Core Viewpoint - The company is poised for growth due to increased production capacity and strong demand in the AI-related PCB sector, with a focus on high-end products and strategic pricing adjustments [2][3]. Group 1: Company Developments - The company's subsidiary, Jiangxi Shengyi Technology, has successfully commissioned its first production line of the second phase project, adding a monthly capacity of 500,000 square meters of copper-clad laminate (CCL) by June 2025, with a total investment of 1.3 billion yuan [2]. - The second phase project, once fully operational, is expected to achieve an annual production capacity of 18 million square meters of high-end CCL and 34 million meters of adhesive sheets [2]. - The company is actively expanding its production capacity in Thailand, with ongoing construction to enhance its global competitiveness [3]. Group 2: Industry Trends - Downstream AI-PCB manufacturers are ramping up capacity, with notable investments such as Shenghong Technology's 250 million USD for computing power expansion and Huadian's 3.6 billion yuan for its Huangshi base [2]. - The demand for AI-related products is expected to drive an increase in production rates and profitability, with a notable rise in orders for AI servers, automotive HDI, and high-end consumer products [2]. Group 3: Market Outlook - The company anticipates that the third quarter will maintain the momentum seen in the second quarter, with a high order visibility from leading PCB manufacturers [2]. - The pricing strategy and order structure adjustments completed in Q2 are expected to be executed in Q3, contributing to improved gross margins [2]. - The CCL industry is expected to see stable price increases due to rising copper prices and adjustments in glass fiber cloth prices [2]. Group 4: Future Projections - The company is optimistic about its growth trajectory, with revenue projections for 2025-2027 being adjusted upwards, reflecting a positive outlook on high-end product demand in AI computing and other sectors [4]. - The company is expected to leverage its technological leadership and capacity in high-speed materials to capture a larger market share, particularly in the ASIC field [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is expected to achieve a revenue growth of 12.70% in 2024, reaching 3.362 billion yuan, with a significant increase in net profit by 138.86% to 50.32 million yuan, driven by the expansion of high-end products in the market [5][9]. - The company is actively expanding its production capacity, with an expected capacity of over 4 million sheets per month by the end of the year, supporting long-term growth [6]. - The demand for high-end products is increasing due to advancements in AI and computing power, with the company making significant strides in various high-tech material markets [7][8]. Company Overview - The latest closing price is 42.07 yuan, with a total market capitalization of 10 billion yuan [4]. - The company has a debt-to-asset ratio of 46.9% and a price-to-earnings ratio of 191.23 [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.851 billion yuan, 6.280 billion yuan, and 7.860 billion yuan, respectively, with corresponding net profits of 226.99 million yuan, 528.45 million yuan, and 833.94 million yuan [9][11]. - The expected growth rates for revenue in the coming years are 44.30% for 2025, 29.48% for 2026, and 25.15% for 2027 [11][14]. Production Capacity and Expansion - The company has multiple production bases, with significant capacity in Shanghai and Jiangxi, and plans for further expansion in overseas markets [6]. - The production lines are flexible and can support high-speed product manufacturing, with a current utilization rate of approximately 90% [6]. Market Position and Product Development - The company is focusing on high-end materials for various applications, including AI servers and automotive electronics, with several products already in mass production [7][8]. - The company has developed advanced materials that meet the stringent requirements of high-performance applications, positioning itself well in the competitive landscape [8].

点击注册小程序 查看完整报告 特别申明： 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。 报告摘要 公司产销水平持续增长 2024年生益科技生产各类覆铜板14371.48万平方米，比上年同期增长17.03%；生产粘结片18903.45万米， 比上年同期增长 12.28%。销售各类覆铜板14348.54万平方米，比上年同期增长19.40%；销售粘结片 18820.27万米，比上年同期增长11.50%；生产印制电路板147.16万平方米，比上年同期增长15.10%；销售 印制电路板145.69万平方米，比上年同期增长15.24%。 风险提示： 下游需求不及预期；市场拓展不及预期。 生益科技持续保持覆铜板行业领先地位 根据公司年报援引的美国Prismark调研机构对于全球刚性覆铜板的统计和排名，从2013年至2023年，生益 科 ...

文章转自2025年05月23日太平洋电子团 队报告 ，分析师：张世杰/李珏晗 盈34.45 利预、测41.28 及估亿元，同比增速分别为 值： 预计2025-2027年58.03% 营业总、收25.37% 入分别、19.83% 为238.53，对应 、278.73 25-27、年316.50 PE分别为亿元24X，同、比19X增速、16X 分别，维持 为16.99%"买入、"16.85% 评级。、13.55%；归母净利润分别为27.48、 风险提示： 下游需求不及预期风险；行业竞争加剧风险；地缘政治风险。 01 覆铜板行业核心厂商，盈利能力不断优化 1.1 公司概况：四十年深耕缔造全球覆铜板领航企业 全球覆铜板核心企业，深耕行业40年。公司成立于1985年，1998年在上交所上市，为国内覆铜板行业首家上市公司，是集研发、生产、销售、服务为一体的全球电子 电路基材核心供应商。根据 Prismark数据，公司自2013年至今硬质覆铜板销售总额已持续保持全球第二。公司下游市场辐射至服务器、通信、汽车电子和消费电子等 领域。公司覆铜板板材产量从建厂之初的 年产60万 平方米发展到2023年度的1.2亿平方米。 投资要 ...

