Investment Rating - The report maintains a "Buy" rating for Shengyi Technology (600183 CH) with a target price of 90 CNY, highlighting its leadership in the PCB and copper-clad laminate market [1]. Core Insights - The global PCB and copper-clad laminate industry is in the early stages of a structural upcycle driven by AI infrastructure investments, with a notable divergence in performance between high-performance products and standard products [1][2]. - The PCB market is expected to rebound strongly in 2025 with a growth rate of 12.8%, while the copper-clad laminate sector has already seen an 18% growth in 2024, indicating stronger pricing power [1][3]. - The demand for high-layer and HDI boards is surging due to AI server deployments, leading to a "super growth cycle" for these high-performance circuit boards [2][8]. Summary by Sections PCB Market Overview - The global PCB market is projected to recover in 2024 with a 5.8% increase in sales to 74 billion USD, following a 15% decline in 2023 due to inventory destocking and weak end-demand [3]. - The recovery is primarily driven by normalizing inventory levels and early investments in AI-related infrastructure [3][4]. - The market is expected to show a strong rebound in 2025, with a projected sales area growth of 10.3% and a sales revenue growth of 12.8% [4]. Copper-Clad Laminate Market Overview - The global copper-clad laminate market is anticipated to grow by 18% in 2024, driven by a 14% increase in sales volume and a 4% rise in average selling prices [13]. - The market's performance is significantly better than that of the PCB market, showcasing superior pricing power and value-added effects from product structure optimization [13][14]. Competitive Landscape - The copper-clad laminate market is characterized by an oligopolistic structure, with the top ten suppliers holding 77% of the market share, ensuring stronger market pricing power [2][29]. - In contrast, the PCB market is more fragmented, with the top forty suppliers accounting for approximately 50% of the market share, necessitating a strategic focus on high-value segments to maintain pricing power [2][29]. Material Cost Dynamics - Copper constitutes 60%-70% of the raw material costs for PCBs, and the structural increase in copper prices, driven by supply shortages and emerging demands from AI and clean energy sectors, is reshaping the cost structure of the PCB and copper-clad laminate supply chains [16][22]. - The London Metal Exchange copper prices have risen approximately 24% this year, impacting suppliers differently based on their product focus and pricing power [16][22].

Core Viewpoint - Anjie Technology (002635.SZ) is acquiring a 1% stake in Anjieli Meiwai Electronics (Xiamen) Co., Ltd. through its wholly-owned subsidiary Suzhou Jiliang Enterprise Management Co., Ltd. for approximately RMB 80.49 million, while also participating in a consortium to acquire an additional 46% stake in the same company through a public bidding process [1][2]. Group 1 - Suzhou Jiliang plans to form a consortium with other interested parties to jointly acquire the 46% stake in Anjieli Meiwai, with Suzhou Jiliang's share in the consortium being 9.8251%, translating to a purchase price of approximately RMB 363.80 million for a 4.5196% stake [2]. - Following the completion of this transaction, Suzhou Jiliang will hold a total of 5.5196% of Anjieli Meiwai's equity [2]. - Anjieli Meiwai is recognized as a leading domestic printed circuit board (PCB) company, with key products including high-end IC substrates, high-end PCBs, and CCS for new energy batteries, maintaining strong partnerships with well-known consumer electronics and new energy vehicle clients [2]. Group 2 - The acquisition is driven by the company's positive outlook on the growth prospects of high-end IC substrates, high-end PCBs, and CCS for new energy batteries, establishing a solid foundation for future collaboration [2]. - This transaction aligns with the company's strategy to enhance its core business and expand its market presence, thereby improving overall competitiveness [2].

Core Viewpoint - The article highlights the breakthrough of Qinghe Electronics Technology in the high-end IC substrate market, which has been dominated by foreign companies, addressing the domestic reliance on imports and filling a significant gap in China's semiconductor packaging materials [1][2][4]. Group 1: Company Achievements - Qinghe Electronics Technology has successfully developed high-precision, high-reliability IC substrates, achieving automation in production and meeting international standards within a short timeframe [2][3]. - The company has established a fully automated production line capable of mass-producing high-layer substrates (20 layers) and has completed preliminary technology reserves for glass substrates [3][6]. - The high-end chip packaging substrates produced by Qinghe have already been exported to multiple countries, marking a significant step towards international market penetration [4][7]. Group 2: Industry Context - The demand for high-end IC substrates is expected to increase significantly due to advancements in AI technology and high-performance computing, with a projected market gap emerging by 2026 [4][5]. - The semiconductor industry in Shandong has historically faced challenges, but Qinghe is building a comprehensive ecosystem from talent to materials, contributing to national security supply chains [6][7]. - The company aims to transition from a follower to a leader in the industry, with aspirations for an IPO by 2028-2029, reflecting its growth and innovation strategy [7][8].