PETACH TIKVA, Israel, Aug. 25, 2025 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it received orders totaling $2.4 million from a defense customer. The products are to be delivered mainly throughout 2026 and 2027."The customer is a leading Israeli defense company, recognized as one of the foremost companies in the country's defense sector. The order relates to products that have ...

格隆汇8月25日丨崇达技术(002815.SZ)于投资者互动平台表示，公司供给浪潮的主要是面向服务器的 pcb产品。 ...

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。 深圳市景旺电子股份有限公司（以下简称"公司"、"景旺电子"）于2025年8月23日披露了《景旺电子关 于珠海金湾基地扩产投资计划的公告》（公告编号：2025-094），现就上述公告涉及的投资事项补充说 明如下： 一、本次扩产投资概况 1、项目投资规模：预计总投资人民币50亿元。经初步测算，本次扩产投资项目税后投资回收期约为7.5 年（含建设期）。 2、项目建设周期：2025年至2027年，公司将根据市场需求和业务进展等具体情况分阶段实施，具体如 下。 ■ 3、对公司经营业绩的影响：本次扩产投资项目不会对公司2025年度经营业绩产生重大影响，长期经营 业绩存在不确定性。 二、本次扩产投资的背景、必要性及可行性 （一）本次扩产投资的背景和必要性 2023年以来，以大模型与生成式AI为代表的技术突破推动科技硬件创新蓬勃发展，高端PCB供不应求， 市场前景可观。Prismark预测，在AI服务器和高速网络基础设施建设的驱动下，2024-2029年18层以上多 层板、HDI的5年复合增长率 ...

对话 PCB 专家，解析设备投资机遇 20250824 摘要 高端 HDI 板对位精度要求极高（±1 微米），压接孔公差需控制在 ±0.05 毫米内，电镀均匀性±5 微米，介质厚度均匀性±10%。为满足 需求，需高解析度曝光机、高精度激光钻孔机等进口设备，国产替代存 在挑战。 中国大陆 5-7 阶 HDI 板厂数量有限，但 NVIDIA 等客户需求增加推动研 发和生产投入。此类 HDI 板采用盲孔设计，无电容寄生效应，利于高速 信号传输，是未来发展方向。 高端 PCB 制造对设备要求日益提高，如美国北美地区芯片对应 PCB 已 达 30-40 层，厚度 4-6 毫米，常规设备难以胜任。高端 PCB 制造将依 赖强穿透力电镀线、高精密压合机等先进设备。 国产高端 PCB 设备产能不足，使用高端部件导致成本增加，缺乏价格优 势。虽国内备战工序进步显著，但效率和稳定性仍逊于海外设备，良率 也较低。 东威公司在 VCP 线方面处于行业领先地位，其 GP300 型号主要用于填 孔线，是国内企业中的龙头，表明东威公司的电镀 VCP 技术在中国大陆 具有很强的竞争力，可以满足高端需求。 Q&A 在 AI 服务器领域，针对高 ...

