证券代码：002436 证券简称：兴森科技 深圳市兴森快捷电路科技股份有限公司 投资者关系活动记录表 编号：2025-08-001 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（线上会议） 参与单位 创金合信基金、国融基金、长盛基金、摩根士丹利基金、华杉瑞联基金、 江西彼得明奇私募、山东嘉信私募、盛钧私募、广东天运私募、粵佛私 募、福泽源私募、上海理成资管、上海湘楚资管、上海冲积资管、国泰 君安资管、浩成资管、北京君创富民资管、中泰安合投资、杭州点将台 投资、南方天辰(北京)投资、易同投资、北京东方睿石投资、杭州乐信 投资、西藏源乘投资、翼虎投资、中金资本、拾掇投资、杭州军璐投资、 辰禾投资、北京金澎惠、大湾区集成电路与系统应用研究院、深圳宏鼎、 前海再保险、昆仑健康保险、和谐健康保险、国家开发银行、唐控集团、 复星集团、UBS AG、中金公司、中信建投证券、国海证券、长城证券、 山西证券、国泰海通证券、财通证券、兴业证券、中信证券、第一上海 证券、浙商证券、国投证券、野村东方国际证券、国盛证券、华泰证券、 华源证券、光大证券、招商 ...

中信建投（601066）发布研报称，PCB行业呈现重回上行期、产品高端化、东南亚建厂等特点，产量的 增加及工艺的变化有望持续拉动PCB设备的更新和升级需求。钻孔、曝光、电镀、检测为PCB生产中的 核心环节，直接决定了电路板的互联密度、信号完整性和生产良率。AI驱动行业向更高层数、更精细 布线和更高可靠性方向发展，对加工工艺提出更高的要求，各环节均有显著变化。 AI驱动下对PCB的加工工艺带来更高要求。AI驱动行业向更高层数、更精细布线和更高可靠性方向发 展，对加工工艺提出更高的要求。在钻孔环节，电路板不仅需要处理传统通孔，还要集成盲孔、埋孔、 背钻孔以及高密度层间互连孔等多种导通结构，以满足高速信号传输和紧凑布局的需求;在曝光环节， 中高端PCB产品曝光精度要求明显提升;在电镀环节，更微小、密度更高的孔，对电镀的均匀性等带来 挑战。新工艺有望持续拉动PCB设备的更新和升级需求。 全球PCB行业迎来新一轮上行周期。2024年，受益于AI推动的交换机、服务器等算力基建爆发式增长， 智能手机、PC的新一轮AI创新周期，以及汽车电动化/智能化落地带来的量价齐升，HDI、层数较高的 多层板等高端品需求快速增长，PCB行 ...

江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 东北证券股份有限公司 关于 （住所：长春市生态大街 6666 号） 二〇二五年八月 声 明 东北证券股份有限公司接受江苏本川智能电路科技股份有限公司的委托，担 任江苏本川智能电路科技股份有限公司向不特定对象发行可转换公司债券的保 荐人。 保荐人及指定的保荐代表人已根据《公司法》《证券法》《注册管理办法》 等法律法规和中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并保证所出具 文件真实、准确、完整。 除非特别注明，本上市保荐书所使用的简称和术语与《江苏本川智能电路科 技股份有限公司向不特定对象发行可转换公司债券募集说明书》一致。 目 录 东北证券股份有限公司 本川智能拟向不特定对象发行可转换公司债券，募集资金不超过 49,000.00 万元（含 49,000.00 万元），东北证券作为本川智能本次发行的保荐人，根据《公 司法》《证券法》《注册管理办法》《上市规则》等相关法律、法规及规范性文 件的规定，认为本次发行的可转换公司债券具备在深圳证券交易所上市的条件。 ...

国浩律师（深圳）事务所 关 于 江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券 之 补充法律意见书（一） 深圳市深南大道 6008 号特区报业大厦 42、41、31DE 邮编：518034 电话/Tel: (+86)(755) 8351 5666 传真/Fax: (+86)(755) 8351 5333 网址/Website:http://www.grandall.com.cn 二〇二五年八月 国浩律师（深圳）事务 （一） 国浩律师（深圳）事务所 补充法律意见书（一） 国浩律师（深圳）事务所 关于江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券之 补充法律意见书（一） 致：江苏本川智能电路科技股份有限公司 国浩律师（深圳）事务所受江苏本川智能电路科技股份有限公司（下称"本 川智能"或"公司"）的委托，担任本川智能申请股票向不特定对象发行可转换 公司债券（下称"本次发行"）的特聘专项法律顾问。本所律师根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司证券发行注册管理办法》（以下简称"《注 册管理办法》"）等 ...

