每经AI快讯，有投资者在投资者互动平台提问：在AI服务器PCB领域，公司的盈利能力相比传统PCB业 务有何提升？主要原因是什么？ （记者 王晓波） 胜宏科技（300476.SZ）10月11日在投资者互动平台表示，公司未拆分披露应用于下游各领域的产品毛 利率。2025年上半年，公司整体毛利率达到36.22%，较去年同期提升15.62个百分点。在行业发展趋势 下，PCB制造工艺要求大幅提高，使得产值提升，ASP发生成倍甚至呈指数级别的增长，公司盈利能力 显著提升。 ...

截至发稿，奥士康市值为136亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 曾健辉） 每经AI快讯，奥士康（SZ 002913，收盘价：42.87元）10月10日晚间发布公告称，截至2025年9月30 日，公司通过回购专用证券账户以集中竞价交易方式回购股份约289万股，占公司目前总股本的 0.9101%，最高成交价为39.52元/股，最低成交价为24.64元/股，成交金额约为9004万元，公司本次回购 金额已达回购方案中的回购资金总额下限，且不超过回购资金总额上限。至此，本次回购方案已实施完 毕，实际回购股份时间区间为2025年5月7日至2025年8月27日。 2025年1至6月份，奥士康的营业收入构成为：PCB制造占比91.6%，其他业务占比8.4%。 ...

Group 1 - The core viewpoint of the news is that Guosen Securities successfully assisted Shenghong Technology in completing a 1.9 billion yuan private placement, which will strengthen its global leadership in AI computing infrastructure [1][2] - Shenghong Technology is a key supplier of PCBs for artificial intelligence and high-performance computing, focusing on high-end HDI and multilayer PCBs, with applications in AI, new energy vehicles, and high-speed communication [1][2] - The funds raised will be used for projects in Vietnam and Thailand, aimed at enhancing Shenghong Technology's production capacity and capabilities to meet high-end requirements in AI servers and GPU chips [2] Group 2 - Guosen Securities has been a long-term partner of Shenghong Technology, having assisted in multiple rounds of financing since its IPO in 2015, raising over 5 billion yuan in total [2] - The recent issuance attracted significant market attention, with 270 investors participating and a subscription multiple of 3.01, indicating strong confidence in Shenghong Technology's AI business prospects [3] - The issuance price was set at 248.02 yuan per share, reflecting a premium over the average price, showcasing Guosen Securities' pricing and value extraction capabilities [3]

Summary of 鼎泰高科 Conference Call Company Overview - 鼎泰高科 benefits from the structural improvement in the PCB industry, particularly due to increased demand in emerging fields such as AI servers and automotive electronics, driving performance enhancement [2][7] - The company has set ambitious revenue and profit targets for 2025 and 2026, aiming for at least 2.1 billion yuan and 400 million yuan in net profit for 2025, and 2.45 billion yuan and 500 million yuan for 2026 [2][9] Industry Dynamics - The AI terminal application is rapidly developing, leading to a significant increase in PCB demand, with downstream PCB manufacturers actively expanding production [2][10] - AI PCBs have higher consumption and performance requirements for drilling needles, resulting in increased demand for high-end products such as coated and micro-drilling needles, which enhances price and profit margins [2][12] Financial Performance - 鼎泰高科's core business focuses on PCB-related tools and materials, contributing approximately 75% of total revenue, with a market capitalization growth from 10 billion yuan to over 30 billion yuan since its listing in 2022 [3][4] - The company’s gross margin for AI-related coated drilling needles is between 45% and 50%, significantly higher than the 30% to 40% for traditional white needles [2][13] Market Position - 鼎泰高科 holds a 26.5% market share in the global PCB drilling needle market as of 2023, with strong ties to major clients such as 盛虹 and 生益 [2][15] - The company has the largest production capacity in the PCB drilling needle industry, with plans to increase monthly capacity from 100 million to 120 million units by the end of 2025 [2][16] Strategic Initiatives - The company is expanding its product offerings, including CNC tools and functional films, and has begun selling grinding machines and automation systems since 2024 [3][6] - 鼎泰高科's focus on R&D is evident, maintaining a stable R&D expense ratio of 6% to 7% while reducing overall expense ratios from 23% in 2018 to below 20% by 2025 [8][9] Future Outlook - The company anticipates significant profit growth, projecting net profits of 400 million yuan, 700 million yuan, and 980 million yuan for 2025, 2026, and 2027, respectively [4][20] - The AI industry trend is expected to provide substantial growth opportunities, with potential demand for drilling needles increasing by tenfold or more as new AI products are developed [22][14] Competitive Landscape - Other PCB-related companies, such as 盛弘电子, have also seen rapid growth by capitalizing on the demand for high-end boards, indicating a competitive yet opportunistic market environment [23] - Despite recent stock price increases, there remains significant development potential for PCB-related companies, suggesting continued investor interest [24]

