证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 东山精密（002384.SZ） 盈利能力持续提升，AI PCB+光通信注入新动能 盈利水平提升显著，拓展新领域多元发展。东山精密发布 2025 半年报业 绩，实现营收 169.6 亿元，yoy+2.0%；实现归母净利润 7.6 亿元， yoy+35.2%；毛利率为 13.6%，yoy+0.5pct；净利率为 4.5%，yoy+1.1pcts。 25Q2 实现营收 83.5 亿元，yoy-6.0%，qoq-2.9%；归母净利润 3.0 亿元， yoy+11.4%，qoq-33.7%。25H1 汇兑损失为 6464.6 万元，若加回此费用， 公司营业利润同比增幅更大。公司紧握 PCB 行业的快速发展机遇，并继续 保持在新能源汽车核心零部件领域的竞争优势，积极推进新产品的研发和 客户拓展，实现了盈利水平的大幅增长。2025 年公司启动了对法国 GMD 和索尔思光电的收购，新业务的加入将支撑公司业绩长期发展。 FPC 双寡头竞争格局优势凸显+线宽线距设计难度提升，ASP 有望增长， AI 终端带动 PCB 设计难度加大，AI 服 ...

公开资料显示，胜宏科技业务包含高精密多层、HDI 、FPC、软硬结合板的研发、生产和销售，产品广 泛应用于人工智能、大数据中心、工业互联、汽车电子(新能源)、新一代通信技术、新能源、航空航 天、医疗仪器等领域，是全球印制电路板制造百强企业，中国印制电路行业协会副理事长单位，是行业 标准的制定单位之一，位居《中国PCB企业排行榜》前列。 北京商报讯（记者 陶凤 实习记者 王天逸）8 月 20 日，胜宏科技（惠州）股份有限公司发布公告称，公 司已于当日向香港联合交易所有限公司递交发行境外上市股份（H 股）并在港交所主板挂牌上市的申 请，同日在港交所网站刊登了本次发行的申请资料。 ...

