Summary of Victory Giant Tech (300476.SZ) Conference Call Company Overview - **Company**: Victory Giant Tech (VGT) - **Ticker**: 300476.SZ - **Market Cap**: Rmb216.647 billion (approximately US$30.377 billion) [2] Key Financial Estimates - **Earnings Estimates**: - 2025: Rmb5.1 billion (down 8%) - 2026: Rmb11.7 billion (down 9%) - 2027: Rmb19.6 billion (down 7%) [1] - **3Q25 Net Profit Estimate**: Rmb1.34 billion (QoQ +10%) [1] - **Target Price**: Rmb407.0 (down from Rmb447.0) based on a 30x 2026 P/E ratio [1][2] Revenue Drivers - **NVDA Revenue Growth**: Expected to grow by 2% QoQ to Rmb2.4 billion, influenced by a high base in 2Q25 and product transitions [1]. - **New Capacity Impact**: New capacity in Huizhou and Thailand is anticipated to drive revenue in 3Q25 but may negatively affect profitability due to yield ramp-up and depreciation & amortization (D&A) pressures [1]. Growth Projections - **Sales Revenue Growth**: - 2025: 97.4% - 2026: 90.6% - 2027: 51.7% [7] - **Core NPAT Growth**: - 2025: 343.4% - 2026: 128.6% - 2027: 67.3% [7] Valuation Justification - **Earnings CAGR**: Projected 96% from 2025 to 2027 driven by: 1. Strong demand for GenAI-related PCBs 2. Potential improvements in average selling price (ASP) and gross margin (GM) due to favorable product mix 3. New business opportunities in datacenter switches and ASICs [10] Risks - **Key Downside Risks**: 1. Lower-than-expected share allocation in GenAI-related PCBs due to yield issues 2. Pricing and competition pressures in the automotive supply chain 3. CSP capital expenditure reductions and weak economic conditions affecting demand 4. Rising material costs 5. US-China geopolitical risks [11] Investment Recommendation - **Recommendation**: Maintain Buy rating, with a potential buying opportunity expected post the deceleration in 3Q25 net profit growth [1]. Additional Financial Metrics - **2025 Estimated P/E**: 42.3 - **2026 Estimated P/E**: 18.5 - **2027 Estimated P/E**: 11.1 [7] Conclusion Victory Giant Tech is positioned for significant growth driven by advancements in AI-related technologies and new capacity expansions. However, investors should remain cautious of potential risks that could impact profitability and market performance.

目前PCB的应用领域几乎涉及所有的电子产品，主要包括通讯、计算机、消费电子、汽车电子、服务器、工业控制、军事航空、医疗等领域，是全球 电子元件细分产业中产值占比最大的产业。根据Prismark报告，2024年全球PCB产业总产值为735.65亿美元。 招股书披露，超颖电子主营业务是印制电路板的研发、生产和销售，自成立以来主营业务没有发生变化。公司产品广泛应用于汽车电子、显示、储 智通财经APP获悉，10月15日，超颖电子(603175.SH)开启申购，发行价格为17.08元/股，申购上限为1.25万股，市盈率28.64倍，属于上交所，民生证券 为其保荐机构。 存、消费电子、通信等领域，公司以汽车电子PCB为主，是国内少数具备多阶HDI及任意层互连HDI汽车电子板量产能力的公司之一，与大陆汽车、法 雷奥、博世、安波福等全球Tier 1汽车零部件供应商及特斯拉等知名新能源汽车厂商建立了稳定合作。 根据CPCA公布的《第二十四届(2024)中国电子电路行业主要企业营收榜单》，公司在综合PCB企业中排名第23位。根据 NTI(N.T.Information LTD)的报 告，2023年公司为全球前十大汽车电子PCB供 ...

Core Viewpoint - Chongda Technology (002815) is making steady progress in expanding its AI computing power client base and has initiated factory construction in Thailand to enhance global supply capabilities [1] Group 1: Company Developments - The company is advancing according to plan in the development of AI computing power for major clients [1] - A factory has been launched in Thailand to strengthen global supply capabilities [1] - The company is continuously collaborating with clients for preliminary research and trial production of new platforms [1] Group 2: Market Position and Strategy - Chongda Technology possesses advanced technical strength in the AI server PCB sector [1] - Market expansion in this area is a strategic priority for the company [1] - Specific client progress details are not disclosed due to adherence to commercial confidentiality principles [1]

Core Viewpoint - The company is successfully advancing its efforts to develop AI computing power clients as planned, with ongoing factory construction in Thailand to enhance global supply capabilities [1] Group 1: Company Developments - The company has initiated factory construction in Thailand to strengthen its global supply capacity [1] - The company is actively collaborating with clients on the research and trial production of new platforms [1] - The company possesses advanced technical capabilities in the AI server PCB sector, which is a strategic focus for market expansion [1] Group 2: Client Engagement - Specific client progress details are not disclosed due to adherence to commercial confidentiality principles [1]

09 Oct 2025 11:10:54 ET │ 18 pages Kingboard Laminates Holdings (1888.HK) Open 30D +ve CW on Recent Copper Strength and A-share Peers' 3Q Results CITI'S TAKE A c t i o n | After KBL's last ASP inflation of Rmb10/sheet (~7-8% on ASP) for copperclad laminate (CCL) in mid-Aug, the copper cost continued to surge by ~12% since then to US$10.7k per tonne. In addition to recent increase of KBL's UTR to ~88% in Sep with 10m sheets shipment versus avg 79% in 1H25, we believe KBL will very likely inflate ASP again th ...

