点击招商研究小程序查看PDF报告原文 事件：公司公告 25 年业绩预增：归母净利 32.5-34.5 亿元同比+87%～98%，扣非归母净利 30.8-32.8亿元同比+84%～96%。结合公司及行业近 况，我们点评如下： Q4业绩环比下滑，源于PCB业务大客户拉货放缓和中低阶CCL价格传导不充分。 单看Q4 业绩，归母净利中值9.1 亿元，同比+147.5%环 比-10.8%；扣非归母净利中值8.0 亿元，同比+121.0%环比-20.1%。环比业绩表现下滑，不及市场预期，我们分析主因：1）子公司生益电子 Q4 业绩中值3.6 亿环比下滑 2.3 亿，对母公司生益科技的业绩环比角度产生的拖累约 1.4 亿；2）10 月的CCL 涨价未能 Cover 26Q4 上游原材 料的价格成本的上涨，其中Q4 LME 铜价涨幅超过20%，铜箔加工费及玻纤布价格均有不同幅度的上涨，这意味着 CCL 利润增加更多来源于公司 高速材料的放量，而中低端 CCL 的盈利改善表现不及市场预期。全年来看，业绩增长主要源于：1）CCL 销量增长，产品结构优化带动毛利率提 升；2）子公司生益电子在 AI PCB领域获得大客户突破，持续扩 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company is expected to see a significant increase in net profit for 2025, with a forecasted range of 3.25 to 3.45 billion yuan, representing a year-on-year growth of 87% to 98% [1] - The growth is driven by the demand for AI-related products and the structural upgrade in high-speed materials [6] - The company is positioned well in the CCL (Copper Clad Laminate) industry, with expectations of continued price increases and strong demand from major clients [6] Financial Data and Valuation - Total revenue is projected to grow from 16.59 billion yuan in 2023 to 56.29 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36% [1][13] - Operating profit is expected to increase from 1.27 billion yuan in 2023 to 9.50 billion yuan in 2027, reflecting a strong growth trajectory [1][13] - The company's net profit is forecasted to rise from 1.16 billion yuan in 2023 to 7.96 billion yuan in 2027, indicating a robust growth outlook [1][13] - The price-to-earnings (PE) ratio is projected to decrease from 137.4 in 2023 to 20.1 in 2027, suggesting improving valuation metrics as earnings grow [14] Market Position and Strategy - The company is focusing on expanding its high-performance CCL production capacity, with a planned investment of 4.5 billion yuan [6] - The demand for AI PCBs (Printed Circuit Boards) is expected to continue driving growth, with the company gaining significant market share in high-end products [6] - The report highlights the company's proactive market strategies to address rising raw material costs and enhance profitability [6]

中信证券主要观点如下： 下游客户补库力度超预期，上游金属价格持续上行，叠加长期低毛利率，是本轮涨价潮底层原因。 1)下游需求方面，AI持续高景气，汽车、泛工业等下游拉货力度也持续强劲，以汽车为例，尽管汽车销 量承压，但上游元器件国产化率正持续加速推进，下游客户及渠道库存水位较低，先进封装/存储扩产 挤占成熟制程产能(台积电/三星计划减产部分成熟制程产能)，在此趋势下下游客户补库动力较强。 2)上游成本方面，金属是电子领域晶圆制造、封装互连、覆铜板等关键工艺/材料环节的关键原材料， 主要包括金、银、铜等。主要包括金、银、铜等。2025年金、银、铜等期货价格上涨幅度分别超过 50%、150%、50%。 3)中游元器件，自2022年周期下行以来，电子元器件领域多个细分赛道领域毛利率仍处于相对低位，在 下游供需偏紧、上游成本持续上行背景下有较强的涨价诉求，25H2以来我们观察到存储、CCL、BT载 板(Bismaleimide Triazine Substrate，双马来酰亚胺三嗪树脂基板)、晶圆代工、封装测试、LED、功率器 件、模拟芯片、被动元件等领域陆续有厂商发布涨价函，且这一趋势正不断蔓延至更多厂商，部分环节 ...

