报告期内，胜宏科技坚定执行"拥抱AI，奔向未来"的核心发展理念，精准把握AI算力技术革新与数据中 心升级浪潮带来的历史新机遇，占据全球PCB制造技术制高点，凭借研发技术优势、制造技术优势和品 质技术优势，深耕细作国际头部大客户，快速落地AI算力、数据中心等领域的产品布局，实现大规模 量产，产品结构持续优化，推动公司业绩高速增长。 2025年上半年，胜宏科技充分发挥自身技术优势，深度参与客户产品预研，深化与全球头部科技行业客 户战略合作。公司率先突破高多层与高阶HDI相结合的核心技术壁垒，具备100层以上高多层板制造能 力，是全球首批实现6阶24层HDI产品大规模生产，及8阶28层HDI与16层任意互联(Any-layer)HDI技术 能力的企业，并加速布局下一代产品，支持最前沿人工智能产品及自动驾驶平台。凭借领先的技术能 力、交付能力和全球化服务能力，公司已成为国内外众多头部科技企业的核心合作伙伴，在AI算力 卡、AI Data Center UBB和交换机市场份额全球领先。根据Prismark数据，公司位列全球PCB供应商第6 名、中国内资PCB厂商第3名。 全球化布局上，2025上半年，胜宏科技坚定实施" ...

格隆汇8月25日｜东莞证券研报指出，沪电股份2025上半年归母净利润、扣非后归母净利润分别为16.83 和16.44亿元，同比分别增长47.50%和47.90%，处于业绩预告中枢区间，符合预期。主要受益于AI服务 器、交换机等数据中心基础设施的强劲需求推动，高多层板、HDI等产品需求持续加大，驱动业绩进一 步释放。为满足客户对高端PCB需求，公司通过技改、新建项目等方式推进产能扩张，其中昆山新建项 目计划年产HDI29万平方米，有望充分受益AI浪潮。汽车板稳健增长，胜伟策经营向好。公司上半年汽 车板营业收入为14.22亿元，同比增长24.18%。其中毫米波雷达、采用HDI的自动驾驶辅助以及智能座 舱域控制器、埋陶瓷、厚铜、p2Pack等新兴汽车板产品市场持续成长。 ...

2025 年 8 月 25 日 投资要点： 罗炜斌 电子行业 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： | 罗炜斌 | | | --- | --- | | SAC 执业证书编号： | | | S0340521020001 | | | 电话：0769-22110619 | | | 邮箱： | | | luoweibin@dgzq.com.cn | 公 | | 陈伟光 | 司 | | SAC 执业证书编号： | 研 | | S0340520060001 | | | 电话：0769-22119430 | 究 | | 邮箱： | | | chenweiguang@dgzq.com.cn | | | 主要数据 2025 年 8 | 月 22 日 | | 收盘价(元) | 55.63 | | 总市值（亿元） | 1,070.31 | | 总股本(亿股) | 19.24 | | 流通股本(亿股) | 19.22 | | ROE（TTM） | 24.56% | | 12 月 ...

