Core Insights - The global MEMS packaging substrate market is projected to grow from $2.4 billion in 2025 to $3.23 billion by 2030, driven by the expansion of the medical device industry, accelerated 5G deployment, and widespread adoption of IoT solutions, with a CAGR of 6.1% [2][4]. Market Growth Drivers - Key innovations in substrate materials and advanced packaging technologies are crucial for the design of next-generation sensors and actuators, particularly in automotive, medical, and industrial applications [2]. - The glass substrate segment is expected to experience the fastest growth due to its unique combination of electrical insulation, optical transparency, chemical resistance, and thermal stability, making it ideal for high-performance MEMS designs [2][3]. Regional Insights - The Asia-Pacific region is anticipated to maintain its dominant position in the MEMS packaging substrate market by 2030, supported by leading companies in consumer electronics and IoT device manufacturing [4][5]. - The rapid proliferation of smartphones, wearables, AR/VR systems, and smart home technologies in this region is creating sustained demand for compact and efficient MEMS components [5]. Technological Advancements - Advances in glass processing technologies, such as laser drilling and anodic bonding, are reducing costs and improving scalability, further driving the demand for transparent and inert materials in chip lab diagnostics, optical MEMS, and environmental monitoring sensors [3]. Key Market Players - Major companies in the MEMS packaging substrate market are positioned to play an increasingly important role in supporting the next generation of interconnected, high-performance electronic devices, particularly those based on glass solutions [6].

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].