巨轮领航，算力掘金未止：英伟达 2QFY26 及产业链生态 前瞻 20250827 摘要 新易盛上半年收入 104.4 亿元，净利润 39.42 亿元，Q2 单季净利润环 比增长超 50%，受益于 400G 及以上高速光模块出货加速及海外市场份 额提升。未来 800G 产品出货将继续增长，1.6T 产品将在下半年开始逐 步放量。 旭创单二季度收入 81.15 亿元，环比增长 20%以上；归母净利润 24.12 亿元，环比增长 52.4%。高毛利硅光产品出货量增加、产品良率 改善以及 800G 高速产品占比进一步提高，两家公司未来仍然受益于 AI 市场需求旺盛。 PCB 板块上半年业绩增速和利润增速良好，受产能限制影响较大。下半 年新产能投放后，收入和利润端将迎来显著增速。考虑到市场扰动带来 的回调，目前是 PCB 板块不错的加仓机会，相对估值较低且利润增速具 备吸引力。 国产算力芯片龙头公司二季度财报表现如何？ 寒武纪、海光和新元等国产算力芯片龙头公司已经发布了二季度财报。随着这 些公司的财报发布完毕，市场关注点可能会重新转向海外市场。 英伟达即将发布二季度财报，对其业绩预期如何？ 英伟达预计将在明天凌晨发布 ...

Core Insights - The company reported a revenue of 3.43 billion yuan for the first half of 2025, representing an 18.91% increase compared to the same period last year [1] - Net profit attributable to shareholders reached 28.83 million yuan, a 47.85% increase year-on-year [1] - The company’s semiconductor business, including IC packaging substrate and semiconductor testing board, achieved a revenue of 830 million yuan, marking a 38.39% increase [2][3] Financial Performance - Revenue for the PCB business was 2.448 billion yuan, a year-on-year growth of 12.8%, with a gross margin of 26.32%, slightly down by 0.77 percentage points [2] - The net profit for the Fineline subsidiary was 75.96 million yuan, a decrease of 13.5%, primarily due to foreign exchange losses [2] - The company’s total assets at the end of the reporting period were 14.99 billion yuan, a 9.67% increase from the previous year [1] Business Segments - The IC packaging substrate business generated 722 million yuan in revenue, a 36.04% increase, driven by CSP packaging substrate contributions [2][3] - The company is focusing on high-value products in the CSP packaging substrate business, particularly in storage and RF sectors, and is expanding into the automotive market [3] - The FCBGA packaging substrate project has not yet achieved mass production, leading to a negative gross margin of -25.17% [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%, and a net profit of 384 million yuan, up 26.89% year-on-year [8] - Significant customer expansion has been noted, particularly in high-value products, with successful certifications from top-tier overseas clients and entry into the supply chains of major technology firms [8] - The company is strategically investing in new production lines, particularly in embedded PCB packaging technology, with a total investment of approximately 1.5 billion yuan planned for the "Chip Innovation Smart Carrier" project [8] - Revenue projections for 2025-2027 are estimated at 6.247 billion yuan, 7.730 billion yuan, and 8.980 billion yuan respectively, with corresponding net profits of 884 million yuan, 1.152 billion yuan, and 1.402 billion yuan [8] Financial Performance - The company reported a revenue growth rate of 2.0% in 2023, 11.1% in 2024, and is expected to achieve 24.4% in 2025 [7] - The net profit growth rate is projected at 14.2% for 2023, 36.2% for 2024, and 31.1% for 2025 [7] - Earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, increasing to 1.23 yuan in 2025 and reaching 1.95 yuan by 2027 [7] Market Performance - The company's stock has shown a market performance of -4% over the last 12 months, while the industry benchmark (CSI 300) has seen a performance of 21% [4]

