新股分析 2025 年 09 月 30 日 超颖电子: 汽车电子 PCB 核心 -注册制新股纵览 20250930 本期投资提示: 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 电万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 AHP 得分：剔除流动性溢价因素后，超颖电子 1.95 分，位于总分的 26.4%分位。超颖电 ● 子于 2025 年 9 月 26 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算超 颖电子 AHP 得分分别为 1.95 分、2.15 分，分别位于非科创体系 AHP 模型总分的 26.4%、 38.3%分位，分别处于中游偏上、中游偏上水平。假设以 95%入围率计，中性预期情形下， 超颖电子网下 A、B 两类配售对象的配售比例分别是：0.0167%、0.01 ...

今年以来，消费电子行业逐步复苏，人工智能（AI）技术迅猛发展，共同推动高价值印刷电路板（PCB）产品需求增长，PCB市场整体呈现加速向好态 势。据Prismark预测，全年PCB行业全球产值将增长6.8%。 国内PCB产业在部分高端领域仍面临"卡脖子"问题，目前高端PCB设备国产化率不足30%，关键材料（如ABF膜）进口依赖度达65%，主要集中在高端封 装基板技术、超精密加工设备、特种材料体系等环节。 不过，整体自主可控能力正快速提升，国家将高性能PCB列为工业强基工程重点，研发费用加计扣除比例提至120%，珠三角设立200亿元产业升级基金 专项支持"卡脖子"技术攻关。当前，中国PCB产业已实现中低端产品100%自主可控，预计到2026年高端领域国产化率将提升至45%，头部企业毛利率达 35 – 40%，技术上正追赶日韩企业，到2028年除极少数特种材料外，PCB全产业链将基本实现自主可控。 一、具身智能机器人概述 PCB（PrintedCircuitBoard），又称印制线路板或印刷线路板，是现代电子设备的核心基础元件，有"电子产品之母"之称。PCB是现代电子设备的核心基 础元件，通过布线与绝缘材料组合，实 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **PCB (Printed Circuit Board)** industry, particularly the **high-density interconnect (HDI)** and **high multilayer boards** due to their complex designs and high manufacturing difficulty, leading to limited market supply and higher profit margins [1][2][3]. Core Insights and Arguments - **AI Demand Impact**: The demand for AI computing servers is significantly driving the growth of the PCB industry, especially in high-end processes. The primary types of PCBs used include high multilayer boards and high-density interconnect (HDI) boards, which involve complex designs that exceed traditional PCBs [2][3]. - **Manufacturing Complexity**: High-density HDI boards require multiple blind hole processing steps, with each step involving chemical copper deposition, electroplating, and imaging, leading to equipment usage that is over five times that of standard HDI boards [1][4]. - **Exposure Process Challenges**: The exposure process for high-density HDI boards faces challenges in resolution and alignment accuracy, with requirements for exposure machines to achieve resolutions below 40 micrometers due to the finer lines used in AI boards [5][6]. - **Pressing Process Requirements**: The pressing process for high-density HDI boards requires uniform temperature control and the use of thermal oil for heat transfer, with pressing temperatures exceeding 250°C for advanced materials [7][8]. - **Drilling Precision**: The drilling stage is critical, with AI applications requiring blind hole diameters of 60-70 micrometers, necessitating high precision in drilling locations to avoid circuit failures [9][10]. Additional Important Content - **Equipment Configuration**: For a production line capable of 50,000 square meters of high-density HDI per month, specific equipment configurations are required, including approximately 18 exposure machines and 10 pressing machines [17][18]. - **Market Trends**: The PCB industry is experiencing an upward expansion trend, with leading manufacturers actively increasing production capacity to meet the growing demand from AI clients [33][34]. - **Supplier Landscape**: Key suppliers in the exposure segment include Japanese and American brands known for their resolution and stability, while domestic brands are gradually improving but still lag in experience and reliability [22][23]. - **Technological Upgrades**: The transition from materials like M7 to M9 presents new challenges for laser drilling, impacting efficiency and requiring further validation [13][26]. This summary encapsulates the critical aspects of the conference call, highlighting the complexities and advancements within the PCB industry driven by AI demand and technological innovations.

9月19日，A股市场市值超过1500亿的PCB龙头老大——沪电股份，正式宣布要去香港上市了，一家在A 股待得好好的明星公司，为啥还要大费周章地跑去港股？ 一场精准的"踩点"之旅 要说沪电股份，得先把时间拨回到1991年，那一年，创始人吴礼淦带着3000万美元，来到了上海旁边的 昆山。 当时的昆山，还不是如今闻名遐迩的"笔记本之都"，遍地还是农田，吴礼淦的沪士电子，成了当地第一 个"吃螃蟹"的台商项目，完成了首宗土地批租。 估计当时谁也想不到，这个最初只是承接台湾母公司楠梓电子剩余订单的小厂，会在三十多年后，成长 为全球PCB领域里一个举足轻重的"隐形冠军"。 2010年沪电股份在深交所上市，成了"昆山台企第一股"，这之后的十五年，它每一步都踩在了点儿上： 从早期的电信设备板，到后来避开消费电子的红海竞争，全力押注通信基站板，吃透了4G到5G的建设 红利。 最近几年，AI算力大爆发，它又敏锐地聚焦于高端服务器用的PCB，特别是那种层数超高、工艺极复杂 的板子，如今，全球每十块22层以上的高端PCB里，至少有三块是它家的。 它生产的800G交换机板，更是直接卖给了英伟达、华为这样的行业顶流，成了AI基础设施里不可 ...

