就在上个月，胜宏科技（300476.SZ）和沪电股份（002463.SZ），两家市值过千亿的PCB龙头，分别披露了其融资扩产计划的进度。 先是9月17日，沪电股份在接受机构调研时透露了其新建人工智能芯片配套高端印制电路板扩产项目进展。据悉，该项目投资额高达43亿元，最初规划于 去年10月，并于今年6月下旬正式开工建设。公司预计，将在2026年下半年开始试产，并逐步提升产能。 随后在9月19日，经过近11个月的推进，胜宏科技新一轮定增最终落地。根据公告，此轮定增募集资金总额达19亿元，其中8.5亿元投向越南胜宏人工智能 HDI项目，5亿元投向泰国高多层印制线路板项目。 此外，据《科创板日报》统计，仅7月25日至今，便有8家PCB厂商公布新一轮的融资扩产计划，扩产投资项目大多用于提升HDI、HLC、SLP等高端PCB 产能和技术能力。 | 代码 | 公司 | 动作类型 | 金额 | 公告目期 | | --- | --- | --- | --- | --- | | 002938. SZ | 鹏鼎控股 | 扩产 | 80亿元 | 8月19日 | | 002384. SZ | 东山精密 | 扩产 | 10亿美元 | 7 ...

华鑫证券研报指出，景旺电子2025年上半年实现归属母公司股东的净利润为6.50亿元，同比下降 1.06%；公司积极拥抱AI浪潮带来的机遇与挑战，在多个下游应用领域取得了丰硕成果。数据中心领 域，全球云厂商资本开支继续保持高增，AI服务器及相关领域多种创新方案涌现，使得高速材料、高 端HDI、HLC等产品供不应求。随着高级别智能驾驶的加速落地，AI应用在车端的渗透率不断提升，公 司在全球生产基地布局的产能有序释放，预计汽车业务未来仍有广阔的增长空间。此外，公司在珠海金 湾追加50亿投资建设高端产能。该行认为公司在AIPCB领域有较为深厚的积累，扩充高端产能有望受益 于下游AI算力景气度持续上行，首次覆盖，给予"买入"投资评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is actively embracing opportunities and challenges brought by the AI wave, achieving significant results in various downstream application areas, particularly in data centers and AI servers [3][4]. - The company has become the world's largest automotive PCB supplier in 2024, with expectations for substantial growth in the automotive business due to increasing penetration of AI applications in vehicles [3][4]. - The company is expanding its high-end PCB production capacity to meet the growing demand from AI servers and related fields, with significant investments planned for upgrading existing facilities and constructing new ones [6][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, while the net profit attributable to shareholders was 650 million yuan, a slight decline of 1.06% [2]. - The forecasted revenues for 2025, 2026, and 2027 are 14.981 billion yuan, 17.705 billion yuan, and 20.893 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 2.04 yuan, and 2.56 yuan [7][9]. Market Position and Strategy - The company is a core supplier of PCBs for AI servers, with competitive advantages in high-end PCB mass production capabilities and established long-term strategic partnerships with leading global clients [4][6]. - The company plans to invest 5 billion yuan in its Zhuhai Jinwan base to enhance high-end production capacity, focusing on technology upgrades and new production lines for AI server high-end HDI boards [6][7]. Growth Potential - The company is expected to benefit from the ongoing growth in AI computing demand, with a robust pipeline of orders in AI servers and high-end optical modules [3][4]. - The anticipated release of high-end production capacity across global manufacturing bases is expected to open new avenues for revenue growth in the AI server business [6][7].

Core Insights - The report highlights that Jingwang Electronics has achieved significant revenue growth in the first half of 2025, with operating income reaching 7.095 billion yuan, a 20.93% increase compared to 5.867 billion yuan in the same period of 2024, while net profit attributable to shareholders slightly decreased to 650 million yuan from 657 million yuan in 2024 [1] Group 1: Company Performance - In the AI server market, Jingwang Electronics has accelerated production and improved high-density HDI capabilities, responding to the high demand for advanced materials and products [2] - The company has established itself as the world's largest automotive PCB supplier, leveraging its strong customer base and expanding its product offerings to meet the growing demand in the automotive electronics sector [3] - The company is actively exploring new business opportunities in emerging fields such as humanoid robots and low-altitude aircraft, utilizing its advantages in automotive electronics to foster future growth [4] Group 2: Strategic Focus and Future Outlook - The company is focusing on high-end AI markets, with expectations of continued revenue growth, projecting operating income of 15.1 billion yuan in 2025, 17.9 billion yuan in 2026, and 21.1 billion yuan in 2027, with corresponding net profits of 1.588 billion yuan, 1.959 billion yuan, and 2.385 billion yuan [5] - The company is enhancing its production capacity through technological upgrades at its existing facilities and expanding its operations in Thailand to support high-end product development [2][4]

