Group 1 - The core viewpoint of the article highlights that Chongda Technology (002815) has optimized its product structure, resulting in over 60% of its revenue coming from high-end PCB products [1] - The company is actively engaged in the research and development of cutting-edge technologies such as 112G communications to enhance its gross margin [1] - The company's products are primarily exported to regions including the Americas, Europe, Japan, and Asia-Pacific [1] Group 2 - In the 6G field, the company has products that are currently in the sample stage [1] - However, the company has not yet ventured into areas such as quantum technology, brain-machine interfaces, and biomanufacturing [1]

Group 1 - The company focuses on high-end PCB products and has a business presence in the medical equipment sector, with products applied in various traditional medical instruments [1] - Currently, the company has not engaged in the emerging field of brain-computer interfaces [1]

Core Viewpoint - The company, Chongda Technology, has optimized its product structure, resulting in over 60% of its revenue coming from high-end PCB products, while actively engaging in the research and development of cutting-edge technologies like 112G communications to enhance profit margins [1] Group 1 - The company exports its products primarily to regions including the Americas, Europe, Japan, and Asia-Pacific [1] - In the 6G field, the company has products that are currently in the sample stage [1] - The company has not yet ventured into areas such as quantum technology, brain-machine interfaces, and biomanufacturing [1]

7 January 2026 | 10:41AM HKT Equity Research China PCB: Victory Giant Chairman visit: High-end AI servers to drive PCB demand; Scale advantages with high operational efficiency Company profile: Victory Giant (300476.SZ) is a global leading PCB supplier offering MLPCB, HDI, single / double layer PCB, FPC (flexible printed circuit), etc., covering diversified end markets, such as AI data center, automobile, telecom, and smart terminals, with a global footprint in mainland China, Malaysia, Vietnam, and Thailan ...

Core Viewpoint - Pengding Holdings reported a significant increase in revenue for December 2025, with a total consolidated revenue of 424,355 million yuan, representing a year-on-year growth of 30.74% [2] Group 1: Company Overview - Pengding Holdings is a professional large-scale manufacturer specializing in the research, design, production, and sales of various PCB products, offering a diverse range of high-quality PCB product lines [2] - The company has the capability to provide comprehensive PCB electronic interconnection products and services to different customers [2] Group 2: Financial Performance - The reported revenue of 424,355 million yuan for December 2025 marks a substantial increase of 30.74% compared to the same month last year [2] Group 3: Strategic Focus - The company has indicated its commitment to closely monitor downstream technology trends and will focus on five key areas: new products, new technologies, new processes, new materials, and new equipment [2] - Pengding Holdings aims to concentrate on critical common technologies and cutting-edge product technologies to stay ahead of product development trends [2]

Core Viewpoint - The article highlights the significant growth in the PCB industry driven by the increasing demand for high-frequency and high-speed PCBs, with companies like Shengyi Technology making strategic investments to meet this demand [1][2]. Group 1: Company Developments - Shengyi Technology announced an investment of approximately 4.5 billion RMB for a high-performance copper-clad laminate project, aimed at supporting key technologies such as AI, cloud computing, and 6G communications [1]. - In Q3, Shengyi Technology reported revenues of 7.934 billion RMB, a year-on-year increase of 55.10%, and a net profit of 1.017 billion RMB, up 131.18% [2]. - Other companies like Kexiang Co. and Qiangda Circuit are also expanding their production capabilities, with Kexiang raising 287 million RMB for PCB production line upgrades and Qiangda planning to raise up to 550 million RMB for multi-layer board production [3]. Group 2: Market Trends - The demand for PCBs is surging, leading to a wave of production expansions across the industry, driven by the rapid growth of low-orbit satellite technology and high-frequency communication modules [3]. - The PCB industry is experiencing a shift towards higher value materials and processes, with upgrades in production techniques and materials such as copper-clad laminates moving from M6/M7 to M8/M9 [4]. - Major tech companies like Amazon, META, and Google are increasing their requirements for PCB materials, which is expected to enhance the value and elasticity of these materials in the market [4].

