Summary of Delton (001389.SZ) Management Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI applications [2][3] Key Insights - **Positive Outlook on Demand**: Management is optimistic about PCB demand driven by computing applications, which is expected to support revenue and profit growth [1][3] - **Market Growth Projections**: The global PCB market for AI servers is projected to reach **US$27 billion by 2027**, indicating a **140% CAGR from 2025 to 2027** [1] - **Capacity Expansion**: Delton is expanding its production capacity in both mainland China and Thailand to meet rising demand for AI PCBs. The Thailand factory is expected to add **Rmb2.5 billion** worth of capacity [2][3] - **Revenue Contributors**: General server applications remain the major revenue contributor, with a single-digit volume growth but increasing dollar content due to PCIe technology migrations [3] Financial Performance - **Margin Improvement**: The Thailand factory achieved break-even in **December 2025**, just six months after commencing operations, contributing positively to profit margins [3] - **AI Server Revenue Growth**: AI server revenues are anticipated to increase significantly as Delton enters new projects and receives more orders from existing customers [3] Strategic Positioning - **Supply Chain Integration**: Delton aims to penetrate the supply chains of leading global AI players by offering high-quality multi-layer PCBs for various applications [2] - **Investment Recommendations**: Among the coverage, Shennan is rated as a Buy, with a target price raised to **Rmb254** [1][3] Additional Considerations - **Technological Advancements**: The shift towards PCIe technologies is driving the increase in dollar content for PCBs, which is crucial for maintaining competitive margins [3] - **Long-term Growth Strategy**: The company is actively increasing capacities to align with future demand growth, particularly in computing and AI applications [1][2] This summary encapsulates the key points from the management call regarding Delton's strategic initiatives, market outlook, and financial performance, highlighting the company's positioning within the PCB industry.

证券日报网讯1月19日，世运电路（603920）在互动平台回答投资者提问时表示，DeepSeek聚焦大模型 研发，核心需求是算力服务器、数据中心等基础设施。在AI算力服务器、数据中心领域，公司已实现 与国际头部客户的深入合作和量产供应，并以此为切入点开启与其他国内外相关领域客户的合作。同 时，针对下一代高速信号传输、算力场景、高压高频高密度电源供电系统，以及物理AI感知硬件的技 术需求，公司正与核心客户持续推进技术合作与产品迭代，相关布局将为公司带来长期增长动力。 ...

Core Viewpoint - Shenghong Technology forecasts a net profit attributable to shareholders of 4.16 billion to 4.56 billion yuan for the year 2025, representing a year-on-year growth of 260.35% to 295% [2][3] Group 1: Financial Performance - The company reported a net profit of 1.102 billion yuan in Q3, with an expected Q4 net profit ranging from 0.915 billion to 1.315 billion yuan, indicating a quarter-on-quarter decline of 17% to 19% [2] - The net profit after deducting non-recurring gains and losses is projected to be between 4.15 billion and 4.55 billion yuan, with a year-on-year growth of 263.59% to 298.64% [3] Group 2: Strategic Focus - The company is committed to embracing AI and capitalizing on the historical opportunities presented by the AI computing power technology revolution and data center upgrades [2] - Shenghong Technology aims to maintain its technological leadership in the global PCB manufacturing sector by leveraging its advanced technical, quality, delivery, and global service capabilities [2] Group 3: Product Development - The company has achieved large-scale production of several high-end products in key areas such as AI computing, data centers, and high-performance computing, leading to a significant upgrade in product structure towards higher value and technical complexity [2] - The proportion of high-end products has notably increased, contributing to the rapid growth of the company's performance [2]

