14 July 2025 | 8:29AM CST Shennan Circuits (002916.SZ): 2Q Preview: AI PCB to drive a solid 2Q; BT price hike to be an incremental driver into 3Q; Buy For 2Q25E results, we expect revenue to grow 19% YoY to Rmb5.2bn and net profit to be flattish at -1% YoY off a high base, with gross margin at 25.3%, representing a slight increase QoQ, driven by product mix improvements. Into the earnings, we focus on 1) BT substrate pricing optimization on the back of improving demand and rising raw material costs; 2) AI P ...

4 July 2025 | 3:42PM CST Greater China Technology BT substrate pricing hike in 3Q driven by raising material cost; raise TP for all substrate players Most BT substrate prices increased by 5%-20% in early 3Q, driven mainly by the tightness of the key raw material T-glass (leadtime now is 15-20 weeks+ from 3-6 weeks normally, and the price went up by 10-20% if not LTA pricing in 2Q25) and the hike in gold pricing (spot price from ~US$2,700 per ounce in early 2025 to US$3,300 per ounce now; Exhibit 2) while T- ...