（文章来源：证券日报） 证券日报网讯 1月8日，崇达技术在互动平台回答投资者提问时表示，公司专注于高端PCB产品，并在 医疗设备领域拥有业务布局，产品已应用于多种传统医疗仪器。针对脑机接口这一前沿领域，公司目前 暂未涉及相关业务。 ...

证券日报网讯1月8日，崇达技术（002815）在互动平台回答投资者提问时表示，公司通过持续优化产品 结构，使高端PCB产品收入占比超60%，并积极开展112G通讯等前沿技术研发以提升毛利率。公司产品 主要出口至美洲、欧洲、日本及亚太等地。在6G领域已有产品处于样品阶段，但目前在量子科技、脑 机接口及生物制造方面暂未涉及。 ...

格隆汇1月8日丨崇达技术(002815.SZ)在互动平台表示，公司专注于高端PCB产品，并在医疗设备领域拥 有业务布局，产品已应用于多种传统医疗仪器。针对您所关注的脑机接口这一前沿领域，公司目前暂未 涉及脑机接口相关业务。 ...

格隆汇1月8日丨崇达技术(002815.SZ)在互动平台表示，公司通过持续优化产品结构，使高端PCB产品收 入占比超60%，并积极开展112G通讯等前沿技术研发以提升毛利率。公司产品主要出口至美洲、欧 洲、日本及亚太等地。在6G领域已有产品处于样品阶段，但目前在量子科技、脑机接口及生物制造方 面暂未涉及。 ...

Core Viewpoint - PCB industry leader, Pengding Holdings, reported a short-term revenue fluctuation with a 5.58% decrease in consolidated revenue for November 2025 compared to the same month last year, amounting to approximately 381.935 million yuan [1][4]. Company Performance - Despite the monthly revenue adjustment, the overall performance remains stable with a growth trend. In 2024, the company achieved a revenue of 35.1 billion yuan, a year-on-year increase of 9.59%, and a net profit attributable to shareholders of 3.6 billion yuan, up 10.14% [3][7]. - For the first three quarters of 2025, the company continued its growth momentum, with cumulative revenue reaching 26.9 billion yuan, a 14.34% year-on-year increase, and a net profit of 2.4 billion yuan, reflecting a 21.95% growth [3][7]. Strategic Initiatives - The company is actively pursuing forward-looking strategic layouts to cultivate new growth drivers. It is investing 8 billion yuan to build the Huai'an Industrial Park, focusing on high-end PCB products for AI servers and high-performance computing, capitalizing on the incremental demand from the global AI industry [3][8]. - Through the acquisition of a 53.68% stake in Wuxi Huayang Technology, the company has successfully entered the automotive electronics sector, particularly in the high-density interconnect board market related to smart cockpits and autonomous driving, enhancing its business diversification and cyclical resilience [3][8]. Industry Outlook - The PCB industry is considered a cornerstone of the electronic information sector, with demand closely linked to technological innovation and industrial upgrades. The rapid development of emerging industries such as 5G communication, artificial intelligence, smart vehicles, and the Internet of Things is expected to continuously elevate the technical requirements and market demand for high-end PCB products, indicating long-term growth potential for the industry [4][8].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the focus on uncovering investment value from significant events, analyzing industry chain companies, and interpreting key policies [1] - The company is involved in commercial aerospace and PCB, participating deeply in space computing constellation technology development and undertaking satellite on-orbit testing and demand demonstration projects [1] Group 2 - The company has completed the prototype development of satellite direct connection to mobile phones, indicating advancements in high-end PCB products [1] - The target users for the company's high-end PCB products include aerospace, marine, and other specialized equipment [1]

