Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The demand for AI is accelerating, leading to significant opportunities for PCB upgrades [7]. - AI is becoming the core driving force behind the continuous growth of PCB demand [7]. Summary by Sections Section 1: Accelerating Demand for Computing Power - The rise of AI is the core driving force of the current electronic innovation cycle, with AI applications expected to experience explosive growth [11]. - According to TrendForce, the overall server market is projected to reach approximately $306 billion in 2024, with AI servers expected to grow faster than general servers, reaching about $205 billion [11]. - By 2025, AI server demand is expected to continue growing, potentially increasing its market share to over 70% of the total server market [11][14]. - The market is shifting from training-focused to inference-focused AI applications, leading to a preference for customized chips to optimize cost and energy efficiency [20]. - Major cloud service providers are increasing their capital expenditures for 2025, confirming the growth trend for AI servers [25]. Section 2: Strong Demand for AI Construction and Significant PCB Upgrade Opportunities - The overall trend for PCBs is towards higher density and performance, with a focus on high-layer and HDI (High-Density Interconnect) solutions [32][36]. - The next generation of AI servers will primarily utilize high-layer and HDI PCB solutions, with material specifications expected to upgrade significantly by 2026 [36]. - The demand for HDI in the server and data storage sectors is projected to increase, with market share expected to rise to 17% by 2028 [40][42]. Section 3: AI as the Core Driver for Sustained PCB Demand Growth - AI and high-speed network infrastructure require high data processing and transmission speeds, driving the need for complex PCB technologies [62]. - The compound annual growth rate (CAGR) for PCB production is expected to vary by region, with significant growth anticipated in high-layer and HDI boards [63][64]. - The demand for high-layer and HDI PCBs in the communication sector is expected to maintain high growth rates, with specific projections for server and data storage applications [67].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [4][7]. Core Insights - The company achieved a revenue of 171.44 billion yuan in 2025, representing a year-on-year growth of 56.02%, with a net profit attributable to shareholders of 4.05 billion yuan, up 38.55% from the previous year [1][4]. - The data center business saw significant growth, with revenues reaching 75.5 billion yuan, a 52% increase, and accounting for 44% of total revenue. The data center segment alone surpassed 40 billion yuan, nearly doubling in size [2]. - The mobile terminal business remains robust, generating 80.2 billion yuan in revenue, a 57% increase, and maintaining the largest market share in the global ODM industry [3]. - The automotive electronics segment experienced exponential growth, with revenues exceeding 1 billion yuan for the first time, and is projected to double in 2026 [3]. Financial Summary - Revenue projections for 2026-2028 are 197.49 billion yuan, 228.63 billion yuan, and 266.06 billion yuan, respectively, with corresponding net profits of 5.03 billion yuan, 6.55 billion yuan, and 7.74 billion yuan [4][12]. - The company’s earnings per share (EPS) are forecasted to be 4.95 yuan in 2026, 6.45 yuan in 2027, and 7.62 yuan in 2028, reflecting a strong growth trajectory [12]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.57 in 2025 to 10.80 by 2028, indicating improving valuation metrics [12].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, indicating a positive outlook for the company's future performance [3]. Core Insights - In 2025, BYD Electronics achieved revenue of 179.48 billion RMB, a slight increase of 1.22% year-on-year. However, gross profit decreased by 12.56% to 10.76 billion RMB, resulting in a gross margin of 6.0%, down 0.9 percentage points due to reduced capacity utilization from changes in product structure and shipment volume for North American clients [1]. - Net profit for 2025 was 3.52 billion RMB, reflecting a year-on-year decline of 17.61% [1]. - The smart terminal component business saw a revenue decline to 29.33 billion RMB, influenced by changes in product structure and demand from North American clients, while assembly business revenue increased slightly to 122.18 billion RMB [2]. - The new energy vehicle (NEV) business experienced significant growth, with revenue reaching 27.03 billion RMB, a year-on-year increase of 27.69%, driven by rising shipments of smart driving systems and other products [2]. - The AI computing infrastructure business reported a robust growth of 31.7%, with revenue of 943 million RMB, as the company focuses on liquid cooling and power supply products [3]. Financial Forecasts and Valuation - The report projects a net profit of 3.84 billion RMB for 2026, down 27% from previous estimates, and 4.66 billion RMB for 2027, down 25% [3]. - The estimated net profit for 2028 is projected at 5.76 billion RMB [3]. - The company's market capitalization corresponds to a price-to-earnings (P/E) ratio of 15x for 2026, 12x for 2027, and 10x for 2028 [3]. - Revenue forecasts for the upcoming years are as follows: 2026E at 185.57 billion RMB, 2027E at 197.54 billion RMB, and 2028E at 206.63 billion RMB, with growth rates of 3.4%, 6.5%, and 4.6% respectively [4].