崇达技术（002815.SZ） 产品结构不断优化升级，全球产能布局助力未来发展 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,772 | 6,277 | 7,222 | 8,094 | 9,007 | | 增长率 yoy（%） | -1.7 | 8.7 | 15.1 | 12.1 | 11.3 | | 归母净利润（百万元） | 409 | 258 | 578 | 672 | 766 | | 增长率 yoy（%） | -35.8 | -36.9 | 124.3 | 16.3 | 14.0 | | ROE（%） | 5.6 | 3.9 | 7.7 | 8.4 | 9.0 | | EPS 最新摊薄（元） | 0.37 | 0.24 | 0.53 | 0.62 | 0.70 | | P/E（倍） | 41.0 | 65.1 | 29.0 | 25.0 | 21.9 | | P/B（倍） | 2.4 | 2.4 | 2.2 | 2.1 | 2.0 | 资料来源： ...

对话 PCB 专家，解析设备投资机遇 20250824 摘要 高端 HDI 板对位精度要求极高（±1 微米），压接孔公差需控制在 ±0.05 毫米内，电镀均匀性±5 微米，介质厚度均匀性±10%。为满足 需求，需高解析度曝光机、高精度激光钻孔机等进口设备，国产替代存 在挑战。 中国大陆 5-7 阶 HDI 板厂数量有限，但 NVIDIA 等客户需求增加推动研 发和生产投入。此类 HDI 板采用盲孔设计，无电容寄生效应，利于高速 信号传输，是未来发展方向。 高端 PCB 制造对设备要求日益提高，如美国北美地区芯片对应 PCB 已 达 30-40 层，厚度 4-6 毫米，常规设备难以胜任。高端 PCB 制造将依 赖强穿透力电镀线、高精密压合机等先进设备。 国产高端 PCB 设备产能不足，使用高端部件导致成本增加，缺乏价格优 势。虽国内备战工序进步显著，但效率和稳定性仍逊于海外设备，良率 也较低。 东威公司在 VCP 线方面处于行业领先地位，其 GP300 型号主要用于填 孔线，是国内企业中的龙头，表明东威公司的电镀 VCP 技术在中国大陆 具有很强的竞争力，可以满足高端需求。 Q&A 在 AI 服务器领域，针对高 ...

据证券之星公开数据整理，近期大族数控(301200)发布2025年中报。截至本报告期末，公司营业总收入 23.82亿元，同比上升52.26%，归母净利润2.63亿元，同比上升83.82%。按单季度数据看，第二季度营 业总收入14.22亿元，同比上升74.72%，第二季度归母净利润1.46亿元，同比上升84.0%。本报告期大族 数控应收账款上升，应收账款同比增幅达47.48%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率30.28%，同比增14.75%，净利率10.97%，同比 增19.8%，销售费用、管理费用、财务费用总计2.53亿元，三费占营收比10.6%，同比增1.33%，每股净 资产12.65元，同比增8.5%，每股经营性现金流-1.3元，同比减339.09%，每股收益0.63元，同比增 85.29% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.64亿 | 23.82 亿 | 52.26% | | 归母净利润(元) | 1.43亿 | 2.63亿 | 83.82% | | 扣非净利润(元) ...

