索， 第一是上证50的控制节奏，第二是中报业绩线定价开始 了！ 先说GJD控盘上证50的情况。 午后的银行跳水该怎么看？ 其实更多体现了GJD对指数的控盘能力非常好，为什么这么讲？ 那怎么看银行的快速下跌呢？ 第一明显这是资金在进行高低切换 ，获利资金从高位出逃，转向了低位品种。就像我们之前提 到的科创 50 指数，今天涨幅较强，显然有资金在介入！甚至之前大家不怎么待见的白酒公 司，也是出现了连续的底部反弹，资金往低位安全地带去的更多。 第二是调整节奏是有限的 ，因为这个是调控【节奏】，而不是调控【方向】，GJD肯定会保证 指数整体稳健，然后让市场在这个过程中慢慢往上挪，毕竟任何政策、任何利好，都不能一习 性打完，指数的节奏需要跟着后面政策思路慢慢往上挪，比如7月底的ZZJ会议，最近传的地 产刺 ...

Group 1: PCB Industry Developments - Recent stock performance of domestic high-end PCB manufacturers such as Shenghong Technology, Jingwang Electronics, and Shennan Circuit has been impressive, with price increases of 67.73%, 57.21%, and 39.44% respectively since June [1] - The global AI/HPC server PCB market is projected to reach $1.9 billion in 2024, with a year-on-year growth of nearly 150%, and is expected to grow to $3.17 billion by 2028, reflecting a compound annual growth rate of 32.5% from 2023 to 2028 [2] - The demand for AI servers is pushing PCB technology towards higher layer counts, with AI server PCBs typically ranging from 20 to 30 layers, compared to a maximum of 16 layers for traditional server PCBs [2] Group 2: Company Innovations and Solutions - Saiyi Information has developed an AI platform called "Shanmo GPT" tailored for the PCB industry, optimizing the entire process from order receipt to production preparation, significantly reducing parameter extraction time from 4-6 hours to a few minutes with over 95% accuracy [3] - The company has introduced various AI-native applications, such as automated MI parameter extraction and intelligent quoting, which enhance data processing accuracy and efficiency, compressing preparation time from hours to minutes [4] - Saiyi Information's solutions have been adopted by 90% of the top 10 PCB companies in China, providing strong digital and intelligent operational support [4][5] Group 3: Empowering the New Energy Sector - Since 2012, Saiyi Information has focused on smart manufacturing, helping companies in the new energy sector, particularly in solid-state battery technology, to achieve digital transformation [6] - The company has established deep partnerships with leading domestic firms, including CATL, to create a comprehensive digital solution covering the entire smart manufacturing chain [6] - Saiyi Information's lithium battery industry digital transformation solution integrates smart manufacturing, IIoT technology, big data analysis, and digital twin technology, improving production efficiency and product quality while reducing costs [7]