证券代码：603228 证券简称：景旺电子 公告编号:2025-094 债券代码：113669 债券简称：景 23 转债 深圳市景旺电子股份有限公司 关于珠海金湾基地扩产投资计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 投资标的名称：景旺电子珠海金湾基地扩产项目。 ? 投资金额：项目预计总投资人民币50.00亿元，具体将根据项目实际进展 分阶段投入，最终以项目建设实际投资开支为准。 ? 资金来源：自有资金或自筹资金。 ? 相关风险提示：项目实施过程中可能会面临宏观经济、行业政策、市场 波动等因素影响，可能存在达不到预期效益的风险。公司将密切关注行业动态， 与客户保持密切沟通，以市场为导向，深入洞察技术发展趋势，科学把握投资节 奏，积极强化运营管理和成本控制能力，以减少前述风险带来的影响。本次投资 项目的投资金额、建设周期等为预估数，实际建设过程中存在一定的不确定性， 并不代表公司对未来业绩的预测，亦不构成对股东的业绩承诺，敬请投资者注意 投资风险。 一、对外投资概述 （一）对外投资基本情况 深 ...

Core Viewpoint - Pengding Holdings plans to invest a total of 8 billion yuan in the Huai'an Industrial Park to expand its production capacity for flexible circuit boards, targeting the rapidly growing AI application market [1][2]. Investment Details - The investment period is set from the second half of 2025 to 2028, with funding sourced entirely from the company's own funds [2]. - The purpose of the investment is to leverage the AI trend, utilizing the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI, enhancing overall competitiveness [2]. Impact on Company - The investment is expected to accelerate the layout of the company's AI product line, improve technical strength and mass production capabilities in the AI computing power field, and expand operational scale [2]. - In the first half of the year, the company achieved operating revenue of 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [2]. - The automotive and server board business generated revenue of 805 million yuan, marking a significant year-on-year growth of 87.42%, making it the fastest-growing segment [2]. - As of June 30, the company had cash and cash equivalents of 13.074 billion yuan and a debt-to-asset ratio of 29.24% [2].

Core Viewpoint - The company has approved an investment plan of 8 billion yuan to establish and integrate the Huai'an Industrial Park, aiming to enhance its capabilities in the rapidly growing AI application market [1] Investment Plan - The investment will focus on constructing the Huai'an Industrial Park and expanding production capacity for products such as SLP, high-end HD, and HLC [1] - The construction period for this investment is set from the second half of 2025 to 2028 [1] Strategic Goals - The investment is intended to leverage the AI trend and utilize the ONE AVARY product technology platform to accelerate the company's full industry chain layout in AI, enhancing overall competitiveness [1] - The project aims to improve the company's technical strength and mass production capabilities in the AI computing power sector, thereby expanding operational scale and promoting technological and product upgrades across various product lines [1]

Core Viewpoint - The report highlights the explosive growth of Shengyi Electronics, a leading global high-end PCB manufacturer, with significant increases in revenue and profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.769 billion yuan, a year-on-year increase of 91.00% [1] - The net profit attributable to shareholders reached 531 million yuan, reflecting a year-on-year growth of 452.11% [1] - The non-recurring net profit was 528 million yuan, up 483.25% year-on-year, indicating a significant improvement in profit quality [1] - For the second quarter alone, revenue was 2.19 billion yuan, with a year-on-year growth of 101.1%, and net profit was 330 million yuan, up 374.3% [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 247 million yuan [1]. Strategic Focus and Market Expansion - The company is strengthening its core business areas and actively exploring new frontiers, particularly in the network communication sector, focusing on the 800G high-speed switch market [1] - Collaboration with key customers is accelerating the development of next-generation 224G products, which are currently in the sampling stage [1] - In the automotive electronics sector, strategic partnerships with global leaders in automotive electronics and electric vehicles have led to successful mass production of products in key areas such as intelligent driving assistance and energy management [1] - The company is also proactively entering the low-altitude economy sector, with several collaborative R&D projects in the validation stage, aiming to foster new growth momentum for future production [1]. Capacity and R&D Investment - The company is focusing on capacity construction and R&D innovation to support future growth, achieving large-scale production of high-end products such as HDI and optical modules [2] - The smart computing center project, currently in trial production, is expected to significantly enhance the company's capacity supply in the high-end PCB market upon full operation [2] - R&D expenses for the first half of 2025 amounted to 195 million yuan, a year-on-year increase of 67.51%, with resources concentrated on new products, processes, and materials [2] - The company has accumulated 369 intellectual property rights, including 282 invention patents, indicating a strong focus on innovation [2]. Market Outlook - Despite uncertainties in the global economic environment, the rapid development of emerging technologies like AI presents vast growth opportunities for the PCB industry, particularly in high-end products [2] - The company plans to deepen market positioning, accelerate high-end capacity construction, and enhance technological innovation and digital transformation to improve core competitiveness and seize market opportunities for sustainable high-quality development [2].