Core Insights - The PCB industry is entering a new upcycle characterized by high-end product demand, factory establishment in Southeast Asia, and increased equipment upgrade needs driven by AI technology [1][3][4] Group 1: Industry Trends - The global PCB industry is expected to recover in 2024, with a projected market value of $73.565 billion, reflecting a year-on-year growth of 5.8% [3] - High-end products such as HDI and multilayer boards are anticipated to see significant demand growth, particularly driven by AI applications in sectors like telecommunications and automotive [4] - Southeast Asia is becoming a key beneficiary of the PCB industry's shift, with over 25% of the top 100 global PCB suppliers likely to establish production bases in Vietnam or Thailand by 2025 [4] Group 2: Company Developments - Jingwang Electronics plans to invest RMB 5 billion in expanding its Zhuhai Jinwan base to enhance production capacity for high-end HDI and SLP products [2] - Pengding Holdings has approved an investment of RMB 8 billion for the construction of a new industrial park in Huai'an, focusing on SLP and high-end HDI products [2] Group 3: Equipment Demand - The demand for PCB equipment is expected to surge due to the need for upgrades in drilling, exposure, electroplating, and testing processes, which are critical for improving circuit board performance [5] - AI advancements are raising the bar for PCB manufacturing processes, necessitating more sophisticated techniques in drilling and exposure to meet the requirements of high-density interconnections [5] Group 4: Key Players in Equipment - Major companies involved in the drilling segment include Dazhu CNC, Dingtai High-Tech, and Zhongtung High-Tech [6] - Key players in the exposure segment are Xinqi Micro-Assembly and Tianzhun Technology, while Dongwei Technology is notable in the electroplating segment [6]

Core Viewpoint - The A-share AI computing power industry chain has experienced significant growth, with leading companies in AI computing power chips and optical modules reporting impressive financial results and stock price increases, driven by government support for AI initiatives [1] Company Performance - **Cambricon Technologies**: Reported revenue of 2.881 billion yuan for the first half of the year, a staggering year-on-year growth of 4347.82%, and a net profit of 1.038 billion yuan, marking a return to profitability [1] - **Zhongji Xuchuang**: Achieved revenue of 14.789 billion yuan, a year-on-year increase of 36.95%, with a net profit of 3.995 billion yuan, up 69.4% [1] - **Victory Technology**: Recorded revenue of 9.031 billion yuan, a growth of 86.00%, and a net profit of 2.143 billion yuan, soaring by 366.89% [1] - **Inspur Information**: Generated revenue of 80.192 billion yuan, reflecting a 90.05% increase, with a net profit of 799 million yuan, up 34.87% [1] Market Trends - The AI computing power sector is seeing a strong performance in the stock market, with significant increases in stock prices for leading companies and related ETFs, indicating robust investor interest [1] - The domestic computing power industry is focusing on self-sufficiency and scenario adaptation, while overseas efforts are directed towards high-end technology and global expansion [1] - The growth cycle of the AI computing power chain is expected to continue, with high certainty of growth across various fields including computing power chips, servers, optical modules, and more [1]

格隆汇8月26日丨兴森科技(002436.SZ)公布半年度报告，报告期内，公司实现营业收入342,586.34万 元、同比增长18.91%；归属于上市公司股东的净利润2,883.29万元、同比增长47.85%；归属于上市公司 股东的扣除非经常性损益的净利润4,673.94万元、同比增长62.50%。总资产1,498,980.85万元、较上年末 增长9.67%；归属于上市公司股东的净资产505,018.69万元、较上年末增长2.32%。公司整体毛利率为 18.45%，同比增长1.89个百分点；期间费用率同比增长0.15个百分点，其中，销售费用率同比下降0.29 个百分点，管理费用率同比下降1.29个百分点，研发费用率同比增长0.52个百分点，财务费用率同比增 长1.21个百分点。报告期内，受益于行业复苏，公司营业收入保持增长；净利润虽维持增长，但仍受 FCBGA封装基板项目和宜兴硅谷高多层PCB业务的亏损拖累。 ...