本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 香港 交 易及結算所有限公司 及香港聯合 交 易所有限公司對本公告 之 內容概 不 負 責 ， 對其準確性或完整性 亦不 發表 任 何聲明 ，並 明確表示概 不 就因本公告全部或 任 何部 份 內容而產 生或因倚 賴 該等內容而引致之 任何損 失承 擔 任 何 責任 。 Lens Technology Co., Ltd. 藍 思 科 技 股 份 有 限 公 司 （ 於 中 華人民共和國註冊成立的股份有限公司 ） （股份代號：6613） 海外監管公告 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn)及巨潮資訊網 (www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2026 年 3 月 30 日 於本公告日期 ， 本公司董 事 會成員包括 執 行董 事 周群飛女士 、 鄭俊龍先 生 及饒橋兵 先 生； 及獨立非 執 行董 事 萬煒女士 、 劉岳 先生 、 田宏先生及汤湘希先生 。 蓝思科技股份有限公司 2025 年度董事会工作报告 一 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][12]. Core Insights - The company's "3+N+3" smart product platform strategy has shown significant results, with both revenue and profit experiencing substantial growth [4]. - In 2025, the company achieved total revenue of 171.44 billion yuan, a year-on-year increase of 56.02%, and a net profit attributable to shareholders of 4.05 billion yuan, up 38.55% year-on-year [3][4]. - The mobile terminal business generated revenue of 80.21 billion yuan, growing by 57.17%, while the computing and data center business saw revenue of 75.48 billion yuan, up 51.93% [4]. - The AIoT business reported revenue of 7.88 billion yuan, a remarkable growth of 68.75%, and innovative business revenue reached 3.48 billion yuan, increasing by 121.00% [4]. Financial Summary - The company forecasts revenues of 205.59 billion yuan, 240.94 billion yuan, and 280.02 billion yuan for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 19.92%, 17.19%, and 16.22% [5][6]. - Net profit attributable to shareholders is expected to be 5.07 billion yuan, 6.31 billion yuan, and 7.56 billion yuan for the same years, with growth rates of 24.98%, 24.54%, and 19.84% [5][6]. - The report indicates a projected diluted earnings per share of 4.99 yuan, 6.21 yuan, and 7.45 yuan for 2026, 2027, and 2028, respectively [6].

Group 1: Company Performance - BYD reported a revenue of RMB 179.48 billion for the fiscal year ending December 31, 2025, representing a year-on-year increase of 1.22% [2] - The net profit attributable to shareholders decreased by 17.61% to RMB 3.515 billion, with earnings per share at RMB 1.56 and a proposed final dividend of RMB 0.156 per share [2] - The company continues to strengthen its leadership in the high-end product supply chain while expanding cooperation with domestic and international clients [2] Group 2: Market Trends and Growth Areas - The Chinese foldable smartphone market is expected to see a year-on-year shipment growth of 9.2%, reaching 10.01 million units by 2025 [3] - The company is enhancing its technological capabilities and expanding product categories in the smart terminal sector, despite a decrease in component revenue due to changes in demand from major clients [3] - The smart driving system and smart suspension system have seen significant growth in shipments, contributing to the overall expansion of the company's revenue in the electric vehicle sector [4] Group 3: Electric Vehicle Sector - The revenue from the electric vehicle segment reached approximately RMB 27.03 billion, accounting for 15.06% of the company's total revenue, with a year-on-year increase of about 27.69% [4] - The company has established a strong technological advantage in various systems such as smart cockpit, smart driving, and thermal management, benefiting from the growth of the electric vehicle market [4]

