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" ...

PCB头部厂商鹏鼎控股（002938）8月26日举办半年度业绩说明会，公司高管指出，公司积极投入AI服 务器及光模块市场，以实现AI云-管-端全链条布局；另外，公司主要以进口高端覆铜板材料为主，此类 材料的市场价格波动相对较小，因此对公司整体成本的影响也较为有限。 今年上半年，鹏鼎控股实现总营业收入163.75亿元，同比增长24.75%；实现归母净利润12.33亿元，同 比增长57.22%。 对于上半年业绩增长，公司董事长兼首席执行官沈庆芳表示，从产品结构看，消费电子产品和汽车、服 务器类产品在整体营收的占比提升，这两类业务毛利率高于通讯类产品，对毛利率提升有正向促进；另 外，部分新产线在二季度良率环比明显改善；公司持续进行降本增效，提升生产效率，使得公司在报告 期内成本得到较好控制。下半年属于公司经营旺季，公司稼动率目前处于满产状态，具体经营情况敬请 关注公司月度营收公告及定期报告。 鹏鼎控股副总经理兼董事会秘书周红表示，公司积极投入AI服务器及光模块市场，以实现AI云-管-端全 链条布局，目前公司在淮安园区具备相关产能；此外，公司计划在淮安园区以自有资金投资合计80亿 元，建设包括SLP、高阶HDI及HL ...

证券研究报告 | 公司点评报告 2025 年 08 月 13 日 鹏鼎控股（002938.SZ） % 1m 6m 12m 绝对表现 31 26 52 相对表现 27 20 28 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 80 Aug/24 Dec/24 Apr/25 Jul/25 (%) 鹏鼎控股 沪深300 25Q2 业绩高增，上修 AI PCB Capex 加速产能扩张和客户导入 TMT 及中小盘/电子 事件：公司公告 25H1 收入 163.8 亿 同比+24.75%；归母净利润 12.3 亿同 比+57.2%；扣非归母净利 11.5 亿 同比+51.9%，毛利率 19.1%同比+1.1pct， 净利率 7.5%同比+1.5pct。结合公司母公司臻鼎科技的财报信息及公司近况， 我们点评如下： 强烈推荐（维持） 当前股价：51.84 元 基础数据 | 总股本（百万股） | 2318 | | --- | --- | | 已上市流通股（百万股） | 2307 | | 总市值（十亿元） | 120.2 | | 流通市值（十亿元） | 119.6 | | 每股净资产（MRQ） | 13. ...

人民财讯8月4日电，广合科技（001389）在互动平台上表示，公司泰国工厂目前已正式投产，目前正处 于产能爬坡阶段。公司已经具备高阶HDI产品工艺能力，并针对性地提升相关产品的产能，PCB作为高 度定制化产品，具体量产需配合下游客户订单需求。 ...

Summary of Key Points from Conference Call Records Industry Overview - The PCB industry is benefiting from increased demand for computing power, with a steady recovery in high-end board demand. The global PCB market is expected to grow by 5.8% year-on-year in 2024 and by 6.8% in 2025. High-layer and HDI product categories are projected to grow by 40% and over 10% respectively in 2025, reflecting optimistic expectations for AI computing power demand [1][4]. Core Insights and Arguments - Increased investment in the AI industry has positively impacted the PCB sector. The total addressable market (TAM) for data centers has been revised upward by 29% to $55.4 billion. Major overseas FSP manufacturers reported a 60% year-on-year increase in capital expenditure in Q1 2025, with Meta raising its 2025 capital expenditure forecast to between $64 billion and $72 billion [1][5]. - High-layer HDI products have a significant competitive advantage in AI servers, requiring low cost, high yield, and stable mass delivery. High-end HDI products must maintain a layer error of within 20 microns, which demands advanced technical research and experienced teams [1][6]. - CCL materials like PTFE are suitable for high-speed interconnect applications due to their low dielectric constant and low loss factor, which help maintain signal integrity, especially for GPU high-speed interconnects [1][8]. - The upstream copper-clad laminate market is experiencing a shortage of high-end materials, leading to price increases. For instance, the price of copper-clad laminates has risen by approximately $5 per unit due to rising raw material costs [1][9]. Investment Opportunities - Current investment opportunities in the PCB sector are primarily driven by structural trends related to computing power, particularly the steady recovery in high-end board demand. The PCB market is projected to reach approximately $73.6 billion in 2024, with significant growth expected in high-layer and HDI products [1][4]. - The PCB industry is currently in a critical upward cycle of computing power demand, suggesting that some leading PCB companies still have investment value despite previous lower valuations during downturns [1][11]. Mobile Optical Industry Insights - The mobile optical industry has seen a recovery in market size after a period of adjustment, with expected growth driven by technological upgrades and a more favorable competitive landscape. The market for mobile camera modules is projected to grow by over 7%, primarily driven by an increase in average selling prices (ASP) [3][12]. - Future technological upgrades in mobile optics will focus on innovations in lenses, voice coil motors, and image sensors. The industry is expected to return to a healthy competitive state, with mainland Chinese manufacturers likely to increase their market share [3][14]. Price Trends and Market Dynamics - Recent price increases in general products are attributed to inventory reduction, capacity removal, and improved competitive dynamics, alongside strong demand from AI and automotive electronics for mid-to-high-end products. This price increase trend is expected to continue [3][10]. - The mobile optical sector is experiencing a recovery in profit margins and revenue, with the potential for sustained improvement depending on technological advancements and competitive dynamics [3][13]. Company Recommendations - Companies to watch in the mobile optical sector include Sunny Optical, GoerTek, and others involved in lens and module production. Additionally, upstream suppliers like Lante Optics and Crystal Optoelectronics are also recommended for further investigation [3][19][20].

Core Viewpoint - Guanghe Technology has commenced trial production in Thailand, with plans for official production in June 2024, driven by the growing demand for AI computing infrastructure [2] Group 1: Company Performance - Guanghe Technology expects to achieve a revenue of 3.734 billion yuan in 2024, representing a year-on-year growth of 39.43%, and a net profit of 676 million yuan, up 63.04% [2] - In Q1 2025, the company anticipates continued high growth, with revenue reaching 1.117 billion yuan and net profit of 240 million yuan, reflecting year-on-year increases of 42.41% and 65.68% respectively [2] Group 2: Product and Market Strategy - The company's product focus includes server and switch products for data centers, with a significant portion of revenue (2.705 billion yuan) coming from server PCB business, accounting for 77.7% of total revenue in 2024, and over 20% from AI-related products [3] - Guanghe Technology plans to enhance its global footprint by accelerating the production in Thailand and improving the overseas supply chain for upstream materials to mitigate market risks [2] Group 3: Operational Insights - The company has applied for a total of 418 patents and has participated in the formulation of 13 industry standards, achieving technological breakthroughs in high-layer PCB and advanced HDI products [2] - The company’s two factories in Guangzhou have added an annual production capacity of approximately 600 million yuan through technological upgrades, with total capacity expected to reach 4 billion yuan by 2025 [3] Group 4: Cost Management - In Q1, the prices of raw materials such as copper and fiberglass were affected by commodity price fluctuations, but the costs of high-speed material boards remained stable, with the company implementing measures to hedge against exchange rate and cost pressures [3]