Core Viewpoint - Huadian Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion and accelerate internationalization [1] Group 1: Company Developments - The IPO marks a significant step in the maturity of the company's global supply chain delivery system [1] - The Thailand facility has entered mass production in Q2 2025 and has received customer recognition [1] - The company is focusing on high-end capacity expansion and cutting-edge technology research and development, such as CoWoP [1] Group 2: Market Position and Demand - Huadian is a global leader in the PCB field for data centers and switches [1] - There is strong demand for PCBs related to high-speed network switches, AI servers, and HPC [1] - The company has integrated multiple North American major clients into its supply chain [1] Group 3: Investment Outlook - The ongoing progress in domestic and overseas capacity expansion is promising [1] - The company maintains a "buy" rating based on its growth prospects and market position [1]

Core Viewpoint - The transition of computing power architecture from GPU servers to orthogonal and wireless cabling is enhancing the sensitivity to material loss, making PCB a core component in AI hardware for interconnection and power supply [2] - The construction boom of AI server clusters is driving simultaneous upgrades in computing boards, switches, and optical modules, leading to increased demand and prices in the PCB market [2] - Unlike the short-term fluctuations seen during the 5G cycle, the current AI cycle exhibits long-term characteristics of continuous technological iteration, with high-end PCB supply tightness expected to last until 2027 [2][7] PCB Cycle Driving Factors - PCB is a fundamental component in the electronics industry, with its demand closely correlated to innovations in downstream applications such as PCs, mobile phones, and communications [5] - Each wave of electronic product upgrades has historically driven the PCB industry's growth, from desktop computers in the 90s to smartphones and 5G base stations in recent years [5] AI Computing Market Impact - The AI computing market is larger and has a longer construction cycle compared to the 5G era, significantly boosting PCB demand [7] - For instance, the PCB value for a single GB300 NVL72 chip is approximately 3000 yuan, while ASIC chips can reach around 4000 yuan [7] - By 2026, the AI server PCB market is projected to exceed 60 billion yuan, and when including demand from switches and optical modules, the overall market could reach a trillion yuan level [7] Demand and Supply Analysis - AI computing infrastructure is now the core driver of PCB demand, directly increasing the need for high-end PCBs in AI servers, high-speed switches, and optical modules [10] - The projected PCB market size for AI servers is expected to reach 379 billion yuan and 689 billion yuan in 2025 and 2026, respectively, indicating substantial growth potential [10] - Global demand for computing-related PCBs is forecasted to reach 181.5 billion yuan by 2026, with a supply gap of nearly 20 billion yuan anticipated, although this gap is expected to narrow by 2027 as production capacity increases [10] A-Share PCB Companies Expansion Plans - Shenghong Technology plans to acquire a factory in Thailand for 279 million yuan and aims for a total output value of 150-200 billion yuan by 2026 [13] - Jingwang Electronics has announced expansion plans to increase production capacity by 20 million square meters per year by the end of 2025 [13] - Shenyang Electronics is focusing on high-end communication HDI boards and has set ambitious expansion targets for its facilities [14] Core Materials for PCB - Various types of copper foil are essential for PCB production, with HTE copper foil being commonly used for its excellent elongation properties at high temperatures [16] - The global supply of HVLP copper foil is dominated by companies such as Mitsui Mining & Smelting and Furukawa Electric, with Mitsui being a leading player [19] Future Outlook - The PCB industry is poised for long-term growth driven by the AI cycle, with both volume and price increases expected alongside structural optimization [23] - The industry is entering a new phase characterized by "technology-driven and regional rebalancing," suggesting a focus on leading companies with advanced manufacturing capabilities and robust material supply chains [23]