Summary of Aoshikan's Conference Call Company Overview - **Company**: Aoshikan - **Industry**: PCB (Printed Circuit Board) manufacturing Key Financial Metrics - **Q2 Revenue**: 1.4 billion CNY, up 19.65% YoY [2][3] - **Net Profit**: 83 million CNY, down 25.45% YoY [2][3] - **Gross Margin**: 20.91%, down 2.32% YoY [2][3] - **H1 Revenue**: 2.565 billion CNY, up 19.73% YoY [3] - **H1 Net Profit**: 196 million CNY, down 11.96% YoY [3] Core Insights and Arguments - **Profit Decline Reasons**: - Initial operational costs of the Thailand factory and high-end HDI board yield ramp-up [2][4] - Increased labor costs due to hiring high-end R&D and technical talent [4] - **Strategic Focus**: - Targeting overseas major clients like AMD and Intel, and domestic clients like Huawei and ZTE [2][5] - Enhancing production capabilities for HDI products and mSAP technology [2][5] - **Future Revenue Goals**: - Aim to achieve 10 billion CNY in revenue within three years [2][8] - Expansion of production capacity in Zhaoqing and Yiyang [5][8] Production and Capacity Expansion - **Production Capacity**: - Yiyang base: 350,000 square meters/month - Zhaoqing base: 500,000 square meters/month - Thailand factory: 120,000 square meters/month (design capacity) [5] - **Investment Plans**: - 1.8 billion CNY investment in Zhaoqing expansion, targeting high-layer and HDI products [5][16] - Anticipated investment in Yiyang not less than 1 billion CNY [19] Market Demand and Challenges - **AI Market Demand**: - Increased requirements for high-end PCBs driven by AI applications [6][7] - Ongoing expansion of high-end production capabilities to meet demand [6][7] - **Thailand Factory Challenges**: - Losses of approximately 60 million CNY in H1 2025, but losses are narrowing [12][14] - Expected to reach breakeven by November or December 2025 [12][14] Automotive Electronics Sector - **Growth Potential**: - Automotive electronics account for over one-third of revenue, with significant growth expected [13] - Expansion into electric and intelligent vehicles, with increasing PCB usage per vehicle [13] ESG Initiatives - **Sustainability Focus**: - Commitment to green manufacturing and increasing renewable energy usage [29] - Employee rights and fair working conditions emphasized, with local employment exceeding legal requirements [29] Conclusion - **Strategic Positioning**: - Aoshikan is well-positioned to capitalize on the growing demand for high-end PCBs, particularly in AI and automotive sectors, while navigating challenges in new market expansions and production ramp-ups [2][5][13][29]