Core Viewpoint - The report from Changcheng Securities indicates that the demand for AI computing power is continuously strong, leading to a significant increase in prices for Flash Wafer and related high-end PCB products, benefiting the entire industry chain [1][2][3]. Group 1: Capital Expenditure Adjustments - Major North American CSPs such as Google, Microsoft, Amazon, and Meta have raised their capital expenditure forecasts for 2025, reflecting an unexpected surge in AI computing power demand [2][3]. - Google has increased its 2025 capital expenditure forecast from $85 billion to $91-93 billion, with a backlog of cloud orders amounting to $155 billion, up 82% year-on-year [3][4]. - Microsoft anticipates a growth rate in capital expenditure for FY26 that will exceed that of FY25, with a remaining performance obligation (RPO) nearing $400 billion, reflecting over 50% growth [4]. - Amazon's AWS backlog has reached $200 billion, with a capital expenditure forecast of $125 billion for 2025, expected to rise further in 2026 [4]. - Meta has also adjusted its 2025 capital expenditure forecast to between $70 billion and $72 billion, anticipating significant growth in computing power demand [4]. Group 2: NAND Flash Price Surge - NAND Flash prices have surged significantly, driven by major manufacturers reducing supply to counteract previous oversupply issues and enhance profitability [5][6]. - Companies like Samsung and Kioxia have lowered their NAND wafer production targets for the year, with Samsung reducing its target from 5.07 million wafers to approximately 4.72 million, a decrease of about 7% [5]. - The demand for NAND is expected to exceed supply significantly, with forecasts indicating that the data center market's bit demand will grow by over 40% year-on-year in 2026 due to increased AI inference capabilities [6].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 14.117 billion yuan, a year-on-year growth of 83.40%. The net profit attributable to shareholders was 3.245 billion yuan, reflecting a year-on-year increase of 324.38% [3][5] - The third quarter saw a revenue of 5.086 billion yuan, with a quarter-on-quarter growth of 7.80%. However, net profit for Q3 decreased by 9.88% compared to the previous quarter [3][5] - The company's strong performance is attributed to its deep engagement with international leading clients and the mass production of high-end PCB products in AI computing power and data center sectors [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 35.85%, up 14.30 percentage points year-on-year, and a net margin of 22.98%, up 13.05 percentage points year-on-year [5] - The Q3 gross margin was 35.19%, down 3.64 percentage points quarter-on-quarter, and the net margin was 21.66%, down 4.25 percentage points quarter-on-quarter [5] Market Position and Growth Drivers - The company is expected to benefit from the upcoming launch of new technologies by Nvidia, which will enhance the value of PCB and CCL materials significantly [5] - The company has a strong first-mover advantage in the high-end PCB sector, with deep technical accumulation and customer stickiness, positioning it well to benefit from the new generation of products from major clients [5] Earnings Forecast - The projected earnings per share (EPS) for 2025 and 2026 are 5.66 yuan and 8.72 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 58 and 38 [5][6]

Core Insights - Shenzhen Guanghetong Wireless Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for A+H share enterprises [1][3] - Guanghetong is a leading player in the global communication module industry, with a market share ranking second globally and first in several verticals [3] Group 1 - Guanghetong's products are widely used in emerging fields such as automotive electronics and smart home applications, serving major clients like BYD, Lenovo, and HP [3] - The investment by Jiangxi Ganxiang Industrial Investment Group represents its first participation in an overseas direct investment (ODI) project [3] - The successful listing was facilitated by the "private placement investment" model and the strategic location advantages of Shangli as a core cooperation node in the Ganxiang region [3] Group 2 - Guanghetong plans to invest in the Jiangxi Guanghetong IoT Communication Industrial Park project in Shangli, gradually transferring its high-end product lines to the area [5] - The annual procurement demand for high-end PCB products by Guanghetong is approximately 200 million yuan, which will synergize with existing listed companies in Shangli, such as Jiahe Intelligent and Guoguang Electric [5] - This initiative aims to create a "three-engine" model for industrial transformation and upgrading in Shangli, attracting more upstream and downstream supporting enterprises and enhancing the competitiveness of the PCB industry cluster [5]

Core Viewpoint - The company, Shenghong Technology, emphasizes its competitive advantages in R&D, manufacturing, and quality technology, aiming to enhance its core competitiveness in the high-end PCB product sector while expanding customer resources [1] Group 1 - The company has established deep collaborations with numerous domestic and international technology giants [1] - Shenghong Technology provides comprehensive services to clients, from product planning to technology capability enhancement and expansion plans [1] - The company plans to continue focusing on the high-end PCB product field in the future [1]