Group 1 - Aspocomp Group Plc's Chief Financial Officer, Terhi Launis, made an initial notification regarding share acquisitions on November 28, 2025, detailing two transactions on November 25 and November 26, 2025, with a total volume of 828 shares at a unit price of 5.12 EUR [1] - The first transaction involved the acquisition of 538 shares, while the second transaction involved 290 shares, both executed on NASDAQ HELSINKI LTD [1] - The aggregated volume for both transactions was 828 shares, with a volume-weighted average price of 5.12 EUR [1] Group 2 - Aspocomp specializes in printed circuit board (PCB) technology, providing design, testing, and logistics services throughout the product lifecycle [2] - The company ensures cost-effectiveness and reliable deliveries through its own production and an extensive international partner network [2] - Aspocomp's customer base includes companies in telecommunications, automotive, industrial electronics, and semiconductor testing, with a significant portion of net sales generated from exports [3][4]

Core Viewpoint - The company, Jinlu Electronics, is experiencing an increase in demand for its PCB products due to the growing adoption of AI applications in various sectors, although these applications are not currently the main focus of the company's product offerings [1] Group 1 - The company has indicated that its PCB products can be used in consumer applications such as smart speakers and industrial applications like robotic arms [1] - The integration of AI technology into terminal hardware devices is becoming more prevalent, leading to a broader market for the company's products [1]

格隆汇11月27日丨方正科技(600601.SH)在投资者互动平台表示，公司PCB产品应用于光模块领域，目 前该部分业务增长较快，公司已批量生产应用于10G-100G-200G-400G-800G-1.6T等光模块的PCB产 品。公司PCB产品的客户众多，产品广泛应用于通讯设备、消费电子、光模块、服务器与数据存储、汽 车电子、数字能源、工业控制及医疗电子等多个应用领域。 ...

Core Viewpoint - Jinlu Electronics (301282.SZ) has the process technology and mass production capability for embedded capacitor, embedded resistor, and embedded copper block PCBs, while currently being in the early stage of technology development for chip embedded PCBs, indicating a gap in technological accumulation compared to competitors [1] Group 1 - The company possesses the technology and production capacity for embedded capacitor, embedded resistor, and embedded copper block PCBs [1] - The company is in the early stage of technology development for chip embedded PCBs [1] - The company currently lacks the technological accumulation compared to its competitors in the relevant field [1]

Core Viewpoint - The electronic sector has seen a significant inflow of over 22 billion in main funds, leading the 31 sectors in the Shenwan classification, with the electronic ETF (515260) experiencing a notable price increase and strong buying momentum [1][2]. Group 1: Market Performance - The electronic ETF (515260) reached an intraday increase of 3.27%, currently up by 2.29%, indicating strong buying interest as it entered a premium range in the afternoon [1]. - Key stocks in the PCB sector, such as Huadian Co., rose over 8%, while other notable companies like Dongshan Precision and Nvidia concept stock Shenghong Technology increased by over 4% [1]. Group 2: Industry Insights - Counterpoint's market research predicts that Apple's market share in the global smartphone market could reach 19.4% by 2025, surpassing Samsung for the first time since 2011 [2]. - Nvidia announced its continued technological leadership, claiming to be the only platform capable of running all AI models across various computing scenarios [2]. - HSBC's latest report highlights that the acceleration of AI server iterations is driving a dual cycle of technological and price increases for core components like PCBs and CCLs [2]. - Citigroup anticipates that the supply-demand tension for AI PCBs will persist into next year [2]. Group 3: ETF Composition and Future Outlook - As of the end of October, the electronic ETF's index includes significant weights from the Apple supply chain (44.63%), Nvidia supply chain (27.81%), and PCBs (12.47%) [2]. - Huachuang Securities believes that AI is reshaping the value of the electronic industry chain, creating new growth opportunities as demand for AI computing power surges [2][4]. - The electronic sector is currently in an innovation phase, expected to undergo breakthroughs in terminal innovation, performance release, and profit explosion for rapid development [2][4].