Group 1 - The PCB sector experienced a significant surge on the 22nd, with notable stock increases such as Ding Tai Gao Ke rising nearly 18% and Guangxin Materials up over 10% [1] - The demand for printed circuit boards (PCBs) is expected to explode due to the acceleration of AI computing infrastructure construction, with a projected CAGR of 11.6% for server and storage PCBs from 2024 to 2029 according to Prismark and CITIC Securities [1] - High-layer boards, high-density interconnect (HDI) boards, and IC carrier boards are anticipated to see rapid growth in output value, with leading domestic PCB companies expected to invest 41.9 billion yuan from 2025 to 2026 [1] Group 2 - AI servers will have higher requirements for PCB usage, density, and performance, leading to increased precision demands in processes such as exposure, drilling, plating, and inspection [1] - Domestic PCB equipment manufacturers are expected to capitalize on the favorable conditions in the AI PCB market, accelerating the validation of emerging technologies and expanding their market share and value [1] - Companies focusing on AI PCB equipment, particularly in laser, vision, and inspection technologies, are recommended for investment consideration [1]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The high-end PCB capacity is accelerating, leading to a favorable cycle for the PCB industry chain. The demand for high-end PCBs is driven by the upgrade of AI server hardware, with global AI server shipments expected to grow from 500,000 units in 2020 to 2 million units in 2024, representing a compound annual growth rate (CAGR) of 45.2% [7][8] - The structural characteristics of the PCB market show a "high-end shortage and low-end pressure," with products like copper-clad laminates and HDI experiencing simultaneous volume and price increases. Major companies are expanding their high-end product capacities to meet the growing demand [8][10] Summary by Sections Market Review - The Shanghai Composite Index closed at 3,696.77 points with a weekly increase of +1.7%. The Shenzhen Component Index closed at 11,634.67 points with a weekly increase of +4.55%. The ChiNext Index closed at 2,534.22 points with a weekly increase of +8.58% [5] Technology Industry Viewpoints - The report emphasizes the importance of focusing on PCB, ODM, AIOT, and AIDC sectors for low-cost investment opportunities following a short-term price correction [7] Investment Recommendations - Recommended companies in the PCB sector include Shenghong Technology, Huidian Co., Jingwang Electronics, and Shengyi Technology, which are expected to benefit from the increased demand for high-end PCBs driven by AI server shipments [7][10] - PCB equipment manufacturers such as Chipbond Technology, Dazhu CNC, Dongwei Technology, and Rilun Technology are also expected to benefit from the growth in high-end PCB demand [10] - The report suggests that the expansion of PCB production capacity will lead to increased demand for PCB-specific production equipment, particularly in key production processes [8][10]

据证券之星公开数据整理，近期大族数控(301200)发布2025年中报。截至本报告期末，公司营业总收入 23.82亿元，同比上升52.26%，归母净利润2.63亿元，同比上升83.82%。按单季度数据看，第二季度营 业总收入14.22亿元，同比上升74.72%，第二季度归母净利润1.46亿元，同比上升84.0%。本报告期大族 数控应收账款上升，应收账款同比增幅达47.48%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率30.28%，同比增14.75%，净利率10.97%，同比 增19.8%，销售费用、管理费用、财务费用总计2.53亿元，三费占营收比10.6%，同比增1.33%，每股净 资产12.65元，同比增8.5%，每股经营性现金流-1.3元，同比减339.09%，每股收益0.63元，同比增 85.29% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.64亿 | 23.82 亿 | 52.26% | | 归母净利润(元) | 1.43亿 | 2.63亿 | 83.82% | | 扣非净利润(元) ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 3.769 billion yuan, a year-on-year growth of 91.00%, and a net profit of 531 million yuan, a year-on-year increase of 452.11% [2][5]. - The gross margin and net margin for the first half of 2025 were 30.39% and 14.08%, respectively, reflecting increases of 10.70 percentage points and 9.21 percentage points year-on-year [2][5]. - In Q2 2025, the company achieved revenue of 2.189 billion yuan, a year-on-year growth of 101.12% and a quarter-on-quarter growth of 38.61%, with a net profit of 330 million yuan, marking a year-on-year increase of 374.34% and a quarter-on-quarter increase of 65.01% [2][5]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 3.769 billion yuan and a net profit of 531 million yuan, with gross and net margins of 30.39% and 14.08% respectively [2][5]. - In Q2 2025, revenue was 2.189 billion yuan, with a net profit of 330 million yuan, indicating strong growth in both metrics [2][5]. Market Position and Strategy - The company is focusing on high-end product lines and enhancing production capacity to meet the growing demand in AI servers and high-performance computing [12]. - The company is optimizing its production structure and has invested 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards, aiming for a production capacity of 700,000 square meters annually [12]. Future Outlook - The company is expected to achieve net profits of 1.096 billion yuan, 1.625 billion yuan, and 2.249 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 42.79, 28.85, and 20.85 [12].

