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AI算力爆发的幕后英雄:碳化硅的“供电”与“散热”双重材料变革(附45页PPT)
材料汇· 2025-09-30 12:21
点击 最 下方 "在看"和" "并分享,"关注"材料汇 添加 小编微信 ,遇见 志同道合 的你 正文 引言 在这场静默的危机背后,作为第三代半导体材料的 "碳化硅" ,正从两个核心战场掀起一场深刻的变革: 在"供电"战场 ,它化身高效能的 功率芯片 ,潜入服务器电源,将电能转换效率推升至98%的极致,解决了AI集群 "吃得多、浪费多" 的难题。 在"散热"战场 ,它变身为 封装基板 , 直接为GPU"筑基",用其卓越的导热性能,将芯片产生的巨量热能快速导出,解决了 "热量排不出、性能上不去" 的瓶颈。 这份报告将为您深度解析,碳化硅如何从 芯片封装到数据中心供电 ,贯穿AI算力核心,成为赋能未来AI产业不可或缺的核心材料变革。这不仅是技术的 迭代,更是一场关乎未来算力成本与可持续性的关键博弈。 当我们在谈论ChatGPT、Sora,以及不断刷新记录的AI模型时,我们谈论的其实是算力的"饕餮盛宴"。然而,支撑这场盛宴的AI服务器,正面临一场空前 的能源与散热危机——单机柜功率突破百千瓦,芯片功耗直逼千瓦大关,传统的技术路径已然触顶。 CoWoS产能与碳化硅需求的倍增关系 :报告指出若完全替代,碳化硅需求是CoW ...
深南电路股价涨5.05%,浙商证券资管旗下1只基金重仓,持有4.4万股浮盈赚取45.89万元
Xin Lang Cai Jing· 2025-09-29 03:31
Group 1 - The core viewpoint of the news is the performance and investment interest in Shenzhen Sunnan Circuit Co., Ltd, which saw a stock price increase of 5.05% to 216.98 CNY per share, with a total market capitalization of 144.669 billion CNY [1] - Shenzhen Sunnan Circuit Co., Ltd specializes in the research, production, and sales of printed circuit boards, with its main business revenue composition being: printed circuit boards 60.01%, packaging substrates 16.64%, electronic assembly 14.14%, other (supplementary) 5.80%, and other products 3.40% [1] - Zhejiang Merchants Securities Asset Management has a fund that heavily invests in Shenzhen Sunnan Circuit, specifically the Zhejiang Merchants Huijin Quantitative Selected Mixed Fund, which increased its holdings by 13,300 shares in the second quarter, now holding 44,000 shares, accounting for 4.58% of the fund's net value [2] Group 2 - The Zhejiang Merchants Huijin Quantitative Selected Mixed Fund has achieved a year-to-date return of 66.55%, ranking 361 out of 8,244 in its category, and a one-year return of 85.88%, ranking 670 out of 8,080 [2] - The fund manager, Pang Yaqing, has been in charge for 1 year and 245 days, with the fund's total asset size at 1.04 million CNY, achieving a best return of 76.55% during the tenure [3]
深南电路股价涨5.05%,鹏华基金旗下1只基金重仓,持有4.1万股浮盈赚取42.76万元
Xin Lang Cai Jing· 2025-09-29 03:31
Group 1 - The core viewpoint of the news is that ShenNan Circuit experienced a stock price increase of 5.05%, reaching 216.98 CNY per share, with a trading volume of 1.115 billion CNY and a turnover rate of 0.80%, resulting in a total market capitalization of 144.669 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, development, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards at 60.01%, packaging substrates at 16.64%, electronic assembly at 14.14%, other supplementary products at 5.80%, and other products at 3.40% [1] Group 2 - From the perspective of fund holdings, Penghua Fund has one fund heavily invested in ShenNan Circuit. The Penghua Zenghua Mixed A Fund (015026) held 41,000 shares in the second quarter, accounting for 4.65% of the fund's net value, ranking as the ninth largest holding [2] - The Penghua Zenghua Mixed A Fund (015026) was established on August 16, 2022, with a latest scale of 89.5366 million CNY. Year-to-date returns are 26.27%, ranking 3539 out of 8244 in its category, while the one-year return is 38.85%, ranking 3414 out of 8080 [2] - The fund manager of Penghua Zenghua Mixed A is Zhao Huarong, who has been in the position for 285 days, with the fund's total asset scale at 1.395 billion CNY. The best return during Zhao's tenure is 27.97%, while the worst return is 22.29% [2]
民生证券-机械行业一周解一惑系列:AI驱动PCB设备需求提升-250921
Xin Lang Cai Jing· 2025-09-21 14:39
Core Insights - The PCB (Printed Circuit Board) industry is experiencing growth driven by advancements in AI, high-speed computing, and new energy applications, leading to a trend towards higher layers, density, performance, and efficient transmission [1][4] Market Overview - The global PCB market is projected to grow steadily, with an estimated compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, reaching a market value of approximately $94.66 billion by 2029 [3] - Rigid boards dominate the market, with multilayer boards expected to account for 38.05% of the global PCB market value in 2024, while single/double-sided boards will represent 10.80% [3] Product Segmentation - PCB can be categorized into rigid boards, flexible boards (FPC), and rigid-flex boards, with each type serving different applications based on their characteristics [2] - High-Density Interconnect (HDI) boards are becoming essential in consumer electronics and high-end computing, driven by the demand for miniaturization and high integration [2][3] Technological Trends - The development of AI is significantly reshaping PCB technology, with a focus on high-layer and high-level HDI as core directions for industry evolution [4] - The complexity of PCB production processes is increasing, particularly in exposure, drilling, plating, and hole formation, necessitating high-precision and efficient equipment [4] Investment Opportunities - Companies related to PCB equipment, such as Dazhong CNC, Chipbond Technology, Dingtai High-tech, Dongwei Technology, and Kaige Precision Machinery, are recommended for investment [5]