30 January 2026 | 12:23PM HKT Equity Research Global PCB: Allocation breakdown; FAQs on cost, competition, and revenue recognition Following the initiation of Victory Giant, WUS and Shengyi, we further breakdown our AI PCB and CCL allocation to reflect the important role these companies play in the AI server PCB/ CCL supply chain (Exhibit 2). We address key investor debates in this report, covering topics including increasing material costs, rising competition, and the time gap between building up new capac ...

on 30-Jan-2026 Euan McLeish +81 3 5962 9611 euan.mcleish@bernsteinsg.com David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com PRIMER 30 January 2026 Asia Tech Hardware Asia Tech Hardware: AI PCB primer (part 1)- technology & supply chain Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com HDI demand (c.US$15bn) is also accelerating, with its share of the PCB market rising roughly 5ppt last year to around 20%. HDI for AI servers (e.g. compute tray in the GB300 rack) requires more layers, more microvia ...

【东吴电子陈海进】PCB观点重申：重视M9升级确定性，把握高端材料涨价弹性 从系统架构演进看，互联带宽迭代是算力芯片升级最确定的技术主线，224Gbps 及以上 SerDes 推动其竞争转向 算力与互联协同优化。 博通新一代交换芯片同步搭载该规格，实现端到端高速互联标准统一，对 PCB/CCL材料体系提出跨代性能要求。 从系统架构演进看，互联带宽迭代是算力芯片升级最确定的技术主线，224Gbps 及以上 SerDes 推动其竞争转向 算力与互联协同优化。 博通新一代交换芯片同步搭载该规格，实现端到端高速互联标准统一，对 PCB/CCL材料体系提出跨代性能要求。 224Gbps速率下PCB插损约束趋严，关键频点需实现 1dB 极低损耗，传统M7/M8材料难满足需求，M9 等级升级 确定性高，其核心原材料为碳氢/聚苯醚树脂、HVLP4/5铜箔、石英布 / NEZGlass。 算力高速互联驱动 PCB/CCL材料跨代升级，产业趋势明确。 相关公司：菲利华，东材科技，隆扬电子 重视M9升级确定性 224Gbps速率下PCB插损 【东吴电子陈海进】PCB观点重申：重视M9升级确定性，把握高端材料涨价弹性 重视M9升级确 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a significant price increase trend in the CCL (Copper Clad Laminate) industry, driven by rising raw material costs and strong demand from sectors such as AI and electric vehicles [5][6] - Major companies in the CCL sector have implemented multiple price hikes throughout 2025, with notable increases from leading firms like 建滔积层板 and Resonac [5][6] - The profitability of CCL manufacturers has improved significantly due to these price increases, with companies like 生益科技 reporting a substantial rise in gross margins [7] Summary by Sections Price Increase Overview - The CCL industry has experienced a global price increase trend, with key players raising prices multiple times in 2025, including a 10% increase in December [5] - Resonac announced a price hike of over 30% for its products starting in March 2026, reinforcing global price increase expectations in the CCL sector [5] Drivers of Price Increase - The primary drivers for the current price increases in the CCL industry include rising costs of core raw materials such as copper, electronic cloth, and epoxy resin [6] - Copper prices saw a cumulative increase of nearly 40% in 2025, with LME copper prices reaching $12,960 per ton [6] - The demand for high-performance epoxy resin has surged, particularly for AI servers and advanced packaging boards, contributing to the rising costs in the CCL segment [6] Profitability and Investment Recommendations - The profitability of CCL manufacturers has shown significant recovery, with 生益科技 achieving a gross margin of 26.85% in Q2 2025, reflecting a year-on-year increase [7] - The report suggests focusing on the CCL price increase cycle and AI penetration rates, recommending stocks such as 生益科技, 金安国纪, and 建滔积层板 as beneficiaries of this trend [8]