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company Name**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Products**: Offers MLPCB (Multi-layer PCB), HDI (High-Density Interconnect), single/double layer PCB, FPC (Flexible Printed Circuit), etc. - **End Markets**: AI data centers, automobiles, telecom, smart terminals - **Global Presence**: Operations in mainland China, Malaysia, Vietnam, and Thailand [3][4] Key Points Discussed 1. Capacity Expansion - **Accelerated AI PCB Capacity Expansion**: Victory Giant is expanding its AI PCB capacity more rapidly than before, with plans for two new larger factories in HuiYang and capacity expansion in Thailand and Vietnam. Management emphasized that the time required to ramp up new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10]. 2. Technological Advantages - **MLPCB and HDI Expertise**: The company has developed mass production capabilities for HDI (28-layers) and MLPCB (70-layers), which are crucial for the new specifications of AI server platforms. Management noted that equipment parameters and material formulas significantly impact performance and yield rates, particularly in laser drilling and copper fill plating processes [5][9]. 3. Dollar Content Upgrade Opportunities - **Revenue Growth from Dollar Content Upgrades**: Management anticipates that upgrades in dollar content will drive revenue growth for AI PCBs. This is attributed to the shift towards new AI platforms with higher speeds (800G / 1.6T and above), which require PCBs with more layers and high-end CCL (Copper Clad Laminate) materials. The company is committed to R&D for new technologies, including 30-layer HDIs and 100+ layer MLPCBs [10][4]. 4. Market Outlook - **Positive Industry Outlook**: The management's comments align with a positive outlook for the China PCB industry, particularly for high-end PCB and CCL suppliers. The expected strong demand for AI PCBs is anticipated to benefit local suppliers as they expand capacity to meet growing needs [2][4]. 5. Customer Penetration - **Continuous Customer Penetration in AI Infrastructure**: Victory Giant is focused on increasing its customer base in AI infrastructure, which includes solutions for AI accelerator cards, AI servers, data center switches, UBB, SSDs, DDR, and optical transceivers [3][4]. Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is supported by deep partnerships with major clients, which enhances its competitive edge in the market [4][10]. - **Focus on R&D**: Continuous investment in research and development is crucial for maintaining technological leadership and meeting the evolving demands of the AI sector [10][4]. This summary encapsulates the key discussions and insights from the conference call regarding Victory Giant's strategic initiatives, market positioning, and growth prospects in the PCB industry.

Company Overview - Shenzhen Jingwang Electronics Co., Ltd. (referred to as Jingwang Electronics) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities, Merrill Lynch, and Guolian Securities International as joint sponsors [1] - Jingwang Electronics is a PCB manufacturer driven by technological innovation, focusing on automotive electronics, communication and data infrastructure, smart terminals, and industrial control [3] - The company holds a leading position in the automotive electronics PCB sector and strategically focuses on AI computing, forming a "1+1+N" business model [3] Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of approximately RMB 10.757 billion, with projected revenues of RMB 12.659 billion for 2024 and RMB 11.083 billion for the nine months ending September 30, 2025 [7] - The company recorded profits of approximately RMB 911 million for 2023, RMB 1.160 billion for 2024, and RMB 960 million for the nine months ending September 30, 2025 [8] - The gross profit margins for 2023, 2024, and the nine months ending September 30, 2025, were 23.2%, 22.7%, and 21.6%, respectively [10] Market Position - Jingwang Electronics is the largest automotive electronics PCB supplier globally, with seven of the top ten Tier 1 automotive suppliers as clients [3] - The global automotive electronics PCB market is expected to grow from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [15] - The company ranks tenth among global PCB suppliers, with a market share of 2.3% and fourth among PCB suppliers based in mainland China [19] Industry Overview - The global PCB industry is projected to reach USD 105.2 billion by 2030, with a CAGR of 5.8% from 2024 to 2030 [12] - The smart terminal PCB sector is the largest application area within the global PCB market, expected to reach USD 37.1 billion in 2024, accounting for 49.5% of the total PCB market [17] - The demand for PCBs is anticipated to remain strong due to the acceleration of automotive electrification and AI computing needs [12]

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。招股书显示，景旺电子(603228.SH)是以技术创新为驱 动、以产品布局全面为特色的全球领先PCB产品制造商。公司的PCB产品为汽车电子、通信与数据基础设施、智能终 端、工业控制等领域的全球客户提供智能互联基础。 KIN"/ONG 景旺电子 [編纂] 聯席保薦人 · [編纂]及[編纂] Shenzhen Kinwong Electronic Co., Ltd. (深圳市景旺電子股份有限公司) (於中華人民共和國註冊成立的股份有限公司) 4 中信证券 ( ) 國際設計國際 BofA SECURITIES " :[編纂]股H股(視乎[編纂]行使與否而定) [編纂]的[編纂]數目 [編纂]數目 「編纂]股H股(可予重新分配) : [編纂]數目 [編纂]股H股(可予重新分配及視乎[編 : 纂]行使與否而定) 最高[編纂] 每股H股[編纂]港元,另加1.0%經紀 : 冊金、0.0027%證監會交易徵 費 · 0.00015%會財局交易徵費及 0.00565% ...

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。招股书显示，景旺电子(603228.SH)是以技术创新为驱 动、以产品布局全面为特色的全球领先PCB产品制造商。公司的PCB产品为汽车电子、通信与数据基础设施、智能终 端、工业控制等领域的全球客户提供智能互联基础。 聯席保薦人 · [編纂]及[編纂] 4 中信证券 ( ) 國際設計國際 BofA SECURITIES " :[編纂]股H股(視乎[編纂]行使與否而定) [編纂]的[編纂]數目 [編纂]數目 「編纂]股H股(可予重新分配) : [編纂]數目 [編纂]股H股(可予重新分配及視乎[編 : 纂]行使與否而定) 最高[編纂] 每股H股[編纂]港元,另加1.0%經紀 : 冊金、0.0027%證監會交易徵 費 · 0.00015%會財局交易徵費及 0.00565%香港聯交所交易費(須於申 請時以港元繳足,多繳股款可予退還) 每股股份人民幣1.00元 面值 : [編纂] [編纂] : Shenzhen Kinwong Electronic Co., L ...