Summary of Conference Call on PCB Industry Industry Overview - The PCB sector is benefiting from AI-driven demand, with multi-layer board growth expected to reach 40% in 2024 and overall growth between 10% and 20% [1][3] - The PCB index has increased by 57% year-to-date, with public fund holdings rising to 3.2% [1][4] - The political bureau meeting emphasized the importance of industry and technology during the "15th Five-Year Plan," indicating significant potential for the tech sector [1][6] Core Insights and Arguments - **Supply-Demand Dynamics**: The core issue in the PCB industry is the supply-demand gap, driven by unexpected growth in demand from GPU clients like NVIDIA and overseas cloud providers [1][7] - **Technological Advancements**: New technologies such as orthogonal backplanes and narrow board designs are enhancing PCB value. For instance, NVIDIA's GB200 72-card cabinet uses double the number of cards compared to traditional servers, increasing demand for high-density interconnect (HDI) products [1][8] - **Chip Process Improvements**: Advancements in chip manufacturing processes are leading to increased data transmission bandwidth, which in turn drives upgrades in high-speed materials and PCB architecture [1][9] - **Supply Chain Bottlenecks**: High-end PCB production relies on equipment from Japan and Germany, which has limited capacity. The construction of new facilities in Southeast Asia is progressing slower than expected, leading to a tight supply situation anticipated in 2026 [1][10] Financial Performance - PCB sector profits declined by 4% in 2023 but are expected to rebound to a 25% growth in Q1 2025, with net profit growth rising from -30% in 2023 to 56% in Q1 2025 [1][3] - Current valuations for leading PCB companies are generally below 20 times expected earnings for 2026, indicating strong growth potential and locked-in orders [1][11] Investment Opportunities - Companies with significant capacity flexibility, such as Jingwang Electronics, Zhongchuan Precision, and Shenghong Technology, are recommended for investment [1][12] - Notable performers in the AI equipment and consumables sector include Ding Tai Gao Ke and Zhong Wu Gao Xin, which have seen record revenues and profits [1][13][14] Market Trends - The global market for PB specialized equipment is projected to grow from $5.8 billion in 2020 to $7.085 billion in 2024, driven by increased demand for high-precision drilling and exposure equipment [1][15] - Domestic manufacturers like Dazhu CNC and New Flag Micro are making significant strides in the PB specialized equipment market [1][16] Upstream Material Trends - The PCB industry is experiencing a wave of upgrades in core materials such as copper-clad laminates (CCL), resins, and copper foil, driven by the higher performance requirements of AI servers [1][21] - Key suppliers for these materials include companies like Taiguang, Dou Shan, and Shengyi Technology [1][22] Recommendations for Material Configuration - Focus on companies with strong performance in the evolving material landscape, such as Lianrui New Materials and Shengquan, which are positioned well within the AI supply chain [1][25]

Core Viewpoint - North American CSP companies like Google, Meta, Microsoft, and Amazon have reported better-than-expected Q2 performance, driven by accelerating AI-related business growth and increased Capex guidance, indicating strong long-term demand for AI computing power [2][3]. Group 1: Industry Prosperity Trends - CSP companies have significantly raised their future AI Capex guidance, with Google increasing its 2025 Capex from $75 billion to $85 billion (up 62% YoY), Meta raising its guidance to $66-72 billion (up 68%-84% YoY), and Microsoft reporting a record $24.2 billion in Q2 Capex (up 27% YoY) [3]. - The demand for AI computing power is expected to remain high, driven by advancements in large models and accelerated commercialization of AI applications, with Google reporting a monthly token consumption of 980 trillion and Meta achieving over 1 billion monthly active users for its AI applications [3]. Group 2: AI PCB Product Upgrade Trends - The upgrade of AI PCB products is exemplified by NVIDIA's upcoming Rubin series, which will require higher-grade materials and more complex designs, leading to increased average selling prices (ASP) for AI PCBs [4][5]. - The trend towards higher layer counts and advanced packaging technologies like CoWoP will necessitate the adoption of more sophisticated manufacturing processes, reinforcing the competitive position of leading PCB manufacturers [5]. Group 3: Impact of PCB Capacity Expansion - A surge in demand for high-end PCBs has prompted major A-share PCB manufacturers to announce significant capacity expansions, with companies like Huadian and Pengding planning substantial investments [6]. - The expansion of high-end PCB capacity is expected to be quickly absorbed due to the increasing complexity and demand for advanced designs, mitigating concerns about potential overcapacity in the short term [6]. Group 4: Upstream Raw Material Impact - The upgrade trend in AI PCBs will heighten demand for high-speed materials, particularly M8/M9 CCL substrates and specialized fiberglass, with a projected CAGR of 26% for high-end CCL materials from 2024 to 2026 [7][8]. - Domestic manufacturers like Shengyi Technology are positioned to capture market share in high-end CCL supply chains, while the supply of specialized fiberglass remains constrained, creating opportunities for domestic firms [7][8]. Group 5: Equipment Demand from PCB Expansion - The expansion cycle driven by AI computing power will increase demand for PCB manufacturing equipment, particularly for drilling, exposure, and plating processes, with the PCB equipment market expected to grow significantly [9]. - Domestic equipment manufacturers are likely to benefit from the shift towards high-end equipment and the need for local replacements of imported machinery [9]. Group 6: Investment Recommendations - The report suggests focusing on leading PCB manufacturers and those with flexible production capabilities, as well as companies involved in high-end CCL and upstream raw materials [10].