Core Viewpoint - The demand for printed circuit boards (PCBs) is surging due to the accelerated construction of AI computing power infrastructure, with significant growth expected in high-layer boards, high-density interconnect (HDI) boards, and IC substrates. Domestic manufacturers are actively expanding high-end capacity, and it is anticipated that domestic PCB equipment manufacturers will seize the AI PCB boom, validating emerging technologies and capturing incremental demand, leading to an increase in domestic market share and value enhancement [1]. Supply and Demand Trends - Structural demand for high-layer boards, HDI boards, and IC substrates is robust due to AI servers. The overall demand for AI PCBs is outpacing supply, with a projected compound annual growth rate (CAGR) of 11.6% for global market server/storage PCBs from 2024 to 2029, driven by AI demand. The planned output value for high-layer boards, HDI boards, and IC substrates is growing rapidly, with an estimated investment of 41.9 billion yuan from leading domestic AI PCB companies by 2025-2026 [1][2]. AI PCB Upgrades - The usage and specifications of PCBs are evolving due to AI servers. For instance, the configuration of Nvidia's NVL36 includes 36 GPUs, 18 CPUs, and 9 NVSwitches, with even higher usage in the NV72 model. The demand for high-layer and HDI PCBs is increasing, leading to higher requirements for wiring, copper plating, and blind/buried holes [2]. Beneficiaries in AI PCB Equipment - The increase in layers and precision in PCBs is benefiting exposure, drilling, electroplating, and inspection equipment. According to Prismark, the global market value shares for these equipment types are 17%, 21%, 7%, and 15%, respectively. The demand for more precise wiring is raising requirements for LDI equipment, while higher layer counts and complex HDI structures are increasing the need for micro-drilling and laser drilling technologies. The uniformity requirements for micro-hole filling are also rising, with expectations for VCP penetration rates to improve from 55% [3][4].

Core Viewpoint - The demand for printed circuit boards (PCBs) is surging due to the accelerated construction of AI computing infrastructure, leading to significant growth in the value of high-layer boards, high-density interconnect boards (HDI boards), and IC substrates [1] Group 1: Industry Trends - The investment amount for leading PCB companies in China is expected to reach 41.9 billion yuan by 2025-2026 [1] - AI servers have higher requirements for PCB usage, density, and performance, which increases the precision demands on related equipment [1] Group 2: Opportunities for Domestic Manufacturers - Domestic PCB equipment manufacturers are likely to seize the opportunity presented by the AI PCB boom, accelerating the validation of emerging technologies [1] - There is an expectation for an increase in domestic market share and value enhancement for PCB equipment manufacturers [1] Group 3: Recommended Focus Areas - Companies involved in laser, vision, and inspection technologies related to AI PCB equipment are suggested for attention [1]

Market Outlook - The global printed circuit board (PCB) market is expected to grow by 6.8% in value and 7.0% in shipment volume in 2025, driven by increased demand in mobile, server, and communication sectors [2][3] - The company anticipates a significant increase in sales orders in high-demand areas such as mobile and automotive sectors, supported by a recovery in market prices for high-layer boards and HDI products [2][3] Capacity and Production - Current overall capacity utilization is approximately 85% [3] - The company is accelerating the release of high-layer PCB capacity in its Zhuhai plants and planning to establish a new HDI factory in Jiangmen to meet growing customer demand [3][5] Profitability Improvement Measures - The company is focusing on high-value customers and optimizing its sales structure to improve profit margins, with initial positive results observed in early 2025 [4] - Strategies include enhancing the sales team's capabilities, managing costs effectively, and improving order delivery and customer service levels [4][5] Cost Management - The company is implementing detailed cost control measures to address rising raw material costs, including dynamic monitoring of costs and optimizing material usage [7][8] - A structural price adjustment strategy is being considered to ensure the feasibility of price changes in response to market conditions [7] U.S. Market Exposure - Currently, approximately 10% of the company's revenue comes from the U.S. market [9] - The company is diversifying its market strategy to reduce reliance on the U.S. market, with domestic sales now exceeding 50% of total revenue [9][10] Response to Tariffs - The company is negotiating with overseas clients regarding pricing and delivery terms to mitigate the impact of U.S. tariffs [10] - Plans to accelerate the establishment of overseas production bases, such as in Thailand, are underway to localize supply and reduce tariff costs [10]