调研速递|深南电路接受国海证券等40家机构调研 聚焦业务发展要点
Xin Lang Cai Jing· 2025-09-18 11:37
Core Insights - The company conducted a specific institutional research meeting with 40 institutions, discussing various business developments and financial performance for the first half of 2025 [1] Group 1: PCB Business Performance - The PCB business saw revenue growth driven by demand for AI accelerator cards and increased market share in data centers, with significant contributions from 400G and above high-speed switches and optical modules [1][2] - The gross margin for the PCB segment improved due to increased revenue scale, high capacity utilization, and optimized product structure [1][2] Group 2: Packaging Substrate Business - The packaging substrate business generated a main revenue of 1.74 billion yuan, a year-on-year increase of 9.03%, but the gross margin decreased by 10.31 percentage points to 15.15% due to rising costs from raw materials and capacity ramp-up challenges [1] - The revenue growth in this segment was attributed to capturing opportunities in the domestic storage market [1] Group 3: Capacity Utilization and Expansion Plans - The overall capacity utilization for the PCB business is at a relatively high level due to increased demand in computing and automotive electronics [3] - New capacity is being added through technological upgrades at existing factories and the construction of new facilities in Nantong and Thailand, with the Nantong Phase IV project expected to be operational in Q4 2023 [3] Group 4: Guangzhou Packaging Substrate Project - The Guangzhou packaging substrate project is progressing with its first phase expected to be operational in Q4 2023, currently in the ramp-up stage with some bulk orders being fulfilled [4] Group 5: HDI Technology Application - The company possesses HDI technology capabilities, which enable high-density wiring for PCB products, particularly in mid-to-high-end applications within the communication sector [5] Group 6: Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication and leveraging a one-stop platform to enhance customer value and loyalty [6]
深南电路(002916):2025年半年报点评:业绩稳步高增,结构持续优化
Changjiang Securities· 2025-09-14 14:12
Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first half of 2025, the company achieved revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63%. The net profit attributable to shareholders was 1.36 billion yuan, up 37.75% year-on-year. The gross margin and net margin were 26.28% and 13.02%, respectively, with increases of 0.08 percentage points and 1.16 percentage points year-on-year [2][5]. - For Q2 2025, the company reported revenue of 5.671 billion yuan, a year-on-year increase of 30.06% and a quarter-on-quarter increase of 18.56%. The net profit attributable to shareholders was 869 million yuan, reflecting a year-on-year growth of 42.92% and a quarter-on-quarter growth of 76.74% [2][5]. Summary by Sections Financial Performance - The company’s PCB business generated 6.274 billion yuan in revenue in the first half of 2025, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue. The gross margin for this segment was 34.42%, an increase of 3.05 percentage points year-on-year [11]. - The packaging substrate business achieved revenue of 1.740 billion yuan, a year-on-year growth of 9.03%, representing 16.64% of total revenue. The gross margin decreased to 15.15%, down 10.31 percentage points year-on-year due to rising costs and production ramp-up challenges [11]. Market Trends and Drivers - The demand for AI-related products has significantly increased, driven by the capital expenditure growth of major cloud service providers, particularly in AI computing infrastructure. This has positively impacted the company's order growth in the PCB business [11]. - The company is actively advancing its projects in Thailand and Nantong, which are expected to support future business expansion [11]. Future Outlook - The company is expected to achieve net profits of 2.987 billion yuan, 3.647 billion yuan, and 4.466 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 40.91, 33.52, and 27.37 [11].