Core Insights - The HDI board market is experiencing significant growth driven by global digital transformation and the trend towards electric and intelligent vehicles. China, as a major manufacturing and consumption market, is seeing rapid development in the HDI board industry, with a projected market size of 45.568 billion yuan in 2024, reflecting a year-on-year increase of 16.5% [1][6]. - The market is expected to continue expanding, reaching 50.908 billion yuan by 2025, with an 11.7% year-on-year growth [1][6]. Industry Overview - HDI boards, or High-Density Interconnect boards, utilize micro-blind buried hole technology and lamination processes to enhance circuit density, catering to the miniaturization and high-speed signal transmission needs of electronic products. They are primarily used in mobile phone motherboards, digital devices, and automotive electronics [3][4]. - The HDI board industry can be categorized into three types based on lamination complexity: low-end HDI (single lamination), high-end HDI (two or more laminations), and any-layer HDI (most complex) [3]. Market Size and Growth - The global HDI board market is projected to reach 12.8 billion USD in 2024, with a year-on-year increase of 15.3%, and is expected to grow to approximately 14.3 billion USD by 2025 [5][6]. Competitive Landscape - The HDI board industry is dominated by overseas and Taiwanese manufacturers, while mainland Chinese companies are rapidly catching up. Key players in mainland China include companies like Fangzheng Technology, Bomin Electronics, and Shenghong Technology, which are increasing their R&D investments and expanding high-end production capacities [7][8]. Development Trends - The HDI board market is shifting towards higher-end products, driven by the demand for advanced mobile devices and the adoption of AnyLayer HDI motherboards in Android smartphones. The trend indicates a growing need for high-layer HDI boards as high-end smartphone sales increase [9]. - The application fields for HDI boards are expanding, particularly in the rising electric vehicle sector, which requires stable and reliable circuit connections for various systems [10]. Additionally, the medical device sector is also a growing market for HDI boards due to the demand for miniaturized and intelligent devices [11]. - Environmental considerations are leading to a trend towards green manufacturing practices in the HDI board industry, with a focus on reducing harmful substances and optimizing production processes [12].

Core Viewpoint - The recent financing and expansion plans of major PCB companies are primarily driven by the increasing demand for AI technologies and high-end PCB products, indicating a significant shift in the industry towards advanced manufacturing capabilities [1][3][6]. Group 1: Company Expansion Plans - Huadian Co. disclosed a new project for high-end printed circuit boards (PCBs) with an investment of 4.3 billion yuan, which began construction in June 2023 and is expected to start trial production in the second half of 2026 [1]. - Shenghong Technology completed a fundraising round of 1.9 billion yuan, with allocations of 850 million yuan for an AI HDI project in Vietnam and 500 million yuan for a high-layer PCB project in Thailand [1]. - Eight PCB manufacturers have announced new financing and expansion plans since July 25, focusing on enhancing their capabilities in HDI, HLC, and SLP products [1][2]. Group 2: Market Demand and Trends - The demand for high-density and high-layer PCBs is expected to grow significantly due to advancements in AI, satellite communications, and automotive electronics, with the HDI market projected to reach 17.037 billion USD by 2029, reflecting a compound annual growth rate of 6.4% [6]. - The complexity of PCB production processes is increasing, necessitating higher precision and efficiency in manufacturing equipment, particularly in plating and drilling stages [6][7]. - The shift towards high-end PCB products is driving upgrades in core materials such as copper foil, electronic cloth, and resin, which are essential for meeting the demands of high-speed signal transmission [7]. Group 3: Investment Opportunities - The expansion of PCB production is anticipated to create a favorable cycle for the industry, benefiting upstream material and equipment companies as demand for high-end PCBs rises [7]. - The global market for PCB-specific equipment is expected to reach 10.765 billion USD by 2029, with a compound annual growth rate of 8.7% from 2024 to 2029 [6].