文章转自2025年05月23日太平洋电子团 队报告 ，分析师：张世杰/李珏晗 投资要点 覆Prismark 加，公司产品结构优化，带动盈利能力提升。 行业下游受 铜板行数业据AI 核，心爆发结构性增长， 公厂司商自，13盈年利至能今力硬不上游质断覆优受铜价波动变化 铜化板。销公售司总为额全已球。持覆续印制电路板下游应用场景多元化，伴随 铜保板持核全心球企第业二，。深受耕益行传业统40市年场，回下暖游+AI 覆AI盖需需求持续攀升，全球算力基础设施建设投入加速，服务器及数 服求爆务发器，、公通司信24、年汽业车绩电高子速和反消弹费。电伴子随等高领端域品头类部出客货户占。比根增据 据中心应用领域增速预计显著提升，成为下游增速最快市场，24-29年5年复合增速预计约12%。铜箔作为覆铜板核心原材料，覆铜板成本受到铜价格波动影响。 LME铜价自20年开始攀升至9000-10000美元/吨左右。覆铜板作为PBC制造的关键材料，行业集中度高，CR5超55%，远高于下游PCB厂商，覆铜板厂商通过提价 等方式，向下游传导成本。 算力体系覆铜板量价齐升，公司高速覆铜板实现突围。 根据北美四大云厂商最新财报，资本开支整体仍延续高 ...

总的来说，新质生产力是指以科技创新为核心驱动力，以数字化、网络化、智能化、绿色化为特征，以 高端化、智能化、绿色化为方向，以新产业、新业态、新模式为载体的先进生产力。它是推动经济高质 量发展的重要引擎，是构建现代化产业体系的关键支撑。 内容概要：作为粤港澳大湾区重要节点城市，近年来，东莞市以建设"全球先进制造创新领航城市"为战 略目标，系统构建了层次分明、梯度发展的"8+8+4"现代化产业体系，形成了传统产业转型升级、战略 性新兴产业集聚发展、未来产业前瞻布局的立体化产业生态。其中，八大传统优势产业（食品饮料、造 纸及纸制品、纺织服装、化工制造、家具制造、包装印刷、玩具及文体用品、模具及精密制造）夯实产 业根基；八大战略性新兴产业（新一代电子信息、高端装备制造、半导体及集成电路、先进材料、新能 源、生物医药与健康、人工智能、低空经济）引领创新突破；四大未来产业（下一代移动通信、前沿新 材料、具身智能机器人、未来生命健康）培育发展新动能，共同构筑起支撑高质量发展的现代产业矩 阵。 上市企业：生益科技（600183.SH）、生益电子（688183.SH）、利扬芯片（688135.SH）、达瑞电子 （300976. ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 周期类产品淡季不淡，成长类产品加速放量 [Table_Title2] 生益科技(600183) [Table_Summary] 事件概述 公司发布 24 年年报和 25 年一季报： 24 年全年实现营业收入 203.88 亿元，同比增长 22.92%；实现 归母净利润 17.39 亿元，同比增长 49.37%；实现扣非后归母净 利润 16.75 亿元，同比增长 53.42%。 25 年 Q1 实现营业收入 56.11 亿元，同比增长 26.86%；实现归 母净利润 5.64 亿元，同比增长 43.76%；实现扣非后归母净利 润 5.60 亿元，同比增长 44.97%。 24 年业绩表现亮眼，25Q1 淡季需求不淡 公司 24 年业绩增长主要原因系： （1）周期产品：传统消费电子产品如智能手机、家电、可穿 戴设备等在政策支持下成为市场热点，需求持续回暖。 （2）成长产品：受 AI 服务器及相关领域创新驱动，带动高速 材料及高端产品的需求。为满足市场对下一代通用 OKS 服务 器、AI 服务器以及 ...

