报告导读： 中观景气分化，地缘扰动延续，原油价格大涨，有色承压；新兴科技景气延 续， PCB 出口 / 台股电子营收高速增长；下游消费仍待改善，但旅游景气淡季不淡。 原油链持续涨价，出海制造景气提升。 上周（ 03.16-03.22 ），中观景气分化，景气线索主要有： 1 ）霍尔木兹海峡持续受阻，原油价格大涨，但大宗价 格表现分化，有色价格承压； 2 ）新兴科技景气中枢进一步上移； 3 ）下游消费仍待改善，服务消费淡季不淡，地产边际回暖，但耐用品需求压力仍然较 大。 上游资源：原油价格继续大涨，有色价格显著下滑。 1 ）原油： 美伊冲突加剧，霍尔木兹海峡油运持续受阻，原油链供给扰动继续演绎。截至 03.20 ，布伦 特原油期货结算价环比 +8.8% ，但化工品价格与原油涨价趋势有所分化，国内化工品价格指数 +0.5% ，原油链化工品 PX/PTA 价格环比 -0.5%/-8.0% 。 2 ）有色： 高油价推升滞涨预期，有色价格承压 ， COMEX 黄金 /LME 铜 /LME 铝价格环比 -9.6%/-6.7%/-6.5% 。 3 ）煤炭： 煤价环比 +0.8% ，需求淡季煤价窄幅波动。 下游消费：传统消费景 ...

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 PCB+铜箔，产品用于PET铜箔制造、服务器液冷散热、光伏电池板，客户覆盖大多数境内外一线PCB制 造企业，细分材料市场份额国内厂商第一，这家公司核心业务将迎来产能释放、产品提价、客户拓展三重 利好。 ...

周期资源景气分化，新兴科技延续高增 [Table_Authors] 方奕(分析师) 中观景气跟踪 3 月第 4 期 本报告导读： 中观景气分化，地缘扰动延续，原油价格大涨，有色承压；新兴科技景气延续，PCB 出口/台股电子营收高速增长；下游消费仍待改善，但旅游景气淡季不淡。 投资要点： | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@gtht.com | | 登记编号 | S0880125070014 | | | 张逸飞(分析师) | | | zhangyifei@gtht.com | | --- | --- | | 登记编号 | 021-38038662 S0880524080008 | [Table_Report] 相关报告 市场回调之际：公募发行节奏加快，宽基 ETF 净 流入 2026.03.24 成交活跃度下降，创业板指领涨 2026.03.22 原油链持续涨价，出海制造景气提升 2 ...

元件 沪电股份：25 年业绩再创新高，产能释放为后续增长奠定基础 25Q4 营收 54.33 亿元，yoy+25.45%，qoq+8.26%，归母净利润 11.05 亿元，yoy+49.52%，q oq+6.75%，扣非 10.84 亿元，yoy+46.51%，qoq+4.99%，毛利率 35.66%，yoy+3.86pct，qo q-0.18pct，净利率 20.35%，yoy+3.35pct，qoq-0.27pct。 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | 2025A | 2026E | 2027E | 2028E | | 分析师：王芳 | | 营业收入（百万元） | 13,342 | 18,945 | 25,492 | 38,824 | 54,509 | | 执业证书编号：S0740521120002 | | 增长率 yoy% | 49% | 42% | 35% | 52% | 40% | | Email：wangfang02@z ...

元件 沪电股份：25 年业绩再创新高，产能释放为后续增长奠定基础 沪电股份（002463.SZ） 证券研究报告/公司点评报告 2026 年 03 月 25 日 股价与行业-市场走势对比 公司发布 25 年年报，公司 25 年实现营收 189.45 亿元，yoy+42%，归母净利润 38.22 亿元， yoy+47.74%，扣非归母净利润 37.61 亿元，yoy+47.69%，毛利率 35.48%，yoy+0.94pct， 净利率 20.16%，yoy+0.92pct。 25Q4 营收 54.33 亿元，yoy+25.45%，qoq+8.26%，归母净利润 11.05 亿元，yoy+49.52%，q oq+6.75%，扣非 10.84 亿元，yoy+46.51%，qoq+4.99%，毛利率 35.66%，yoy+3.86pct，qo q-0.18pct，净利率 20.35%，yoy+3.35pct，qoq-0.27pct。 受益于 AI 拉动公司 25 年业绩再创新高 在 AI 需求高增大背景下，公司的核心 PCB 产品在 AI 服务器、高性能计算机、高速网络交 换机及路由器、智能汽车等应用领域的需求强劲，同 ...