掘金“果链”机遇!机构密集调研相关概念股
Core Viewpoint - The upcoming Apple 2025 Fall New Product Launch is a major focus for consumers and institutions, with significant interest in related supply chain companies benefiting from new product releases and advancements in AI and foldable screens [1][5]. Group 1: Institutional Attention - Multiple Apple-related stocks, including Crystal Optoelectronics, Shenzhen South Circuit, Lens Technology, and Luxshare Precision, have received extensive institutional visits, with over 200 institutions visiting each [1][2]. - Crystal Optoelectronics has hosted 330 institutional visits in the past month, ranking third among companies in terms of institutional attention, and is developing optical upgrades for future customer models [2][3]. Group 2: Company Insights - Shenzhen South Circuit highlighted its diverse range of packaging substrate products, which are increasingly in demand due to the acceleration of AI technology and the need for high computing power in various applications [3]. - Lens Technology, a key supplier for North American clients, is focusing on smart wearable devices and has established long-term collaborations with major clients in the field [3]. - Luxshare Precision expressed confidence in a stable and slightly increasing market demand for the second half of the year, with a focus on supporting potential AI brands and products [4]. Group 3: Market Outlook - The release of new Apple products is expected to boost market interest in the consumer electronics sector, with a positive outlook for hardware innovation and AI synergy over the next three years [5]. - The consumer electronics sector is entering a period of intensive new product launches, with expectations for improved sales driven by Apple's new products and advancements in AI and wearable devices [5].
深南电路:南通四期项目预计今年四季度连线,泰国工厂目前已连线
Ju Chao Zi Xun· 2025-09-12 07:47
Group 1 - The company has established PCB factories in Shenzhen, Wuxi, Nantong, and Thailand, with new capacity coming from technology upgrades and ongoing projects [2] - The Nantong Phase IV project, which started construction in September last year, aims to produce advanced PCBs for smart mobile terminals, AI vision, and spatial computing modules, creating a leading digital factory [2] - The total investment for the Thailand factory is 1.274 billion RMB, which will enhance the company's capabilities in high-layer and HDI PCB technologies, facilitating overseas market expansion [2] Group 2 - In the first half of the year, the company achieved total revenue of 10.453 billion RMB, a year-on-year increase of 25.63%, and a net profit of 1.36 billion RMB, up 37.75% [3] - The PCB business generated a main operating revenue of 6.274 billion RMB, reflecting a year-on-year growth of 29.21%, while the packaging substrate business reported 1.74 billion RMB, a 9.03% increase [3]
深南电路跌2.00%,成交额6.73亿元,主力资金净流出2978.65万元
Xin Lang Cai Jing· 2025-09-12 02:23
Core Viewpoint - ShenNan Circuit experienced a stock price decline of 2.00% on September 12, 2023, with a current price of 197.60 CNY per share and a total market capitalization of 131.75 billion CNY [1] Company Performance - For the first half of 2025, ShenNan Circuit achieved a revenue of 10.453 billion CNY, representing a year-on-year growth of 25.63%, and a net profit attributable to shareholders of 1.360 billion CNY, up 37.75% year-on-year [2] - The company has distributed a total of 3.441 billion CNY in dividends since its A-share listing, with 1.744 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for ShenNan Circuit was 53,200, a decrease of 9.48% from the previous period, while the average circulating shares per person increased by 43.62% to 12,502 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 14.2369 million shares, and several ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have increased their holdings [3] Stock Market Activity - ShenNan Circuit's stock has seen significant price increases this year, with a total rise of 108.00%, including an 8.42% increase over the last five trading days and a 35.61% increase over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 29 [1] Business Overview - ShenNan Circuit, established on July 3, 1984, and listed on December 13, 2017, specializes in the research, production, and sales of printed circuit boards (PCBs), with PCB sales accounting for 60.01% of its revenue [1] - The company operates in the electronics industry, specifically in the PCB sector, and is associated with concepts such as new infrastructure, 5G, and the Apple supply chain [1]
深南电路:南通四期项目预计今年四季度连线
Xin Lang Cai Jing· 2025-09-11 11:37
Core Viewpoint - The company is expanding its PCB business through technological upgrades and new factory constructions in various locations, including Shenzhen, Wuxi, Nantong, and Thailand [1] Group 1: Production Capacity Expansion - The new production capacity for PCBs is primarily derived from two sources: technological upgrades of existing mature PCB factories and the ongoing construction of the Nantong Phase IV project and the Thailand factory [1] - The Nantong Phase IV project is expected to be operational in the fourth quarter of this year, while the Thailand factory has already commenced operations [1] Group 2: Business Planning and Market Demand - The company plans to rationally allocate its business capacity in accordance with its operational strategy and market demand [1] Group 3: Packaging Substrate Project - The first phase of the Guangzhou packaging substrate project has also commenced operations in the fourth quarter of 2023, with continuous improvements in product line capabilities [1] - The company is currently in the capacity ramp-up phase and has secured bulk orders for BT and some FC-BGA products, although overall capacity is still in the ramp-up stage [1]