在通讯领域，公司具备800G和1.6T光模块板量产能力，光模块板要求PCB具有高可靠性、高稳定性、阻 抗性能好、低损耗率、电信号完整等特点，对背钻、盲孔、铜厚均匀性、金手指公差等要求严格，对阻 抗公差要求较高，公司1.6T光模块板阻抗线宽达到1.8mil/1.8mil，阻抗公差达到±3%，盲孔孔径达到 3mil，技术难度较高。 智通财经APP获悉，11月28日，欣强电子(清远)股份有限公司(简称：欣强电子)深交所创业板IPO审核状 态变更为"终止"。因欣强电子及其保荐人撤回发行上市申请，根据《上海证券交易所股票发行上市审核 规则》第六十三条有关规定，上交所终止其发行上市审核。 据招股书，公司主营业务是印制电路板的研发、生产和销售，自成立以来主营业务未发生变化。公司印 制电路板产品定位于中高端市场，以八层及以上高端PCB为主，产品均价超过2,000元/平方米，处于行 业第一梯队，竞争对手主要为行业内头部企业，在存储、通讯领域具有较高的口碑、声誉及品牌优势。 公司产品具有高可靠性、高稳定性、高精密度和持续迭代等特点，主要产品包括刚性板、HDI板、柔性 板、刚柔结合板，并在从事高端类载板的研发及试产，丰富的产品类别 ...

证券日报网讯 11月27日，兴森科技在互动平台回答投资者提问时表示，公司CSP封装基板业务和北京兴 斐HDI板、类载板业务与原有重要客户的合作均正常推进，具体客户信息因保密协议约定不便披露。 （文章来源：证券日报） ...

近日，红板（江西）科技有限公司（以下简称"红板科技"）已正式获得中国证监会批复，同意其首次公开发行股票注册，公司计划在上海证券交易所主板 上市。 根据规划，本次上市募集资金将主要用于"年产120万平方米高精密电路板项目"。公司已建立规范的募集资金管理制度，确保资金使用安全高效。项目建 成后，红板科技每年将新增120万平方米HDI板产能，有助于提升高阶产品制造能力，并进一步优化财务结构，缓解资金压力。 财务数据显示，公司近年来业绩稳步增长：2022年至2024年，营业收入分别为22.05亿元、23.40亿元和27.02亿元；同期扣非净利润分别为1.20亿元、0.87 亿元和1.94亿元。2025年1–6月，公司实现营业收入17.10亿元，扣非净利润2.33亿元。 面向未来，红板科技表示将持续聚焦"AI算力、低轨卫星、智能座舱、光模块、智能驾驶"等前沿应用领域，加强技术研发，推动多终端业务协同。公司旨 在通过自主创新与国际合作，持续提升核心竞争力与市场份额，致力于成为全球HDI板领域的中高端标杆企业。 作为PCB行业的资深企业，红板科技在高多层任意互连HDI板制造方面已实现规模化生产，产品最高层数可达26层，技术 ...

（文章来源：证券日报） 证券日报网讯强达电路11月26日在互动平台回答投资者提问时表示，从中长期看，PCB产业仍将保持增 长态势。随着终端消费持续复苏和下游市场的扩大，公司计划通过扩大生产规模、不断提升技术创新、 生产和管理服务能力，在现有的单/双面板、多层板、高频板、高速板、HDI板、刚挠结合板等产品基 础上提升产品的多样性和创新性，持续加强积累PCB工艺制程能力，并着重提升工业自动化、5G通 信、新能源汽车、半导体和数字经济等新兴产业领域的专业PCB产品应用，尽力满足和支持下游客户研 究、开发、试验和小批量阶段对PCB的专业需求，并持续调整PCB产品结构，优化产能配置，针对性地 调整产品线，提高高附加值产品的比重。 ...

证券日报网讯强达电路11月26日在互动平台回答投资者提问时表示，HDI板是线路分布密度比较高的 PCB产品，采用微盲埋孔技术生产，具有高密度、精细导线和微小孔径等特点。公司HDI板最高可实现 6阶任意层互联。公司持续开展HDI板、毫米波雷达板、半导体测试板和光模块板等工艺难度较高、技 术难度较大的PCB产品工艺技术的项目研发，持续加深公司的技术储备，持续研发投入以保持产品长期 的市场竞争力。 （文章来源：证券日报） ...

Core Viewpoint - The China Securities Regulatory Commission has approved Jiangxi Hongban Technology Co., Ltd.'s application for an initial public offering (IPO) on the Shanghai Stock Exchange, with a fundraising target of 2.057 billion yuan [1]. Company Overview - Jiangxi Hongban Technology focuses on the research, development, production, and sales of printed circuit boards (PCBs), targeting the mid-to-high-end application market [5]. - The company is recognized for its high precision, high density, and high reliability in PCB manufacturing, particularly in the production of HDI boards and IC substrates [5]. - The product portfolio includes HDI boards, rigid boards, flexible boards, rigid-flex boards, substrate-like boards, and IC substrates, showcasing comprehensive technical research and production capabilities [5]. Market Position - Jiangxi Hongban Technology has established a significant competitive advantage and market position in the consumer electronics and automotive electronics sectors [5]. - The company's products are widely used in various fields, including consumer electronics, automotive electronics, high-end displays, and communication electronics [5].