全球领先的人工智能及高性能计算PCB供应商胜宏科技最新披露，公司今年上半年分别实现营业收入 90.31亿元、归母净利润21.43亿元，同比增长86%、366.89%，毛利率达到36.22%，较去年同期大幅提升 15.62个百分点。AI算力为高阶PCB带来结构性增长机会，胜宏科技成为名副其实的英伟达供应链"新 贵"，今年以来股价涨幅已超4.7倍，是近年来在业绩增速、盈利能力以及二级市场表现上最为突出的 PCB厂商。胜宏科技目前正在筹划H股上市，此举将进一步提升公司的国际影响力，加强国际顶尖客户 对公司的认可，夯实公司的行业龙头地位。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [5]. Core Insights - The company achieved a record high performance in Q2 2025, driven by strong demand for AI servers and switches, with a significant year-on-year revenue growth of 56.91% and a net profit increase of 47.01% [2]. - The company is expected to continue its growth trajectory, with projected net profits of 37.4 billion, 55.5 billion, and 70.7 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 29, 19, and 15 times [4]. Financial Performance Summary - In the first half of 2025, the company reported total revenue of 84.94 billion yuan, a year-on-year increase of 56.59%, and a net profit of 16.83 billion yuan, up 47.50% [1]. - The sales gross margin was 35.14%, reflecting a slight decline of 1.32 percentage points year-on-year, while the net profit margin was 19.76%, down 1.04 percentage points [1]. - The enterprise communication market segment generated revenue of 65.32 billion yuan in the first half of 2025, marking a substantial growth of 70.63% year-on-year [3]. - The automotive segment achieved revenue of 14.22 billion yuan, a year-on-year increase of 24.18%, with emerging products contributing significantly to this growth [4]. Future Projections - The company is projected to achieve revenues of 17.237 billion, 24.330 billion, and 30.035 billion yuan for the years 2025, 2026, and 2027, with growth rates of 29.2%, 41.2%, and 23.4% respectively [8]. - The net profit is expected to grow to 3.741 billion, 5.548 billion, and 7.066 billion yuan for the same years, with growth rates of 44.6%, 48.3%, and 27.4% respectively [8].

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025.08.18-2025.08.22）国内股票市场普涨，成长风格显著跑赢价值风格，小盘股相对 涨幅居前。结构方面，上周领涨板块仍集中在AI产业链、有色金属及创新药等强势领域，结构性特征依然突 出。 权益市场观察： 国产算力：对比光模块/CPO的上涨逻辑，后续国产替代也将从国产GPU/设备等业绩确定性方向的EPS驱动阶 段，逐步过渡至至算力租赁、AI应用等低估值方向，并可能进一步扩散至重组、技术合作等主题性机会。 军工：本次阅兵不仅彰显国防建设成果，更将明确未来重点发展方向，预计人工智能、网络安全、水下作战等 领域的装备升级将带动全产业链协同发展。 港股科技：上周五美联储主席鲍威尔的讲话被市场解读为鸽派转向，后续流动性对于恒生科技的负向影响可能 逐步减弱，A股市场的情绪最终亦会传导至港股。 公募基金市场动态： 2025年8月22日，中国证监会发布《关于修改 <证券公司分类监管规定> 的决定》，新规 增设证券公司自营投资权益类资产、资管产品投资权益类资产、代销权益类基 ...

AI PCB 技术演进，设备材料发展提速 20250825 摘要 PCB 行业受益于 AI 算力需求增长，各公司对 2026 年后芯片出货量展望 清晰，并加速扩产，包括 NV 等新技术引入，推动供需两端增长，长期 仍有上涨空间。 Cloud 技术预计 2027-2028 年落地，通过取消载板将芯片直接搭载到 PCB 上，提升 PCB 价值量，需 mSAP 工艺，目前主要应用于苹果手机 主板和 1.6T 光模块，加工精度仍需提升。 上游设备材料领域，大陆企业如台光、斗山等在高端材料领域实现突破， 有望抓住产能紧张窗口期快速发展。沪电、胜宏等发布超 300 亿元扩产 规划，推动上游发展。 资本开支规划将在 2025-2027 年完成，AI 领域投资回报率预计至少 1.5 倍，甚至可达 2 倍，带来数百亿产值，显著促进 PCB 上游材料和设 备需求。 电子布市场 LDK 和 LCT 布需求在 AI 拉动下显著增加，供给紧张。国内 供应商如红河、中财等在向 LDK 升级，并取得良好认证进展，有望实现 份额提升。 Q&A 请问您能否简要回顾一下近期 PCB 市场的行情变化？ 能否详细介绍一下 Cloud 技术及其对未来 ...