公司发布2024 年年报以及2025 年一季报：2024 年全年实现营业收入33.62 亿元，同比增长12.70%；归 母净利润0.5 亿元，同比扭亏为盈；2025 年第一季度实现营业收入9.52 亿元，同比增长45.04%；归母净 利润0.21 亿元，同比增长109.04%。 投资要点 业绩拐点已到，高端覆铜板为业绩赋能 公司2024 年实现营业收入33.62 亿元，同比增长12.70%。 其中，覆铜板业务实现营业收入26.03 亿元，同比增长11.82%，毛利率为3.07%，同比增加4.32 个百分 点；粘结片实现营业收入6.97 亿元，同比增加18.11%，毛利率为30.22%，同比增加4.30 个百分点。公 司2025 年第一季度实现归母净利润0.21 亿元，同比增加109.04%，主要系2025年第一季度公司产品结构 优化，毛利率提升影响所致。 美国商务部于美东时间4 月15 日宣布，NVIDIA H20、AMDMI308 以及同类型的AI 芯片，都增加了新 的中国出口许可要求。美国政府通知英伟达，向中国（包括香港和澳门）及D:5 国家或地区，或向总部 位于或最终母公司位于这些国家的公司出口H20 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company has reached an inflection point in performance, with high-end copper-clad laminates (CCL) driving revenue growth. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.70%. The CCL business generated 2.603 billion yuan in revenue, up 11.82%, with a gross margin of 3.07%, an increase of 4.32 percentage points [4][5]. - The first quarter of 2025 saw a significant revenue increase of 45.04% year-on-year, reaching 952 million yuan, with a net profit of 21 million yuan, reflecting a 109.04% increase year-on-year, primarily due to product structure optimization and improved gross margins [4][5]. Summary by Sections Market Performance - The company has shown strong market performance, with a current stock price of 37.04 yuan and a total market capitalization of 8.8 billion yuan. The stock has traded within a 52-week range of 16.68 to 40.29 yuan [1]. Business Developments - The U.S. government's restrictions on AI chip exports, including NVIDIA's H20, present opportunities for domestic AI chip manufacturers, enhancing the company's CCL business performance [6]. - The domestic AI chip Ascend 910C is positioned to compete with global leaders, with a transistor count of 53 billion and a half-precision (FP16) computing power exceeding 800 TFLOPS, achieving 60-80% of NVIDIA's H100 performance [7]. Industry Positioning - The company is a key player in the domestic AI computing power supply chain, focusing on CCL and prepreg products, which are essential for printed circuit board manufacturing [10]. - The company has established long-term partnerships with leading PCB manufacturers and maintains close technical collaborations with major clients in the industry [9]. Financial Forecast - Revenue projections for 2025-2027 are 4.740 billion, 5.996 billion, and 7.555 billion yuan, respectively, with corresponding EPS of 0.89, 2.06, and 3.42 yuan. The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 times for the respective years [12][14].

Core Viewpoint - The company has demonstrated significant growth in key financial metrics such as revenue and net profit, indicating a positive operational trend [1] Revenue Growth and Product Optimization - The company achieved a revenue of 3.362 billion yuan, a 12.70% increase from 2.983 billion yuan in the same period last year, driven by improved internal management and marketing strategies [2] - Revenue from copper-clad laminate products increased by 11.82%, while bonding sheet products saw an 18.11% rise, reflecting enhanced market competitiveness [2] Profitability Improvement - The net profit attributable to shareholders was 50.32 million yuan, a turnaround from a loss of 129.49 million yuan in the previous year, indicating a successful recovery [3] - The net profit excluding non-recurring items was 28.04 million yuan, up from a loss of 150.57 million yuan, attributed to better internal management and an increase in high-margin product sales [3] Expense Management - Sales expenses rose to 44.82 million yuan, a 6.86% increase from 41.94 million yuan, mainly due to stock incentive amortization and sales growth [4] - Management expenses surged by 55.26% to 64.85 million yuan from 41.77 million yuan, primarily due to stock incentive amortization and increased personnel costs, which may pressure future profits [4] - Financial expenses decreased to -1.09 million yuan from 1.02 million yuan, a reduction of 206.69%, positively impacting profits [4] - R&D expenses decreased by 6.51% to 170.98 million yuan from 182.88 million yuan, with a reduced proportion of R&D spending relative to revenue, indicating a shift towards production [4] Cash Flow Performance - Net cash flow from operating activities significantly increased to 325.31 million yuan from 25.93 million yuan, a growth of 1154.57%, indicating improved operational efficiency [5] - Cash outflow from investment activities decreased to -103.20 million yuan from -80.03 million yuan, reflecting a more cautious investment approach focused on core business [6] - Cash outflow from financing activities increased to -92.40 million yuan from 132.98 million yuan, a 169.48% decrease, showing a strategic adjustment in funding sources [7] Industry Risks - The company faces market competition risks due to an oversupply of low-end capacity and weak demand, leading to intense price competition [9] - Fluctuations in raw material prices, particularly for electronic copper foil, glass fiber cloth, and resin, could impact production stability and profitability [10] - The potential for increased accounts receivable due to expanded operations may pose a risk if not managed properly [11]