国泰海通证券此前指出，公司是覆铜板行业龙头公司之一，上游材料一体化布局构建差异化壁垒，电子 布铜箔覆铜板同步升级，传统覆铜板供需格局和新价格趋势乐观。产品升级与覆铜板涨价有望贡献公司 业绩增长势能。开源证券认为，高端产品方面，建滔积层板已成功研发HVLP3铜箔、IC封装载板用超 薄VLP铜箔，高端铜箔已认证进入多家全球头部tier1、通信终端客户；low dk玻璃纱首个窑炉已于 2025H1投产，2025H2预计新增三个窑炉、具备生产二代玻璃纱的能力；2026年预计另有6个高端窑炉投 产，生产低介电低膨胀及石英玻璃纱。 消息面上，据报道，据不完全统计，截至10月27日，已有生益电子等10多家PCB产业链上市公司披露的 三季报或前三季度业绩预告显示，行业整体呈现业绩高增长态势。与此同时，PCB的扩产潮正从制造环 节向上游设备材料领域传导，一场由AI驱动的高端化变革正在这个传统行业全面展开。此外，国金证 券指出，M9如果确定将带来材料方案升级，例如铜箔是可能倾向于HVLP4，电子布是Q布+二代布。 智通财经APP获悉，建滔积层板(01888)涨超6%，截至发稿，涨6.61%，报14.18港元，成交额4.37亿港 ...

Group 1 - The core viewpoint of the news highlights the significant growth in the PCB market driven by the rapid development of the AI industry, with a projected global PCB market value increase of 7.6% to reach $79.128 billion by 2025 [1] - Shengyi Electronics forecasts revenue between 6.614 billion to 7.034 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 108% to 121% [1] - The expected net profit attributable to shareholders for Shengyi Electronics is projected to be between 1.074 billion to 1.154 billion yuan, indicating a substantial year-on-year increase of 476% to 519% [1] Group 2 - Kaisheng Securities notes that the upward demand for PCBs and high raw material prices may support smooth price adjustments in the second half of 2025, potentially improving CCL profit margins and driving performance in the latter half of the year [2] - The company has successfully developed high-end products such as HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, which have been certified for use by several leading global tier 1 and communication terminal customers [2] - The first furnace for low dk glass fiber has been put into production in the first half of 2025, with three additional furnaces expected to be operational in the second half of 2025, enhancing the capability to produce second-generation glass fiber [2]

Group 1 - The core viewpoint of the news highlights the significant growth expectations for Shengyi Electronics, projecting a revenue increase of 108% to 121% and a net profit increase of 476% to 519% for the first three quarters of 2025 [1] - Shengyi Electronics anticipates that the rapid development of the AI industry will support growth in the PCB market, with a projected global PCB market value increase of 7.6% to reach $79.128 billion by 2025 [1] - The stock price of Jiantao Laminated Board rose over 5% during trading, reflecting positive market sentiment following Shengyi Electronics' performance forecast [1] Group 2 - Open Source Securities indicates that rising PCB demand and high raw material prices may facilitate smooth price adjustments in the second half of 2025, potentially improving CCL profit margins [2] - The company has successfully developed high-end products such as HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, which have been certified by several leading global tier 1 and communication terminal customers [2] - The first furnace for low dk glass fiber has been put into production in the first half of 2025, with plans for three additional furnaces in the second half of 2025 and six more high-end furnaces expected to be operational in 2026 [2]

Core Viewpoint - The company is expected to benefit from price increases in H2 2025, with accelerated high-end capacity and AI options likely to gradually materialize in 2026, leading to significant profit growth [1] Group 1: Financial Performance - In H1 2025, the company's revenue reached HKD 9.59 billion, a year-on-year increase of 11%, with the copper-clad laminate (CCL) and upstream material business contributing HKD 8.72 billion, reflecting a 5% increase in average monthly shipment volume to 9 million sheets [2] - The net profit attributable to shareholders for H1 2025 was HKD 930 million, up 28% year-on-year, primarily driven by a HKD 130 million increase in investment income and a HKD 70 million reduction in financing costs, which offset a 0.8 percentage point decline in CCL's operating profit margin to 12.3% [2] Group 2: Pricing and Market Dynamics - The company initiated a price increase of HKD 10 per sheet for CEM-1/22F/V0/HB/FR4 on August 15, 2025, due to cost considerations, with PCB demand and high raw material prices expected to support smooth price transmission in H2 2025, thereby improving CCL profit margins [3] - The company anticipates that traditional market conditions in 2026 will need to be monitored, while high-end capacity is expected to gradually come online, including 800,000 sheets of CCL capacity in Thailand [3] Group 3: Product Development and Capacity Expansion - The company has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, with high-end copper foil already certified for use by several leading tier 1 global clients [3] - The first kiln for low dielectric glass fiber has been put into production in H1 2025, with three additional kilns expected to be operational in H2 2025, and another six high-end kilns planned for 2026 to produce low dielectric, low expansion, and quartz glass fiber [3]