Core Viewpoint - BYD Electronics reported a revenue of RMB 179.48 billion for the year ending December 31, 2025, representing a year-on-year increase of 1.22%. However, the net profit attributable to shareholders decreased by 17.61% to RMB 3.515 billion, with earnings per share at RMB 1.56 and a proposed final dividend of RMB 0.156 per share [1] Group 1: Financial Performance - The company achieved a revenue of RMB 1794.77 billion, with a net profit of RMB 35.15 billion, reflecting a decrease of 17.61% year-on-year [1] - Earnings per share were reported at RMB 1.56, with a proposed final dividend of RMB 0.156 per share [1] Group 2: Business Development - Despite global economic challenges, the company demonstrated resilience and continued to expand its market presence while enhancing operational efficiency [1] - The company is focusing on strengthening its leadership position in the high-end product supply chain and expanding collaborations with domestic and international clients [1] Group 3: Smart Terminal Business - The smart terminal business generated revenue of RMB 1515.07 billion, with component revenue at approximately RMB 293.31 billion and assembly revenue at about RMB 1221.76 billion [2] - The company maintained its leadership position in the supply chain for high-end flagship smartphones while expanding cooperation in wearable and smart home sectors [2] Group 4: New Energy Vehicle Sector - The new energy vehicle segment reported revenue of approximately RMB 270.27 billion, accounting for 15.06% of the total revenue, with a year-on-year increase of about 27.69% [3] - The company has established a significant technological advantage in smart cockpit systems, smart driving systems, and other related fields, benefiting from the growth of the new energy vehicle market [3]

Core Viewpoint - BYD Electronics is facing significant challenges in maintaining its competitive position against Luxshare Precision, with a notable decline in revenue and profit margins over the years, primarily due to strategic differences and market positioning [4][10][12]. Revenue and Profit Comparison - In 2016, BYD Electronics had a revenue of 37 billion, significantly higher than Luxshare Precision's 13.8 billion. By 2024, BYD Electronics' revenue is projected to be 177.3 billion, while Luxshare Precision's is expected to reach 268.8 billion [5]. - The net profit for BYD Electronics in 2016 was 1.22 billion, compared to Luxshare Precision's 1.18 billion. However, by 2024, BYD Electronics' net profit is expected to be 3.94 billion, which is only a third of Luxshare Precision's projected 14.58 billion [6]. Strategic Positioning - BYD Electronics is primarily positioned as a subsidiary of the BYD Group, which affects its strategic decisions and leads to slower expansion and fewer acquisitions compared to Luxshare Precision, which operates independently and is more agile in its strategic maneuvers [10]. - The business structure of BYD Electronics focuses heavily on serving the automotive sector, with 60% of its revenue coming from BYD vehicles, limiting its external growth potential and pricing power [11]. Profit Margins - The gross margin for BYD Electronics is significantly lower than that of Luxshare Precision, with BYD's gross margin ranging from 6% to 18% compared to Luxshare's higher margins [12]. - For the first three quarters of 2025, Luxshare Precision reported a net profit margin of 5.2%, while BYD Electronics had a net profit margin of only 2.5% [14]. R&D and Innovation - BYD Electronics invests heavily in R&D, with annual expenditures exceeding its net profits, indicating a strong focus on innovation and technological development [25][26]. - The company has established a collaborative development model across its three core business segments: consumer electronics, new energy vehicles, and smart products, with a growing international customer base [15]. Future Growth Prospects - BYD Electronics is expected to see growth in various segments, including consumer electronics driven by new product launches, automotive electronics linked to BYD's strategic initiatives, and smart products such as AI and robotics [28][30]. - The company is positioning itself to capitalize on the AI market, with expectations for significant growth in AI-related products and services [30][34].

