Core Viewpoint - The PCB industry is experiencing a technological revolution driven by the demand from AI data centers, electric vehicles, foldable phones, and robotics, leading to a significant increase in PCB demand and domestic manufacturers accelerating high-end capacity expansion [1] Group 1: AI Servers - AI servers require advanced PCBs with increased layers, leading to a cost increase of 3 times compared to traditional boards, with prices for specialized materials being over 5 times that of standard materials [2][4] - Major manufacturers like Shenghong Technology and Huadian Co. have AI server PCB orders booked until Q1 2026, with some companies operating at full capacity 24/7 [4] - The global market for high-layer PCBs (18 layers and above) is expected to grow at a rate of 41.7% by 2025 [4] Group 2: Electric Vehicles - The value of PCBs in electric vehicles has doubled, with a single vehicle's PCB value reaching 1500-2000 RMB, which is twice that of traditional fuel vehicles [5] - Advanced driving systems require 16-layer HDI boards, with prices exceeding 5000 RMB, and domestic market share for these boards has increased from 30% in 2023 to 45% [6] - The global automotive PCB market is projected to reach 9.4 billion USD by 2025, driven by the production of 77GHz radar boards for Tesla's Robotaxi [9] Group 3: Consumer Electronics - The integration level in consumer electronics is increasing, with the mainboard area of the iPhone 16 Pro reduced by 20.7% while accommodating more AI chips, thanks to SLP technology [10] - Companies like Pengding Holdings are investing significantly in expanding high-end HDI production lines, with a 50% increase in capacity at their Huai'an factory [10] - The penetration rate of HDI boards in consumer electronics is expected to exceed 35% due to the rise of AI PCs, with monthly order growth of 20% for AI PC PCBs [10] Group 4: Robotics - The demand for PCBs in the robotics sector is structurally increasing, with companies like Yushu Technology and UBTECH focusing on high-density and high-reliability PCB requirements [11] - The robotics industry is pushing for upgrades in PCB technology, indicating a broad long-term growth potential [11] Group 5: Industry Outlook - The global PCB market is expected to grow at a CAGR of 5.2% from 2024 to 2029, with AI servers, 800G switches, and robotics applications driving a 3-5 percentage point increase in industry gross margins [13] - The PCB industry is currently in a dual-cycle resonance period of "technological upgrades and domestic substitution," with companies like Shenghong Technology and Shengyi Technology poised for breakthroughs in AI computing, automotive electronics, and robotics [13]

内容概况：类载板（SLP）作为介于传统PCB与IC封装基板之间的新型电路板技术，近年来发展迅速。 2024年，全球类载板（SLP）行业市场规模为315亿元，同比增长6.06%。从技术趋势来看，SLP技术凭 借其高密度布线、多层堆叠结构以及出色的先进封装兼容性，成功满足了电子产品日益小型化和高性能 化的需求。与传统HDI相比，SLP的线宽/线距最小可以缩短到20/35微米，同等条件下，电子元器件承 载数量可以达到HDI的两倍。随着技术的持续进步，SLP技术正朝着更高密度和更精细线路的方向迈 进。 相关上市企业：鹏鼎控股（002938）、兴森科技（002436）、深南电路（002916）、东山精密 （002384）、景旺电子（603228） 相关企业：诺德新材料股份有限公司、广东嘉元科技股份有限公司、中国巨石股份有限公司、江苏长海 复合材料股份有限公司、中国石油化工股份有限公司、福建三木集团股份有限公司、四川东材科技集团 股份有限公司、大族激光科技产业集团股份有限公司、北方华创科技集团股份有限公司、苏州迈为科技 股份有限公司、苏州华兴源创科技股份有限公司、无锡日联科技股份有限公司、华为技术有限公司、小 米通讯技术 ...

事件： 风险提示：行业需求不及预期；新产品研发导入不及预期；市场竞争加剧；地缘政治风险。 4 月25 日公司发布2024 年度报告及2025 年一季度报告，2024 年公司实现营业收入58.17 亿元，同比增 加8.53%；实现归母净利润-1.98亿元，同比下降193.88%。2025 年一季度，公司实现营业收入15.80亿 元，同比增加13.77%；实现归母净利润0.09 亿元，同比下降62.24%。 投资建议： 我们预计公司2025 年~2027 年收入分别为73.07 亿元、92.06 亿元、117.84 亿元，归母净利润分别为1.54 亿元、4.15 亿元、8.57亿元，考虑到公司作为国内少数坚定投入应用于GPU/CPU 等芯片的FCBGA 载板 厂商，以及当前国产替代的大背景，2025 年处于稼动率爬坡期，但未来两年确定性较高，给予2026 年 56 倍市盈率，对应12 个月目标价13.75 元，维持"买入-A"投资评级。 PCB 样板业务经营稳定，客户和产品结构不断优化年报披露，公司样板业务整体经营稳定，北京兴斐 HDI 板和类载板（SLP）业务稳定增长，北京兴斐受益于战略客户高端手机业务的恢复性 ...