Core Insights - The article highlights the rapid evolution of robotics and AI, emphasizing the transformative role of companies like Jialichuang in the PCB industry, which has become a crucial enabler for innovation and supply chain efficiency [1][3][4]. Company Overview - Jialichuang achieved nearly 8 billion yuan in revenue and 998 million yuan in net profit in 2024, reflecting year-on-year growth of 18.55% and 35.19% respectively, showcasing its significant growth in the PCB sector [2]. - The company specializes in PCB prototyping and small-batch manufacturing, distinguishing itself from larger competitors by focusing on high flexibility and rapid response to customer needs [4][6]. Market Dynamics - The global small-batch PCB market is estimated to be between 7.357 billion and 11.035 billion USD in 2024, with the prototyping market around 3.678 billion USD, indicating a niche yet critical market segment [6]. - Jialichuang's business model addresses the high demands for flexibility and rapid turnaround in prototyping, which is essential for emerging tech companies [7][8]. Technological Advancements - The company has developed proprietary industrial software and intelligent production systems, reducing prototyping costs from thousands to tens of yuan and shortening delivery times from weeks to as little as 12 hours [1][11]. - Jialichuang's digital transformation includes a self-developed ERP system that allows users to place orders via mobile or computer, enhancing efficiency and reducing design and production risks through AI algorithms [8][20]. Industry Impact - Jialichuang serves over 7.1 million engineers globally, processing more than 17.8 million PCB prototyping orders in 2024, which reflects its pivotal role in supporting innovation across various sectors, including robotics and AI [11][24]. - The company has established a closed-loop system that seamlessly connects prototyping and mass production, facilitating the transition of new products from the lab to the market [12][18]. Future Prospects - Jialichuang is expanding its capabilities in high-layer PCBs and has recently launched a 64-layer PCB production line, catering to complex industrial needs [15][18]. - The company is also investing in mechanical services, including 3D printing and CNC processing, to broaden its service offerings and enhance its competitive edge in the market [17][19].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a strong potential for growth in the AI PCB market [7][6][4]. Core Insights - The company is a global leader in AI PCB, with nearly half of its revenue coming from AI-related products. It achieved the highest global market share in AI and HPC product sales in Q1 2025, with revenue of 18.95 billion yuan [6][21]. - The global AI/HPC PCB market is expected to grow from approximately 6 billion USD in 2024 to 15 billion USD by 2029, with a CAGR of 20.1% [46][47]. - The company is positioned to benefit significantly from the structural expansion of the AI PCB market, with projected revenues of 20.7 billion yuan in 2025, 33.4 billion yuan in 2026, and 51.7 billion yuan in 2027, reflecting year-on-year growth rates of 92.9%, 61.2%, and 55% respectively [5][7]. Financial Data and Profit Forecast - Total revenue projections for 2024, 2025H1, 2025E, 2026E, and 2027E are 10.731 billion yuan, 9.031 billion yuan, 20.705 billion yuan, 33.379 billion yuan, and 51.722 billion yuan respectively, with corresponding year-on-year growth rates of 35.3%, 86.0%, 92.9%, 61.2%, and 55.0% [5]. - The net profit attributable to shareholders is forecasted to be 1.154 billion yuan in 2024, 2.143 billion yuan in 2025H1, 5.518 billion yuan in 2025E, 9.939 billion yuan in 2026E, and 15.573 billion yuan in 2027E, with year-on-year growth rates of 72.0%, 366.9%, 378.0%, 80.1%, and 56.7% respectively [5]. - The company’s gross margin is expected to improve from 22.7% in 2024 to 42.6% in 2026 and beyond, driven by product structure optimization and manufacturing efficiency [5][8]. Market Position and Competitive Advantage - The company specializes in high-end HDI and high-multilayer PCBs, serving major clients such as NVIDIA, AMD, Intel, and Tesla. It has established a significant technological lead, with a 2-3 year advantage over competitors in the AI PCB sector [6][10][21]. - The company has achieved large-scale production capabilities for 6-layer 24-layer HDI and is developing 10-layer 30-layer HDI technology, which positions it well to meet the increasing demand for high-density interconnects [6][10]. Growth Drivers - The expansion of AI computing demand is a key driver, with significant capital investments in AI infrastructure expected to boost the demand for high-end PCBs [45][46]. - The report highlights that the company’s operational efficiency and cost management will benefit from economies of scale as production capacity increases [9][8]. Valuation and Upside Potential - The report notes that the company's stock price corresponds to a PE ratio of 49.3 for 2025 and 27.4 for 2026, compared to an average PE of 35.3 for comparable companies, indicating a potential upside of 29% [7][6].