Core Viewpoint - The leading PCB company, Shenghong Technology, has successfully completed a private placement of 1.9 billion yuan, attracting significant interest from 270 investors, including renowned institutions like CICC and UBS, with a final issuance price set at 248.02 yuan per share, representing 113.81% of the base price [2][5][7]. Group 1: Fundraising Details - The total number of shares issued in this private placement is 7.6607 million shares, raising a total of 1.9 billion yuan, with a net amount of 1.876 billion yuan after deducting issuance costs [5]. - The pricing benchmark date for this issuance was September 8, 2025, with the issuance price not lower than 217.93 yuan per share, which is 80% of the average trading price over the previous 20 trading days [5]. - The final list of investors included 10 entities, comprising major institutions and three individual investors [7]. Group 2: Market Demand and Supply - The demand for high-end PCBs remains relatively tight, particularly in the context of the AI era, where multi-layer and high-density interconnect (HDI) technologies are essential [8][9]. - According to Prismark, the compound annual growth rate for AI PCBs is projected to be around 20% over the next five years, driven by advancements in AI computing, AI servers, AI mobile devices, humanoid robots, and autonomous driving [9]. - The industry is experiencing a sustained increase in demand for high-end capacity, with supply for high-end products remaining constrained [9]. Group 3: International Expansion - Shenghong Technology is leveraging a dual approach of domestic and international factory construction and mergers to establish a global operational network focused on high-end manufacturing and customer service [10]. - The domestic production lines are centered around the headquarters in Huizhou, integrating R&D, advanced manufacturing, and technical services, with a focus on high multi-layer PCBs and high-end HDI products [10]. - The company is also investing in multiple production lines in Thailand and Vietnam to expand high-end capacity, aiming to meet diverse global customer needs and significantly enhance global delivery capabilities [10].

Group 1: Financial Performance - The company achieved a significant increase in revenue and net profit, with net profit growing by 53.91% year-on-year [3] - In the first half of 2025, the company reported revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit of 492 million yuan, reflecting strong operational performance [3] Group 2: Business Strategy and Operations - The company is focusing on technological innovation and digital transformation to enhance production capacity and efficiency, aiming to support business growth [4] - The Thailand factory officially commenced production in June 2025 and is currently in the ramp-up phase, with plans to accelerate customer certification and product introduction [5] - The company is actively expanding its overseas market presence, particularly through the Thailand facility, which is positioned to serve high-performance PCB applications [5] Group 3: Market Demand and Customer Relations - The company is experiencing strong demand for computing power infrastructure, which is driving its business growth [3] - Due to commercial policy restrictions, the company is unable to disclose specific details about its overseas suppliers and customers [2][6] - The company maintains stable relationships with major domestic and international server brand clients and ODM customers [4] Group 4: Future Outlook and Growth Measures - The company plans to continue enhancing its management capabilities, reducing costs, and improving operational efficiency to sustain revenue and profit growth [2] - The company is committed to increasing research and development investments to ensure its core technologies remain competitive in the market [4] - The net cash flow from operating activities increased by 67.30% year-on-year, indicating improved cash collection and financial health [4]

Core Viewpoint - The public letter from a former employee of Jingwang Electronics highlights serious workplace issues, including labor contract disputes, workplace bullying, and the protection of female employees' rights, which has drawn significant public attention [3][21][25]. Group 1: Employee's Experience and Allegations - The former employee, Jiang Jingyi, joined Jingwang Electronics in 2022 and claims to have restructured the securities department successfully [4][48]. - Jiang reported excellent performance, receiving an "A" in annual performance and leading her team to win multiple awards [5][48]. - In June 2025, without prior communication, the company allegedly revoked her access to work software and issued a termination notice [7][48]. - After submitting her pregnancy proof, HR still sent her a notice of non-renewal of her labor contract, which violates labor laws protecting pregnant employees [9][10][48]. Group 2: Workplace Environment and Company Culture - Jiang criticized the company for regressing in its treatment of female employees, noting the reduction of employee benefits such as transportation and the neglect of facilities like the nursing room [22][55]. - There has been an increase in complaints regarding overtime and employee treatment within the company [23][55]. - Jiang's public letter calls for a return to a more compassionate corporate culture that respects the rights and needs of female employees [25][55]. Group 3: Impact on Company Reputation and Market Response - The incident has raised concerns about Jingwang Electronics' human resource management and its implications for the company's public image and investor confidence [41][42]. - Despite the controversy, the company's stock price remained relatively stable, closing at 72.64 yuan per share, with a market capitalization of 68.459 billion yuan [33][36]. - Market analysts suggest that if the allegations are proven true, the company may face labor arbitration and regulatory scrutiny [35].

