Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company's packaging substrate business has shown significant growth, particularly in storage packaging substrates, driven by increased demand and improved capacity utilization [5] - The company is expanding its PCB production capacity with new facilities in Nantong and Thailand, which will enhance its capabilities in high-layer and HDI PCB technologies [6] - There is a notable increase in demand for optical modules, particularly in the communication and data center sectors, which is expected to optimize the product structure of the PCB business [6] Financial Projections - The projected revenues for the company are 233.2 billion, 290.2 billion, and 360.6 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 33.3 billion, 44.1 billion, and 55.0 billion yuan for the same years [7] - The expected growth rates for revenue are 30.22% in 2025, 24.45% in 2026, and 24.27% in 2027 [9] - The earnings per share (EPS) are projected to be 4.99 yuan, 6.61 yuan, and 8.25 yuan for the years 2025, 2026, and 2027 respectively [11]

全球领先的人工智能及高性能计算PCB供应商胜宏科技最新披露，公司今年上半年分别实现营业收入 90.31亿元、归母净利润21.43亿元，同比增长86%、366.89%，毛利率达到36.22%，较去年同期大幅提升 15.62个百分点。AI算力为高阶PCB带来结构性增长机会，胜宏科技成为名副其实的英伟达供应链"新 贵"，今年以来股价涨幅已超4.7倍，是近年来在业绩增速、盈利能力以及二级市场表现上最为突出的 PCB厂商。胜宏科技目前正在筹划H股上市，此举将进一步提升公司的国际影响力，加强国际顶尖客户 对公司的认可，夯实公司的行业龙头地位。 ...

《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 栏目专注于捕捉投资市场 的最新题材机会，通过一线记者的即时报道、资深编辑的专业整理，以及行业资深专家的深度访谈，为 投资者提供前瞻性、独家性、热门性及专业性的市场分析。 ①供需缺口持续！高阶PCB产能释放困难，涨价或致二季度业绩高增，这两家PCB核心供应商或为业绩增 长典型代表；②Low-Dk玻纤布短缺是制约PCB扩产的一大因素，这两家企业为国内主要的玻纤布生产厂 商；③Low-DK玻纤布短缺已使覆铜板二季度两轮提价，这家公司的高速覆铜板在华为和英伟达供应链中 份额大幅提升。 前言 ...

Group 1 - The 5.5G concept is gaining traction, with companies like Wuhan Fangu and Shobei De seeing significant stock price increases due to their involvement in 5.5G technology and products [1] - Wuhan Fangu's products, such as multi-frequency multi-channel filters, are already being applied in 5.5G systems, leading to a stock price increase of 10.04% [1] - Shobei De has turned profitable and its antenna products are applicable in 5.5G networks, with a stock price rise of 7.68% [1] Group 2 - Recent reports indicate that users in Beijing are experiencing 5G-A signals, which are ten times faster than 5G, with testing networks deployed across 31 provinces in China [2] - Major telecom operators in China are investing heavily in 5G-A, with China Mobile planning to invest nearly 10 billion yuan to expand AI applications in wireless networks [3] - China Telecom and China Unicom are also pushing for 5G-A applications across various industries and key urban areas [3] Group 3 - During the 14th Five-Year Plan, China's 5G-A user base is expected to approach 1.3 billion, accounting for over 50% of the global total, enhancing digital transformation across industries [4] - 5G-A is seen as a significant upgrade to 5G, improving communication speed, connection density, latency, and positioning accuracy, paving the way for 6G technology [5] - The demand for dielectric waveguide filters is expected to rise due to their advantages in size, weight, and cost, benefiting the production of key components like antennas and filters [5] Group 4 - There is potential market growth in areas such as RedCap modules, integrated sensing, satellite communications, and XR, indicating a release of market space [6]