| 国金证券股份有限公司 | | | --- | --- | | 华金证券股份有限公司 | | | 关于方正科技集团股份有限公司 | | | 向特定对象发行股票并上市 | | | 之 | | | 上市保荐书 | | | 保荐机构（主承销商） | | | （成都市青羊区东城根上街 95 号） （上海市静安区天目西路 128 号 19 层 1902 室） | | | 二〇二五年八月 | | | 方正科技集团股份有限公司 上市保荐书 | | | 声 明 | | | 上海证券交易所： | | | 国金证券股份有限公司、华金证券股份有限公司（以下合并简称"保荐机构"） | | | 接受方正科技集团股份有限公司（以下简称"方正科技"、"发行人"、"公司"） | | | 的委托，担任方正科技本次向特定对象发行股票（以下简称"本次发行"）的保 | | | 荐机构，出具本上市保荐书。 | | | 保荐机构及其保荐代表人根据《中华人民共和国公司法》 | | | （以下简称"《公司 | | | 法》"）、 | | | 《中华人民共和国证券法》 | | | （以下简称"《证券法》"）、 | | | 《证券发行上市保荐 | | | 业 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-066 广东世运电路科技股份有限公司 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。 根据《上市公司募集资金监管规则》和《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关规定，现将广东世运电路科技股份有限公司（以 下简称"公司"）2025 年半年度募集资金存放与实际使用情况说明如下： 一、募集资金基本情况 二、募集资金的管理情况 （一）募集资金管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 益，公司按照《中华人民共和国公司法》《中华人民共和国证券法》《上海证券 交易所股票上市规则》及《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等有关法律、法规和规范性文件的规定，结合公司实际情况，制定了《广 东世运电路科技股份有限公司募集资金管理制度》（以下简称《管理制度》）。 对募集资金的储存、审批、使用、管理与监督做出了明确的规定，以在制度上保 证募集资金的规范使用。 根据《管理制度》，公司对募集资金实行专户存储 ...

Core Insights - The price increase of copper-clad laminates reflects the rising demand in the PCB industry, driven by the growth in AI computing servers [2][3] - Major copper-clad laminate manufacturers, including Weilibang, Jiantao Laminates, and Hongruixing, have announced price hikes due to high raw material costs and increased bargaining power from strong demand [2][3] Industry Overview - The global server sales reached $95.2 billion in Q1 2025, a year-on-year increase of 134.1%, with expectations for the global server market to reach $366 billion in 2025, a 44.6% increase [3] - The PCB market is projected to grow from $73.57 billion in 2024 to $78.56 billion in 2025, with a year-on-year growth of 6.8% [3] - The demand for high-layer multi-layer boards and HDI boards is significantly outpacing the overall PCB industry growth, with multi-layer boards expected to grow by 40.2% and HDI boards by 18.8% in 2024 [3] Production Insights - Key production processes in PCB manufacturing include drilling, exposure, and testing, with drilling equipment accounting for approximately 20% of the total industry value [4] - The increasing complexity of HDI boards necessitates advancements in drilling, exposure, and plating processes, leading to higher demand for precision equipment [4] - Domestic production rates are high for mechanical drilling, while opportunities for domestic substitution exist in laser drilling and imaging processes [4] Investment Recommendations - Focus on core production processes: for drilling, consider Dazhu CNC (301200.SZ) and consumables from Dingtai High-Tech (301377.SZ) and Zhongtung High-Tech (000657.SZ); for exposure, look at Chipbond Technology (688630.SH) and Tianzhun Technology (688003.SH); for plating, Eastway Technology (688700.SH) is recommended; for solder paste printing, Keg Precision (301338.SZ) is suggested [5]