Group 1: Investor Relations Activities - The investor relations activities included a company tour, presentation by CEO Zhao Qixiang, and an interactive Q&A session with 96 participants from various investment institutions and media [1][2]. Group 2: Financial Performance and Projections - The company anticipates a potential increase in gross margin due to a higher proportion of high-value products and improved production efficiency [1][4]. - The company’s production capacity planning is primarily based on downstream customer demand and order forecasts [1][6]. Group 3: Technology and Industry Trends - The distinction between AI HDI and traditional HDI lies in their applications, with AI HDI supporting AI servers and requiring higher layer counts and thickness [4]. - Industry trends indicate a continuous reduction in unit power consumption and an increase in circuit density, leading to higher manufacturing requirements for PCB production [8]. Group 4: Competitive Landscape - The combination of technology and equipment is crucial for maintaining a competitive edge, with a typical 1.5-year timeframe for competitors to catch up under traditional processes [5]. - The demand for high-end production capacity is increasing, while supply remains relatively tight [8]. Group 5: Strategic Initiatives - The company plans to list on the Hong Kong Stock Exchange to support high-end capacity expansion, smart upgrades, and AI technology development, enhancing its global delivery capabilities [10][11]. - The listing aims to attract long-term global investors and improve the company's international influence and brand recognition [10][11].

Core Viewpoint - Shenghong Technology's board has approved the issuance of H shares and the application for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [2][3]. Group 1: H Share Issuance and Listing - The company plans to issue H shares not exceeding 10% of the total share capital post-issuance, with an option for underwriters to exercise over-allotment rights [3]. - The raised funds will be allocated for domestic and international capacity expansion, research and development, and to supplement working capital [3]. Group 2: Financial Performance - In 2024, Shenghong Technology achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% [5]. - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, reflecting a staggering increase of 339.22% [5]. - The company's AI computing and data center-related products accounted for over 40% of its revenue in Q1 2025, with a leading global market share in AI computing cards [5]. Group 3: Competitive Landscape - The domestic PCB industry in the AI server sector shows a stable competitive landscape with varying stages of production among companies, while Shenghong Technology has achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [6]. Group 4: Stock Performance - Since January 2024, Shenghong Technology's stock price has increased by over 10 times [7]. - As of July 29, the stock closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [8].

Core Viewpoint - Shenghong Technology's board has approved the issuance of H-shares and application for listing on the Hong Kong Stock Exchange to enhance global brand recognition and competitiveness, with a proposed issuance of H-shares not exceeding 10% of the total share capital post-issuance [1] Group 1: Financial Performance - In 2024, Shenghong Technology achieved revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, up 71.96% [1] - In Q1 2025, the company reported revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, reflecting a staggering increase of 339.22% [1] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [2] Group 2: Market Position and Strategy - Shenghong Technology has capitalized on the AI boom, with over 40% of its revenue in Q1 2025 coming from AI computing and data center-related products, holding the largest market share in AI computing cards globally [1] - The competitive landscape in the domestic PCB industry for AI servers is relatively stable, with companies at various stages of production and development; Shenghong Technology has achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [2] Group 3: Stock Performance - Since January 2024, Shenghong Technology's stock price has increased by over 10 times [3] - As of July 29, 2023, the stock price closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [4]