为应对人工智能（AI）带来的半导体需求激增，LG 电子正全力开拓尖端封装设备市场。该公司计 划逐步实现人工智能（AI）半导体、高带宽内存（HBM）等相关工艺设备的国产化，进而扩大业 务规模。 10 月 21 日，LG 电子生产技术院先行设备技术研究所所长朴明柱（音译）出席了在首尔阳川区 El Tower 举办的 "技术峰会"。他表示："随着尖端封装的重要性日益提升，预计到 2030 年，后工 序设备市场规模将增长至 43 万亿韩元（约合人民币 2300 亿元）。LG 电子将以需要新技术支持 的工艺设备为核心，推进相关开发工作。" LG 电子生产技术院的前身为 1987 年成立的金星生产技术研究所。长期以来，该机构主要致力于 提升集团旗下子公司在显示器、石油化工、二次电池等领域的生产效率。但近年来，随着 AI 的普 及，半导体需求大幅增长，该机构已将半导体后工序设备确定为下一代核心业务方向。 LG 电子并未选择与现有工艺设备企业正面竞争，而是采取了聚焦下一代半导体设备开发的战略， 重点通过与外部企业及机构的战略合作推进项目。由于生产技术院本身是专注于设备开发的组织， 其还通过分工协作进一步提高了开发效率。 朴所 ...

Core Insights - The report highlights a focus on specific stocks for June, including 顺丰控股 (SF Holding), 安集科技 (Anji Technology), and 佰仁医疗 (Bairen Medical) among others, indicating potential investment opportunities in these companies [1] - The overall market indices showed slight declines, with the Shanghai Composite Index closing at 3448.45, down 0.22% [1] Strategy Research - The report discusses a traditional multi-factor scoring industry rotation strategy that prioritizes low valuation, low crowding, and upward economic momentum, achieving an annualized return of 19.64% during the backtest period from April 1, 2014, to June 6, 2025, compared to a benchmark return of 7.55% [2][8] - The strategy involves selecting two single factors from four dimensions: valuation, quality, liquidity, and momentum, and forming a composite factor through equal weighting [8][9] Mechanical Equipment Sector - 芯碁微装 (Chipbond Technology) announced a new contract worth 146 million yuan, representing approximately 15% of its projected 2024 revenue, indicating strong demand driven by the AI infrastructure boom [10][11] - The company reported a revenue of 242 million yuan in Q1 2025, with a quarter-over-quarter increase of 3% and a year-over-year increase of 22%, alongside a gross margin of 41.3% [11][12] - The AI infrastructure trend is expected to significantly boost the demand for high-end PCB products, with major tech companies like Meta and Microsoft increasing their capital expenditures for AI-related infrastructure [12]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 79.15 and a sector rating of "Outperform" [1][3]. Core Views - The company has signed a significant new contract worth RMB 146 million, which is expected to boost its revenue for 2024 by approximately 15% [3][7]. - The AI infrastructure boom is driving investment in PCB, and the company is likely to benefit from the expansion efforts of PCB manufacturers [3][7]. - The report adjusts the company's earnings forecasts for 2025 and 2026, with EPS estimates revised to RMB 2.09 and RMB 2.75 respectively, while projecting an EPS of RMB 3.37 for 2027 [7]. Financial Summary - The company's projected revenue for 2023 is RMB 829 million, increasing to RMB 1,377 million by 2025, reflecting a growth rate of 44.3% [6]. - EBITDA is expected to rise from RMB 155 million in 2023 to RMB 277 million in 2025 [6]. - The net profit attributable to the parent company is forecasted to grow from RMB 179 million in 2023 to RMB 276 million in 2025, with a growth rate of 71.7% [6]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 37.8, 28.8, and 23.5 respectively [7].

Macro Economic Group - In May, US retail sales decreased by 0.9%, the largest drop since March 2023, exceeding expectations of a 0.6% decline [3] - Excluding automobiles, retail sales fell by 0.3%, while core retail sales, excluding gas stations, decreased by 0.1% [3] - The industrial production index for May showed a decrease of 0.2%, with manufacturing output slightly increasing by 0.1% [3] - US stock markets experienced declines, with the Dow down 0.7%, Nasdaq down 0.91%, and S&P 500 down 0.84% [3] - Oil prices rose by 5.4%, while gold and silver prices saw minor increases [3] Industry Comprehensive Group - Chip Qu Microelectronics signed contracts worth RMB 146 million for PCB production equipment, indicating optimism in the domestic PCB industry [5] - Major AI facility investors like Microsoft, Google, and Amazon are expected to increase capital expenditures by over $300 billion in 2025, a year-on-year growth of over 30% [5] - Taiwan's major PCB companies reported a 15% year-on-year revenue growth from January to May 2025, reflecting high industry demand [5] - BOE announced a plan to acquire a 30% stake in Xianyang Rainbow Optoelectronics for RMB 4.849 billion, which will enhance global TFT panel supply concentration [6] - The demand for TVs is expected to rise due to appliance consumption subsidies, positively impacting TFT panel profitability [6] Advanced Manufacturing Group - The recruitment for humanoid robots surged by 409%, with technical positions making up 62% of the total [8] - The robot industry is in a critical phase of technology development, with significant demand for talent in R&D and system debugging [8] - Investment strategies should focus on humanoid robot algorithms and automation, with long-term attention on full-stack technology and scenario positioning [8] - Tianqi Lithium and CATL established a lithium mining subsidiary, emphasizing resource control over procurement [9] - The establishment of the subsidiary reflects a strategic shift towards resource control in the lithium battery industry [9] Consumer Group - With summer approaching, searches for "graduation trips" have surged, particularly among young travelers [11] - Intercontinental Hotels Group has launched student-exclusive discounts and packages to cater to the rising demand from young tourists [11] - Fulejia announced the upcoming clinical trials for its collagen dressing, indicating growth potential in the medical aesthetics market [12]