Summary of PCB Drilling Equipment Industry Conference Call Industry Overview - The conference call focused on the PCB (Printed Circuit Board) drilling equipment industry, highlighting the impact of AI server demand on the domestic PCB supply chain, particularly driven by Nvidia's GV200 OAM version and high-end server backplanes from companies like Huawei and Apple [1][2][3]. Key Companies Involved - Major players in the industry include: - **Deep Blue Circuit** - **Pengding Holdings** - **Victory Technology** - **Huidian Technology** - These companies are actively expanding their HDI (High-Density Interconnect) production lines to meet the increasing demand for AI server orders [1][3][5]. Core Insights and Arguments - **Increased Demand**: Starting from Q4 2024, PCB orders are expected to surge, particularly in Q1 and Q2 of 2025, driven by the demand for AI server motherboards [2]. - **Collaboration with Tech Giants**: Companies like Deep Blue Circuit and Pengding Holdings are closely collaborating with major tech firms such as Huawei and Apple to produce high-layer HDI products [1][3]. - **Expansion Plans**: Several manufacturers, including Jingwang, Guanghe, and Fangzheng, are planning to follow suit in expanding HDI production capacity [5]. - **Technological Advancements**: The CO-WOP (Chip-on-Wafer) technology is enhancing the precision requirements for HDI, leading to increased demand for high-frequency and high-density interconnect boards [6][7]. Equipment and Investment Insights - **Core Production Processes**: The main processes in PCB production include lamination, exposure, drilling, plating, and testing, with drilling being the most valuable segment, accounting for over 30% of the total investment [9][12]. - **Investment Breakdown**: - Small factories may invest around 200 million CNY, while large factories could exceed 2 billion CNY in total investment [9]. - Drilling equipment, particularly laser drilling machines, is crucial for high-end applications, with significant investments required for advanced machinery [12][21]. - **Market Dynamics**: Domestic PCB equipment is gaining traction in the mid-to-low-end market, while high-end applications still rely heavily on imported equipment from brands like Germany's Xumo [10][11]. Potential Risks and Challenges - **Supply Chain Constraints**: The demand for advanced drilling equipment is outpacing supply, with orders for critical machinery like the German Book press equipment and Xumo drilling machines already booked into mid-2026 [6][8]. - **Quality Control**: The complexity of high-layer HDI boards necessitates precise drilling techniques, and any errors can lead to significant economic losses [14][16]. - **Technological Barriers**: The high barriers to entry in advanced drilling technologies, such as depth control milling, pose challenges for domestic manufacturers to compete with established foreign brands [24]. Additional Noteworthy Points - **Future Trends**: The increasing number of HDI layers is expected to drive up demand for lamination and drilling processes, emphasizing the need for high-quality materials and equipment [31]. - **Market Competition**: While domestic brands are making strides, they still face challenges in matching the efficiency and quality of imported equipment, particularly for high-stakes orders like those from Nvidia [33][34]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of the PCB drilling equipment industry.

Summary of Shennan Circuits Conference Call Company Overview - **Company**: Shennan Circuits (002916.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing, with a focus on AI applications Key Points and Arguments 1. **AI PCB Demand**: There is ongoing strength in demand for AI PCBs, which is expected to support resilient pricing and margins despite rising costs of raw materials such as CCL, gold-related chemicals, and glass fiber [1][2][4] 2. **Pricing and Margins**: The company is anticipated to experience slower price erosion than normal, leading to resilient margins. This is attributed to tight supply conditions in high-end PCBs for AI servers and networking [2][4] 3. **Revenue Estimates**: Revenue estimates for 2025E, 2026E, and 2027E have been revised slightly upward by 0% to 2%, reflecting a more resilient pricing outlook [8] 4. **Target Price Update**: The 12-month target price has been revised up to Rmb150 from Rmb132, based on a 29x P/E ratio for 2026E, aligning with the company's historical average [4][12] 5. **Valuation**: Shennan Circuits is currently trading at approximately 28x/23x P/E for 2026E/2027E, which is considered undemanding compared to its historical average of 29x [3][11] 6. **Market Position**: The company is viewed as a key beneficiary of China's domestic AI infrastructure investments, with expectations for robust revenue and net profit growth as local equipment vendors increase their server and networking shipments [11] Additional Important Content 1. **Risks**: Key downside risks include weaker demand in datacom/AI PCBs, geopolitical disruptions affecting supply chains, competitive pricing pressures, and potential deterioration in 5G demand [13] 2. **Industry Context**: The overall PCB industry in China has seen strong share price rallies driven by AI demand, contributing to valuation recovery [3] 3. **Financial Metrics**: The revised net profit estimates for 2025E, 2026E, and 2027E have been increased by 1% to 3%, reflecting the anticipated slower price erosion [8] This summary encapsulates the essential insights from the conference call regarding Shennan Circuits, highlighting its market position, financial outlook, and associated risks.

