内容概要：随着全球数字化转型与汽车电动智能化浪潮的推进，HDI 板市场需求激增。中国作为全球 最大的电子产品制造和消费市场之一，HDI板行业也得到快速发展。数据显示，2024年中国HDI板行业 市场规模为455.68亿元，同比上涨16.5%。预计未来在5G需求驱动下，HDI板企业将加速进入中高端市 场，行业市场规模将进一步扩大。到2025年中国HDI板行业市场规模达到509.08亿元，同比上涨 11.7%。 相关上市企业：大族数控（301200）、沪电股份（002463）、胜宏科技（300476）、东山精密 （002384）、生益电子（688183）、景旺电子（603228）、兴森科技（002436）、博敏电子 （603936）、深南电路（002916）、方正科技（600601）、崇达技术（002815）等。 相关企业：深圳市五株科技股份有限公司等。 关键词：HDI板行业产业链、HDI板行业市场规模、HDI板行业竞争格局、HDI板行业发展趋势 HDI板行业产业链 消费电子是HDI板最主要的应用领域之一，比如智能手机、平板电脑和笔记本电脑等产品。由于设备对 体积和重量的要求越来越高，HDI板能够有效地实现小型化 ...

PCB是电子产品的关键电子互连件，2024年中国大陆PCB产值占全球PCB总产值的比例已提升至56%， 成为全球PCB主要生产供应地。该领域已有不少上市公司，如今又有一家来自江西吉安的企业冲击A股 IPO。 格隆汇获悉，近日，证监会披露了江西红板科技股份有限公司（简称"红板科技"）的问询回复，问询了 关于主营业务和行业代表性、募投项目、销售与客户等问题，公司拟冲击沪主板上市，保荐人为民生证 券股份有限公司。 红板科技专注于印制电路板（PCB）的研发、生产和销售，2024年营收超27亿元。如今国内PCB市场情 况如何？不妨通过红板科技来一探究竟。 1 近6成营收来自消费电子领域，给OPPO、传音供货 红板科技的主营业务收入为印制电路板的销售收入，其产品包括HDI板、刚性板、柔性板、刚柔结合 板、类载板、IC载板等。 具体来看，2022年至2025年上半年，红板科技来自HDI板的营收占比从49.75%提升至65.33%；刚性板的 营收占比从33.08%降至17.84%。 HDI是印制电路板技术的一种，具备更高密度的电路互连、容纳更多的电子元器件等特点； 此前，在AI与算力基建拉动高端需求、消费电子触底回暖等刺激下 ...

在显示领域，公司产品主要应用于LCD、OLED和Mini LED等显示面板产品，与京东方、LG集团等全 球领先的显示面板制造商建立了长期稳定的合作关系，并获得全球显示面板行业龙头京东方颁发的"质 胜杯DAS BG质量工具创新应用大赛金奖"。在储存领域，公司产品主要应用于机械硬盘、固态硬盘、 内存条等，与全球机械硬盘制造商龙头希捷、西部数据及全球知名固态硬盘制造商海力士等建立了稳定 的合作关系。 来源：上海证券报·中国证券网 对于上市后的发展规划，公司表示，将进一步加深对HDI板、高频板、厚铜板等产品的工艺技术开发， 并以现有优势领域市场为基础，深挖客户需求，改善工艺技术，不断引进国内外先进的生产和检测设 备，不断提高生产线的自动化水平。 上证报中国证券网讯（记者 荆淮侨）9月26日，国内印制电路板（PCB）行业领军企业超颖电子电路股 份有限公司（以下简称 "超颖电子"）披露招股意向书，正式启动沪市主板招股工作。公司拟发行股票 数量为5250万股，占本次发行后公司股份总数的12.01%。 超颖电子主要从事PCB的研发、生产和销售，通过持续不断的研发创新，公司已拥有多项自主研发的核 心技术，具备生产高端PCB产品 ...

Core Insights - The PCB (Printed Circuit Board) industry is experiencing growth driven by advancements in AI, high-speed computing, and new energy applications, leading to a trend towards higher layers, density, performance, and efficient transmission [1][4] Market Overview - The global PCB market is projected to grow steadily, with an estimated compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, reaching a market value of approximately $94.66 billion by 2029 [3] - Rigid boards dominate the market, with multilayer boards expected to account for 38.05% of the global PCB market value in 2024, while single/double-sided boards will represent 10.80% [3] Product Segmentation - PCB can be categorized into rigid boards, flexible boards (FPC), and rigid-flex boards, with each type serving different applications based on their characteristics [2] - High-Density Interconnect (HDI) boards are becoming essential in consumer electronics and high-end computing, driven by the demand for miniaturization and high integration [2][3] Technological Trends - The development of AI is significantly reshaping PCB technology, with a focus on high-layer and high-level HDI as core directions for industry evolution [4] - The complexity of PCB production processes is increasing, particularly in exposure, drilling, plating, and hole formation, necessitating high-precision and efficient equipment [4] Investment Opportunities - Companies related to PCB equipment, such as Dazhong CNC, Chipbond Technology, Dingtai High-tech, Dongwei Technology, and Kaige Precision Machinery, are recommended for investment [5]