Core Viewpoint - The recent financing and expansion plans of major PCB companies, driven by the demand for AI technologies, indicate a significant growth opportunity in the high-end PCB market, particularly in HDI and other advanced PCB types [1][5]. Group 1: Company Expansion Plans - Huada Technology announced a new project for high-end printed circuit boards (PCBs) with an investment of 4.3 billion yuan, which began construction in June 2023 and is expected to start trial production in the second half of 2026 [1]. - Shenghong Technology completed a fundraising round of 1.9 billion yuan, with allocations of 850 million yuan for its AI HDI project in Vietnam and 500 million yuan for a high-layer PCB project in Thailand [1]. - Eight PCB manufacturers have announced new financing and expansion plans since July 25, focusing on enhancing their capabilities in HDI, HLC, and SLP technologies [1]. Group 2: Market Demand and Trends - The demand for high-density, high-layer, and high-technology PCBs is expected to grow significantly due to advancements in satellite communication, AI accelerator modules, and automotive electronics [5]. - The HDI market is projected to reach 17.037 billion USD by 2029, with a compound annual growth rate (CAGR) of 6.4% over the next five years [5]. - The complexity of PCB production processes is increasing, leading to a higher reliance on advanced equipment and materials [5][6]. Group 3: Equipment and Material Upgrades - The global market for PCB-specific equipment is expected to reach 10.765 billion USD by 2029, with a CAGR of 8.7% from 2024 to 2029 [6]. - Upgrades in core materials for PCBs, such as copper foil, electronic cloth, and resin, are necessary to meet the demands of high-speed signal transmission and other advanced applications [7]. - The industry is entering a clear upward cycle, with significant benefits anticipated for upstream materials and equipment companies due to the expansion of PCB production capacity [7].

Core Viewpoint - The "2025 Electronic Semiconductor Industry Innovation Development Conference and International Electronic Circuit (Greater Bay Area) Exhibition" (CPCA Show Plus) will take place from October 28 to 30, 2025, in Shenzhen, focusing on innovation-driven development in the semiconductor and electronic circuit industries [1]. Industry Growth and Trends - The PCB manufacturing industry in China experienced robust growth in the first half of 2025, with revenue reaching approximately 183 billion RMB, reflecting a year-on-year increase of over 10% driven by terminal demand and the expansion of emerging applications [4]. - The exhibition aims to leverage the advantages of the Greater Bay Area to stimulate the PCB industry's growth in the AI era by connecting upstream and downstream enterprises [4]. Exhibition Highlights - CPCA Show Plus 2025 will feature over 300 renowned exhibitors, showcasing a comprehensive range of products from PCB manufacturing processes to semiconductor and packaging substrates, providing a one-stop procurement and collaboration service [1][4]. - Key exhibitors include leading companies in the PCB manufacturing sector and those covering advanced materials, equipment, and chemicals, emphasizing a full industry chain approach [5]. Technological Innovations - The exhibition will present smart manufacturing solutions such as automated production lines, AI quality inspection systems, and digital twin factories, aimed at enhancing production efficiency and precision management in the electronic circuit and semiconductor industries [5]. - The event will also highlight sustainable development practices, showcasing green materials, energy-efficient production equipment, and clean production processes to support the industry's low-carbon transformation [5]. Networking and Collaboration - CPCA Show Plus 2025 is expected to attract over 45,000 professional attendees from global PCB application enterprises, research institutions, and buyers, facilitating supply-demand matching and technical exchanges [7]. - The exhibition will feature specialized zones for ceramic substrates, top PCB companies, and academic innovation, allowing attendees to focus on industry dynamics and trends [7]. International Promotion - The event has been promoted through various domestic and international media channels to enhance the global presence of China's electronic manufacturing industry, attracting notable companies from the application demand side [10]. Forums and Activities - A series of forums and activities will be held alongside the exhibition, including the 47th Sino-Japanese Electronic Circuit Autumn Conference, focusing on AI empowerment and industry breakthroughs [13]. - Specialized forums will address various topics, including low-altitude economy, commercial aerospace, and AI technology innovations, catering to diverse attendee interests [14]. Invitation to Industry Stakeholders - CPCA Show Plus 2025 serves as a platform for industry stakeholders to explore opportunities and drive upgrades in the semiconductor sector, inviting global enterprises, experts, and partners to participate [16].

Financial Information Release - Aspocomp Group Plc will publish its financial statements for 2025 on February 25, 2026, at around 9:00 a.m. Finnish time [1] - The interim reports for 2026 will be published on April 29, July 29, and October 28, 2026, at around 8:00 a.m. and 9:00 a.m. Finnish time [1] Silent Period - Aspocomp's silent period will commence 30 days prior to the publication of its financial information [2] Annual Report - The Annual Report for 2025 will be published in week 11 at the latest, containing the Financial Statements, the report of the Board of Directors, and the Auditor's Report [3] Annual General Meeting - The Annual General Meeting for 2026 is scheduled for April 29, 2026, at 10:00 a.m. Finnish time, with a notification deadline for agenda items set for January 30, 2026 [4] Company Overview - Aspocomp specializes in PCB technology design, testing, and logistics services throughout the product lifecycle, ensuring cost-effectiveness and reliable deliveries through its own production and international partner network [5] - The company serves customers in telecommunications, automotive, industrial electronics, and semiconductor testing, with most net sales generated from exports [6] - Aspocomp is headquartered in Espoo, Finland, with a production facility located in Oulu, a major technology hub [6]