Summary of Kingboard Laminates Holdings (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates Holdings (KBL) - **Industry**: Printed Circuit Board (PCB) Laminates - **Market Position**: KBL has a ~17% global market share in rigid laminates and over 30% in the PRC [15][16] Key Financial Projections - **Earnings Forecast**: - 2H25 earnings expected to double to HK$1.209 billion year-over-year - Core earnings projected to rise 58% to HK$1.155 billion [1][14] - **Earnings Growth**: - 1H25 earnings growth was 28% and 10% respectively [1] - **Gross Margin**: Expected to expand to over 20% in 2H25, compared to 18.4% in 1H25 [2] Pricing and Market Dynamics - **Average Selling Price (ASP) Inflation**: - KBL has raised ASP by 4 times in 4Q, with increases of 3-5% in October, ~10% in November, and ~10% in December [2] - **Copper Costs Correlation**: - KBL stock has a high correlation (60%+) with copper costs, which are at record highs [10] - **Concerns**: - Recent stock decline (~8%) attributed to concerns over CCL price inflation not keeping pace with copper costs and Nanya Plastic's missed 4Q25 results [1][11] Supply Chain and Certification - **NVDA Supply Chain**: - KBL is in the process of certification for low Dk gen 1 and gen 2 materials for potential entry into NVDA's supply chain, expected to be completed by 1Q26 [3][14] - **Production Capacity**: - Plans to build an additional 1,500 tons of low Dk gen 1/gen 2 by 1Q26 and another 3,000 tons by end-2026 [9] Investment Strategy and Valuation - **Recommendation**: - KBL shares rated as Buy with a target price of HK$20.50, implying a potential return of 64.5% [4][17] - **Valuation Methodology**: - Target price based on a P/E of 19-20x for 2026E, reflecting peak P/E during the upcoming industry upcycle [17] Risks and Considerations - **Risks**: - Customer certification delays, macroeconomic growth in China, and demand recovery for electronic goods could impact performance [18][21] - **Market Conditions**: - The economic slowdown in China has affected discretionary consumption items, which account for over 80% of KBL's total sales [16] Conclusion - Kingboard Laminates Holdings is positioned for significant earnings growth in the upcoming periods, driven by ASP inflation and potential entry into the NVDA supply chain. However, the company faces risks related to macroeconomic conditions and certification timelines. The investment outlook remains positive with a strong buy recommendation based on projected earnings recovery and market positioning.

Core Viewpoint - The convergence of self-controllability and AI is expected to drive significant performance in related sectors in 2025, with this trend likely to strengthen further in 2026, making "self-controllability and AI computing power" a dominant theme in the electronics industry throughout the year [2][23]. Investment Theme 1: Focus on Domestic Computing Power and Semiconductor Equipment - Domestic computing power is anticipated to transition from point breakthroughs to systematic reconstruction by 2026, driven by increased overseas restrictions and urgent domestic demand, with market share for local manufacturers expected to rise from 30-40% currently to 60-70% by 2030 [4][25]. - The total addressable market (TAM) for domestic computing power is projected to grow from over $13 billion in 2025 to over $180 billion by 2030 [4][25]. - The semiconductor equipment sector is expected to benefit from a dual drive of wafer fab expansion and accelerated localization, with domestic equipment procurement rates estimated to rise from 18% in 2022 to 40% by 2026 [6][27]. Investment Theme 2: High Growth Certainty in AI PCB and Storage Sectors - The PCB sector is viewed as a critical upgrade point for AI chips, with strong demand for computing power expected to drive significant growth in 2026-2027 [9][30]. - AI storage is entering a super cycle driven by AI demand, with mainstream storage prices expected to rise significantly, maintaining a seller's market through at least the end of 2026 [11][32]. Investment Theme 3: Consumer Electronics Reversal and Edge AI Opportunities - The consumer electronics sector is expected to experience a reversal influenced by storage price increases and shortages, with potential stock price turning points anticipated in Q2 2026 [16][37]. - Innovations in AI smartphones, AI/AR glasses, and other AIoT applications are highlighted as key areas of focus [16][37].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HOSIN Global Electronics Co., Ltd. 深圳宏芯宇電子股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) WAR ...

Group 1 - Nvidia introduced its new Rubin chips at CES, designed for AI data center workloads [1] - The Rubin platform consists of six co-designed chips that enhance data sharing among GPUs, CPUs, and other components [2] - Nvidia's announcement led to a stock increase for the company, while Amphenol's shares fell due to perceived risks from the new chips [3][5] Group 2 - Amphenol manufactures products that support various industries, including connectors and cables for data centers [4] - Following Nvidia's announcement, Amphenol's stock dropped approximately 5% as investors anticipated reduced demand for its cables [5] - Analysts from Evercore ISI suggested that the new Rubin chips could increase demand for Amphenol's connectors by 20% to 40% compared to previous chip models [6]