Market Overview - The A-share market continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 hitting a historical peak. The Shenzhen Composite Index and the ChiNext Index also surpassed their highs from October 8 of the previous year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.76 trillion yuan, an increase of 519.6 billion yuan from the previous trading day, marking a new high for the year [1] - By the close of trading, the Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index gained 2.84% [1] Valuation Analysis - According to China International Capital Corporation (CICC), the overall valuation of A-shares is currently in a reasonable range and not overvalued. The dynamic price-to-earnings ratio of the CSI 300 is around 12.2 times, which is approximately at the 69th percentile historically since 2010 [2] - The market capitalization of A-shares has reached around 100 trillion yuan, with the ratio to GDP remaining at a relatively low level compared to major global markets [2] - The total market capitalization to M2 ratio is about 33%, positioned at the 60th percentile historically, indicating a moderate valuation level [2] - The dividend yield of the CSI 300 is 2.69%, which remains attractive compared to the yield of 10-year government bonds [2] Brokerage Sector Insights - Huatai Securities noted that the brokerage sector is currently undervalued and underweighted, with a positive outlook for value re-evaluation in the sector. The equity market has been steadily rising since the beginning of the year, with continuous increases in trading volume, margin financing balances, and the issuance scale of equity products [3] - The performance of brokerages is expected to improve due to the sustained growth of market conditions and the positive regulatory environment supporting capital markets [3] PCB Industry Outlook - Dongwu Securities highlighted that the recent price increases in copper-clad laminates reflect the high demand in the PCB industry, driven by the demand for computing servers. Several copper-clad laminate manufacturers have announced price hikes [4] - The demand for multi-layer boards, HDI, and high-frequency boards is expected to grow significantly, with specific requirements for drilling, exposure, and electroplating processes [4] - Dongwu Securities recommends focusing on the core processes of PCB production, including drilling, exposure, and electroplating [4]

Core Viewpoint - The overall recovery of the PCB industry has led to significant growth in the operating performance of Shengyi Electronics, with record-high revenue and net profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Shengyi Electronics achieved revenue of 3.769 billion yuan, a year-on-year increase of 91%, and a net profit of 531 million yuan, marking a year-on-year growth of 452.11% [2]. - The company has shown consistent quarterly profit growth over six consecutive quarters, with net profits increasing from 26.45 million yuan in Q1 2024 to 330 million yuan in Q2 2025, reflecting substantial year-on-year growth rates [2]. Market Expansion - Shengyi Electronics has significantly increased its overseas sales, reporting 2.096 billion yuan in foreign sales in the first half of 2025, a 141.47% increase compared to the previous year, with foreign sales accounting for 55.61% of total revenue for the first time [3]. Investment in Capacity Expansion - The company plans to invest approximately 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards, aimed at meeting the demands of high-end markets such as servers and AI computing [4]. - The project will have a total construction period of 2.5 years, with an expected annual production capacity of 700,000 square meters of printed circuit boards [4]. Financial Stability and Shareholder Returns - Shengyi Electronics maintains a stable financial condition, with a debt-to-asset ratio of 48.31% as of mid-2025 [5]. - The company has proposed a cash dividend of 3 yuan per 10 shares, totaling 247 million yuan, which represents 46.57% of its net profit for the first half of 2025 [5].

每经AI快讯，中金公司发文称，海外算力需求高企，驱动PCB量价齐升，市场规模迅速扩容，我们预计 2025/2026年AI PCB市场规模有望达56/100亿美元。尽管国内PCB厂商正加速扩产，我们认为高端产能 释放效率仍将滞后于需求增速，供需缺口仍将持续存在，此外新工艺迭代升级有望带来全新的市场需求 增量。随着AI算力硬件向高密度、高带宽方向演进，如何降低介电常数(dk)与介质损耗(df)成为突破传 输瓶颈的关键，我们认为未来AI对PCB工艺技术路径有望持续迭代，其体现方式包括结构融合 （CoWoP、载板化）、功能升级（正交背板替代铜连接）及材料突破（M9、PTFE、石英布等）。 ...

中金研报称，海外算力需求高企，驱动PCB量价齐升，市场规模迅速扩容，我们预计2025/2026年AI PCB市场规模有望达56/100亿美元。尽管国内PCB厂商正加速扩产，我们认为高端产能释放效率仍将滞 后于需求增速，供需缺口仍将持续存在，此外新工艺迭代升级有望带来全新的市场需求增量。 本文源自：金融界AI电报 ...