Group 1: Company Overview - Shenghong Technology (Huizhou) Co., Ltd. hosted an investor relations event with 62 institutional and individual investors at its headquarters and Thai subsidiary [1] - The company adheres to the philosophy of "Embrace AI, Run Towards the Future," seizing opportunities in AI computing technology and data center upgrades to gain market advantage [3] Group 2: Industry Trends - The AI technology revolution, starting in 2024, is driving rapid development in downstream sectors such as computing power, high-speed communication, new energy vehicles, and intelligent driving [2] - The demand for high-layer and high-density interconnect (HDI) PCBs is expected to grow significantly, with a projected compound annual growth rate of 20% for AI PCBs over the next five years [2] Group 3: Competitive Advantages - The company has a technological edge, participating deeply in core customer project R&D and accumulating proprietary technology ahead of market production by 2-3 years [3] - The company’s production capacity spans Guangdong, Hunan, Thailand, and Malaysia, with its Huizhou headquarters being the largest single PCB production base globally [3] Group 4: Supply and Demand Dynamics - There is a continuous increase in demand for high-end production capacity, with a relative shortage in supply for high-end products [4] - The industry trend is to reduce unit power consumption while enhancing computing density and electrical performance, leading to increased requirements for PCB manufacturing processes [4] Group 5: Capacity Expansion and Customer Demand - The company is expanding its capacity in response to the growing demand for AI computing and servers, with high-end product supply expected to remain tight in the medium term [5] - The company is building a global operational network through domestic and overseas factories, with ongoing upgrades at the Thai facility and collaborations with major North American tech clients [5]

Group 1: Industry Overview - The global PCB industry is undergoing a significant transformation, with China's share of global PCB output expected to rise from 8.1% in 2000 to 56.1% by 2024, and projected to remain above 50% in 2029 [1] - The market size of China's PCB industry is anticipated to reach 415.6 billion yuan in 2024, reflecting a year-on-year growth of 8.3%, and is expected to grow to 554.5 billion yuan by 2029 [2] - The shift of PCB production to China is driven by labor costs, supply chain integration, and market demand, marking a transition from basic manufacturing to advanced technology applications in sectors like 5G, electric vehicles, and AI hardware [2][3] Group 2: Company Spotlight - Jialichuang - Jialichuang is recognized as the leading company in the small-batch PCB production sector, with 7.1 million registered users and over 1 million paying users, processing 17.8 million orders annually [4] - The company has innovated a "group order" model that significantly reduces the cost of PCB prototyping from hundreds or thousands of yuan to tens of yuan, and shortens delivery times from weeks to as fast as 12 hours [5] - Jialichuang's digital ordering system allows engineers to manage the entire PCB production process online, enhancing efficiency and breaking traditional constraints of time and space [5][6] Group 3: Competitive Advantages of Jialichuang - Jialichuang maintains high quality through stringent control over raw materials, production processes, and testing, utilizing advanced equipment and techniques for defect detection [8] - The company has redefined delivery efficiency, with 6-layer boards shipped in as little as 48 hours and single/double-sided boards in 12 hours, thanks to a fully digitalized order and production system [8][9] - Jialichuang's cost structure is optimized to lower user expenses, offering transparent pricing, free file processing, and free shipping, which enhances user experience and promotes industry advancement [9]