Core Viewpoint - The AI wave is driving significant growth in the PCB industry, with companies like Shenghong Technology being highlighted as key players in the "NVIDIA chain" due to their rapid stock price increase and market potential [1][2]. Company Overview - Shenghong Technology's stock price surged from 41.54 yuan per share at the beginning of the year to 230.70 yuan by August 15, 2023, marking a 452% increase and a market capitalization of 199 billion yuan [2]. - The company is recognized for its focus on AI technology and has plans for an IPO in Hong Kong to expand its overseas presence [4][18]. - Shenghong Technology's CEO, Chen Tao, emphasizes efficiency and execution as core cultural values, which have contributed to the company's growth trajectory [4][7]. Industry Dynamics - The PCB industry has experienced a shift in production capacity from North America, Europe, and Japan to Asia, with China becoming the largest PCB producer since 2006 [6]. - Shenghong Technology, founded in 2006, has grown rapidly, with its revenue growth rates exceeding 35% from 2016 to 2018 [9][10]. - The company has strategically expanded its business into automotive electronics and AI computing, aligning with industry trends towards high-density interconnect (HDI) and IC packaging technologies [12][15]. Market Trends - The global PCB market is projected to recover in 2024, with an estimated total output value of approximately $74 billion, reflecting a growth rate of about 5.8% [14]. - Key growth areas for the PCB industry include AI-related sectors, high-speed networking, and electric vehicles, with specific product categories like multilayer boards and HDI boards expected to lead market growth [15][16]. Financial Performance - In Q1 2023, Shenghong Technology reported an 80.31% year-on-year increase in revenue and a 339.22% increase in net profit, driven by a surge in orders for high-value products [17]. - The company anticipates a net profit growth of over 360% year-on-year for the first half of 2025, indicating strong future performance [17]. Strategic Initiatives - Shenghong Technology is actively pursuing international expansion, with plans to invest in manufacturing bases in Vietnam and Thailand, focusing on AI HDI projects and high-layer PCB production [18]. - The upcoming Hong Kong IPO aims to support high-end capacity expansion and technological upgrades, enhancing the company's global presence and attracting long-term investors [18][19].

Core Viewpoint - The article highlights the rapid growth of the PCB industry, particularly focusing on Shenghong Technology as a key player benefiting from the AI boom and its connection to Nvidia, showcasing significant stock price increases and market potential [1][3][13]. Group 1: Company Overview - Shenghong Technology's stock price surged from 41.54 yuan per share at the beginning of the year to 230.70 yuan by August 15, 2023, marking a 452% increase and a market capitalization of 199 billion yuan [1]. - The company is recognized as an important player in the "Nvidia chain," with its CEO, Chen Tao, emphasizing efficiency and execution as core cultural values [3][6]. - Shenghong Technology has expanded its business from traditional consumer electronics to automotive electronics and AI computing, with plans for a Hong Kong IPO to seek greater overseas development opportunities [3][14]. Group 2: Industry Dynamics - The PCB industry has experienced significant shifts, with production moving from North America, Europe, and Japan to Asia, particularly China, which became the largest PCB producer in 2006 [5][6]. - Shenghong Technology was founded in 2006, with a focus on high-layer PCBs, and has since grown rapidly, achieving revenue growth rates of nearly 35% from 2016 to 2018 [6][7]. - The company has consistently leveraged capital markets for expansion, with significant investments in high-end PCB projects and technology upgrades [9][10]. Group 3: Market Trends and Projections - The global PCB market is projected to recover in 2024, with an estimated total value of approximately $74 billion, reflecting a growth rate of about 5.8% [10][11]. - The demand for high-layer and HDI boards is expected to grow significantly, with compound annual growth rates of 15.7% and 6.4%, respectively, indicating a shift towards high-end products [11]. - Shenghong Technology's client base includes major international firms such as Nvidia, AMD, and Tesla, with a strong focus on AI-related products [11][13]. Group 4: Strategic Initiatives - Shenghong Technology plans to invest up to 1.98 billion yuan in AI HDI projects in Vietnam and high-layer PCB projects in Thailand, indicating a strategic push for international expansion [14][15]. - The company aims to enhance its global presence through a planned listing in Hong Kong, which will support high-end capacity expansion and technological advancements [14][15]. - The CEO noted that while China accounts for 56% of global PCB output, core technologies remain concentrated in Japan and South Korea, highlighting the need for further development in the domestic PCB industry [15].

