近日，据"东阳发布"官微消息，中天精装(002989)参股企业芯玑（东阳）半导体有限公司（简称"芯玑半 导体"）公布拟在浙江省东阳市建设"芯片设计封测及模组制造项目"，项目具体建设计划暂未公开。 在刚刚过去的9月27日，中天精装参股的科睿斯半导体（东阳）有限公司（简称"科睿斯"）FCBGA封装 基板项目一期宣告投产，称将"致力于成为全球领先的FCBGA智能制造企业，为东阳新材料产业集群建 设提供有力支撑，助力国产半导体产业突破发展"，展现了包含中天精装及其实控方在内的科睿斯股东 纵深布局半导体"卡脖子"领域的产业宏愿。 参股企业半导体动作频频，紧扣着中天精装转型发展的谋篇布局。2024年6月13日，中天精装公告本次 交易完成后，东阳市人民政府国有资产监督管理办公室成为公司实际控制人。公司表示，"将把握相关 产业发展机遇，在东阳国资办的战略指引下，依托国资平台资源优势，全面推进战略转型、投身国家自 主可控产业，为长远高质量发展构建新支点"。 据中天精装在2025年半年度报告中的描述，"公司锚定战略转型方向，通过对外投资参股半导体产业链 细分领域优质标的企业，以应用场景为牵引，布局半导体ABF载板（间接参股科睿斯 ...

9月27日上午，科睿斯半导体科技（东阳）有限公司（简称"科睿斯"）FCBGA封装基板项目（一期）连 线仪式，在东阳市新材料"万亩千亿"产业平台的新建厂区举行。随着生产线正式启动样品打样、产品生 产，这一备受关注的重大产业项目正式进入投产阶段，为破解国内高端封装基板"一板难求"的困境迈出 关键一步。 根据公开信息，科睿斯是一家专注于高端封装基板研发、设计、生产及销售，致力于成为全球领先的封 装基板合作伙伴的科技企业，主营产品是FCBGA封装基板，主要应用于CPU、GPU、AI及车载等高算 力芯片的封装。项目计划分三期建设，目标真正实现ABF基板国产替代化，打造国内FCBGA（ABF） 高端基板生产示范基地。 此前，上市公司中天精装（002989）公告间接持有科睿斯的27.99%股权。同时从科睿斯股权结构、董 事会成员构成来看，中天精装无疑是科睿斯的重要股东。而在此次活动现场，中天精装总经理、联席总 经理作为重要嘉宾出席并参与启动仪式，也印证两者之间的紧密关系。 中天精装《2025年半年度报告》显示：当前全球数字化、智能化浪潮加速推进，公司把握相关产业发展 机遇，在东阳国资办的战略指引下，依托国资平台资源优势，全 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 3.426 billion yuan for the first half of 2025, representing an increase of 18.91% year-on-year. The net profit attributable to shareholders was 29 million yuan, up 47.85% year-on-year, while the net profit after deducting non-recurring items was 47 million yuan, an increase of 62.50% year-on-year. The gross margin was 18.45%, an increase of 1.9 percentage points year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 1.846 billion yuan, a year-on-year increase of 23.69%. The net profit attributable to shareholders was 19 million yuan, up 465.68% year-on-year, and the net profit after deducting non-recurring items was 40 million yuan, an increase of 723.80% year-on-year. The gross margin was 19.53%, an increase of 3.4 percentage points year-on-year [2][6]. Summary by Sections Financial Performance - In H1 2025, the PCB business generated revenue of 2.448 billion yuan, a year-on-year increase of 12.80%, with a gross margin of 26.32%, down 0.77 percentage points. The subsidiary Yixing Silicon Valley had revenue of 357 million yuan, up 17.45%, but incurred a loss of 82 million yuan. Fineline generated revenue of 839 million yuan, a year-on-year increase of 10.61%, with a net profit of 76 million yuan, down 13.50% due to exchange rate losses. Beijing Xingfei achieved revenue of 500 million yuan, up 25.50%, with a net profit of 86 million yuan, up 46.86% [10]. - The semiconductor business generated revenue of 831 million yuan, a year-on-year increase of 38.39%, with a gross margin of -16.78%, an increase of 16.41 percentage points. The IC packaging substrate business achieved revenue of 722 million yuan, up 36.04%, with a gross margin of -25.17%, an increase of 17.16 percentage points [10]. Business Outlook - The CSP packaging substrate business has shown improvement, with capacity utilization increasing quarter by quarter due to the recovery in the memory chip industry and increased market share from major clients. The overall revenue from this segment has grown rapidly. The FCBGA packaging substrate project has not yet reached mass production, but the company is actively expanding its domestic and overseas client base [10]. - The company is focused on upgrading PCB products and breaking into strategic large clients, which is expected to enhance product profitability. The semiconductor packaging substrate business is anticipated to become a new growth driver as new capacity comes online, benefiting from the industry's high prosperity [10]. Financial Projections - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 94 million yuan, 276 million yuan, and 536 million yuan, respectively [10].

