印制板行业竞争激烈，本次增资可以帮助汕头超声印制板公司更新设备、引进技术和人才，从而提高产 品质量和生产效率，增强市场竞争力。例如，随着AI服务器、5G基站等领域的快速发展，对高阶HDI 板的需求不断增加，增资可以使公司更好地满足市场需求。 格隆汇9月29日丨超声电子(000823.SZ)公布，汕头超声印制板公司是本公司控股子公司，为中外合资企 业，1985年3月成立，原注册资本2250万美元，本公司控股75％，外方香港汕华发展有限公司参股 25%。根据汕头超声印制板公司的未来发展需要及财务状况，本次对汕头超声印制板公司增资600万美 元，本公司出资75%，计450万美元；香港汕华发展有限公司出资25%，计150万美元。增资后，汕头超 声印制板公司注册资本增至2850万美元。 ...

高阶 HDI 在工艺上的改进主要体现在叠层结构和钻孔技术上。以最普通的一阶 HDI 为例，其基本结构是在核心层上下各叠一片半固化片，再覆盖一片铜箔， 实现 1+2+1 即 4 导电层。而复杂一些的两阶 HDI 则需要在两片芯板基础上， 通过半固化片连接，再覆盖多片铜箔，使得导电层数量达到六至十几不等。 随 着增层数增加，每一增层都需要打激光盲埋孔，以实现电气互联，因此对激光 钻机需求大幅提升。同时，由于核心层通常通过机械通孔进行加工，而增多叠 加会降低加工效率并影响良率，因此对机械钻机也提出了更高要求。此外，还 涉及到背钻孔技术，即在通孔基础上进一步去除部分镀铜，以优化信号传输速 率。 总之，高阶 HDI 的发展不仅增加了导电、叠加及打孔工序，也提高了对 相关设备精度、效率及稳定性的要求。 PCB 设备专题：如何理解 PCB 工艺进阶带来的设备&耗材 量价齐升机遇？20250928 摘要 AI 算力服务器推动 PCB 行业向高端化、高阶化发展，英伟达 Ruby 架构 采用 PCB 替代铜缆互联，解决高密度互联需求，正交背板成为优选方案， 但 78 层高多层结构对机械钻孔设备提出更高要求，需分次钻孔并升级 PC ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **PCB (Printed Circuit Board)** industry, particularly the **high-density interconnect (HDI)** and **high multilayer boards** due to their complex designs and high manufacturing difficulty, leading to limited market supply and higher profit margins [1][2][3]. Core Insights and Arguments - **AI Demand Impact**: The demand for AI computing servers is significantly driving the growth of the PCB industry, especially in high-end processes. The primary types of PCBs used include high multilayer boards and high-density interconnect (HDI) boards, which involve complex designs that exceed traditional PCBs [2][3]. - **Manufacturing Complexity**: High-density HDI boards require multiple blind hole processing steps, with each step involving chemical copper deposition, electroplating, and imaging, leading to equipment usage that is over five times that of standard HDI boards [1][4]. - **Exposure Process Challenges**: The exposure process for high-density HDI boards faces challenges in resolution and alignment accuracy, with requirements for exposure machines to achieve resolutions below 40 micrometers due to the finer lines used in AI boards [5][6]. - **Pressing Process Requirements**: The pressing process for high-density HDI boards requires uniform temperature control and the use of thermal oil for heat transfer, with pressing temperatures exceeding 250°C for advanced materials [7][8]. - **Drilling Precision**: The drilling stage is critical, with AI applications requiring blind hole diameters of 60-70 micrometers, necessitating high precision in drilling locations to avoid circuit failures [9][10]. Additional Important Content - **Equipment Configuration**: For a production line capable of 50,000 square meters of high-density HDI per month, specific equipment configurations are required, including approximately 18 exposure machines and 10 pressing machines [17][18]. - **Market Trends**: The PCB industry is experiencing an upward expansion trend, with leading manufacturers actively increasing production capacity to meet the growing demand from AI clients [33][34]. - **Supplier Landscape**: Key suppliers in the exposure segment include Japanese and American brands known for their resolution and stability, while domestic brands are gradually improving but still lag in experience and reliability [22][23]. - **Technological Upgrades**: The transition from materials like M7 to M9 presents new challenges for laser drilling, impacting efficiency and requiring further validation [13][26]. This summary encapsulates the critical aspects of the conference call, highlighting the complexities and advancements within the PCB industry driven by AI demand and technological innovations.