Core Viewpoint - The company reported a revenue increase of 20.93% in the first half of 2025, despite a slight decline in net profit, indicating resilience in a challenging global economic environment driven by trade tensions and geopolitical conflicts [2][3]. Financial Performance - Revenue for H1 2025 reached 7,095,186,521.63 CNY, up from 5,867,141,061.12 CNY in the same period last year, reflecting a growth of 20.93% [3]. - Net profit attributable to shareholders was 649,550,970.36 CNY, a decrease of 1.06% compared to 656,532,509.80 CNY in H1 2024 [3]. - The net profit after excluding non-recurring gains and losses was 537,390,109.68 CNY, down 9.02% from 590,670,835.34 CNY year-on-year [3]. - Total assets increased by 10.62% to 21,287,462,378.19 CNY, while net assets attributable to shareholders grew by 0.34% to 11,351,767,534.73 CNY [2][3]. Industry Trends - The PCB industry is experiencing structural growth driven by advancements in AI hardware, automotive ADAS, and high-end consumer electronics, despite global economic uncertainties [2]. - The demand for high-density interconnect (HDI), high-level circuit (HLC), and flexible printed circuit (FPC) boards is increasing, necessitating higher customization and advanced manufacturing capabilities [2]. Company Strategy and Operations - The company operates six production bases in China and is establishing a production base in Thailand, aiming for a sustainable international supply strategy [4]. - In the AI server sector, the company has accelerated mass production and enhanced its HDI capabilities, responding to high demand for high-end products [4]. - The company is upgrading its existing facilities and expanding its production capacity for high-end HDI to support AI servers and data centers [4]. Product Innovations - The company has achieved significant technological breakthroughs in high-frequency and high-speed communication products, including advanced HDI and multi-layer PTFE boards [5]. - In the automotive electronics sector, the company has become the largest automotive PCB supplier globally, focusing on high-level intelligent driving applications and expanding its customer base [6]. - The company is actively exploring new business opportunities in emerging fields such as humanoid robots and low-altitude aircraft, leveraging its expertise in automotive electronics [7]. Consumer Electronics - The company is positioned to benefit from the growing demand for AI-driven consumer electronics, including AI phones, PCs, and smart home devices, by leveraging its technological advantages in high-density boards [7].

Group 1: AI Server Market and Production Plans - The company is actively investing in the AI server and optical module markets to establish a comprehensive AI cloud-edge-end layout, with production capacity in Huai'an and initial production in Thailand expected in Q4 2025 [2][3] - The first phase of the Thailand plant was completed in May 2025, focusing on AI servers, automotive, and optical communication products [2] - The company plans to invest a total of 8 billion RMB in the Huai'an park to expand production capacity for SLP, high-end HDI, and HLC products, with the investment period from H2 2025 to 2028 [3] Group 2: Cost Management and Material Prices - The impact of rising prices for upstream copper-clad laminates on overall costs is limited due to the company's reliance on imported high-end materials, which have relatively stable prices [3] - The company is enhancing cooperation with upstream suppliers and optimizing product structures to mitigate the pressure from rising raw material prices [3] - The price of copper-clad laminates is subject to fluctuations in copper prices, leading to uncertainty in price trends for the second half of the year [3] Group 3: Financial Performance and Growth Drivers - The company's strong performance in H1 2025 is attributed to an increased revenue share from consumer electronics and automotive products, which have higher profit margins compared to communication products [3] - New production lines showed significant improvement in yield rates in Q2, contributing to better cost control [3] - The server and automotive PCB business achieved revenue of 805 million RMB in H1 2025, representing a year-on-year growth of 87.42% [3][4] Group 4: Funding Sources for Investments - The 8 billion RMB investment for the Huai'an industrial park will be funded through the company's own resources [4]

Core Viewpoint - Company plans to invest 5 billion yuan in the expansion project at Zhuhai Jinwan base, focusing on high-growth areas such as AI computing power, high-speed network communication, and automotive intelligence [1][3] Group 1: Investment and Project Details - The total investment for the expansion project is estimated at 5 billion yuan, with a post-tax investment payback period of approximately 7.5 years, including the construction period from 2025 to 2027 [1] - The expansion will be implemented in phases based on market demand and business progress [1] - The project aims to enhance production capacity for high-end PCBs, particularly in AI computing, high-speed networking, and automotive intelligence [1][3] Group 2: Market Trends and Demand - Recent technological breakthroughs in large models and generative AI have driven significant innovation in technology hardware, leading to a high demand for high-end PCBs [1] - Prismark forecasts a compound annual growth rate of 15.7% for multilayer boards with 18 layers or more and 6.4% for HDI from 2024 to 2029, driven by AI server and high-speed network infrastructure [1] - The high-end PCB market is expected to grow due to increasing requirements for advanced technology and higher product value, while competition in ordinary products is intensifying [1] Group 3: Strategic Alignment and Future Outlook - The expansion project aligns with national industrial policies and industry development trends, addressing the long-term and high-standard demand for high-end PCBs in emerging fields [3] - The company aims to enhance its technological innovation capabilities and increase the proportion of high-end products, focusing on AI to create a second growth curve [3] - The expansion is expected to improve the company's economic efficiency, expand operational scale, and strengthen its competitive advantage in high-end products [3]