Core Viewpoint - The article highlights the rapid growth of the PCB industry, particularly focusing on Shenghong Technology, which is seen as a key player in the "NVIDIA chain" benefiting from the AI boom and the increasing demand for high-end PCB products [2][12]. Company Overview - Shenghong Technology's stock price surged from 41.54 CNY at the beginning of the year to 230.70 CNY by August 15, 2023, marking a 452% increase and a market capitalization of 199 billion CNY [2]. - The company has expanded its business from traditional consumer electronics to automotive electronics and AI computing, with plans for a Hong Kong IPO to seek greater overseas development opportunities [2][15]. Industry Context - The PCB industry has seen a shift in production from North America, Europe, and Japan to Asia, with China becoming the largest PCB producer since 2006 [3]. - The industry is characterized by a fragmented competitive landscape, with major players like Dongshan Precision and Pengding Holdings, while Shenghong Technology stands out due to its focus on AI-driven opportunities [2][3]. Growth and Expansion - Shenghong Technology was founded in 2006 by Chen Tao, who transitioned from a stable job to entrepreneurship, believing in the potential of the PCB industry [4][5]. - The company went public in 2015, raising 577 million CNY, and has since seen significant revenue growth, with a compound annual growth rate of nearly 35% from 2016 to 2018 [6][9]. - By 2021, Shenghong's revenue began to match that of its competitors, indicating a notable growth trajectory [7]. Market Dynamics - The PCB industry is essential for electronic products, with increasing complexity and demand for high-density interconnect (HDI) boards and IC packaging substrates [8][11]. - The global PCB market is projected to recover in 2024, with an estimated total value of approximately 74 billion USD, reflecting a growth rate of about 5.8% [10]. Strategic Initiatives - Shenghong Technology has actively pursued capital market opportunities to expand its business, including raising funds for projects related to electric vehicles and IoT [9]. - The company has made strategic acquisitions, such as the purchase of Pole Star Limited, to enhance its product offerings and align with its goal of horizontal integration in the PCB industry [10]. Future Outlook - The company anticipates significant growth driven by AI demand, with a projected net profit increase of over 360% year-on-year for the first half of 2025 [12]. - Shenghong's customer base includes major international firms like NVIDIA, AMD, and Tesla, indicating strong market positioning [11][12]. - The company plans to invest in overseas production facilities in Vietnam and Thailand to support its global expansion strategy [15].

Investment Rating - The industry is rated as "Outperforming the Market" with an expectation of a relative increase of over 10% in the industry index compared to the broader market within the next six months [5][27]. Core Insights - In the first half of 2025, China's PCB industry experienced significant export growth, with a total export value of 86.458 billion yuan, representing a year-on-year increase of 28.6%. The export value in June 2025 reached 15.545 billion yuan, marking a month-on-month increase of 1% and a year-on-year increase of 34%, setting a new monthly record since 2024 [1][12]. - The demand for multi-layer PCBs, particularly those with four or more layers, is strong, with exports in this category reaching 52.847 billion yuan, a substantial year-on-year increase of 44.3%. The average export value per unit for four-layer and above PCBs was between 19 to 20 yuan, up from 15 to 17 yuan in the first half of 2024, indicating an increase in average value [2][15][13]. Summary by Sections PCB Export Growth - The PCB industry in China showed robust export growth in the first half of 2025, with significant contributions from the AI computing industry. The total export value reached 86.458 billion yuan, with June exports alone hitting 15.545 billion yuan, a record high since 2024 [1][12]. - Exports of four-layer and above PCBs were particularly strong, with a total export value of 52.847 billion yuan, reflecting a year-on-year growth of 44.3% [2][13]. Trade Partners - The PCB industry saw rapid export growth to Asian trade partners, with the top partners being Hong Kong, Taiwan, Vietnam, Thailand, and Malaysia, accounting for 69.92% of total exports. Notably, exports to Taiwan and Vietnam grew by 83.84% and 85.55%, respectively [3][19][20]. Investment Recommendations - The ongoing AI wave and the burgeoning demand for computing power are expected to sustain growth in AI server and high-speed switch shipments, leading to strong demand for AI PCBs. The report suggests focusing on high-quality leading companies in the domestic PCB industry [4][25].