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.533 billion CNY, a year-on-year increase of 20.73% [2] - The net profit attributable to shareholders was 222 million CNY, a year-on-year decrease of 6.19%, primarily due to a decline in gross profit margin [2] - The gross profit margin for the first half of 2025 was 21.51%, down 3.57 percentage points from the previous year, largely due to rising prices of precious metal raw materials [2] Group 2: Cost Management Strategies - The company is implementing measures to improve product gross margins by optimizing sales structure and focusing on high-value customers [3] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments for certain products [7] - The company aims to achieve a dual increase in per capita output and efficiency to mitigate the impact of rising raw material costs [7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion at its Zhuhai plants and establishing a new HDI factory to meet growing market demand [8] - Plans are in place to enhance production capabilities at overseas facilities, including a factory in Thailand [8] Group 4: Market Diversification and Sales Strategy - Sales in the U.S. market account for about 10% of total revenue, with ongoing operations unaffected by recent tariff changes [11] - The company is diversifying its market strategy, with domestic sales exceeding 50% of total revenue to reduce reliance on the U.S. market [12] - Strategies include optimizing customer cooperation terms and accelerating the establishment of overseas production bases to mitigate tariff impacts [12] Group 5: Subsidiary Performance - The subsidiary San De Guan continues to face challenges in the flexible printed circuit board (FPC) sector, although it has made progress in reducing losses [9] - The subsidiary Puno Wei has successfully launched its mSAP production line for advanced packaging substrates, with ongoing improvements in profitability [10]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 3.533 billion, representing a year-on-year growth of 20.73% [2] - The net profit attributable to shareholders for the same period was CNY 222 million, a decline of 6.19% year-on-year, primarily due to a decrease in gross profit margin [2] - The gross profit margin for the first half of 2025 was 21.51%, down by 3.57 percentage points compared to the previous year, largely due to rising raw material prices, particularly gold salts, which increased by 36.57% year-on-year [2][3] Group 2: Strategic Measures for Profitability Improvement - The company is focusing on high-value customers and orders, optimizing the sales structure by eliminating loss-making orders and enhancing collaboration with key clients for new product development [3] - Strengthening the sales team by recruiting experienced professionals and implementing a performance evaluation system that includes high-value customer development metrics [3] - Enhancing cost management through standardized cost control measures and improving material utilization to lower unit product costs [3][7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion at its Zhuhai plants to meet increasing market demand, with plans for a new high-density interconnect (HDI) factory [8] - Ongoing construction of a factory in Thailand aims to establish a more comprehensive overseas production network [8] Group 4: Response to Raw Material Cost Increases - The company is implementing detailed cost control measures to manage rising raw material costs, including dynamic monitoring of costs and optimizing production processes [7] - Structural price adjustments are being made for certain products based on market demand and customer acceptance [7] Group 5: Market Diversification and Risk Management - Currently, approximately 10% of the company's revenue comes from the U.S. market [11] - The company is diversifying its market strategy to reduce reliance on the U.S. market, with domestic sales now exceeding 50% of total revenue [12] - Strategies include optimizing customer cooperation terms and accelerating the establishment of overseas production bases to mitigate the impact of U.S. tariffs [12] Group 6: Subsidiary Performance - The subsidiary San De Guan is facing challenges in the flexible printed circuit board (FPC) sector, with a projected industry growth of 3.6% in 2025, but still under pressure from low profit margins [9] - The subsidiary Puno Wei has successfully launched a production line for advanced packaging