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 expansions in Thailand and Vietnam. Management emphasized that the ramp-up time for new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10][9] 2. Technological Advantages - **Accumulated Know-How**: The company has significant mass production capabilities for both HDI (28-layers) and MLPCB (70-layers), which are crucial for meeting the specifications of new 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 a 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 (M8 / M9 and above). The company is committed to ongoing 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 broader 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 deepening its customer relationships within the AI infrastructure sector, which is expected to support its growth trajectory [4][10] Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is attributed to its deep partnerships with major clients, which enhances its competitive edge in the market [4][10] - **Focus on R&D**: Victory Giant is actively engaged in R&D to validate new technologies and collaborate with clients on the design of the latest products, indicating a strong commitment to innovation [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.

本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Shenzhen Kinwong Electronic Co., Ltd. 深圳市景旺電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立之股份有限公司） 申請版本 警 告 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊的本公 司招股章程作出投資決定。招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所網站登載 ...

Core Insights - Shengyi Electronics has been focused on the research, production, and sales of various printed circuit boards (PCBs) since its establishment in 1985, targeting the mid-to-high-end application market with products characterized by high precision, density, and reliability [1] - The rapid development of artificial intelligence (AI) technology is increasing the performance requirements for PCBs, driving accelerated technological upgrades in the industry. The company is actively innovating by forming specialized teams to ensure the smooth progress of core projects and strategic initiatives [1] - The company is advancing the industrialization of key projects such as AI servers, 800G switches, and satellite communication PCBs, while also establishing a professional technical service team to enhance the alignment of technological research with market demands [1] Project Developments - In the first half of 2025, the company has initiated several new projects, including the development of next-generation high-end optical communication core components, intelligent cockpit modules, and general computing architecture platforms, which are widely applied in fields such as networking, satellite communication, consumer electronics, high-end servers, smart automotive electronics, and new energy [2] - The demand for AI chips is strong, and the continuous iteration of chips is driving demand in the PCB sector. According to Omdia, the rapid growth of GPUs and other acceleration chips for cloud computing and data centers will eventually slow down, but not before significantly impacting the industry [2] - Server PCB products must keep pace with the generational updates of server chips, with product lifecycles typically ranging from 3-5 years and maturity periods of 2-3 years. The requirements for signal transmission rates, data transmission loss, and wiring density are increasing with each generation of chip platforms, necessitating corresponding upgrades in server PCBs [2] Financial Projections - The company is projected to achieve revenues of 9.46 billion yuan, 13.08 billion yuan, and 17.27 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 1.514 billion yuan, 2.340 billion yuan, and 3.145 billion yuan, reflecting year-on-year growth rates of 356.0%, 54.6%, and 34.4% [3] - Corresponding price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated to be 55 times, 36 times, and 27 times, respectively, with an initial coverage rating of "Buy" [3]

格隆汇12月30日丨超颖电子(603175.SH)在互动平台表示，公司未投入FCBGA基板（ABF基板）产品的 研发与生产。公司的主营业务是印制电路板的研发、生产和销售，公司产品广泛应用于汽车电子、显 示、储存、消费电子、通信及服务器等领域。 ...

Group 1: Core Insights - The global server PCB market is projected to grow from $3.8 billion in 2020 to $7.3 billion in 2024, with a compound annual growth rate (CAGR) of 17.7%, and is expected to exceed $9 billion by 2025 [10][11] - In 2024, global server sales are expected to reach 13.045 million units, a year-on-year increase of 5.9%, with sales revenue hitting $15.643 billion, up 56.9% [5][7] - The Chinese server market is anticipated to generate sales of 249.21 billion yuan in 2024, reflecting a growth of 41.3% [5][15] Group 2: Market Segmentation - The market for AI server PCBs is expected to reach $3.2 billion in 2024, while general server PCBs will reach $4.0 billion, with year-on-year growth rates of 68.4% and 25.0% respectively [11][12] - AI servers are becoming a significant driver for PCB market growth, with training server PCBs valued at approximately 10,350 yuan, a 200% increase compared to general server PCBs valued at around 3,400 yuan [9][11] Group 3: Industry Trends - The demand for high-performance PCBs is expected to increase, leading companies to invest more in research and development to innovate technologies and processes [16] - The industry is witnessing a concentration of production among leading firms, as high technical barriers and scale production capabilities are becoming essential for survival [16][17] - The Chinese PCB industry is projected to reach a market size of over 12 billion yuan in 2024, with a growth forecast of 30% to approximately 13.6 billion yuan in 2025 [15]

格隆汇12月29日丨鹏鼎控股(002938.SZ)在互动平台表示，公司始终聚焦PCB领域的技术发展趋势，并在 新材料等方面积极布局，目前公司已针对M9等材料进行了产品开发。公司密切关注下游技术趋势，并 围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共性技术与产品前沿技术，以 掌握产品发展的潮流与趋势。 ...