Investment Rating - The report maintains an "Overweight" rating for the PCB equipment industry [1] Core Insights - The demand for computing power is increasing, driving capital expenditure in the PCB industry. According to IDC, global server sales are expected to reach $95.2 billion in Q1 2025, a year-on-year increase of 134.1%. The global server market is projected to grow to $366 billion in 2025, up 44.6% year-on-year. This demand is expected to boost the PCB market, which is forecasted to reach 73.565 billion yuan in 2024, a 5.8% increase, and 78.562 billion yuan in 2025, a 6.8% increase [1][2] - The core processes in PCB production include drilling, exposure, and testing, which are critical for high-end board processing. The value of drilling equipment accounts for approximately 20% of the entire industry chain, while exposure and testing equipment account for 17% and 15%, respectively. The increasing demand for multilayer boards and HDI boards is driving the need for high-precision drilling and exposure technologies [2][3] - The emergence of CoWoP technology simplifies the packaging process by allowing chips to be directly packaged onto PCB boards, requiring high-density wiring and precision. This shift towards high-density and high-precision PCBs will increase the value of related equipment in drilling, exposure, and plating processes [3] Summary by Sections - **Market Demand**: The PCB market is expected to grow significantly due to the rising demand for servers, with a notable increase in the production value of server/storage applications [1][2] - **Production Processes**: Key production processes such as drilling, exposure, and testing are becoming more complex, necessitating advancements in equipment and technology [2] - **Investment Recommendations**: The report suggests focusing on companies involved in core PCB production processes, particularly in drilling (e.g., Dazhu CNC), exposure (e.g., Chipbond), and plating (e.g., Dongwei Technology) [4]

Market Overview - A-shares experienced a rebound on July 17, with the ChiNext Index rising over 1%, while the Shanghai Composite Index increased by 0.09% to 3506.94 points, and the Shenzhen Component Index rose by 0.87% [1] - The total trading volume in A-shares reached 910.99 billion yuan for the half-day session [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 450.5 billion yuan at a fixed rate of 1.4%, with the same amount being bid and awarded [1] Sector Performance - The computing power industry chain saw a resurgence, with CPO and PCB sectors leading the gains, while the innovative drug concept continued to show strength [3] - The CPO concept rose by 2.68%, and the PCB concept increased by 2.51%, among other sectors showing positive performance [4] AI-PCB Sector - The AI-PCB sector is experiencing strong demand, with multiple companies reporting robust orders and full production capacity, indicating high growth potential for Q2 and Q3 [5] - Domestic copper-clad laminate leaders are expected to benefit from the slow expansion of overseas AI copper-clad laminate production [5] Company Insights - **Shengyi Electronics** is accelerating the expansion of its domestic AI computing power high-layer and HDI capacity, while steadily advancing its expansion in Thailand, which may enhance its market share in the ASIC supply chain and high-speed switch market [6] - **Benkwang Intelligent** follows a "modular" development strategy, focusing on niche markets and high-quality development, with proprietary technologies for various PCB products [7] - **Dongshan Precision** aims to leverage the technology and industry advantages of Solstice Optoelectronics to quickly enter the optical communication market, enhancing its competitiveness in the global electronics industry [8] - **Guohe Technology** is actively seizing market opportunities by expanding its computing power product market and driving product structure optimization through technological innovation [9]

Core Viewpoint - The overall price index of Linyi Mall decreased by 0.29% this week, indicating a slight decline in market prices across various categories [1] Price Index Summary - **Household Appliances and Audio-Visual Equipment**: The price index increased to 103.16 points, up by 0.05 points, driven by rising demand for air conditioners and audio equipment due to high temperatures [1] - **Building and Decoration Materials**: The price index rose to 105.73 points, up by 0.03 points, with increases in structural installation and decorative materials, despite a slowdown in construction activities [2] - **Hardware and Electrical Materials**: The price index increased to 119.64 points, up by 0.02 points, mainly due to price rises in instruments, cables, and electric tools, although overall sales volume decreased [3] - **Steel Products**: The price index fell to 96.51 points, down by 1.84 points, as upstream raw material prices decreased, leading to lower factory prices and reduced demand [4] - **Board Materials**: The price index decreased to 97.09 points, down by 0.11 points, influenced by weak demand in the real estate market, prompting dealers to lower prices to alleviate inventory pressure [5] - **Automotive Parts and Accessories**: The price index dropped to 93.79 points, down by 0.04 points, primarily due to declining prices of automotive parts amid a sluggish sales environment [6]