substrates, focusing on high-end applications and showing signs of improving profitability [10]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.533 billion yuan, a year-on-year increase of 20.73% [2] - The net profit attributable to shareholders in the first half of 2025 was 222 million yuan, a year-on-year decrease of 6.19% due to a decline in gross profit margin [2] - The gross profit margin for the first half of 2025 was 21.51%, down 3.57 percentage points from the same period last year, primarily due to rising prices of precious metals [2] Group 2: Cost Management Strategies - The company is implementing a series of measures to improve gross profit margin, including optimizing sales structure and focusing on high-value customers [3] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments for certain products [7] - The company aims to achieve a dual increase in per capita output and efficiency to mitigate the impact of rising raw material costs [7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion in its Zhuhai factories and establishing a new HDI factory to meet growing market demand [8] - Plans are in place to enhance production capabilities in Thailand and optimize domestic production processes [8] Group 4: Market Diversification and Risk Management - The company's revenue from the U.S. market accounts for about 10% [11] - To mitigate risks from U.S. tariffs, the company is diversifying its market presence, with domestic sales exceeding 50% [12] - Strategies include optimizing customer cooperation, accelerating overseas production base development, and enhancing domestic production efficiency [12] Group 5: Subsidiary Performance - The subsidiary San De Guan is facing challenges in the flexible printed circuit board (FPC) sector but has made progress in reducing losses [9] - The subsidiary Puno Wei has successfully launched its mSAP production line for advanced packaging substrates, with steady improvement in profitability [10]

Summary of Conference Call on PCB Industry and NVIDIA's Impact Industry Overview - The conference call focuses on the PCB (Printed Circuit Board) industry, particularly in relation to AI computing servers driven by companies like NVIDIA [1][2][6]. Key Points and Arguments - **NVIDIA's High-Density Interconnect (HDI) Demand**: NVIDIA's GB200 server utilizes advanced HDI boards with structures of 5+12+5 for compute trays and 6+12+6 for switch trays, indicating a shift towards higher density circuit integration [1][2][4]. - **Future Developments**: The upcoming GB300 server is expected to continue using high-level HDI and may incorporate new materials like Ma 9, potentially replacing copper connections with orthogonal backplanes, which will further increase PCB usage [1][4][6]. - **High-End PCB Trends**: The demand for high-end PCBs is driven by the need for higher performance in AI computing, with traditional PCBs being inadequate for these requirements [2][6]. - **Investment in Production Lines**: Investment in high-level HDI and multilayer PCB production lines is significantly increasing, with a 5-stage 22-layer HDI production line requiring approximately 130 million yuan, much higher than traditional through-hole boards [2][10]. - **Drilling Equipment's Role**: Drilling equipment is crucial for achieving electrical connectivity in PCBs, with increased demand for various types of drilling machines due to the complexity of high-level HDI and multilayer boards [2][9][11]. Additional Important Insights - **Market Dynamics**: The drilling equipment market is currently facing supply shortages, particularly for key components, with major suppliers struggling to meet demand [11][12]. - **Technological Advancements**: Companies like Dazhu CNC are focusing on ultra-fast laser drilling technology to capture market share in new materials, which is expected to be a significant growth area [15][17]. - **Investment Recommendations**: The PCB industry is projected to grow due to the demand from AI computing servers, with specific recommendations for companies like Dazhu CNC, Ding Tai High-Tech, and Zhong Tung High-Tech, which have competitive advantages in production capacity and cost control [18][19][20]. Conclusion - The PCB industry is evolving towards higher-end products driven by AI computing needs, with significant investments in production capabilities and technological advancements. Companies that adapt to these changes are likely to benefit from the growing market demand.