Core Insights - Google has launched the Gemini3 general AI model and the NanoBananaPro specialized image generation model, marking a significant dual-product AI innovation [1] - Shenghong Technology, as a leading AIPCB company, is well-positioned to capitalize on AI development opportunities, with expectations of substantial revenue growth following the release of new production capacity [1] Financial Projections - The company is projected to achieve revenues of 37 billion and 59.9 billion yuan in 2026 and 2027, respectively [1] - Expected net profit attributable to the parent company is forecasted to reach 12 billion and 19.7 billion yuan in 2026 and 2027, respectively [1] - The firm maintains a "Buy" rating on Shenghong Technology, indicating confidence in its growth potential [1]

Core Insights - Aspocomp Group Plc has received approximately EUR 1.75 million in business development support from the EU's Just Transition Fund to enhance PCB manufacturing capacity at its Oulu plant [1][2]. Investment and Development - The support is part of a larger investment project valued at over EUR 10 million, aimed at increasing the throughput capacity of the Oulu plant by up to 50% [4]. - The investment will not only boost production capacity but also improve production quality and equipment usability, creating over 30 new jobs, primarily at the Oulu facility [4][5]. - The total project cost is EUR 5,840,569, with the EU grant covering EUR 1,752,170 for equipment investments and construction costs, with a portion paid in advance and the remainder based on incurred expenses [5]. Strategic Importance - The support reflects confidence from the ELY Centre and EU stakeholders in Aspocomp's potential to generate new jobs and establish itself as a significant PCB supplier in Europe [3]. - The investment aligns with Aspocomp's updated strategy announced in November, focusing on expanding the Oulu plant and increasing capacity to meet rising demand, particularly in the defense and semiconductor sectors [2][3]. Company Overview - Aspocomp specializes in PCB technology design, testing, and logistics services, serving various industries including telecommunications, automotive, and semiconductor testing [6][7]. - The company is headquartered in Espoo, with its manufacturing facility located in Oulu, a key technology hub in Finland [8].

Summary of Shennan Circuits (002916.SZ) Conference Call Company Overview - **Company**: Shennan Circuits (002916.SZ) - **Market Cap**: Rmb102.6 billion / $14.4 billion - **Target Price**: Rmb254.00, raised by approximately 70% from previous estimates - **Current Price**: Rmb199.96 - **Upside Potential**: 27.0% [1][30] Key Industry Insights - **Industry Focus**: Transition from telecom PCB to AI PCB, targeting compute and networking demands, particularly in the context of the growing market for 800G and 1.6T optical transceivers [1][22] - **Growth Drivers**: - Expansion of high-end PCB capacity in Jiangsu and Thailand factories [1][23] - Increased demand for AI PCB from AI accelerators, optical transceivers, and switches [1][22] - Strong growth in IC substrate business driven by memory chips [1][24] Financial Performance and Projections - **Earnings Growth**: Expected net income growth of 44% CAGR from 2025 to 2027 [1] - **Revenue Estimates**: - 2025: Rmb22,775 million (up 7% from previous estimates) - 2026: Rmb28,491 million (up 15%) - 2027: Rmb35,503 million (up 29%) [1][27] - **Gross Margin Improvement**: Anticipated increase in gross margin by 2.6ppts, 2.7ppts, and 3.4ppts for 2025, 2026, and 2027 respectively [1][26] Competitive Positioning - **Market Position**: Shennan has established long-term partnerships in the telecom sector, which aids its entry into the data center PCB market [4] - **Competitive Risks**: Potential competition from peers with higher exposure to AI and data centers, which could impact pricing and margins [4][37] Capacity and Production - **Capacity Expansion**: Significant ramp-up in production capacity expected from the Jiangsu Nantong factory and Thailand factory in 2026 [19][23] - **Product Mix Upgrade**: Transition towards high-layer count PCBs and optical transceivers, with a projected increase in AI PCB revenue contribution to 28%, 36%, and 41% of total PCB revenues from 2025 to 2027 [22] Investment Thesis - **Recommendation**: Maintain Buy rating based on strong growth prospects in AI PCB and IC substrate markets, supported by capacity expansion and product upgrades [1][30] - **Risks**: Slower-than-expected expansion into AI PCB, increased competition, customer concentration risks, and slower growth in server/automotive PCB and IC substrate markets [37] Conclusion - Shennan Circuits is positioned to benefit from the growing demand for AI PCBs and high-end IC substrates, with significant revenue and earnings growth projected over the next few years. The company's strategic expansion and product upgrades are expected to enhance its competitive edge in the evolving technology landscape.