Core Viewpoint - Dazhu CNC (301200) forecasts a significant increase in net profit for 2025, projecting a range of 785 million to 885 million yuan, representing a year-on-year growth of 160.64% to 193.84% [1] Company Summary - Dazhu CNC is expected to benefit from the ongoing investment in global AI computing infrastructure, which is driving strong demand for high-layer boards and high-density interconnect (HDI) boards used in AI servers and high-speed switches [1] - The anticipated growth in demand is expected to encourage PCB manufacturing companies to expand their production capacity [1] Industry Summary - The market size for PCB specialized processing equipment is projected to increase significantly due to the rising demand from downstream PCB manufacturers [1]

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Display Panel, Method for Preparing Display Panel, and Display Device," with authorization announcement number CN119486510B, and the application date is November 2024 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 74 enterprises, participated in 300 bidding projects, and holds 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] Group 2 - Yunnan Chuangshijie Optoelectronic Technology Co., Ltd. was established in 2017 and is located in Kunming, primarily engaged in software and information technology services. The registered capital is approximately 304 million RMB [1] - The company has participated in 276 bidding projects, holds 465 patent records, and has 8 administrative licenses [1] Group 3 - Beijing BOE Technology Development Co., Ltd. was established in 2016 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 38 million RMB [2] - The company has invested in 1 enterprise, participated in 91 bidding projects, holds 3,825 patent records, and has 4 administrative licenses [2]

分组1 - Momentum investing is characterized by the strategy of "buying high and selling higher," contrasting with the traditional approach of "buy low and sell high" [1] - Identifying the right entry point for fast-moving stocks can be challenging, as these stocks may lose momentum if their growth potential does not justify their high valuations [1] - The Zacks Momentum Style Score is useful for identifying momentum stocks, while the 'Fast-Paced Momentum at a Bargain' screen helps find attractively priced fast-moving stocks [2] 分组2 - Jabil (JBL) is highlighted as a strong candidate for investment, showing a four-week price change of 1.7%, indicating growing investor interest [3] - JBL has gained 8% over the past 12 weeks, with a beta of 1.25, suggesting it moves 25% higher than the market on average [4] - JBL has a Momentum Score of A, indicating a favorable time to invest, and it has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates [5][6] 分组3 - JBL is trading at a Price-to-Sales ratio of 0.78, suggesting it is undervalued, as investors pay only 78 cents for each dollar of sales [6] - The stock has significant potential for growth, and there are other stocks that also meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen [7] - Zacks offers over 45 Premium Screens to assist in finding winning stock picks based on various investing styles [8]

Core Insights - The company, Huadian Co., announced that its production base in Thailand is set to enter small-scale mass production in the second quarter of 2025 [1] - The company has received formal recognition from clients in the AI server and switch application fields [1] - The company is focused on enhancing production efficiency and product quality, with plans to gradually release capacity as customer expansion and product introduction progress [1] Production and Capacity - The production base in Thailand will begin small-scale mass production in Q2 2025 [1] - The company aims to validate its production capabilities for mid-to-high-end products as capacity is released [1] - The gradual release of capacity is expected to align with customer expansion efforts [1]

Core Viewpoint - The company, Nanjing Panda (600775.SH), clarifies that it has not developed any mature products related to brain-computer interface technology and that this concept will not materially impact its current operations [1] Group 1: Business Focus - The company's main business areas are smart transportation, safe city solutions, industrial internet and smart manufacturing, and green service-oriented electronic manufacturing [1] - There have been no changes in the company's core business operations [1] Group 2: Financial Impact - The company has not generated any sales revenue related to brain-computer interface technology [1] - The brain-computer interface concept will not have a substantial effect on the company's current production and operational activities [1]

Market Overview - Asian shares and US futures advanced, with notable gains in South Korea's Kospi and Hong Kong's Hang Seng, reflecting positive investor sentiment [1][2] - Wall Street experienced broad gains, particularly in energy and banking sectors, with the S&P 500 rising 0.6% to 6,902.05 and the Dow Jones Industrial Average setting a record at 48,977.18 [3][6] Energy Sector - The capture of Venezuelan President Nicolás Maduro by US forces led to increased focus on energy companies, with US crude prices initially rising 1.7% to $58.32 per barrel before falling back [5][6] - Major energy companies like Chevron, Exxon Mobil, and Halliburton saw significant stock price increases, with Chevron jumping 5.1% and Halliburton surging 7.8% [6] Technology Sector - Technology companies, particularly in artificial intelligence, were highlighted during the CES trade show, with Applied Materials rising 5.7% while Nvidia fell 0.4% [9][10] - AI advancements have contributed to market records, with ongoing updates from tech companies expected to clarify the financial implications of AI investments [10] Commodities - Gold prices increased by 0.6% following a 2.8% jump, while silver added 2.7% after a 7.9% rise, indicating a trend towards safe-haven assets amid geopolitical tensions [11] - Bitcoin experienced a decline of 1.5%, falling to $93,700 after reaching its highest level since mid-November [12]