Group 1: Company Performance - Shenghong Technology (300476) expects a net profit of 4.16 billion to 4.56 billion yuan for 2025, representing a growth of 260.35% to 295.00% year-on-year [1] - The company attributes its performance growth to the opportunities presented by AI computing technology innovation and data center upgrades, solidifying its leading position in the global PCB manufacturing sector [1] - Shenghong Technology has achieved large-scale production of several high-end products in key areas such as AI computing and data centers, significantly increasing the proportion of high-end products and driving rapid revenue growth [1] Group 2: Industry Trends - The global PCB market is expected to reach a value of 73.565 billion USD in 2024, with a year-on-year growth of 5.8%, and is projected to grow to 94.661 billion USD by 2029, with a compound annual growth rate of 5.2% from 2024 to 2029 [2] - The rapid development of AI, data centers, and smart vehicles is driving sustained growth in global PCB demand, with significant opportunities for PCB companies [2] - Experts suggest that Chinese PCB companies should increase R&D investment and explore new technologies, materials, and processes to maintain their competitive edge and move towards high-end manufacturing [2]

PCB 光铜融合？ 光电集成线路板技术应用解读 20260114 摘要 光电线路板（EOCB）结合光信号与电信号，相较于传统 HDI 板，在传 输速度、散热效果和低介损耗方面具有显著优势，能更好满足高速数据 传输需求。 EOCB 技术发展的核心在于材料创新（如高耐温丙烯酰胺基 PCB）、高 密度互联技术（超细线路工艺）和先进封装工艺（电阻电容嵌入基板）， 以实现更高效的封装结构。 EOCB 主要应用于 AI 服务器和数据中心的高速通信，以及液晶显示模组 和汽车领域（如智能车灯、电源系统），未来在 AI 服务器、交换机和消 费电子产品中具有巨大应用潜力。 EOCB 的制造流程是先用 FR4 材料制作高层线路板，再将玻璃基板与 FR4 融合，光路通过激光刻印技术制备，电子元器件以插件方式安装， 实现光信号传输。 EOCB 与传统 PCB 的主要差异在于布线密度和层间连接方式，类似于 HDI 板但加入玻璃基板，采用盲孔、微孔等方式导通，实现信号传输。 Q&A 光电集成线路板（EOCB）是在什么行业痛点下产生的？目前国内外 EOCB 产 业的发展趋势和主要企业有哪些？ EOCB，即光电线路板，产生的主要原因是传统铜信 ...

Core Viewpoint - The company has approved an investment cooperation agreement to establish a wholly-owned subsidiary in Changzhou, Jiangsu Province, for the construction of a "High-Density Optoelectronic Integrated Circuit Board Project" with a total planned investment of $300 million, implemented in two phases [2][5]. Group 1: Project Overview - The project aims to implement the company's strategic development plan and promote cutting-edge technology research and industrialization [2][5]. - The project will establish an incubation platform for advanced technologies such as CoWoP and mSAP, creating a closed-loop system for "research - pilot - verification - application" [2][5]. - The project will enhance product capabilities in signal transmission, power distribution, and functional integration, focusing on next-generation technology directions like optical-copper integration [2][5]. Group 2: Financial and Operational Details - The registered capital for the wholly-owned subsidiary is set at $100 million, funded by the company's own resources [2][5]. - The total investment of $300 million will be divided into two phases: Phase 1 involves an investment of $100 million to lease an existing factory of approximately 50,000 square meters for technology incubation and preliminary construction; Phase 2 will involve an additional investment of $200 million based on the results of Phase 1 and market demand, including acquiring 60 acres of industrial land and constructing a clean factory of about 60,000 square meters [2][5]. - The company reserves the right to unilaterally terminate the Phase 2 investment plan without liability if Phase 1 does not pass evaluation or if there are significant adverse changes in the market environment [2][5]. Group 3: Expected Outcomes - Upon full production, the project is expected to add an annual capacity of 1.3 million high-density optoelectronic integrated circuit boards, generating an additional annual revenue of 2 billion RMB and a pre-tax profit exceeding 300 million RMB [3][6]. - The implementation of this project will help the company expand its high-end product capacity, optimize product structure, increase the proportion of high-value-added products, and enhance its competitive advantage and overall profitability [3][6]. - The cooperation partners for this project are the Changzhou Jintan District People's Government and the Jincheng Town People's Government [3][6].