Core Insights - Goldman Sachs indicates that the construction of artificial intelligence infrastructure is driving the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) industries into a super cycle [1] - The report highlights a dual drive of "higher speed" and "larger scale" due to continuous upgrades in AI server specifications, significantly enhancing the value and market space of related components [1] Group 1: Market Trends - The global AI server PCB market is projected to grow by 113% year-on-year by 2026 and continue to grow by 117% in 2027 [1] - The AI server CCL market is expected to see even more remarkable growth, with forecasts of 142% and 222% year-on-year increases in 2026 and 2027, respectively [1][3] - The surge in demand is attributed to increased computing density, a spike in demand for high-speed connections (such as 800G/1.6T), and the trend of PCBs gradually replacing copper cable connections within AI servers [1] Group 2: Value Enhancement - The report emphasizes two main trends: speed upgrades leading to increased dollar value and scale effects expanding the total addressable market (TAM) [2] - The application of PCBs in AI servers is increasing, particularly in rack-level servers where PCB backplanes and midplanes are replacing traditional copper cable connections, providing additional growth opportunities for the industry [2] Group 3: Market Forecast - The global AI server PCB market is expected to grow from approximately $3.1 billion in 2024 to $27.1 billion in 2027 [3] - The CCL market is projected to surge from $1.5 billion in 2024 to $18.7 billion in 2027, with growth rates for CCL outpacing those of optical modules and AI training servers [3] Group 4: Investment Perspective - Goldman Sachs counters concerns about market growth slowing and increased competition, arguing that rapid technological iterations create high barriers to entry, benefiting leading companies [4] - The development and production of the latest generation of AI servers require significant R&D investment and capital expenditure, effectively limiting the number of new entrants [4] - Goldman Sachs initiates coverage with a "buy" rating for Shenghong Technology, Huadian Technology, and Shengyi Technology [4]

Core Insights - Goldman Sachs indicates that the construction of artificial intelligence infrastructure is driving the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) industries into a super cycle, fueled by the continuous upgrade of AI server specifications [1] - The report predicts that the global AI server PCB market will grow by 113% year-on-year by 2026 and continue to grow by 117% in 2027, while the AI server CCL market is expected to see even more remarkable growth, with increases of 142% and 222% in 2026 and 2027, respectively [1][3] Group 1: Dual Drivers - The core logic of the Goldman Sachs report is based on two major trends: speed upgrades leading to increased value and scale effects expanding the total addressable market (TAM) [2] - The demand for high-speed connection technologies such as 800G and 1.6T is driven by the significant increase in computing density per rack of AI servers, which directly enhances the dollar value of PCBs and CCLs [2] Group 2: Market Forecast - According to Goldman Sachs' model, the global AI server PCB market is expected to grow from approximately $3.1 billion in 2024 to $27.1 billion in 2027 [3] - The CCL market is projected to surge from $1.5 billion in 2024 to $18.7 billion in 2027, with growth rates for CCL in 2026 and 2027 (142% and 222%) surpassing those of optical modules and AI training servers [3] Group 3: Investment Perspective - Goldman Sachs counters concerns about market growth slowing and increased competition, arguing that rapid technological migration leads customers to rely on technology leaders for product quality and timely delivery [4] - The development and production of the latest generation of AI servers require significant R&D investment and capital expenditure, effectively limiting the number of new entrants and creating a more favorable competitive environment for leading companies [4]

Core Insights - Recent price increase notifications have been issued by companies in various segments of the electronics industry, including storage, CCL, BT substrates, wafer foundry, and packaging [1] - The background for this price increase cycle is attributed to a significant rise in upstream metal costs since 2025, coupled with strong demand driven by AI [1] - Despite the high demand in AI, the demand for consumer electronics and automotive electronics is experiencing temporary pressure, suggesting a mixed market environment [1] - It is recommended to focus on segments such as storage, CCL, BT substrates, wafer foundry, and packaging, which are expected to benefit most from the ongoing price increase trend [1]