Core Viewpoint - The A-share market has experienced a significant surge since July, with the Shanghai Composite Index breaking the 3700-point barrier, driven by strong sector performances and positive market sentiment [2][3][4]. Market Performance - As of August 15, 2023, the Shanghai Composite Index closed at 3696.77 points, with a 0.83% increase, while the Shenzhen Component Index and the ChiNext Index rose by 1.60% and 2.61%, respectively [2][3]. - Since July, the overall A-share market has shown steady progress, with a notable performance in sectors such as components, communication equipment, and medical services, each exceeding a 25% increase [2][4]. Sector Analysis - The top-performing sectors since July include: - Components: 30.67% - Communication Equipment: 28.26% - Medical Services: 25.14% [4][5]. - Notable stocks in these sectors include: - Shenghong Technology, with a stock price increase of nearly 70% since July [6]. - New Yisheng, with an increase of over 80% in the same period [6]. Earnings Reports Impact - The release of mid-year earnings reports has positively influenced stock prices, with companies like Industrial Fulian and Shentong Technology seeing significant stock price increases due to strong earnings [9]. - Industrial Fulian reported a 35.58% increase in revenue and a 38.61% increase in net profit for the first half of 2025 [9]. Future Investment Directions - Analysts suggest focusing on sectors with long-term potential, including new consumption, new pharmaceuticals, and hard technology, driven by economic transformation and industrial upgrades in China [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in performance for the first half of 2025, with revenue reaching 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [3][4] - The company is the largest FPC manufacturer globally, holding over 30% market share, and is well-positioned to benefit from the growing demand for AI-related products and new categories such as foldable screens and AI glasses [4][5] - The company is expanding its high-end HDI and SLP product lines into the AI server and optical module markets, with ongoing collaborations with well-known server manufacturers and CSPs [5] Financial Performance Summary - In H1 2025, the company achieved a gross margin of 19.07%, an increase of 1.10 percentage points year-on-year, and a net profit margin of 7.49%, up 1.51 percentage points year-on-year [3] - The company has revised its profit forecasts for 2025, 2026, and 2027, expecting net profits of 4.514 billion, 5.515 billion, and 6.502 billion yuan respectively, reflecting an upward adjustment from previous estimates [3][6] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 26.9, 22.0, and 18.7 times respectively, indicating a favorable valuation outlook [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown a significant increase in revenue and net profit, with a 24.75% year-over-year revenue growth to 16.375 billion and a 57.22% increase in net profit to 1.233 billion in the first half of 2025 [1] - The company is expanding its capital expenditure (CAPEX) to over 7 billion for 2025-2026, indicating strong confidence in future growth, particularly in high-end PCB markets [3] - The company is actively increasing its market share in various sectors, including AI computing and automotive applications, with notable revenue growth in these areas [2][3] Summary by Sections Financial Performance - In 1H25, the company achieved revenue of 16.375 billion (YoY +24.75%) and net profit of 1.233 billion (YoY +57.22%), with a gross margin of 19.07% and a net margin of 7.49% [1] - For 2Q25, revenue reached 8.288 billion (YoY +28.71%, QoQ +2.49%) and net profit was 745 million (YoY +159.55%, QoQ +52.59%) [1] Product Segments - Revenue from communication boards was 10.268 billion (YoY +17.62%) with a gross margin of 15.98%, while consumer electronics and computer boards generated 5.174 billion (YoY +31.63%) with a gross margin of 24.52% [2] - The company is a key supplier for foldable devices and wearable technology, leveraging advanced FPC module technology [2] CAPEX and Future Outlook - The company has revised its CAPEX guidance upwards, with ongoing projects in Thailand and Taiwan progressing well, and plans to increase high-end PCB production capacity [3] - The profit forecast for 2025-2027 has been raised, expecting net profits of 4.2 billion, 5.8 billion, and 7.3 billion respectively, with growth rates of 24%, 38%, and 26% [3]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a significant performance exceeding expectations in Q2 2025, with revenue of 16.38 billion yuan, a year-on-year increase of 24.8%, and a net profit attributable to shareholders of 1.23 billion yuan, up 57.2% year-on-year [1] - The growth in profit was driven by improvements in business structure, yield enhancement, and cost reduction [1] - The company is increasing its capital expenditure for AI PCB due to strong demand in AI servers, with plans to raise capital expenditure to over 30 billion New Taiwan dollars for 2025-2026 [10] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 16.38 billion yuan, a 24.8% increase year-on-year, and a net profit of 1.23 billion yuan, a 57.2% increase year-on-year [1] - Q2 2025 revenue was 8.29 billion yuan, up 28.7% year-on-year, with a net profit of 740 million yuan, reflecting a 159.5% year-on-year increase [1] Business Segments - The communication board business generated revenue of 10.27 billion yuan, a 17.6% increase year-on-year, maintaining a gross margin of 16.0% [2] - The consumer electronics and computer board business achieved revenue of 5.17 billion yuan, a 31.6% increase year-on-year, with a gross margin of 24.5% [2] - The automotive and server board business saw revenue of 810 million yuan, an 87.4% increase year-on-year, driven by new product certifications and collaborations in AI ASIC products [2] Market Position and Growth Drivers - The company holds over 30% market share in the FPC industry and is positioned to benefit from the growing demand for AI-related products, including AI glasses and foldable screens [3] - The global FPC market is projected to reach 15.62 billion USD by 2029, with a CAGR of 4.5% from 2024 to 2029 [3] - The company is enhancing its production capabilities for high-end HDI and SLP products to meet the increasing performance requirements of AI servers [4] Future Projections - Revenue projections for the company are 41.25 billion yuan in 2025, 48.34 billion yuan in 2026, and 55.58 billion yuan in 2027, with expected year-on-year growth rates of 17%, 17%, and 15% respectively [11] - Net profit projections are 4.5 billion yuan in 2025, 5.5 billion yuan in 2026, and 6.34 billion yuan in 2027, with year-on-year growth rates of 24%, 22%, and 15% respectively [11]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 69.20 [1][5]. Core Views - The company reported a revenue of RMB 16.375 billion for 1H25, representing a year-over-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% year-over-year [1]. - The company is accelerating its investment in AI computing power and has mature technology and mass production experience in high-spec products, which enhances its competitiveness in the PCB market [1]. - The company has adjusted its EPS forecasts for 2025-2027 to RMB 1.85, 2.47, and 3.03, respectively, reflecting positive growth expectations [1]. Summary by Sections Financial Performance - In Q2, the company achieved a revenue of RMB 8.288 billion, a year-over-year increase of 28.71%, and a net profit of RMB 745 million, up 159.55% year-over-year [2]. - The overall gross margin improved by 4.80 percentage points to 20.28% in Q2, driven by better product mix and higher production efficiency [2]. Market Opportunities - The demand for high-end AI computing power PCBs is expected to grow non-linearly due to strong overseas demand and rapid server architecture upgrades [3]. - The company is actively pursuing product certifications with major clients and expanding collaborations with cloud service providers [3]. Product Innovation - The company anticipates significant product innovations from overseas clients in 2026, particularly in AI smartphones, foldable devices, and AI glasses, which will drive upgrades to high-quality, low-loss, and high-heat-dissipation PCBs [4]. - The company is positioned as a core supplier for foldable smartphones and AR/VR devices, leveraging its advanced FPC technology [4]. Valuation and Forecast - The company has raised its target price to RMB 69.20, reflecting an increase in expected server PCB revenue and profit margins for 2026-2027 [5]. - The projected net profits for 2025-2027 are RMB 42.85 billion, 57.22 billion, and 70.17 billion, respectively, indicating strong growth potential [5].