Group 1: Corporate Structure and Control - The share transfer agreement was signed on April 29, 2025, to transfer all shares of Konka Group to its new controlling shareholder, Panshi Run Chuang, completing the transfer in July 2025 [2][3] - The actual controller of the company has changed to China Resources, while the ultimate controller remains the State-owned Assets Supervision and Administration Commission [2][3] Group 2: Financial Activities - The company applied for a loan of CNY 39.7 billion from its controlling shareholder and related parties, with an annual interest rate of 3%, which is not higher than the latest one-year Loan Prime Rate (LPR) [3] - The CNY 21.70 billion loan from Panshi Run Chuang is designated for repaying the principal and interest of loans from the previous controlling shareholder, Overseas Chinese Town Group [3] - Up to CNY 18 billion in short-term revolving loans is primarily for repaying external interest-bearing debts and daily cash flow [3] Group 3: Business Operations - The PCB business includes products such as metal substrates, double-sided boards, multilayer boards, 5G high-frequency boards, and HDI boards, focusing on professional development and improving profitability [3] - The white goods segment includes refrigerators, washing machines, air conditioners, freezers, and dishwashers, with strategic acquisitions and partnerships to enhance manufacturing capabilities and optimize sales structures [3]

Investment Rating - The report maintains an investment rating of "Outperform" with a target price of A [5] Core Insights - The AI infrastructure continues to drive significant growth in the PCB industry, particularly in high-end applications such as GPU acceleration cards and modules, which are essential for meeting the demands of speed, frequency, heat dissipation, and reliability [1][28] - The semiconductor industry is experiencing robust growth driven by AI demand and accelerated domestic substitution, with a focus on opportunities in the FAB and supporting supply chains [2][35] - Domestic computing chips are making significant breakthroughs across multiple core areas, supported by increased investment from internet giants and government initiatives [3][57] - The consumer electronics sector is witnessing a recovery driven by AI technology innovations and supportive policies, with structural opportunities emerging in high-end products [4][9] Summary by Sections 1. PCB Industry - The global AI infrastructure's sustained high demand is benefiting the PCB industry, particularly in high-end products like GPU acceleration cards, which require advanced HDI boards for improved signal integrity and reduced electromagnetic interference [1][21] - The market for HDI boards is projected to grow significantly, with an annual compound growth rate of 19.1% for AI-related HDI boards from 2024 to 2029, outpacing the overall PCB industry growth [28] - The trend towards domestic supply chain integration is evident as local manufacturers increasingly enter international supply chains, driven by the need for high-end materials and equipment [29] 2. Semiconductor Industry - The global semiconductor market saw a sales increase of 19.8% year-on-year in the first half of 2025, with strong performance in the digital chip design sector, which grew by 24.7% [39][46] - The semiconductor equipment market is experiencing a mixed performance, with a year-on-year growth of 21.3% despite a quarterly decline, indicating a recovery phase following a peak in domestic wafer plant construction [41][46] - The report highlights the importance of domestic substitution in the semiconductor sector, particularly in response to U.S. tariffs and technology restrictions, which are accelerating the shift towards local manufacturing capabilities [50][51] 3. Domestic Computing Chips - Domestic cloud service providers are significantly increasing capital expenditures for AI infrastructure, with Alibaba planning to invest 380 billion yuan over three years, indicating a strong market for domestic chips [57][58] - Companies like SMIC and Huahong are making progress in expanding their production capacities, which will enhance their competitiveness in the semiconductor market [61] 4. Consumer Electronics - The consumer electronics sector is recovering, with a notable increase in revenue and profit driven by AI innovations and government policies, particularly in high-end segments like smartphones and smart glasses [4][9] - The report anticipates continued growth in the consumer electronics market, particularly with the upcoming product launches from major brands [9][10]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is enhancing its product structure, with high-end PCB revenue accounting for over 60% of total revenue. Its product range includes high-layer boards, HDI boards, high-frequency boards, thick copper boards, backplanes, and rigid-flex boards, catering to diverse applications in communication, servers, mobile phones, computers, and automotive sectors. The high-end PCB market has high entry barriers due to technology, craftsmanship, capital, and scale [4]. - The company is ramping up production capacity with new factories coming online, which will drive revenue growth. The Shenzhen facility focuses on high-layer PCBs for 5G communication and aerospace, while the Jiangmen plants produce various PCBs for industrial control and automotive applications. The Zhuhai facilities are set to enhance production capabilities significantly by 2025, supporting the company's strategic growth and international market expansion [5]. - The company is committed to R&D, with a 8.35% year-on-year increase in R&D expenditure, amounting to 180 million yuan in the first half of 2025. Key technology developments include advanced packaging substrates and high-precision circuit boards for AI chips and automotive applications [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 73.1 billion yuan, 83.4 billion yuan, and 92.9 billion yuan, respectively. The net profit attributable to the parent company is forecasted to be 5.7 billion yuan, 6.9 billion yuan, and 7.9 billion yuan for the same years [7]. - The company is expected to see a revenue growth rate of 16.37% in 2025, followed by 14.23% in 2026 and 11.34% in 2027. The net profit growth rates are projected at 120.96% for 2025, 21.43% for 2026, and 13.60% for 2027 [11][14].