研究早观点 2026 年 3 月 25 日 星期三 市场走势 分析师： 彭皓辰 资料来源：常闻 国内市场主要指数 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,881.28 | 1.78 | | 深证成指 | | 13,536.56 | 1.43 | | 沪深 | 300 | 4,474.72 | 1.28 | | 中小板指 | | 8,200.48 | 1.26 | | 创业板指 | | 3,251.55 | 0.50 | | 科创 | 50 | 1,290.79 | 2.33 | 【今日要点】 资料来源：常闻 【行业评论】电子：电子行业年度策略：-AI 开启新一轮硬件通胀，国 产算力加速突围 【行业评论】农林牧渔：农业行业周报-建议关注养殖股产能去化逻辑 的回归和演绎 研究早观点 【今日要点】 【行业评论】电子：电子行业年度策略：-AI 开启新一轮硬件通胀，国产算力加速突围 傅盛盛 fushengsheng@sxzq.com 【投资要点】 请 ...

电子 电子行业年度策略 领先大市-A(维持) 2026 年 3 月 24 日 行业研究/行业年度策略 首选股票 评级 关注产业链投资机会-【山证电子】专题 报告 2025.7.14 【山证电子】AI 增长持续投入，华为鸿 蒙折叠PC开启PC形态革命-山西证券电 子行业周跟踪 2025.5.22 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 存储进入超级周期。AI 训练侧万亿级参数量需要大容量高带宽存储支 撑，推理侧多模态输入与 KV 缓存消耗大量存储空间，服务器配套 HBM 与 高速 eSSD 成为标配。供给端受 2022 年半导体下行周期影响，存储厂商资本 开支保守，三星、美光等巨头退出利基产能转向高毛利领域，HBM 受 3D 堆 叠工艺壁垒制约供给弹性不足，2026 年供需比例将进一步下滑至 7%，DRAM 受 HBM 挤占影响短缺持续演进，NAND 向更高堆叠层数迁移存在资本与工 艺爬坡压力制约。受投产谨慎、良率约束及业务结构调整三因素叠加影响， 存储 ...

Investment Rating - The investment rating for the company is positioned at a lower-middle level, with an AHP score of 1.91, placing it in the 25.8% percentile of the non-innovation system AHP model [4][9]. Core Insights - The company is a leader in the mobile PCB market, rapidly expanding its LED business, and has entered the supply chain for intelligent driving with BYD, while also positioning itself in the AI server market [4]. - The company has a strong foundation in consumer electronics, with a focus on domestic IC substrate production and high-growth sectors [4][11]. - The company has optimized its product structure, leading to significant performance growth, with a projected CAGR of 25.37% in revenue and 126.83% in net profit from 2023 to 2025 [24]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 1.91, indicating a lower-middle ranking in the AHP model, with expected allocation ratios for offline investors of 0.0103% for Class A and 0.0093% for Class B under a neutral scenario [9][10]. Company Fundamentals and Highlights - The company has established a solid base in consumer electronics, with approximately 60% of revenue coming from this sector over the past three years. It has successfully penetrated the supply chains of major brands like Huawei and Xiaomi, and anticipates significant growth in its LED business, projecting revenue increases of 495% and 85% for 2024 and 2025, respectively [11][12]. - The company has strategically entered the IC substrate market, with a focus on high-end applications, despite current low order volumes. The domestic market for high-end IC substrates is expected to grow significantly, driven by demand in intelligent driving and 5G/AI sectors [14][19]. Financial Comparison with Peers - The company’s revenue and net profit are projected to grow significantly, with a CAGR of 25.37% and 126.83% respectively from 2023 to 2025. The company is focusing on HDI products while reducing reliance on low-margin rigid board orders [24][26]. - The company’s gross margin is expected to improve significantly in 2025, surpassing many comparable companies due to optimized customer order structures and increased product pricing [29]. - The company maintains a relatively high asset and inventory turnover rate compared to peers, indicating strong operational efficiency [37][40]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 100 million new shares, with the proceeds aimed at expanding its production capacity for high-precision circuit boards, particularly to meet the growing demand in sectors like new energy vehicles and intelligent driving [43][47].