Core Insights - The company reported a revenue of 3.43 billion yuan for the first half of 2025, representing an 18.91% increase compared to the same period last year [1] - Net profit attributable to shareholders reached 28.83 million yuan, a 47.85% increase year-on-year [1] - The company’s semiconductor business, including IC packaging substrate and semiconductor testing board, achieved a revenue of 830 million yuan, marking a 38.39% increase [2][3] Financial Performance - Revenue for the PCB business was 2.448 billion yuan, a year-on-year growth of 12.8%, with a gross margin of 26.32%, slightly down by 0.77 percentage points [2] - The net profit for the Fineline subsidiary was 75.96 million yuan, a decrease of 13.5%, primarily due to foreign exchange losses [2] - The company’s total assets at the end of the reporting period were 14.99 billion yuan, a 9.67% increase from the previous year [1] Business Segments - The IC packaging substrate business generated 722 million yuan in revenue, a 36.04% increase, driven by CSP packaging substrate contributions [2][3] - The company is focusing on high-value products in the CSP packaging substrate business, particularly in storage and RF sectors, and is expanding into the automotive market [3] - The FCBGA packaging substrate project has not yet achieved mass production, leading to a negative gross margin of -25.17% [3]

Core Viewpoint - The company has significantly invested in its FCBGA packaging substrate project, exceeding 3.8 billion, and is well-prepared for mass production in terms of technical capabilities, production capacity, and product yield [1] Group 1: Investment and Production Readiness - The overall investment scale of the FCBGA packaging substrate project has surpassed 3.8 billion [1] - The company is fully prepared for mass production regarding technical capabilities, production capacity, and product yield [1] - Sample order quantities for the first half of 2025 have already exceeded the total for the entire year of 2024 [1] Group 2: Strategic Expansion - The company is planning to further expand its high-end HDI capacity aimed at the AI sector to seize opportunities arising from the AI boom [1]

Financial Performance - In Q2 2025, the company achieved a revenue of 184,625.97 million CNY, a quarter-on-quarter increase of 16.88% [2] - Net profit attributable to shareholders was 1,946.05 million CNY, up 107.64% quarter-on-quarter [2] - For the first half of 2025, total revenue reached 342,586.34 million CNY, a year-on-year growth of 18.91% [2] - Net profit attributable to shareholders for H1 2025 was 2,883.29 million CNY, reflecting a year-on-year increase of 47.85% [2] - Total assets amounted to 1,498,980.85 million CNY, a 9.67% increase from the end of the previous year [2] Industry Analysis - The global PCB industry is expected to reach a market value of 79.128 billion USD in 2025, with a year-on-year growth of 7.6% [5] - High-layer PCBs (18 layers and above) and HDI boards are projected to grow by 41.7% and 12.9% respectively in 2025 [5] - The demand for packaging substrates is also expected to recover, with a growth rate of 7.6% [5] - The Chinese and Southeast Asian markets are anticipated to outperform other global regions due to technological advantages and industry shifts [5] Project Updates - The FCBGA packaging substrate project has exceeded an investment scale of 3.8 billion CNY, with preparations for mass production well underway [7] - Sample orders for the FCBGA project in H1 2025 surpassed the total for 2024, indicating strong demand [7] CSP Packaging Substrate Business - The CSP packaging substrate business focuses on storage and RF markets, expanding into the automotive sector [8] - Capacity utilization has improved, leading to significant revenue growth, with existing capacities fully utilized and new expansions coming online [8] Traditional PCB Business - The PCB business generated revenue of 244,785.93 million CNY, a year-on-year increase of 12.80% [9] - The gross margin for PCB business was 26.32%, slightly down by 0.77 percentage points [9] Beijing Xinfai Electronics Co., Ltd. Performance - Beijing Xinfai reported revenue of 49,953.28 million CNY, a year-on-year growth of 25.50%, with net profit increasing by 46.86% [10] R&D Directions - The company is focusing on developing complex, multifunctional products, including embedded substrates and large-size ABF substrates [10] - Future innovations will center on advancements in circuit board technology to enhance market competitiveness [10]