Summary of Conference Call on PCB Industry and NVIDIA's Impact Industry Overview - The conference call focuses on the PCB (Printed Circuit Board) industry, particularly in relation to AI computing servers driven by companies like NVIDIA [1][2][6]. Key Points and Arguments - **NVIDIA's High-Density Interconnect (HDI) Demand**: NVIDIA's GB200 server utilizes advanced HDI boards with structures of 5+12+5 for compute trays and 6+12+6 for switch trays, indicating a shift towards higher density circuit integration [1][2][4]. - **Future Developments**: The upcoming GB300 server is expected to continue using high-level HDI and may incorporate new materials like Ma 9, potentially replacing copper connections with orthogonal backplanes, which will further increase PCB usage [1][4][6]. - **High-End PCB Trends**: The demand for high-end PCBs is driven by the need for higher performance in AI computing, with traditional PCBs being inadequate for these requirements [2][6]. - **Investment in Production Lines**: Investment in high-level HDI and multilayer PCB production lines is significantly increasing, with a 5-stage 22-layer HDI production line requiring approximately 130 million yuan, much higher than traditional through-hole boards [2][10]. - **Drilling Equipment's Role**: Drilling equipment is crucial for achieving electrical connectivity in PCBs, with increased demand for various types of drilling machines due to the complexity of high-level HDI and multilayer boards [2][9][11]. Additional Important Insights - **Market Dynamics**: The drilling equipment market is currently facing supply shortages, particularly for key components, with major suppliers struggling to meet demand [11][12]. - **Technological Advancements**: Companies like Dazhu CNC are focusing on ultra-fast laser drilling technology to capture market share in new materials, which is expected to be a significant growth area [15][17]. - **Investment Recommendations**: The PCB industry is projected to grow due to the demand from AI computing servers, with specific recommendations for companies like Dazhu CNC, Ding Tai High-Tech, and Zhong Tung High-Tech, which have competitive advantages in production capacity and cost control [18][19][20]. Conclusion - The PCB industry is evolving towards higher-end products driven by AI computing needs, with significant investments in production capabilities and technological advancements. Companies that adapt to these changes are likely to benefit from the growing market demand.

Core Viewpoint - The company, Shenghong Technology, has capitalized on the opportunities presented by AI computing power, resulting in significant revenue and profit growth, alongside a substantial increase in stock price over the past year [1][4]. Financial Performance - In the first half of 2025, Shenghong Technology achieved revenue of approximately 90.31 billion yuan, representing an 86% year-on-year increase [2][4]. - The net profit attributable to shareholders reached 21.43 billion yuan, marking a staggering 366.89% increase compared to the previous year [2][4]. - The company's operating cash flow net amount was 11.90 billion yuan, reflecting an 81.86% year-on-year growth [1]. Growth Drivers - Shenghong Technology's rapid growth is attributed to its strategic focus on AI computing and data center products, leading to large-scale production and technological advancements [1][4]. - The company has successfully broken through core technological barriers in high-layer and high-density interconnect (HDI) manufacturing, becoming a global leader in producing advanced PCB products [4][6]. Market Position - Shenghong Technology ranks as the sixth largest PCB supplier globally and the third among domestic PCB manufacturers in mainland China [5][9]. - As of June 2025, a total of 1,075 funds held approximately 1.79 billion shares of Shenghong Technology, accounting for 20.96% of the company's circulating shares [1][9]. R&D and Capacity Expansion - The company has significantly increased its R&D investment, with expenditures rising from 2.87 billion yuan in 2022 to 3.53 billion yuan in the first half of 2025, a 78.46% increase [6]. - Shenghong Technology is actively expanding its production capacity both domestically and internationally, with investments in manufacturing facilities in Thailand and Vietnam to meet global demand [7].