特别申明： 点击注册小程序 查看完整报告 AI发展激发高端PCB需求，PCB设备需求显著提升 随着AI算力需求扩大，AI服务器需求大幅上升，行业内高端PCB产品供给紧俏，国内头部PCB生产商加大 资本开支力度，直接拉动PCB设备需求。 关注PCB制造中高价值量环节设备，包括钻孔、曝光、电镀、检测、钻针等 风险分析： 宏观经济波动风险、行业技术迭代不及预期风险、算力需求波动风险、行业竞争加剧风险、 原材料及供应链稳定性风险等。 发布日期： 2026-01-06 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 免责声明 报告摘要 据Prismark预测，2029年全球PCB专用设备市场规模将达到108亿美元，2024-2029年CAGR为 8.7%；2024年，市场规模占比较大的关键设备包括钻孔（21%）、曝光（17%）、检测（ ...

Investment Rating - The report maintains a "Buy" rating for the PCB equipment and materials sector, particularly focusing on leading domestic suppliers [5]. Core Insights - The development of AI is driving high-end PCB demand, significantly increasing the need for PCB equipment. As AI computing power requirements expand, the demand for AI servers has surged, leading to a tight supply of high-end PCB products and prompting major domestic PCB manufacturers to increase capital expenditures, which directly boosts PCB equipment demand [1][6]. - The global PCB specialized equipment market is projected to reach USD 10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029. Key equipment segments include drilling (21%), exposure (17%), inspection (15%), and plating (7%) [2][3]. Summary by Sections 1. Industry Overview - The rapid growth of markets such as servers, data centers, communication devices, consumer electronics, and automotive electronics has provided sustained growth momentum for the PCB industry, driving continuous progress and innovation in PCB specialized equipment [17]. - The demand for high-value, high-density PCBs has surged, particularly for multilayer boards with more than 18 layers and HDI boards [18]. 2. Equipment Market Analysis - The report emphasizes the importance of high-value equipment in PCB manufacturing, including drilling, exposure, plating, and inspection. The demand for drilling equipment is expected to grow significantly, with both mechanical and laser drilling technologies coexisting [2][3]. - The competition in the exposure equipment sector is concentrated among leading players, while domestic manufacturers are expected to gain an advantage in vertical continuous plating equipment [2][3]. 3. Investment Recommendations - The report recommends focusing on leading domestic PCB equipment and material suppliers, highlighting specific companies such as: 1. DingTai High-Tech: A global leader in PCB drilling needles, expected to benefit from increased AI PCB demand, rated "Buy" [3]. 2. Dazhu CNC: A leading global PCB equipment supplier with a strong market share in drilling equipment, rated "Buy" [3]. 3. Kaige Precision: A leader in solder paste printing equipment, benefiting from high-precision assembly demands from AI servers, rated "Buy" [3]. 4. Dongwei Technology: A domestic leader in plating equipment with a leading market share in vertical continuous plating, rated "Buy" [3]. 5. Tianzhun Technology: A leading industrial vision equipment company with imminent growth in PCB equipment business, rated "Buy" [3]. 4. Market Growth Projections - The global PCB output value is expected to reach USD 94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by the rapid growth of AI servers and data storage infrastructure [38][39]. - The demand for high-value, high-multilayer boards and HDI boards is projected to significantly increase, with the output value of 18-layer and above multilayer boards expected to grow by 41.7% in 2025 [42].

格隆汇12月29日丨北方华创在互动平台回应称，随着存储市场需求增长及HBM技术加速渗透，相关工 艺设备需求持续提升。公司在存储芯片制造领域可提供刻蚀、薄膜沉积、清洗、热处理、离子注入、涂 胶显影等核心工艺设备，覆盖DRAM、NAND等主流存储品类；在HBM领域，可提供TSV刻蚀、去 胶、湿法清洗、ALD、PVD、电镀、退火等多款核心设备及工艺解决方案。目前，公司相关产品已批 量交付主流存储及HBM客户，多款产品成为客户生产线的量产基线机台。 ...

证券日报网讯 12月4日，北方华创在互动平台回答投资者提问时表示，随着HBM市场需求快速增长， 将带动相关工艺设备需求的增加。公司在HBM芯片制造领域可提供深硅刻蚀、薄膜沉积、热处理、湿 法清洗、电镀等多款核心设备。 （编辑 王雪儿） ...