Investment Rating - The investment rating for the company is positioned at a lower-middle level, with an AHP score of 1.91, placing it in the 25.8% percentile of the non-Science and Technology Innovation Board AHP model [4][9]. Core Insights - The company is a leader in the mobile PCB market, rapidly expanding its LED business, and has entered the supply chain for intelligent driving with BYD, while also positioning itself in the AI server market [4]. - The company has a strong foundation in consumer electronics, with a focus on domestic IC substrate production and high-growth sectors [5][19]. - The company has optimized its product structure, leading to significant performance growth, with a projected revenue CAGR of 25.37% and a net profit CAGR of 126.83% from 2023 to 2025 [24]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 1.91, indicating a lower-middle ranking in the AHP model, with expected allocation ratios for offline investors of 0.0103% and 0.0093% for classes A and B, respectively [4][10]. Company Fundamentals and Highlights - The company has established a solid base in consumer electronics, with approximately 60% of revenue coming from this sector over the past three years. It has successfully penetrated the supply chains of major brands like Huawei and Xiaomi, and anticipates significant growth in its high-end LED business, projecting revenue increases of 495% and 85% for 2024 and 2025, respectively [11][12]. - The company has strategically positioned itself in the IC substrate market, with a focus on domestic production and significant growth potential in the automotive electronics sector, driven by intelligent driving and smart cockpit orders [13][14]. Financial Comparison with Peers - The company has demonstrated superior growth resilience compared to its peers, with a projected revenue CAGR of 25.37% and a net profit CAGR of 126.83% from 2023 to 2025, despite being smaller in scale compared to comparable companies [24][26]. - The company's gross margin is expected to improve significantly in 2025, driven by optimized customer order structures and increased product pricing, surpassing many comparable companies [29]. Investment Projects and Development Vision - The company plans to raise funds through an IPO to support a project for producing 1.2 million square meters of high-precision circuit boards, with a total investment of 2.19 billion yuan, aimed at meeting the growing demand in sectors such as new energy vehicles and high-end displays [43][47].

Summary of Conference Call Records Industry Overview - The conference call focuses on the AI server and PCB (Printed Circuit Board) industry, particularly the advancements in materials and technology related to AI platforms and their components. Key Points AI Platform Upgrade - The new generation AI server architecture has shifted from "mid-board + CP board" to "switch backplane/orthogonal backplane + computing board," significantly increasing the requirements for backplane layers and material performance [1] - The Virtuoso cabinet inherits the GB300 design and upgrades materials, resulting in a 2x increase in PCB value, with each unit requiring 5 LPU cabinets and 1 CPU cabinet, all needing high-end PCBs [1] - This architectural adjustment is expected to increase PCB quantity by 2-3 times and value by 4-5 times, leading to a substantial rise in demand for copper-clad laminates (CCL) [1] Production Timeline - Core product mass production timelines are set: Rubin is expected to start mass production in Q3 2026, with PCB/CCL materials confirmed by late Q2 to early Q3; Alt in Q4 2026; and Fermi in the second half of 2027, with design completion in 2026 [1] Material Demand and Certification - M9 and M10 materials are projected to see explosive demand, with M9 CCL demand reaching millions of units by 2026 and increasing to 20-30 million units by 2027 alongside the Rubin platform [2] - M10 material certification has begun, with Nvidia requiring a loss factor (Df) of 0.0003. The competitive materials include PTFE (best electrical performance) and hydrocarbon resin + M10 filler, with PTFE outperforming M9 by 20%-30% [2] - M9 solutions have been confirmed, utilizing either "hydrocarbon resin + Q fabric" or "PTFE + fiberglass-free fabric," with a stable yield of 90% for M9 CCL, ready for mass production [2] Supply Chain and Pricing - The supply side is highly concentrated, with CTE fabric currently in severe shortage, priced at 120 RMB/kg, expected to rise further in 2026. New production capacity is anticipated to be released in the second half of 2026 [3] - Q fabric is primarily supplied by Asahi Kasei and domestic suppliers, with domestic prices 20%-30% lower than overseas [3] - Price increases for CCL are expected in 2025 due to rising costs of glass fabric and copper foil, with a projected 20%-30% increase in prices being passed down to end-users by April 2026 [3] PCB Market Dynamics - Due to the surge in PCB demand and value, existing suppliers are unable to meet capacity, prompting Nvidia to onboard new suppliers to ensure supply and reduce costs, with 2-4 suppliers per material number [4] - Key suppliers for LPU and CPU boards are identified, with a notable shift in market share towards new entrants like Jingwang Electronics and Dongshan Precision, while traditional players like Shenghong Technology see a decline in market share despite increased absolute order volumes [4] Copper Foil Specifications - Specifications for copper foil are being upgraded in line with material advancements, with M9 requiring HVP4 copper foil and M10 requiring HVP5/HVP6, with demand for HVP4 expected to reach 8,000-30,000 tons by 2027 [4] - Domestic manufacturers like Tongguan and Longdian Huaxin are accelerating the replacement of foreign suppliers due to price advantages [4] Market Potential - The market potential for CCL is significant, with GB300 cabinets requiring 50 CCLs and 60 PPs, while Rubin Ultra cabinets require 200 CCLs and 240 PPs. The value of core products is highlighted, with LPU boards valued at 20,000-30,000 RMB each and next-generation switch backplanes exceeding 800,000 RMB [5] - The global demand for M9 CCL is projected to reach 20-30 million units by 2027, corresponding to an area of over 20 million square meters, indicating a market size of several billion RMB [5] - Key beneficiaries across various segments are identified, including Shengyi Technology in CCL, Feilihua in electronic fabric, Jingwang Electronics in PCB manufacturing, and Tongguan Copper Foil in copper foil [5]