（文章来源：证券日报） 证券日报网讯一博科技11月19日在互动平台回答投资者提问时表示，公司在大容量存储PCB研发设计与 仿真技术、高密度（HDI）PCB研发设计与仿真技术、高速通讯背板设计与仿真技术、低电压大电流 PCB研发设计与仿真技术、封装基板设计与仿真技术及高速测试夹具设计与仿真技术等领域有深入的研 究与应用经验，在高速高密PCB设计关键技术上处于行业领先地位。具体情况请参阅公司已披露或回复 的相关信息。 ...

Core Insights - The company is a leading domestic PCB supplier for AI servers, benefiting significantly from the high demand for computing power, with a notable revenue increase and profit growth in 2025 [1][2] Group 1: 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] - The gross profit margin improved to 36.41%, indicating enhanced profitability [1] Group 2: Technological Advancements - The company invested 179 million yuan in R&D in 2024, a year-on-year increase of 48.6%, focusing on high-end product development [1] - Achievements include mass production of PCIe 5.0 server motherboards and early-stage R&D for PCIe 6.0, along with stable mass production of five-layer HDI accelerator card PCBs and UBB boards with 22 to 32 layers [1] Group 3: Global Expansion - The company is deepening its global production capacity with a new facility in Thailand, which has an initial annual production capacity of approximately 200,000 square meters, aimed at serving overseas data center clients [2] - The first phase of the Thailand production base commenced operations in June 2025, with a second phase planned for 2026 [2] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 5.437 billion yuan, 7.362 billion yuan, and 10.121 billion yuan, respectively, with net profits of 1.072 billion yuan, 1.477 billion yuan, and 2.075 billion yuan [2] - Corresponding price-to-earnings ratios are estimated at 28.3, 20.5, and 14.6 times, with an initial "buy" rating suggested [2]

Core Viewpoint - The company stated that its PCB products have not yet been applied in Xiaopeng Robotics [1] Group 1 - The company is engaged in the production of PCB products [1] - There is currently no collaboration or application of the company's products in Xiaopeng Robotics [1]

Core Viewpoint - The report from Great Wall Securities indicates that the high demand for AI is driving an increase in PCB board demand, leading to stable growth in the performance of Huadian Co., Ltd. [1] Group 1: Industry Insights - By the third quarter of 2025, emerging computing scenarios such as high-speed computing servers and artificial intelligence are expected to continuously enhance the structural demand for PCB boards [1] - The company is maintaining high R&D investment and increasing capital expenditure to expand production capacity [1] Group 2: Company Performance - The Thai factory is set to continuously improve its production efficiency and orderly release capacity, supporting the long-term development of the company's business [1] - With ongoing product development and accelerated construction of overseas production capacity, the company is expected to see positive performance growth in the future, maintaining a "buy" rating [1]

Core Viewpoint - Chongda Technology (002815.SZ) is currently in the mass delivery phase of its 800G optical module PCB products [1] Group 1 - The company is actively engaging with investors through its interactive platform [1] - The 800G optical module PCB products represent a significant advancement in the company's product offerings [1]

