2026年01月19日，天承科技披露接待调研公告，公司于01月15日接待睿远基金、上海证券、泰康资管、 长江养老保险、英大保险、国华兴益保险等116家机构调研。 天承科技（688603）最新股价为93.34元，较前一交易日收盘价下跌4.37元，跌幅为4.47%，总市值 116.42亿元。从行业市盈率来看，天承科技所处的电子化学品行业滚动市盈率平均86.77倍，行业中值 74.87倍，天承科技150.17倍排名第19位。 天眼查资料显示，上海天承科技股份有限公司成立于 2010年11月19日，是一家以从事化学原料和化学 制品制造业为主的企业。截至2025年09月30日，天承科技股东户数5237户，较上次增加1964户，户均持 股市值222.30万元，户均持股数量2.38万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为2.0154，近一年增长75.24%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划 ...

Summary of Tiancheng Technology Conference Call Company Overview - Tiancheng Technology holds approximately 20% market share in the high-end PCB chemical market in mainland China, ranking second in the industry, primarily serving leading clients such as Dongshan Precision and Shengyi Electronics [2][3] Industry Insights - The demand for high-end PCBs is surging due to AI, with the output value of multilayer boards with 18 layers or more expected to grow by 40% year-on-year in 2024, with a compound annual growth rate (CAGR) of 15.7% [2][3] - The global advanced packaging market is projected to reach $80 billion by 2030, increasing the requirements for plating additives [2][5] - The global PCB specialty chemicals market is expected to grow from $7 billion in 2024 to $10 billion by 2032, with production capacity shifting towards mainland China [3] Key Developments - Tiancheng Technology has completed the development of key systems such as TSV and RDL and has passed core certifications, which is expected to open a second growth curve [5] - The company has established a semiconductor division and is advancing R&D projects in glass substrate TGV and wafer-level interconnect systems [5][6] - The company has relocated its headquarters to Zhangjiang, Pudong, Shanghai, and established a core R&D laboratory in Jinqiao, enhancing its integration into the local supply chain [7] Strategic Initiatives - Tiancheng Technology plans to promote products to small and medium-sized clients while collaborating with industry giants to provide comprehensive solutions to top logic and chip manufacturers, aiming for a domestic market share of 10%-15% within the next two to three years, corresponding to revenue of 200-300 million RMB [4][9] - The company is actively participating in a state-owned fund aimed at addressing low domestic production rates and integrating key materials, positioning itself as a platform leader in the industry [8] Production Capacity and Expansion - The company has completed the ODI application and overseas structural setup for a 10,000-ton production base in Thailand, which will serve as an overseas hub [4][9] - Initial products will be produced and exported from the Shanghai factory, with plans to accelerate local production as demand increases [9] Future Outlook - Tiancheng Technology is focused on enhancing its original development capabilities and leveraging AI for efficient iteration of additive molecules to meet new product demands [6] - The company anticipates significant growth in its semiconductor business, driven by its unique ability to independently develop plating additives from scratch [9]