Core Insights - The company reported a revenue of 2.035 billion yuan for the first half of 2025, representing a year-on-year growth of 16.05% [1] - The net profit attributable to shareholders was 261 million yuan, showing a slight increase of 0.14% compared to the same period last year [1] - The net cash flow from operating activities reached 458 million yuan, marking a significant increase of 32.56% year-on-year [1] Financial Performance - The increase in operating costs by 16.31% was primarily due to rising prices of key raw materials such as copper-clad laminates [1] - Financial expenses shifted from a gain of 23.27 million yuan in the previous year to an expense of 1.7855 million yuan this period, impacting profit margins [1] Market Strategy - The company has successfully deepened its "customer-centric" strategy, strengthening relationships with major clients like Continental Automotive and Valeo, leading to stable order growth [1] - Domestic business revenue has seen a significant increase, with strategic customer order volumes doubling, resulting in a record high proportion of domestic business revenue [1] Product Development - The company is actively capitalizing on the industry's trend towards high-end products, with significant sales growth in multi-layer boards, HDI boards, and high-frequency boards [2] - Research and development investment reached 85.72 million yuan, a year-on-year increase of 22.29%, with R&D expenditure as a percentage of revenue rising from 4.00% to 4.21% [2] Global Expansion - The construction of the Thailand production base has progressed as planned, establishing a solid foundation for expanding into international markets [2] Technological Innovation - The company views technological innovation as a core driver of development, achieving breakthroughs in key processes such as embedded copper block technology and HDI platform technology [2] - Successful development of key projects in automotive electronics and communication sectors, including the TRX-5G transceiver unit and automotive chassis control systems [2] Talent Development - The company is enhancing its talent pool through collaboration with local universities to establish joint training and internship bases, strengthening its technological capabilities [3]

Core Insights - The company reported a revenue of 2.035 billion yuan for the first half of 2025, representing a year-on-year growth of 16.05% [1] - The net profit attributable to shareholders was 261 million yuan, showing a slight increase of 0.14% year-on-year, indicating stable operational performance [1] - The company is focusing on its core automotive electronics business while enhancing key sectors such as computing and communication [1] Financial Performance - Revenue for the first half of 2025 reached 2.035 billion yuan, up 16.05% compared to the previous year [1] - Net profit attributable to shareholders was 261 million yuan, reflecting a marginal increase of 0.14% year-on-year [1] - R&D investment amounted to 85.72 million yuan, a year-on-year increase of 22.29%, accounting for 4.21% of total revenue [1] Product Development - Sales of mid-to-high-end products, including 10-layer and HDI boards, saw significant year-on-year growth, indicating an optimization in product structure and an increase in added value [1] - Key product developments included the TRX-5G transmitter and receiver unit and millimeter-wave radar, laying a technical foundation for future market expansion [1] International Expansion - The company has made positive progress in expanding its overseas market, with the construction of a production base in Thailand reaching the completion of its main structure [1] - The new facility is expected to enhance the company's overseas production capacity and improve global customer service capabilities [1] Growth Potential - Analysts highlight the company's strong risk resistance and growth potential through continuous product structure optimization, increased R&D investment, and international expansion efforts [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][16]. Core Views - The company achieved revenue and net profit growth in the first half of 2025, with revenue reaching 3.426 billion yuan, a year-on-year increase of 18.91%, and net profit of 29 million yuan, up 47.85% year-on-year [2][3]. - The semiconductor business, particularly the IC packaging substrate segment, is a focus area for technological enhancement and customer expansion, with revenue from this segment growing by 36.04% year-on-year [3][8]. - The company is optimistic about future performance due to ongoing product upgrades and increasing capacity utilization, projecting net profits of 93 million yuan, 280 million yuan, and 742 million yuan for 2025, 2026, and 2027 respectively [8]. Financial Performance Summary - Revenue is projected to grow from 5.36 billion yuan in 2023 to 10.57 billion yuan in 2027, with a compound annual growth rate (CAGR) of 25.1% [1]. - The net profit is expected to recover from a loss of 198 million yuan in 2024 to a profit of 742 million yuan by 2027, reflecting significant growth rates in subsequent years [1][8]. - The company's return on equity (ROE) is forecasted to improve from 2.0% in 2023 to 11.1% in 2027, indicating enhanced profitability [1][8]. Business Segment Insights - The PCB business generated 2.448 billion yuan in revenue, with a gross margin of 26.32%, while the semiconductor segment achieved 831 million yuan in revenue, marking a 38.39% increase [2][3]. - The CSP packaging substrate business is expanding into high-value markets, including automotive, with increasing capacity utilization and a focus on high-end products [3]. - The company is actively pursuing both domestic and international clients to enhance its market presence and secure future production opportunities [3].