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of 5.593 billion yuan, representing a year-on-year growth of 20.27% [3][5] - The net profit attributable to shareholders for the same period was 314 million yuan, with a year-on-year increase of 19.58% [3][5] - In Q3 2025, the net profit reached 92 million yuan, showing a remarkable growth of 252.87% compared to the previous year [3][5] Group 2: Market Position and Challenges - The company has been listed for 9 years but has not gained significant market recognition, with its market value only about one-third of its initial listing value [2][6] - The company acknowledges that its stock price does not reflect its intrinsic value and growth potential [6][7] - The company is currently ranked 6th among domestic PCB manufacturers and 26th globally [9][12] Group 3: Strategic Initiatives - The management is focused on optimizing product structure, enhancing cost control, and accelerating high-end capacity release to improve profitability [3][7] - The company is actively exploring share buybacks and management shareholdings as part of its market value management strategy [6][10] - A new factory in Thailand is under construction, aimed at optimizing global capacity and serving international customers [12] Group 4: Investor Relations and Feedback - The company has received feedback regarding the disparity between employee compensation and company performance, and it is considering reforms to align incentives with performance [10][11] - Investors have expressed concerns about the impact of rising raw material costs on PCB shipments, to which the company is responding with price adjustments and improved material utilization [3][4]

Core Viewpoint - Strong Circuit is focusing on the production of high-end multilayer boards and HDI boards at its Nantong factory, with plans to achieve an annual output of 960,000 square meters by mid-2026 [1] Group 1: Nantong Factory - The Nantong factory is primarily positioned for high multilayer boards and HDI boards, targeting small batch production [1] - Construction work at the Nantong facility is progressing in an orderly manner, with production expected to gradually commence by mid-2026 [1] Group 2: Other Factories - The Shenzhen factory is set to cater to the demand for high multilayer sample boards with 12 layers or more [1] - The Jiangxi factory will focus on rapid delivery of small batch boards and will gradually take on some of the high-difficulty, special materials, and high-speed material PCB production capacity from the Shenzhen factory [1]

抓住AI浪潮、加码布局高端产能，正成为PCB（印制电路板）行业头部企业的共同举措。 11月17日晚间，生益电子（SH688183，股价93.40元，市值776.92亿元）公告宣布，拟定增不超过26亿 元投向人工智能计算HDI生产基地建设项目、智能制造高多层算力电路板项目等。 《每日经济新闻》记者注意到，生益电子是一家印制电路板（PCB）企业，于2021年2月上市，这是该 企业上市以来的首次股权再融资。此外，生益电子股价在今年取得较大增长，截至11月17日收盘，其年 内涨幅约140%。 PCB被誉为"电子产品之母"，主要由覆铜板（CCL）、铜箔、玻纤布、树脂等化学材料构成，伴随着AI 算力需求的井喷，PCB产业也搭上了AI的快车，相关公司业绩、股价大幅增长。 生益电子宣布定增扩产的背后，是不可忽视的行业扩产热潮，头部企业们纷纷宣布加码产能建设。据万 联证券统计，包括胜宏科技、深南电路、东山精密等公司均抛出扩产计划。 宣布定增26亿元扩产 市值超过700亿元的PCB行业龙头生益电子，在11月17日晚间抛出定增预案，拟向特定对象发行股票募 集资金总额不超过26亿元，扣除发行费用后的募集资金净额拟投资于人工智能计算H ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company specializes in the research, production, and sales of printed circuit boards (PCBs), providing one-stop services from prototypes to mass production across various sectors including automotive electronics, computer communications, industrial control, and smart security [1][16] - The PCB industry is transitioning from scale expansion to technology-driven growth, with a projected compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, driven by demand from emerging fields such as AI, 5G communication, and new energy vehicles [2] - The company's future growth is driven by "capacity release" and "benefits from emerging industries," with established production bases in Shenzhen, Xinfeng, and Zhuhai [3] Financial Summary - The company's projected revenues for 2025, 2026, and 2027 are 746 million, 1.544 billion, and 2.077 billion yuan respectively, with corresponding net profits of 31 million, 150 million, and 222 million yuan [4] - The company experienced a significant revenue increase of 57.22% in 2025 compared to 2024, and a projected growth of 106.93% in 2026 [4] Business Analysis - The company focuses on high-end PCB manufacturing, with a product range that includes HDI boards, flexible boards, and high-frequency boards, catering to various applications in smart security, automotive electronics, industrial control, and medical electronics [2][52] - The automotive electronics segment is particularly promising, with the demand for high-temperature and high-thermal conductivity PCBs increasing due to trends in smart driving and electrification [2][28] - The company is actively entering high-growth sectors such as AI servers, optical modules, and robotics, leveraging advanced manufacturing techniques to meet the needs of top-tier clients [3][29] Growth Potential - The company is expected to achieve significant growth as it optimizes its product structure and increases capacity utilization, particularly in the AI and robotics markets [3] - The automotive PCB market is projected to see a substantial increase in unit demand, with the average PCB usage per vehicle rising from 6-8 square meters in traditional vehicles to 18-25 square meters in electric vehicles [28] - The company is also focusing on the robotics sector, with a projected compound annual growth rate of over 60% for high-reliability PCBs used in humanoid robots [29]