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The AI recycling market is poised for exponential growth, with the value of AI waste projected to reach 500 billion by the end of the 14th Five-Year Plan [8] - The introduction of new regulations is expected to formalize the recycling process, leading to the first wave of AI server recycling around 2027-2028 [8] - High-value and high-barrier characteristics of AI server recycling present significant opportunities for leading electronic waste dismantling companies [8] Summary by Sections AI's Hidden Track - The First Wave of Server Recycling - The AI industry is rapidly expanding, with the AI server market expected to grow at a compound annual growth rate (CAGR) of 31% from 2024 to 2028 [16] - The demand for AI servers is driving a significant increase in electronic waste, with projections indicating a potential increase of nearly 1000 times in AI-related electronic waste from 2020 to 2030 [17] Analysis of AI Server Recycling - AI servers exhibit high residual value and concentration, with Nvidia H100 GPUs maintaining a residual value of 80-90% and a recovery price of 28,000 to 35,000 USD [26] - The recycling process for AI servers is complex and requires adherence to high standards, including data security and environmental compliance [32] Policy Driving Industry Formalization - New regulations have been implemented to include AI waste in the national control system, marking a new phase for the industry [42] - The updated regulations require stricter disposal standards and comprehensive monitoring throughout the recycling process [43] Key Recommendations - The report highlights "Dadi Ocean" as a key player in the recycling industry, particularly due to its recent acquisition of "Tiger Brother" to enhance its waste recycling capabilities [58] - The "Tiger Brother" model effectively addresses challenges in waste collection and recycling, achieving a resource utilization rate of over 90% [62]

Summary of Conference Call Records Industry Overview - The conference call focuses on the AI server and PCB (Printed Circuit Board) industry, particularly the advancements in materials and technology related to AI platforms and their components. Key Points AI Platform Upgrade - The new generation AI server architecture has shifted from "mid-board + CP board" to "switch backplane/orthogonal backplane + computing board," significantly increasing the requirements for backplane layers and material performance [1] - The Virtuoso cabinet inherits the GB300 design and upgrades materials, resulting in a 2x increase in PCB value, with each unit requiring 5 LPU cabinets and 1 CPU cabinet, all needing high-end PCBs [1] - This architectural adjustment is expected to increase PCB quantity by 2-3 times and value by 4-5 times, leading to a substantial rise in demand for copper-clad laminates (CCL) [1] Production Timeline - Core product mass production timelines are set: Rubin is expected to start mass production in Q3 2026, with PCB/CCL materials confirmed by late Q2 to early Q3; Alt in Q4 2026; and Fermi in the second half of 2027, with design completion in 2026 [1] Material Demand and Certification - M9 and M10 materials are projected to see explosive demand, with M9 CCL demand reaching millions of units by 2026 and increasing to 20-30 million units by 2027 alongside the Rubin platform [2] - M10 material certification has begun, with Nvidia requiring a loss factor (Df) of 0.0003. The competitive materials include PTFE (best electrical performance) and hydrocarbon resin + M10 filler, with PTFE outperforming M9 by 20%-30% [2] - M9 solutions have been confirmed, utilizing either "hydrocarbon resin + Q fabric" or "PTFE + fiberglass-free fabric," with a stable yield of 90% for M9 CCL, ready for mass production [2] Supply Chain and Pricing - The supply side is highly concentrated, with CTE fabric currently in severe shortage, priced at 120 RMB/kg, expected to rise further in 2026. New production capacity is anticipated to be released in the second half of 2026 [3] - Q fabric is primarily supplied by Asahi Kasei and domestic suppliers, with domestic prices 20%-30% lower than overseas [3] - Price increases for CCL are expected in 2025 due to rising costs of glass fabric and copper foil, with a projected 20%-30% increase in prices being passed down to end-users by April 2026 [3] PCB Market Dynamics - Due to the surge in PCB demand and value, existing suppliers are unable to meet capacity, prompting Nvidia to onboard new suppliers to ensure supply and reduce costs, with 2-4 suppliers per material number [4] - Key suppliers for LPU and CPU boards are identified, with a notable shift in market share towards new entrants like Jingwang Electronics and Dongshan Precision, while traditional players like Shenghong Technology see a decline in market share despite increased absolute order volumes [4] Copper Foil Specifications - Specifications for copper foil are being upgraded in line with material advancements, with M9 requiring HVP4 copper foil and M10 requiring HVP5/HVP6, with demand for HVP4 expected to reach 8,000-30,000 tons by 2027 [4] - Domestic manufacturers like Tongguan and Longdian Huaxin are accelerating the replacement of foreign suppliers due to price advantages [4] Market Potential - The market potential for CCL is significant, with GB300 cabinets requiring 50 CCLs and 60 PPs, while Rubin Ultra cabinets require 200 CCLs and 240 PPs. The value of core products is highlighted, with LPU boards valued at 20,000-30,000 RMB each and next-generation switch backplanes exceeding 800,000 RMB [5] - The global demand for M9 CCL is projected to reach 20-30 million units by 2027, corresponding to an area of over 20 million square meters, indicating a market size of several billion RMB [5] - Key beneficiaries across various segments are identified, including Shengyi Technology in CCL, Feilihua in electronic fabric, Jingwang Electronics in PCB manufacturing, and Tongguan Copper Foil in copper foil [5]