20 November 2025 | 8:24PM HKT Equity Research Shennan Circuits (002916.SZ) AI PCB in expansion with capacity ramp-up; TP raised to Rmb254, Buy 002916.SZ 12m Price Target: Rmb254.00 Price: Rmb199.96 Upside: 27.0% We are constructive on Shennan Circuits as an AI PCB beneficiary and raise our target price by c.70% to Rmb254 with higher earnings estimates (NI +44% CAGR in 2025-27E) and target PE multiple, driven by (1) expansion from telecom to AI PCB, targeting compute/ networking demand and riding on the acce ...

人民财讯11月24日电，中信证券研报认为，近期英伟达FY26Q3业绩表现及FY26Q4业绩指引超预期，同 时谷歌发布Gemini 3，模型性能大幅提升，表现超预期。研报认为背后本质是AI产业仍在加速上行阶 段，看好PCB作为AI芯片端最同频升级环节的产业机会，近期PCB板块亦存在密集催化，持续推荐AI PCB板块的重点厂商。建议关注：1.技术能力/客户卡位领先、业绩高确定性的龙头厂商。2.边际变化突 出，积极扩张产能、AI业务预期持续强化的厂商。3.受益于覆铜板价格上行周期的利润改善，以及高端 材料放量的覆铜板龙头。 转自：证券时报 ...

格隆汇11月20日丨威尔高(301251.SZ)在投资者互动平台表示，公司专注于PCB的研发与生产，在服务器 电源应用领域具备技术积累。在技术进展方面，公司的二次电源（DC-DC）相关PCB产品已实现技术突 破并完成客户导入，进入小批量出货阶段，具体情况请关注公司相关公告和定期报告；产能布局上，泰 国一期工厂已于2024年6月投产，目前产能基本达到既定预期，主要服务于AI服务器电源和汽车电子等 高端产品需求。客户结构方面，公司已与多家国内外知名电源厂商建立了稳定的合作关系。服务器电源 PCB市场空间广阔，参与者众多，我司凭借技术、质量和交付能力，致力于服务好现有客户并积极开拓 新机会。 ...

（记者 王瀚黎） 威尔高（301251.SZ）11月20日在投资者互动平台表示，公司专注于PCB的研发与生产，在服务器电源 应用领域具备技术积累。在技术进展方面，公司的二次电源（DC-DC）相关PCB产品已实现技术突破并 完成客户导入，进入小批量出货阶段，具体情况请关注公司相关公告和定期报告；产能布局上，泰国一 期工厂已于2024年6月投产，目前产能基本达到既定预期，主要服务于AI服务器电源和汽车电子等高端 产品需求。客户结构方面，公司已与多家国内外知名电源厂商建立了稳定的合作关系。服务器电源PCB 市场空间广阔，参与者众多，我司凭借技术、质量和交付能力，致力于服务好现有客户并积极开拓新机 会。 每经AI快讯，有投资者在投资者互动平台提问：1.公司服务器电源pcb领域，ACDC，DCDC等方面，国 内外竞争对手有哪些？ 2.公司二次电源出货情况，三次电源研发出货情况？ 3.公司泰国一期产能释放如 何，是以2468哪一层为主？ ...

Aspocomp Group Plc, Management’s transaction, November 19, 2025, at 1:00 p.m. UCT+2Aspocomp Group Plc: Notification of management’s transaction – Holopainen (acquisition)Aspocomp Group Oyj - Managers' Transactions ____________________________________________ Person subject to the notification requirement Name: Pekka HolopainenPosition: Other senior manager Issuer: Aspocomp Group Oyj LEI: 743700W8ZIJAMXWWWD26 Notification type: INITIAL NOTIFICATION Reference number: 130862/5/4________________________________ ...