证券代码：002463 证券简称：沪电股份 沪士电子股份有限公司 公司深耕于高速网络交换机及路由器、AI 服务器及 HPC、通用服务器、 无线通信网络及智能汽车等高增长、高技术壁垒 PCB 产品领域。在数据通讯 领域，公司的产品已经广泛应用于超大规模数据中心、云服务提供商数据中心、 企业通讯网络、本地网络及园区网络等场景；在智能汽车领域，公司的产品为 汽车的自动驾驶域控制器、智驾系统、智能座舱、三电系统等设备提供核心硬 件支持。 公司经营策略是一贯的，差异化经营，将技术能力、制程能力、产能结构 动态适配市场中长期的需求结构，坚持面向整体市场的主要头部客户群体开展 业务。公司向来注重中长期的可持续利益，而非仅仅局限于眼前的短期利益。 公司深知只有着眼长远，保持客户均衡，才能在不断变化的市场环境中稳健发 展，实现可持续增长。面向整体市场的主要头部客户群体开展业务，对公司的 综合竞争力提出了更高要求，这意味着公司不仅要配备完善的工具包，还要持 续打磨综合制程能力与技术能力。 公司专注于高性能与高信赖性 PCB 所需的核心技术，包括高多层、高频 高速、高密度互连及高通流等 PCB 关键技术研究。通过对信号完整性、电源 ...

Group 1 - The company Kexiang Co., Ltd. (300903) has announced that it has achieved small batch supply of 800G optical module PCBs and server PCBs as of January 12 [1] - In the storage sector, the company primarily produces PCBs for memory modules and other storage devices, and it has begun large-scale supply of these products [1]

沪电股份在互动平台表示，公司掌握M9等级高速材料及其与常规材料的混压工艺，以满足高速信号传 输对介质特性的高要求。 ...

Summary of PCB Industry Conference Call Industry Overview - The PCB market is expected to exceed 100 billion yuan, driven by increased shipments of Google's TPU and the 1.6T switch, leading to a rise in both volume and price. The orthogonal backplane is anticipated to start shipping by the end of 2026 or early 2027, contributing to new growth [1][2]. Key Demand Drivers - Demand growth in 2026 is primarily expected from Google, Nvidia, and the switch sector, with AI PCB demand projected to increase by over 200% due to the explosion of AIGC demand. The overall PCB market size is forecasted to surpass 100 billion yuan [2][3]. - Specific growth rates include: - Google: over 200% increase, mainly from increased shipment volumes - Amazon: approximately 90% growth - Nvidia: over 140% growth - Switch sector: 160% growth, significantly aided by new orthogonal backplane technology [3][4]. Major Suppliers and Capacity Expansion - Key players in the PCB industry include Shenghong, Gudian, and Taiwan Lianeng. New entrants in the GB300 sector include Fangzheng and Jingwang, increasing the number of potential suppliers from four or five to seven or eight [5]. - Current suppliers for Google and Amazon include ICU, Mirror Electric, and Hudean Shenlan, with potential new suppliers like Shenghong, Chaoyi, Pengling, and Dongshan Jinhwang, bringing the total number of suppliers for Google to around nine and for Amazon to about eight [5]. Foreign Manufacturers' Capacity Expansion - Foreign manufacturers such as Taiwan's Xinxing, Jinxiang Electric, Korea's ASU, and the US's TTM are expanding capacity at a relatively slow pace. For instance, ICU plans to increase capacity by only 10%, while Xinxing and TTM have insufficient capital expenditures. Mirror Electric's Suzhou factory shows some supply potential with a 25% increase in capital expenditure, but overall expansion remains slow [6]. Investment Logic and Focus Companies - The investment strategy remains focused on leading companies while also looking for emerging players that can achieve breakthroughs. Key areas of interest include shipments related to Google's TPU V7/V8 chips and Amazon's chips, as well as Nvidia's orthogonal solution testing phase [7][8]. - Notable companies to watch include Shenghong, Hudean, Dongshan, and Shengyi Technology, along with emerging firms like Pengding, Fangzheng, and Jingwang [7]. Supply and Demand Dynamics - The AI PCB market is expected to see significant growth by 2026, but supply will still be insufficient to meet demand. By 2027, as most capacity comes online, the supply-demand relationship may balance or even lead to oversupply. However, until the end of 2026, the market is expected to remain in a state of supply shortage [9].