Core Viewpoint - Jialichuang Group has transformed the PCB prototyping process for electronic engineers globally, evolving into a leading one-stop service provider in the electronic and mechanical industry chain, offering comprehensive services from circuit design to PCB prototyping and component assembly [1][3]. Group 1: Technological Advancements - Jialichuang announced two major technological breakthroughs: the mass production of 34 to 64-layer ultra-high-layer PCBs and the upcoming launch of 1 to 3-stage HDI (High-Density Interconnect) boards [5][8]. - The ultra-high-layer PCBs feature a maximum thickness of 5.0mm and a thickness-to-diameter ratio of up to 20:1, meeting the stringent requirements for complex circuit integration and high-density wiring [5][7]. - The minimum line width and spacing of the ultra-high-layer PCBs can reach 3.5mil, utilizing Tg170 high-temperature resistant substrates, which enhances signal integrity, heat dissipation, and structural stability [5][7]. Group 2: Manufacturing Process - The structure of the ultra-high-layer PCBs employs a core board and prepreg, alternating layers through a multi-layer pressing process, which allows for different types of circuits to be laid out across various layers [7][9]. - Jialichuang has introduced 0.1mm mechanical micro-drilling technology to enhance the precision of micro-holes, addressing the industry's challenges with low plating yield for through-holes [7][12]. - The company has achieved a production speed of ultra-high-layer PCB samples in as fast as 8 days, which is approximately twice as fast as the industry standard, while also reducing product prices by about 50% compared to similar products [8][9]. Group 3: Market Position and Future Directions - Despite being a pioneer in PCB prototyping, Jialichuang still has significant growth potential compared to global PCB giants, particularly in the ultra-high-layer PCB and HDI sectors [9][12]. - The combination of HDI and ultra-high-layer PCBs is essential for the future of modern smart hardware, enabling high-density wiring and supporting complex functionalities in 5G and AI applications [9][12]. - Jialichuang's journey into ultra-high-layer PCB and HDI has been a long-term effort, with significant milestones achieved since its establishment in 2006, including the development of various technologies and manufacturing processes [13][14]. Group 4: Industry Impact - The advancements in HDI and ultra-high-layer PCBs are crucial for the evolution of modern electronic devices, as they allow for smaller, more efficient designs that meet the demands of high-performance applications [12][17]. - Jialichuang's innovations are positioned to empower engineers by making high-end manufacturing techniques accessible, thereby enhancing the capabilities of Chinese manufacturing in the global market [17].

Core Insights - The PCB supply chain is facing significant shortages of upstream materials, particularly affecting high-end substrates like ABF and BT boards, with expectations that shortages will persist for another year [1] - The demand for PCBs is expected to remain strong over the next 2-3 years, with a peak in the fourth quarter of the current year, despite the ongoing material shortages [1][3] - The shortage is attributed to a surge in demand from the recovering global electronics industry and highlights the vulnerabilities in the supply chain [1][4] Material Shortages - Key materials such as T-Glass, quartz cloth, and low CTE fiberglass are in short supply, impacting the production of high-end PCBs [1] - The global demand for HVLP4-grade copper foil, essential for AI servers, is projected to exceed supply, with a current monthly production capacity of only 700 tons against a demand of 850 tons [3][4] - The supply of fiberglass materials is also constrained, with a projected demand of 18.5 million meters by 2026, while current capacity is only 10 million meters, resulting in a shortage of over 50% [3] Market Dynamics - The AI server market is driving a significant increase in PCB prices, with standard server PCBs priced between $3,000 and $15,000, while AI training server PCBs can exceed $200,000 [3] - Major cloud service providers are expected to increase their capital expenditures significantly, with a forecasted total exceeding $420 billion by 2025, marking a 61% increase from previous years [3] Financial Performance - Leading PCB manufacturers like Huadian and Weiergao reported substantial revenue growth in Q3 2025, with Huadian achieving a revenue of 5.019 billion yuan, up 39.92%, and a net profit increase of 46.25% [6] - The PCB industry is entering a new growth cycle, with a projected market value of $73.565 billion in 2024, reflecting a 5.8% year-on-year increase [7] Capacity Expansion - At least 11 PCB companies have announced expansion plans to increase high-end production capacity, with significant investments planned [7][8] - Companies like Jingwang Electronics and Shengyi Technology are investing heavily in new projects to meet the rising demand for high-end PCBs [8] Strategic Considerations - While leading companies are expanding capacity, there is a risk of overcapacity if AI demand slows down, particularly if growth rates drop below 15% post-2026 [9][10] - Smaller manufacturers are advised to focus on niche markets and technological differentiation to avoid direct competition with larger firms [9][10]