Core Viewpoint - The company, Shengyi Electronics, is planning a private placement to raise up to 2.6 billion yuan to enhance its capabilities in AI and high-end PCB production, reflecting its strategic shift towards AI-driven technologies and products [2][3]. Group 1: Fundraising and Investment Plans - Shengyi Electronics intends to issue up to 125 million shares in a private placement, aiming to raise no more than 2.6 billion yuan, with net proceeds allocated to AI computing HDI production base, smart manufacturing of high-layer circuit boards, and debt repayment [3]. - This marks the first refinancing plan since the company's IPO in early 2021, indicating a strategic move to strengthen its technological and financial capabilities amid the AI wave [3]. - The company has a remaining balance of 475 million yuan from its previous fundraising, which will be utilized according to project progress [3]. Group 2: Financial Performance - For the first three quarters of 2025, Shengyi Electronics reported a revenue of 6.829 billion yuan, a year-on-year increase of 114.79%, and a net profit attributable to shareholders of 1.115 billion yuan, up 497.61% [6][7]. - The company's R&D investment reached 327 million yuan, reflecting a 64.26% increase year-on-year, constituting 4.78% of its revenue [5][6]. Group 3: Market and Industry Context - The AI server market is expected to see significant demand growth, with Shengyi Electronics poised to benefit from this trend through its strategic investments in high-value PCB products [4][5]. - The company has established a solid technical foundation with 1,759 technical personnel, representing 23.25% of its total workforce, which supports ongoing innovation [5][6]. - The PCB industry is experiencing an upward trend due to the rapid expansion of AI technologies, data centers, and electric vehicle advancements, presenting strategic opportunities for Shengyi Electronics [5][4]. Group 4: Future Outlook - Shengyi Electronics plans to invest 2.032 billion yuan in the AI computing HDI production base, targeting an annual production capacity of 167,200 square meters, and 1.937 billion yuan in smart manufacturing of high-layer circuit boards, aiming for 700,000 square meters of annual capacity [4]. - The company aims to leverage new technological revolutions and industry transformations to achieve high-quality development in the coming years [7].

PETACH TIKVA, Israel , Nov. 18, 2025 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended September 30, 2025. ...

证券日报网讯 金禄电子11月18日在互动平台回答投资者提问时表示，公司生产的PCB应用领域广泛， 涵盖汽车电子、通信电子、工业控制及储能、消费电子、医疗器械等领域，应用最多的是汽车电子领 域。 （编辑 王雪儿） ...

Group 1 - Company plans to raise up to 2.6 billion yuan through a private placement of shares, marking its first equity refinancing since its IPO in 2021 [1] - The raised funds will be allocated to the construction of an AI computing HDI production base, a smart manufacturing high-layer circuit board project, and to supplement working capital and repay bank loans [1] - The AI computing HDI production base project has a total investment of 2.032 billion yuan, with 1 billion yuan planned to be raised from this offering, aiming for an annual production capacity of 167,200 square meters [1] Group 2 - The demand for AI computing power is driving significant growth in the AI server and data center market, particularly increasing the demand for HDI boards [2] - AI HDI boards are expected to become one of the fastest-growing segments in the PCB market over the next five years, with a particular emphasis on high-tier HDI boards [2] - The market demand for high-layer and high-speed PCBs is expected to grow rapidly due to technological advancements in AI server and data center products [2] Group 3 - As of November 17, the company's stock closed at 93.4 yuan per share, with a market capitalization of 77.7 billion yuan [3]

【导读】生益电子拟定增募资不超过26亿元 中国基金报记者 卢鸰 生益电子 11月17日晚公告，拟向特定对象发行股票募集资金总额不超过26亿元，扣除发行 费用后的募集资金净额拟投资于人工智能计算HDI生产基地建设项目、智能制造高多层算力电 路板项目，以及补充流动资金和偿还银行贷款，发行对象为不超过35名（含35名）符合中国 证监会规定条件的特定对象。 这是生益电子2021年上市以来的首次股权再融资。 其中，人工智能计算HDI生产基地建设项目预计总投资20.32亿元，拟使用募集资金10亿元， 规划建设期为36个月，第三年开始试生产，至第五年达产。本项目的实施主体为生益电子， 地点位于广东省东莞市，拟建设生产人工智能用高阶HDI板，计划年产能为16.72万平方米。 智能制造高多层算力电路板项目预计总投资19.37亿元，拟使用募集资金11亿元，项目分两 阶段建设，规划建设期合计30个月，第一阶段于第二年开始试生产，至第三年达产；第二阶 段于第三年开始试生产，至第四年达产。该项目的实施主体为吉安生益，地点位于江西省吉 安市，拟建设生产高多层板，计划年产能70万平方米。 生益电子称，AI算力需求的指数级增长有力地带动了A ...