Group 1: Industry Overview - The A-share communication equipment industry index saw a significant increase, with a peak rise of over 8%, primarily driven by the surge in stock prices of optical module companies like Zhongji Xuchuang. This increase is attributed to reports of Google placing a large number of urgent orders for optical modules in the supply chain, particularly focusing on 800G/1.6T high-speed optical modules [2] - Dell's Q3 FY2026 earnings call indicated a notable acceleration in AI growth, with a record backlog of $18.4 billion and a continuous increase in project reserves over the next five quarters, suggesting robust demand growth in the industry [2] - The upcoming Central Economic Work Conference and the Federal Reserve's December meeting are expected to create a favorable market environment, with an 85% probability of interest rate cuts, which could support a sustained rebound in the A-share market [2] Group 2: Consumer Sector Insights - Sanya City launched the sixth phase of duty-free consumption vouchers on November 19, 2025, which will run until December 31, 2025. The vouchers offer discounts ranging from "6000 minus 300" to "50000 minus 4000," aimed at stimulating consumer spending among eligible travelers and residents [6] - Historical data indicates that duty-free consumption vouchers have a significant leverage effect, often leading to multiple times increase in consumption and a notable rise in average transaction value. The vouchers can be combined with in-store promotions, further enhancing consumer spending potential [6] - The issuance of consumption vouchers and the resulting increase in foot traffic are expected to strengthen the price rebound logic post-price hikes, making local retail and service enterprises in Hainan well-positioned to benefit from this trend [6]

Core Viewpoint - The company reports a higher order proportion in storage compared to logic, with an average delivery cycle of around 6 months, indicating a positive market trend for advanced packaging demand [1] Group 1: Sales and Orders - The company's sales performance shows that orders in the storage segment are higher than those in the logic segment [1] - The average order delivery cycle is approximately 6 months [1] Group 2: Market Trends - There is an expanding demand for advanced packaging in the current market [1] - The company expects to maintain a strong growth trajectory in advanced packaging equipment in the upcoming year [1] Group 3: Product Offerings - The company is recognized as a global leader in advanced wafer wet processing equipment, offering a comprehensive range of products including coating, developing, stripping, etching, cleaning, and plating equipment [1] - The company has introduced several core products in the panel-level advanced packaging sector, including plating, edge wet etching, and vacuum cleaning equipment, with plans to continue launching similar products [1] Group 4: Industry Position - The company is at the forefront of the industry transition from wafers to panels, positioning itself as a leader in this trend [1]

Core Viewpoint - North Huachuang's Q3 2025 report shows strong revenue growth and profitability, indicating a robust performance in the semiconductor equipment sector [1][2][4]. Financial Performance - In Q3 2025, the company achieved revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, and a net profit attributable to shareholders of 1.92 billion yuan, up 14.60% [1]. - For the first three quarters of 2025, total revenue reached 27.30 billion yuan, growing 32.97%, with a net profit of 5.13 billion yuan, reflecting a 14.83% increase [1]. - The gross profit margin for Q3 2025 was 40.31%, a decrease of 1.95 percentage points year-on-year, while the margin for the first three quarters was 41.41%, down 2.81 percentage points [1]. R&D and Product Development - The company maintained high R&D intensity, with R&D expenses for the first three quarters of 2025 amounting to 3.28 billion yuan, a 48.4% increase year-on-year, representing 12.0% of revenue, up 1.3 percentage points [2]. - North Huachuang achieved significant milestones with the delivery of its 1,000th unit of vertical furnaces and physical vapor deposition (PVD) equipment, alongside new product launches [2]. Industry Outlook - The semiconductor equipment industry is expected to maintain a favorable outlook, with a 7.22% year-on-year increase in semiconductor equipment imports in China, reaching 32.4 billion USD [3]. - The global semiconductor equipment market is projected to grow, with a 7% increase in spending on 300mm wafer fab equipment expected in 2025, reaching 107 billion USD [3]. Market Position and Future Prospects - North Huachuang, as a leading state-owned enterprise in the semiconductor equipment sector, has a significant competitive edge in technology and product offerings, with its equipment being adopted by major downstream manufacturers [4]. - The company is expected to see long-term growth in revenue and profitability due to the ongoing trend of domestic semiconductor equipment replacement, with projected net profits of 7.10 billion yuan, 9.32 billion yuan, and 11.98 billion yuan for 2025-2027 [4].