格隆汇12月29日丨鹏鼎控股(002938.SZ)在互动平台表示，公司始终聚焦PCB领域的技术发展趋势，并在 新材料等方面积极布局，目前公司已针对M9等材料进行了产品开发。公司密切关注下游技术趋势，并 围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共性技术与产品前沿技术，以 掌握产品发展的潮流与趋势。 ...

Core Viewpoint - Qiangda Circuit (301628.SZ) has announced a significant financing plan to issue convertible bonds to raise up to 550 million yuan, aimed at expanding its production capacity in the high-end PCB sector, particularly for AI servers, optical modules, and intelligent driving applications [1][2]. Group 1: Financing and Investment - The 550 million yuan raised will be specifically allocated to the Nantong Qiangda Circuit Technology Co., Ltd. project, which aims to produce 960,000 square meters of multilayer boards and HDI boards annually [1][2]. - The total investment for the Nantong expansion project is 1 billion yuan, focusing on advanced automation and intelligent production lines to create a modern PCB factory [2]. Group 2: Market and Industry Outlook - The global multilayer board market is projected to grow from 28 billion USD in 2024 to 34.9 billion USD by 2029, with a compound annual growth rate (CAGR) of 4.5% [3]. - The global HDI board market is expected to increase from 12.5 billion USD in 2024 to 17 billion USD by 2029, with a CAGR of 6.4% [3]. - The PCB market for AI and high-performance computing is anticipated to expand from 6 billion USD in 2024 to 15 billion USD by 2029 [3]. Group 3: Financial Performance - For the first three quarters of 2025, Qiangda Circuit reported revenues of 706 million yuan and a net profit of 96.32 million yuan, reflecting year-on-year growth of 20.74% and 20.91%, respectively [1][6]. - The company's total assets reached 1.529 billion yuan by the end of Q3 2025, marking a historical high and a year-on-year increase of 79.25% [8]. Group 4: Research and Development - Qiangda Circuit has invested a total of 128 million yuan in R&D over the past three years, emphasizing the importance of technological innovation in maintaining competitive advantage [7]. - The company has been actively pursuing research in various fields, including automotive radar, drones, AI servers, and 5G communication, resulting in multiple patent applications [7].

Core Insights - The core factor driving the AI computing power market this year is the acceleration of AI development globally, supported by previous technological accumulation and a recent alleviation of computing power shortages, particularly with the ramp-up of NVIDIA's Blackwell cards [1][2] - The performance of AI models is rapidly improving, with significant updates from major companies like Google and domestic internet firms, leading to a decrease in costs and an increase in performance [1] - A-share computing power chain companies have shown remarkable growth in performance, especially in Q2, with some core optical module and PCB companies experiencing year-on-year growth rates of over 30% to 100% [1][2] Industry Analysis - The rapid growth in performance is primarily due to the acceleration of underlying computing chip production, with NVIDIA's Blackwell chip overcoming previous production challenges and achieving significant deployment rates [2] - In May, NVIDIA's large-scale customers deployed over 1,000 devices weekly, each containing 72 cards, indicating a substantial demand for related components like optical modules and PCBs [2] - The price of these components has increased due to technological upgrades, with Blackwell requiring optical modules of at least 800G, compared to the previous generation's 400G [2] Long-term Value Segments - Within the computing power industry chain, segments with strong long-term value include optical modules, PCBs, and servers, particularly in the A-share overseas computing power industry [2][3] - The PCB sector is experiencing high demand due to ongoing technological iterations, with increased requirements for transmission as chip computing power grows [3] - The optical module market is currently in a strong growth phase, with clear upward trends in both volume and price [3] - The ODM server sector is also poised for growth as cabinet complexity increases, leading to higher technical requirements and potential profit margin improvements for server manufacturers [3]

24 December 2025 | 8:44AM HKT Equity Research China Technology: Delton (001389.SZ): Mgmt call takeaways; AI PCB drives product mix upgrade; Thailand/China capacity in expansion We talked to Delton (001389.SZ, Not Covered) management recently. Delton is actively expanding China/Thailand PCB capacity to capture the rising demand, and management expects its production site diversification and upgrade to bring opportunities for Delton to enter local and overseas AI PCB supply chains. Management notes AI PCB gen ...