Group 1 - The company is currently in the small batch production phase for its FCBGA packaging substrate project [1] - Market expansion and customer certification are progressing steadily as planned [1] - The timeline for mass production largely depends on the recovery of industry demand, the customer's own production progress, and their supplier management strategies [1]

Group 1 - The company, Xingsen Technology (002436.SZ), has reported that its CSP packaging substrate production capacity is currently at full capacity and is in the process of expansion [1] - The market development and customer certification for the FCBGA packaging substrate project are progressing steadily as planned [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Semiconductor Packaging Industry**: Focus on TSMC's CoWoS technology and related companies - **RISC-V Architecture**: Development and adoption in high-performance computing - **Micro-Short Drama Industry**: Growth and government support in Shenzhen - **Brain-Computer Interface (BCI) Technology**: Medical applications and market potential - **AI in Healthcare**: Investment trends and technological advancements - **Tourism and Cruise Industry**: Summer tourism trends and company initiatives - **Robotics and AI**: Development in military and healthcare applications Core Insights and Arguments Semiconductor Packaging - TSMC is advancing its CoWoS technology, with expected Q3 sales between $31.8 billion and $33.1 billion, exceeding market estimates [2][3] - The global market for CoWoS technology is projected to exceed $10 billion by 2026, with China leading growth at 71% [2] RISC-V Architecture - The fifth RISC-V China Summit highlighted the acceleration of high-performance computing products [4] - Companies like Aojie Technology and Allwinner Technology are leading in RISC-V CPU subsystem development [5] Micro-Short Drama - Shenzhen's government has introduced measures to support the micro-short drama industry, with a market size expected to reach 68.6 billion yuan in 2025, growing at 36% [6][7] Brain-Computer Interface - The global BCI medical application market is projected to reach $40 billion by 2030, with significant growth in central nervous system disease treatments [8] - Companies like Yanshan Technology and Sanbo Brain Science are pioneering BCI applications [9] AI in Healthcare - The global AI healthcare investment landscape is heating up, with significant advancements in molecular modeling technology [11] - The company is collaborating with Tencent AI Lab to enhance drug discovery processes [11] Tourism and Cruise - The domestic summer tourism consumption is expected to reach 1.8 trillion yuan, with the company launching themed cruise lines [13] Robotics and AI - The military robotics sector is accelerating, with new developments in multifunctional robots for reconnaissance and inspection [16] - Companies are also focusing on healthcare robotics, with applications in rehabilitation and elderly care [15] Other Important but Potentially Overlooked Content - The CoWoS technology's capacity is directly linked to HBM production, indicating a critical supply chain relationship [2] - The RISC-V architecture's integration into data centers could disrupt traditional CPU markets [4] - The micro-short drama market's growth is driven by free content, highlighting a shift in consumer preferences [6] - The BCI technology's commercialization is supported by new pricing regulations in Hubei province [8] - The AI healthcare sector is seeing a convergence of technology and traditional pharmaceutical practices, enhancing drug development efficiency [11] - The cruise tourism initiative is part of a broader strategy to diversify offerings in response to changing consumer demands [13] - The military robotics market is expected to see increased government investment and interest, particularly in AI applications [16]

Company Performance - Company achieved operating revenue of 5.817 billion yuan in 2024, representing a year-on-year increase of 8.53% [2] - Net profit attributable to shareholders was -198 million yuan, a year-on-year decline of 193.88%, primarily due to high investments in FCBGA packaging substrate projects and losses from subsidiaries [2] Industry Overview - The global PCB industry is experiencing a structural recovery in 2024, with high-layer boards (18 layers and above) and HDI boards showing year-on-year growth of approximately 40% and 18.8%, respectively, driven by demand from AI, communications, and satellite sectors [2] - Overall demand in the packaging substrate industry is currently insufficient, but a recovery is expected in 2025, with BT substrates likely to outperform ABF substrates [2] Company Strategy - Company is in the small-batch production stage for FCBGA packaging substrates, with future mass production dependent on industry demand recovery, customer production progress, and supplier management strategies [2] - Company is focusing on market expansion and customer certification, aiming to achieve large-scale production by enhancing technical capabilities, optimizing processes, and improving yield and delivery performance [2] - Beijing Xinfai plans to upgrade production lines in mid-2024, focusing on expanding capacity for AI server accelerator cards and high-end optical module products [3] - Revenue from semiconductor test boards increased by over 30% year-on-year, with a continuous rise in the proportion of high-end products [3] - Future profit growth will focus on the steady development of PCB samples and test board businesses, as well as improving capacity utilization and cost optimization for CSP and FCBGA packaging substrates [3]