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.533 billion yuan, a year-on-year increase of 20.73% [2] - The net profit attributable to shareholders in the first half of 2025 was 222 million yuan, a year-on-year decrease of 6.19% [2] - The gross profit margin for the first half of 2025 was 21.51%, down 3.57 percentage points from the same period last year [2][3] Group 2: Cost Management and Pricing Strategy - The increase in raw material prices, particularly gold and copper, has significantly impacted costs, with gold salt prices rising by 36.57% year-on-year in the first half of 2025 [3] - The company is implementing a series of measures to improve gross profit margins, including optimizing sales structure and managing loss-making orders [4] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments based on market conditions [8] Group 3: Capacity Expansion and Production Efficiency - The current capacity utilization rate is approximately 85% [9] - The company is accelerating capacity expansion in its Zhuhai plants and establishing a new HDI factory to meet growing market demand [10] - Plans are in place to enhance production efficiency through technological upgrades and automation [15] Group 4: Market Diversification and Sales Strategy - Sales in the U.S. market account for about 10% of total revenue [13] - The company is diversifying its market strategy to reduce reliance on the U.S. market, with domestic sales exceeding 50% of total revenue [15] - Strategies to mitigate the impact of U.S. tariffs include optimizing customer cooperation and enhancing overseas production capabilities [15] Group 5: Subsidiary Performance - The subsidiary San De Guan continues to face challenges in the flexible printed circuit board (FPC) sector, with a projected 3.6% growth in the FPC market for 2025 [10][11] - The subsidiary Puno Wei has successfully launched its mSAP production line, focusing on high-end applications and showing signs of improving profitability [12]

Core Viewpoint - Shenghong Technology (300476.SZ) has seen its market capitalization double within 56 trading days, driven by a surge in AI demand, with its stock price increasing over 572% this year, reaching a peak of 293.6 yuan and a market cap of approximately 233.3 billion yuan [2][4]. Group 1: Financial Performance - Shenghong Technology's revenue is expected to exceed 10 billion yuan for the first time in 2024, with a year-on-year increase of 35.3%, and net profit expected to grow by 71.9% [5]. - For the first half of 2025, the company reported revenue of 9.031 billion yuan, a year-on-year increase of 86.0%, and a net profit of 2.143 billion yuan, a staggering increase of 366.89% [5][7]. - The revenue growth is attributed to the large-scale shipment of high-end PCB products related to AI and an optimized product mix, with multi-layer boards (MLPCB) contributing 61.73 billion yuan, accounting for 57.5% of total revenue in 2024 [5][7]. Group 2: IPO and Fundraising - Shenghong Technology has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to raise approximately 1 billion USD, which would make it one of the largest PCB fundraising efforts in recent years [4]. - The funds raised will primarily be used for capacity expansion and technology research and development, with a total financing target of about 9 billion yuan if both the IPO and a previous private placement are successful [4]. Group 3: Market Position and Client Base - The company has become a key supplier for NVIDIA, with over 70% of its orders linked to NVIDIA-related products, capturing about 50% of the global market for PCB used in NVIDIA's data centers [11][12]. - Shenghong Technology's client base includes major companies such as Foxconn, Gigabyte, Hikvision, and Xiaomi, with a significant portion of its revenue now coming from overseas markets, which accounted for 78.4% of its main revenue in the first quarter of 2025 [12][13]. Group 4: Management and Strategic Development - The company's growth is attributed to its founder, Chen Tao, who has strategically positioned Shenghong Technology in the high-density interconnect (HDI) PCB market, which is crucial for AI applications [10][11]. - The establishment of the HDI division in 2019 has allowed Shenghong Technology to meet the increasing demands of AI hardware, leading to its recognition as a core supplier for NVIDIA [10][11]. Group 5: Industry Outlook - The global PCB market is projected to grow, with an estimated value of approximately 73.57 billion USD in 2024, reflecting a year-on-year increase of 5.8%, and expected to reach 94.66 billion USD by 2029 [16]. - Government initiatives to promote domestic production of high-end PCBs and investments in digital infrastructure are expected to benefit companies like Shenghong Technology [16].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 3.533 billion, representing a year-on-year growth of 20.73% [3] - The net profit attributable to shareholders for the same period was CNY 222 million, a decline of 6.19% year-on-year, primarily due to a decrease in gross profit margin [3] - The gross profit margin for the first half of 2025 was 21.51%, down by 3.57 percentage points compared to the previous year, largely due to rising prices of raw materials such as gold and copper [3] Group 2: Cost Management Strategies - The company is implementing several measures to improve profitability, including optimizing the sales structure and focusing on high-value customers [4] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments for certain products [6][7] - The company aims to reduce unit costs and improve operational efficiency to mitigate the impact of rising raw material costs [7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion at its Zhuhai plants and establishing a new HDI factory to meet increasing market demand [8] - Plans are in place to enhance production capabilities in Thailand and optimize domestic production processes to support future growth [8][14] Group 4: Market Diversification and Risk Management - The company has diversified its market strategy, with domestic sales accounting for over 50% of total revenue, reducing reliance on the U.S. market [12] - Strategies to address U.S. tariffs include optimizing customer cooperation strategies and accelerating the establishment of overseas production bases [13][14] - The company is committed to maintaining stable operations and ensuring investor rights amid changing market conditions [5]