Group 1 - The core viewpoint is that Sors Technology, a leading player in the global optical communication module industry, has established a strong competitive edge through its vertically integrated product line and IDM model [1] - Sors Technology's business encompasses the entire process of optical chip design and manufacturing, optical device production, and optical module assembly, showcasing robust R&D capabilities and vertical integration [1] - The company has achieved mass production of high-speed optical modules for data centers, specifically 400G and 800G applications, and has a stable order reserve [1] Group 2 - The company aims to complete the acquisition by the third quarter of this year, with all parties actively promoting the necessary approvals [1] - Financial data for the first half of the year indicates a significant improvement in operational performance, with detailed results expected post-acquisition [1] - Key profit-contributing businesses for the year include flexible circuit board, rigid circuit board, touch display, and precision manufacturing, while the LED business is currently operating at a loss [1] Group 3 - The Thai factory is primarily focused on module board production, with expected production commencement in the fourth quarter of this year [1]

| | 场拓展层面打开全新增长空间。 | | --- | --- | | | 2、索尔斯预计什么时候完成交割？ | | | 回复：我们目标今年三季度内完成交割，目前各方正在积极推动 | | | 相关审批，努力尽快完成交割。 | | | 3、目前索尔斯的经营情况如何？ | | | 答：我们在收购公告里已披露了索尔斯的一年一期的财务数据， | | | 从数据上来看经营业绩提升还比较明显。目前还未股权交割，具 | | | 体的情况要等交割后才知晓。 | | | 4、公司今年主要贡献利润的业务有哪些? | | | 回复：公司努力推进今年经营性利润目标达成，软板业务凭借在 | | | 消费电子、新能源汽车等领域的布局与客户基础，是核心支撑； | | | 硬板业务受益于 5G 通信、数据中心等需求增长助力；触控显示 | | | 业务通过优化结构、提升效率，扭亏为盈贡献增量；精密制造业 | | | 务凭先进工艺与多元产品矩阵发挥作用。由于目前 LED 业务处亏 | | | 损状态，公司正调整方向、控成本，保障整体目标推进。 | | | 5、公司在泰国工厂的布局和预期效益如何? | | | 回复：软板主要规划产品是模组板，最 ...

点击招商研究小程序查看PDF报告原文 本篇报告分析了PCB/CCL产业链最新景气趋势。Q1 AI算力需求拉动稼动率向上，行业淡季不淡，进入Q2后，AI驱动的景气推 动稼动率保持高位运行。我们认为整体需求处于向上态势，AI算力在大模型训练以及AI应用持续优化迭代的推动下，需求仍旧 旺盛；AI端侧中长线以苹果为代表的端侧AI化升级以及汽车智能化趋势加速演进带来的新增需求值得期待；载板方面，市场需 求随AI/HPC芯片新品出货放量快速回暖，国内高端载板厂商亦有望取得新突破；CCL：算力侧高频高速材料需求弹性向上，国 内头部厂商有望深度受益。PCB板块今年处于高景气，估值有向上空间，我们认为PCB/CCL行业兼具周期和成长属性，算力+AI 端侧等创新有望打开行业新的增长空间，建议积极关注。 景气度跟踪：行业处于景气扩张周期，下游AI 创新驱动需求向上。下游终端需求： 手机等消费终端整体需求延续弱复苏，AI算 力建设推动服务器及交换机升级需求，汽车上半年总体销量表现良好。 库存： 中国台湾PCB 月度CP值连续6个月处于0.5以上， 整体优于去年同期，中国大陆及台股PCB厂商库存及周转均环比向上，显示整体需求温和向上。 ...

证券研究报告 | 行业定期报告 2025 年 06 月 16 日 AI 算力 PCB 及高速 CCL 需求向上，供应缺口推动高阶产能加速扩张 PCB 行业深度跟踪报告 TMT 及中小盘/电子 本篇报告分析了 PCB/CCL 产业链最新景气趋势。Q1 AI 算力需求拉动稼动 率向上，行业淡季不淡，进入 Q2 后，AI 驱动的景气推动稼动率保持高位运 行。我们认为整体需求处于向上态势，AI 算力在大模型训练以及 AI 应用持续 优化迭代的推动下，需求仍旧旺盛；AI 端侧中长线以苹果为代表的端侧 AI 化 升级以及汽车智能化趋势加速演进带来的新增需求值得期待；载板方面，市 场需求随 AI/HPC 芯片新品出货放量快速回暖，国内高端载板厂商亦有望取 得新突破；CCL：算力侧高频高速材料需求弹性向上，国内头部厂商有望深 度受益。PCB 板块今年处于高景气，估值有向上空间，我们认为 PCB/CCL 行业兼具周期和成长属性，算力+AI 端侧等创新有望打开行业新的增长空 间，建议积极关注。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 505 | 9.9 | ...

Group 1 - The core viewpoint is that the automotive sector is experiencing stable growth, while AI products are expected to open a second growth curve for the company [1][4] - The company has deepened its presence in the PCB industry with three major product lines: rigid boards, flexible boards, and metal substrates, covering various fields including automotive, consumer electronics, data centers, and communications [1] - The company is actively expanding its high-end capabilities, with significant progress in ramping up production at its Zhuhai Jinwan HLC and HDI factories, aiming to create high-tech, high-value-added products [1][3] Group 2 - The automotive industry is transitioning towards electrification and intelligence, with electric vehicle penetration still low but expected to rise, and AI technology driving the maturity of intelligent driving solutions [2] - The company has accumulated deep expertise in the automotive board sector and is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry [2] - The demand for AI servers and high-speed network systems is expanding, leading to increased requirements for high-layer PCBs and high-end HDI products [3] Group 3 - The company has begun mass shipments of certain products in the AI server field and holds a leading advantage in emerging applications such as high-speed FPC and ultra-high-layer PTFE [3] - The company has achieved mass production capabilities for 800G optical modules and is preparing for 1.6T optical module production, continuously supplying major optical module clients [3] - The company is expected to maintain high growth in automotive and AI-related businesses over the next few years, with projected net profits of 1.545 billion, 1.984 billion, and 2.507 billion yuan for 2025-2027 [4]

星标 ★ IPO日报 精彩文章第一时间推送 日前，科创板上市公司深圳市迅捷兴科技股份有限公司（688655.SH）（下称"迅捷兴"）发布公告，拟通过发行股份及支付现金方式收购深圳市嘉之宏电 子有限公司（下称"嘉之宏"）100%股权，并募集配套资金。 公告显示，公司股票自3月27日起停牌，预计不超过10个交易日。此次交易预计构成重大资产重组，目前迅捷兴与交易方已签署《意向协议》，但具体交 易对价、支付比例等细节尚未披露。 就交易双方主营业务来看，此次收购属于同行业产业整合，双方同属于电子电路制造行业，其中，迅捷兴产品主要聚焦在硬板产品，而嘉之宏主要聚焦在 软板产品，具有一定的协同效应。 停牌前，公司股价上涨6.54%，为14.33元/股，市值回升至19亿元。 制图：佘诗婕 "上市即巅峰" 此次收购或许是迅捷兴打破业绩僵局的一战，亦是印制电路板（PCB）行业"大鱼吃小鱼"的缩影。 2024年以来，PCB价格战带来行业竞争升级，集中度持续提升，行业企业纷纷开展并购，或通过横向整合扩大市场份额，或纵向延伸切入高附加值领域。 就本次迅捷兴收购动作来看，应该属于后者。 具体来看，迅捷兴主营业务为印制电路板（PCB）的研发 ...