Summary of the Conference Call for ShenNan Circuit Company Overview - ShenNan Circuit is a leading domestic PCB supplier, particularly in the AI PCB sector, with significant experience in the power supply segment of AI servers and has achieved substantial shipments to overseas core ASIC customers [2][3] Financial Performance - In Q2 2025, the company reported a profit of 890 million RMB, exceeding expectations of 800 million RMB, driven by AI-related demand in the PCB business and a high demand for packaging substrates [2][5] - The company anticipates a profit exceeding 4 billion RMB by 2026, with a valuation higher than peers due to its strong performance in the packaging substrate business [4][15] Business Segments - The main business segments include: - PCB: 60% of revenue, serving data centers, communications, automotive electronics, industrial control, and military sectors [10] - Packaging Substrates: 20% of revenue, primarily BT substrates, with ABF substrates also showing growth [10][12] - Electronic Assembly: 15-20% of revenue, related to SMT services [10] AI PCB Business Impact - The AI PCB business is expected to significantly contribute to the company's performance starting in 2024, focusing on wired communication devices such as optical modules, switches, and routers [9][2] - The company has established a strong position in the AI power supply segment, particularly in the three-stage power supply architecture for servers, which has high gross margins [14] Expansion Plans - ShenNan Circuit is actively pursuing expansion plans in: 1. Thailand: New products expected to launch in the second half of the year [7] 2. Nantong: Four-phase expansion focusing on high-end HDI and multilayer products [7] 3. Shenzhen: Upgrading equipment and capacity for high-end HDI and multilayer products [7][6] Market Position and Client Base - The company has a strong presence in both domestic and international markets, serving major clients in the optical module sector and achieving significant shipments to overseas ASIC customers [3][11] - Key clients include major tech companies like Google and Amazon, with expectations of onboarding Meta as a significant customer by 2026 [11] Industry Trends and Competitive Advantages - The PCB industry is experiencing a supply-demand imbalance, particularly for high-layer and HDI PCBs related to AI [16] - ShenNan Circuit's advantages include a broad product range, extensive experience in high-end technology, and strong relationships with leading North American clients [16][17] Conclusion - ShenNan Circuit is positioned for growth with its strategic focus on AI PCB, robust financial performance, and ongoing expansion efforts, making it a noteworthy investment opportunity in the PCB sector [17]

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ：内容来自 中时新闻网 。 随着芯片复杂度提升及3D封装普及，PCB已不再只是电路载体，而是决定算力能否完全释放的重 要环节，尤其许多AI 应用对PCB 有高频、高速、高密度、高可靠性及低能耗的严苛要求，单一制 程已难以满足需求，如何将高阶IC载板、高阶HDI/MSAP类载板、HLC厚大板等不同制程整合， 将成为实现效能突破的关键。 臻鼎-KY在SEMICON Taiwan 2025展出包括：28层的高阶载板、138x138mm的超大载板、专为 AI伺服器打造的HLC+HDI等半导体相关技术，臻鼎-KY表示，此次参展不仅是研发成果的具体展 现，更是产业地位的宣告，象征公司由PCB领导者，进一步成为半导体产业链的重要推手，为AI 应用发展注入源源不绝的能量。 臻鼎-KY董事长沉庆芳表示，全球正处于数据爆炸、算力飙升的关键时刻，根据全球计算联盟最新 的 《 异 构 算 力 协 同 白 皮 书 》 ， 2021 年 全 球 算 力 规 模 为 615E FLOPS ， 2030 年 将 增 长 至 56Z FLOPS，年复合成长率高达65.1%，显现算力已成为驱动产 ...

Core Viewpoint - Shenghong Technology (Huizhou) Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities International, and GF Securities (Hong Kong) as joint sponsors. The company specializes in high-performance computing PCBs and is positioned to lead the global market in AI and high-performance computing PCB revenue by Q1 2025 [2]. Financial Performance - Revenue for Shenghong Technology from 2022 to 2024 is projected to be 7.885 billion, 7.931 billion, and 10.731 billion yuan respectively, with net profits of 790 million, 671 million, and 1.154 billion yuan during the same period [2]. - In the first half of 2025, the company achieved revenue of 9.031 billion yuan, representing an 86% year-on-year increase, and a net profit of 2.143 billion yuan, reflecting a 366.89% year-on-year growth [4]. Market Position - According to Frost & Sullivan, Shenghong Technology holds the largest market share globally in AI and high-performance computing PCBs, with key applications in AI computing cards, servers, data center switches, and general substrates [2]. - The company has successfully entered the supply chains of top global server clients, including NVIDIA, AMD, Intel, and Tesla, which provides a solid foundation for future growth [7]. Ownership and Leadership - The founder and chairman, Chen Tao, along with his spouse Liu Chunlan, hold a combined 31.24% stake in Shenghong Technology [4]. - Chen Tao is recognized in the industry, being referred to as "the key person for NVIDIA in China" by NVIDIA's CEO Jensen Huang [7]. Wealth Ranking - According to the 2025 Hurun Global Rich List, Chen Tao and Liu Chunlan are ranked 2081 with a wealth of 13 billion yuan [8][9].