Summary of PCB Drilling Equipment Industry Conference Call Industry Overview - The conference call focused on the PCB (Printed Circuit Board) drilling equipment industry, highlighting the impact of AI server demand on the domestic PCB supply chain, particularly driven by Nvidia's GV200 OAM version and high-end server backplanes from companies like Huawei and Apple [1][2][3]. Key Companies Involved - Major players in the industry include: - **Deep Blue Circuit** - **Pengding Holdings** - **Victory Technology** - **Huidian Technology** - These companies are actively expanding their HDI (High-Density Interconnect) production lines to meet the increasing demand for AI server orders [1][3][5]. Core Insights and Arguments - **Increased Demand**: Starting from Q4 2024, PCB orders are expected to surge, particularly in Q1 and Q2 of 2025, driven by the demand for AI server motherboards [2]. - **Collaboration with Tech Giants**: Companies like Deep Blue Circuit and Pengding Holdings are closely collaborating with major tech firms such as Huawei and Apple to produce high-layer HDI products [1][3]. - **Expansion Plans**: Several manufacturers, including Jingwang, Guanghe, and Fangzheng, are planning to follow suit in expanding HDI production capacity [5]. - **Technological Advancements**: The CO-WOP (Chip-on-Wafer) technology is enhancing the precision requirements for HDI, leading to increased demand for high-frequency and high-density interconnect boards [6][7]. Equipment and Investment Insights - **Core Production Processes**: The main processes in PCB production include lamination, exposure, drilling, plating, and testing, with drilling being the most valuable segment, accounting for over 30% of the total investment [9][12]. - **Investment Breakdown**: - Small factories may invest around 200 million CNY, while large factories could exceed 2 billion CNY in total investment [9]. - Drilling equipment, particularly laser drilling machines, is crucial for high-end applications, with significant investments required for advanced machinery [12][21]. - **Market Dynamics**: Domestic PCB equipment is gaining traction in the mid-to-low-end market, while high-end applications still rely heavily on imported equipment from brands like Germany's Xumo [10][11]. Potential Risks and Challenges - **Supply Chain Constraints**: The demand for advanced drilling equipment is outpacing supply, with orders for critical machinery like the German Book press equipment and Xumo drilling machines already booked into mid-2026 [6][8]. - **Quality Control**: The complexity of high-layer HDI boards necessitates precise drilling techniques, and any errors can lead to significant economic losses [14][16]. - **Technological Barriers**: The high barriers to entry in advanced drilling technologies, such as depth control milling, pose challenges for domestic manufacturers to compete with established foreign brands [24]. Additional Noteworthy Points - **Future Trends**: The increasing number of HDI layers is expected to drive up demand for lamination and drilling processes, emphasizing the need for high-quality materials and equipment [31]. - **Market Competition**: While domestic brands are making strides, they still face challenges in matching the efficiency and quality of imported equipment, particularly for high-stakes orders like those from Nvidia [33][34]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of the PCB drilling equipment industry.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 3.769 billion yuan, a year-on-year growth of 91.00%, and a net profit of 531 million yuan, a year-on-year increase of 452.11% [2][5]. - The gross margin and net margin for the first half of 2025 were 30.39% and 14.08%, respectively, reflecting increases of 10.70 percentage points and 9.21 percentage points year-on-year [2][5]. - In Q2 2025, the company achieved revenue of 2.189 billion yuan, a year-on-year growth of 101.12% and a quarter-on-quarter growth of 38.61%, with a net profit of 330 million yuan, marking a year-on-year increase of 374.34% and a quarter-on-quarter increase of 65.01% [2][5]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 3.769 billion yuan and a net profit of 531 million yuan, with gross and net margins of 30.39% and 14.08% respectively [2][5]. - In Q2 2025, revenue was 2.189 billion yuan, with a net profit of 330 million yuan, indicating strong growth in both metrics [2][5]. Market Position and Strategy - The company is focusing on high-end product lines and enhancing production capacity to meet the growing demand in AI servers and high-performance computing [12]. - The company is optimizing its production structure and has invested 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards, aiming for a production capacity of 700,000 square meters annually [12]. Future Outlook - The company is expected to achieve net profits of 1.096 billion yuan, 1.625 billion yuan, and 2.249 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 42.79, 28.85, and 20.85 [12].

Market Overview - The A-share market continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 hitting a historical peak. The Shenzhen Composite Index and the ChiNext Index also surpassed their highs from October 8 of the previous year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.76 trillion yuan, an increase of 519.6 billion yuan from the previous trading day, marking a new high for the year [1] - By the close of trading, the Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index gained 2.84% [1] Valuation Analysis - According to China International Capital Corporation (CICC), the overall valuation of A-shares is currently in a reasonable range and not overvalued. The dynamic price-to-earnings ratio of the CSI 300 is around 12.2 times, which is approximately at the 69th percentile historically since 2010 [2] - The market capitalization of A-shares has reached around 100 trillion yuan, with the ratio to GDP remaining at a relatively low level compared to major global markets [2] - The total market capitalization to M2 ratio is about 33%, positioned at the 60th percentile historically, indicating a moderate valuation level [2] - The dividend yield of the CSI 300 is 2.69%, which remains attractive compared to the yield of 10-year government bonds [2] Brokerage Sector Insights - Huatai Securities noted that the brokerage sector is currently undervalued and underweighted, with a positive outlook for value re-evaluation in the sector. The equity market has been steadily rising since the beginning of the year, with continuous increases in trading volume, margin financing balances, and the issuance scale of equity products [3] - The performance of brokerages is expected to improve due to the sustained growth of market conditions and the positive regulatory environment supporting capital markets [3] PCB Industry Outlook - Dongwu Securities highlighted that the recent price increases in copper-clad laminates reflect the high demand in the PCB industry, driven by the demand for computing servers. Several copper-clad laminate manufacturers have announced price hikes [4] - The demand for multi-layer boards, HDI, and high-frequency boards is expected to grow significantly, with specific requirements for drilling, exposure, and electroplating processes [4] - Dongwu Securities recommends focusing on the core processes of PCB production, including drilling, exposure, and electroplating [4]