Core Viewpoint - The company announced a 5 billion yuan expansion investment plan for the Zhuhai Jinwan base, focusing on enhancing production capacity for high-end HDI, HLC, and SLP products in AI computing, high-speed network communication, automotive intelligence, and AI edge applications [1] Group 1: Investment and Expansion - The investment plan includes technical upgrades to existing facilities, new AI server HDI production lines, and the construction of a new high-end HDI factory [1] - The expansion aims to integrate resources at the Zhuhai Jinwan base and strengthen the company's manufacturing capabilities for high-end products [1] - The construction period for the expansion is set from 2025 to 2027 [1] Group 2: Market Demand and Capacity - There is a projected rapid growth in demand for high-layer boards and high-end HDI thick boards in the AI server market, with current high-end capacity being relatively tight [1] - The company is expected to make significant progress in high-end product technology for core computing clients both domestically and internationally [1] - The existing production capacity at the Zhuhai Jinwan factory includes 1.2 million square meters of high-layer boards and 300,000 square meters of HDI/SLP boards [1] Group 3: Financial Outlook - The company maintains previous revenue forecasts for 2025-2027, with expectations of increased orders from North American clients due to the accelerated investment in AI PCB capacity [2] - The company is well-positioned in various downstream application fields, with ongoing product introductions in data communication and automotive sectors [2] - The upgrade of high-end computing capacity is anticipated to open up long-term performance and valuation growth opportunities for the company [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company announced a 5 billion yuan expansion investment plan at its Zhuhai Jinwan base, focusing on enhancing AI PCB production capacity in high-end applications such as AI computing, high-speed network communication, and automotive intelligence [1][7]. - The expansion aims to integrate resources at the Jinwan base, improve manufacturing capabilities for high-end products, and accelerate the company's product layout in high-end HDI, HLC, and SLP products [1][7]. - The construction period for the expansion is set from 2025 to 2027, with expectations of increased production capacity and technological capabilities to meet customer demands in various high-end sectors [1][7]. Financial Data and Valuation - Total revenue is projected to grow from 10,757 million yuan in 2023 to 21,152 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [2][15]. - Operating profit is expected to increase from 1,052 million yuan in 2023 to 2,519 million yuan in 2027, reflecting a growth rate of 22% in the later years [2][15]. - Net profit attributable to shareholders is forecasted to rise from 936 million yuan in 2023 to 2,230 million yuan in 2027, with a similar growth trajectory [2][15]. - Earnings per share (EPS) are anticipated to grow from 0.99 yuan in 2023 to 2.36 yuan in 2027, indicating a strong upward trend in profitability [2][15]. Market Performance - The current stock price is 54.18 yuan, with a total market capitalization of 51.1 billion yuan [3]. - The company has shown a strong performance over the past 12 months, with a 134% increase in absolute performance [5]. Future Outlook - The report projects that the company will benefit from the increasing demand for high-end multi-layer boards and HDI products, particularly in the AI server market [7]. - The expansion investment is expected to solidify the company's position in the high-end PCB market, especially for clients in North America and the ASIC field [7]. - The company is well-positioned for long-term growth due to its broad application areas, strong management capabilities, and ongoing product introductions in the data communication and automotive sectors [7].

Core Viewpoint - The company plans to invest a total of RMB 5 billion in the expansion of its Zhuhai Jinwan base to enhance its production capacity and technological capabilities in high-end products, particularly in AI computing, high-speed network communication, and automotive intelligence applications [2][4][12]. Group 1: Investment Overview - The investment project is named the Zhuhai Jinwan Base Expansion Project [6]. - The total investment amount is estimated at RMB 5 billion, with funding sourced from self-owned or self-raised funds [2][11]. - The project aims to upgrade existing factory technology, increase production capacity, and construct new facilities to meet high-end product demands [4][9]. Group 2: Project Details - The project will be implemented by Jingwang Electronics Technology (Zhuhai) Co., Ltd. [8]. - The construction location is at the Zhuhai Jinwan Base Park, specifically at No. 801, Nanshui Avenue, Nanshui Town, Zhuhai City [7]. - The construction period for the project is set from 2025 to 2027 [10]. Group 3: Board Approval - The investment plan was approved unanimously by the board of directors during the meeting held on August 22, 2025 [5][16]. - The decision does not involve related transactions and does not constitute a major asset restructuring as per relevant regulations [5]. Group 4: Impact on the Company - The expansion project is expected to strengthen the company's competitive advantage in high-end products and enhance its market position, ultimately contributing positively to future operational performance and profitability [12].