Core Insights - The company reported a robust growth in performance, with a year-on-year revenue increase of 29.4% for Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the Chinese semiconductor equipment market and successful expansion into new customers and markets [1] - The net profit attributable to shareholders for the same period rose by 67.0% to 1.27 billion yuan, while the non-recurring net profit increased by 49.5% to 1.11 billion yuan [1] - The company maintained high R&D investment, with R&D expenses amounting to 870 million yuan, a year-on-year increase of 41.9% [2] Financial Performance - For Q3 2025, the company achieved a revenue of 1.88 billion yuan, reflecting a year-on-year growth of 19.6% and a quarter-on-quarter increase of 4.0% [1] - The net profit for Q3 was 570 million yuan, up 81.0% year-on-year and 26.9% quarter-on-quarter, while the non-recurring net profit was 430 million yuan, a year-on-year increase of 41.4% [1] - The gross margin for Q1-Q3 2025 was 49.5%, an increase of 1.1 percentage points year-on-year, and the net profit margin was 24.6%, up 5.5 percentage points year-on-year [2] Strategic Developments - The company is focusing on a platform-based approach in cleaning, electroplating, and coating development equipment, which is expected to benefit from the new cleaning and electroplating demands in HBM [3] - The company has achieved over 30% market share in domestic single wafer cleaning equipment, with its cleaning technologies reaching international leading levels [3] - The company has delivered over 1,500 electroplating chambers, with its 3D stacking electroplating equipment capable of handling high aspect ratio copper plating for advanced semiconductor structures [3] Profit Forecast and Investment Rating - The company has adjusted its net profit forecasts for 2025-2027 to 1.82 billion, 2.24 billion, and 2.55 billion yuan, respectively, reflecting an increase from previous estimates [4] - The current stock price corresponds to dynamic P/E ratios of 46, 37, and 33 times for the years 2025, 2026, and 2027, respectively, maintaining an "overweight" rating [4]

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company continues to experience high growth in its performance, with a year-on-year revenue increase of 29.4% in Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the semiconductor equipment sector [8][9] - The company's net profit for Q1-Q3 2025 increased by 67% year-on-year, amounting to 1.27 billion yuan, indicating robust operational performance [8][9] - The company is focusing on a platform-based strategy, successfully expanding its product offerings in cleaning, electroplating, coating, and etching equipment, which positions it well to benefit from the growing demand in the HBM sector [3][9] Financial Performance Summary - For 2023, the total revenue is projected at 3.888 billion yuan, with a year-on-year growth of 35.34% [1] - The net profit attributable to shareholders is expected to be 910.52 million yuan in 2023, reflecting a year-on-year increase of 36.21% [1] - The company maintains a high gross margin of 49.5% for Q1-Q3 2025, with a net profit margin of 24.6%, showing improved profitability [8][9] - The R&D investment for the company reached 870 million yuan in Q1-Q3 2025, a year-on-year increase of 41.9%, highlighting its commitment to innovation [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 1.82 billion yuan for 2025, 2.24 billion yuan for 2026, and 2.55 billion yuan for 2027, reflecting strong growth expectations [9] - The projected P/E ratios for the current stock price are 46 for 2025, 37 for 2026, and 33 for 2027, indicating a favorable valuation outlook [9]

Core Viewpoint - The PCB industry is experiencing significant growth, with companies like Shengyi Electronics reporting substantial increases in net profit due to a focus on high-value products and market demand for advanced PCB technologies [2][5]. Group 1: Company Performance - Shengyi Electronics expects a net profit of 1.074 billion to 1.154 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 476% to 519% [2]. - Other companies in the PCB supply chain have also reported growth, with seven companies achieving increases in both revenue and net profit for the same period [5]. - Notable performers include China National Materials, Dazhu CNC, and Defu Technology, all of which reported over 130% growth in net profit [5][6]. Group 2: Market Trends - The demand for AI-related products is driving growth in the PCB sector, with companies like Dazhu CNC noting increased revenue from AI server high-layer boards and innovative equipment sales [5][8]. - The expansion trend in the PCB industry is evident, with companies like Defu Technology and Feilihua announcing significant investment plans for production capacity [7]. - The ongoing AI wave is expected to sustain growth in demand for PCBs, particularly in high-end applications such as AI servers and automotive electronics [8][9]. Group 3: Technological Advancements - The PCB industry is undergoing a technological upgrade driven by the demand for high-speed communication and AI applications, necessitating advancements in materials and manufacturing processes [9]. - Key materials for achieving high-speed transmission include M9/PTFE resins and low-loss quartz fabrics, which are critical for the next generation of PCBs [9]. - The complexity of PCB production processes is increasing, particularly in exposure, drilling, and electroplating, which may enhance the value of related equipment manufacturers [9].