Core Insights - The PCB supply chain is facing significant shortages of upstream materials, particularly affecting high-end substrates like ABF and BT boards, with expectations of shortages lasting for another year [2] - The demand for PCBs is projected to remain strong over the next 2-3 years, with a peak expected in Q4, despite the ongoing material shortages [2][3] - The shortage is attributed to a surge in demand from the recovering global electronics industry and the vulnerabilities in the supply chain [2][5] Industry Overview - The global demand for AI servers is driving a substantial increase in capital expenditures among major cloud service providers, with a forecasted total exceeding $420 billion by 2025, representing a 61% increase from previous years [3][4] - The price of PCBs for AI training servers can exceed $200,000, significantly higher than traditional server PCBs, which range from $3,000 to $15,000 [3][4] - The supply shortage is affecting the entire PCB industry, particularly in core materials like copper foil, which has a projected demand of 850 tons per month by 2025 against a current production capacity of only 700 tons [4][5] Financial Performance - Leading PCB manufacturers are experiencing substantial revenue growth, with companies like Huadian achieving a 39.92% increase in revenue to 5.019 billion yuan and a 46.25% rise in net profit to 1.035 billion yuan in Q3 [6] - Willgo reported a 41.33% increase in revenue to 407 million yuan and a remarkable 175.75% increase in net profit [6] Market Trends - The global PCB market is expected to enter a new growth cycle, with a projected market value of $73.565 billion in 2024, reflecting a 5.8% year-on-year growth [7] - By 2029, the global PCB market value is anticipated to reach $94.661 billion, with a compound annual growth rate (CAGR) of approximately 5.2% from 2024 to 2029 [7] Capacity Expansion - At least 11 PCB companies have announced expansion plans, with significant investments aimed at increasing high-end production capacity to meet rising demand [9] - Companies like Jingwang Electronics and Shengyi Technology are investing heavily in expanding their production capabilities, with plans to invest 5 billion yuan and 1.9 billion yuan, respectively [9] Strategic Insights - While leading companies are expanding capacity to capture AI market opportunities, there is a risk of overcapacity if demand growth slows down post-2026 [10] - Smaller manufacturers are advised to focus on niche markets and technological differentiation to avoid direct competition with larger firms and mitigate risks associated with overcapacity [10][11]

Core Viewpoint - The company has established a strong partnership with T customer, which has become its largest automotive terminal client since 2019, supplying PCB products related to autonomous driving [1] Group 1: Automotive Sector - T customer's automotive delivery volume has returned to a growth trajectory, reaching a historical high, which is expected to further increase market share as its autonomous taxi moves from pilot to mass production [1] - The growth of T customer's automotive business will directly drive the demand for the company's PCBs [1] Group 2: Humanoid Robotics Sector - The company has been collaborating with a leading North American client in humanoid robotics for over five years, focusing on key PCB products for core control modules and drive systems [2] - The company has developed a full-process technical capability from customized design to performance optimization, completing three product iterations with improvements in signal transmission stability and anti-interference [2] - The company has reached a cooperation intention for mass production product supply and is preparing for key steps, including reserving dedicated production line capacity and completing supply chain coordination [2] - In the domestic market, the company has partnered with three leading humanoid robotics enterprises, with one project entering small batch supply and another in the late stage of sample verification [2] - The company plans to increase R&D investment in humanoid robotics PCBs, focusing on breakthroughs in high-density interconnection and lightweight substrate applications [2]

Core Viewpoint - The company has established a strong partnership with a major client in the automotive sector, which is expected to drive demand for its PCB products due to the client's growth in vehicle deliveries and expansion into autonomous driving [1][2] Group 1: Automotive Sector - The company has been collaborating with client T since 2015, and T has become the largest automotive terminal client since 2019, supplying PCB products related to autonomous driving [1] - T's automotive delivery volume has returned to a growth trajectory, reaching a historical high in Q3, which is anticipated to further increase the company's PCB demand as T expands its market share in autonomous taxi production [1] Group 2: Humanoid Robotics - The company has been engaged in joint R&D with a leading North American client in the humanoid robotics field for over five years, focusing on key PCB products for core control modules and drive systems [1] - The company has developed a full-process technical capability from customized design to performance optimization, completing three product iterations and establishing a technological moat in signal transmission stability and anti-interference [1] - The company has reached a cooperation intention for mass production product supply with its client and is preparing for key steps towards mass production, including reserving dedicated production line capacity and completing supply chain coordination [2] - The company has established partnerships with three leading domestic humanoid robot enterprises, with one project entering small batch supply and another in the late stage of sample verification [2] - Future plans include increasing R&D investment in humanoid robot PCBs, focusing on breakthroughs in high-density interconnection and lightweight substrate applications, and deepening cooperation with domestic and international clients [2]