Core Viewpoint - The rapid development of AI will lead to a new computing era, accelerated robotics age, and a restructuring of manufacturing models, fundamentally transforming various industries and creating new opportunities for companies to embrace AI and seize development advantages [1][4]. Company Overview - Shenghong Technology specializes in the R&D, production, and sales of high-precision multilayer, HDI, FPC, and rigid-flex boards, with applications in AI, big data centers, industrial interconnect, automotive electronics, next-generation communication technologies, new energy, aerospace, and medical instruments [1]. - Since its listing on the Shenzhen Stock Exchange in 2015, Shenghong Technology has achieved a compound annual growth rate of 30% over eight consecutive years, becoming a leader in the PCB industry, with a market capitalization exceeding 160 billion yuan [1]. Strategic Development - The company has established three core strategies: smart factories, green manufacturing, and high-tech, high-quality services, along with four areas of innovation: concepts, technology, talent, and capital [3]. - Shenghong Technology holds a technological advantage in AI computing power, AI servers, and advanced HDI and PCB technologies, becoming a core supplier for NVIDIA's AI computing PCBs and Tesla's automotive electronics [3]. Market Trends - The global AI industrial revolution is just beginning, with significant investments from major tech companies in AI data centers, totaling $218 billion in 2024 [4]. - The Chinese AI industry is expected to grow from 486.2 billion yuan in 2026 to 1 trillion yuan by 2030, with a compound annual growth rate of approximately 20% [4]. Recommendations for Embracing AI - Companies should establish ambitious strategies, prioritize technology and capacity, and engage in global partnerships to secure industry leadership [4]. - It is essential to foster a spirit of practicality, maintain a positive mindset, and uphold a belief in success [4]. Future Outlook - Shenghong Technology aims to enhance its core competitiveness by increasing production capacity to meet customer demand, focusing on high-end products, and investing in advanced equipment to improve manufacturing capabilities [5].

Group 1 - The core viewpoint of the article emphasizes the strategic importance of venture capital (VC) in driving high-quality economic development, with increasing attention from central and local governments [1][3] - The establishment of the National Venture Capital Association Alliance Think Tank aims to provide professional support to the VC industry, leveraging resources from leading VC institutions and experts [3][4] - The VC industry is witnessing a shift towards hard technology entrepreneurship, focusing on sectors like AI, robotics, and biotechnology, as part of a broader trend in innovation [20][21] Group 2 - The article highlights the rapid growth of the AI industry in China, with projections indicating that the market size will increase from 486.2 billion yuan in 2026 to 1 trillion yuan by 2030, reflecting a compound annual growth rate of approximately 20% [17] - The chairman of Shenghong Technology outlines the company's strategic focus on AI and advanced manufacturing, emphasizing the importance of innovation and capacity expansion to maintain industry leadership [16][19] - The venture capital landscape is evolving, with state-owned capital becoming a dominant force, accounting for over 80% of the funding in the VC market, and actively participating in investments [24]

Group 1: Company Overview and Core Competencies - The company embraces AI and focuses on technological innovation and product layout to enhance core competitiveness [3] - It has established a leading position in AI computing power, AI servers, and AI HDI PCB technology, with a 2-3 year lead in market production technology [3] - The company maintains high reliability and stability in its products, achieving zero-defect production through AI-driven quality control [3] Group 2: Market Trends and Growth Potential - The PCB industry is entering a new growth cycle driven by the AI technology revolution, with a projected compound annual growth rate (CAGR) of over 20% for AI PCBs over the next five years [5] - Demand for high-layer and high-density interconnect (HDI) PCBs is expected to significantly increase, driven by advancements in AI, autonomous driving, and other high-tech fields [5] Group 3: Research and Development Strategy - The company focuses on key technologies such as CPU and GPU, with a proactive approach to technology layout in AI and new communication technologies [6] - Continuous investment in R&D and resource integration is aimed at enhancing innovation capabilities and improving product development efficiency [7] Group 4: Production Capacity and Market Share - The company is expanding its production capacity for high-end products, including HDI and multi-layer boards, to meet global customer demand [9] - Current production capacity utilization is high, with significant orders in hand for high-end products, ensuring a solid foundation for capacity digestion [9] Group 5: Investor Relations Activity - The investor relations activity included a company tour and presentations on core competencies, with participation from 179 institutional and individual investors [1] - The event did not involve the disclosure of any undisclosed significant information [10]