Core Viewpoint - The company is poised for growth due to increased production capacity and strong demand in the AI-related PCB sector, with a focus on high-end products and strategic pricing adjustments [2][3]. Group 1: Company Developments - The company's subsidiary, Jiangxi Shengyi Technology, has successfully commissioned its first production line of the second phase project, adding a monthly capacity of 500,000 square meters of copper-clad laminate (CCL) by June 2025, with a total investment of 1.3 billion yuan [2]. - The second phase project, once fully operational, is expected to achieve an annual production capacity of 18 million square meters of high-end CCL and 34 million meters of adhesive sheets [2]. - The company is actively expanding its production capacity in Thailand, with ongoing construction to enhance its global competitiveness [3]. Group 2: Industry Trends - Downstream AI-PCB manufacturers are ramping up capacity, with notable investments such as Shenghong Technology's 250 million USD for computing power expansion and Huadian's 3.6 billion yuan for its Huangshi base [2]. - The demand for AI-related products is expected to drive an increase in production rates and profitability, with a notable rise in orders for AI servers, automotive HDI, and high-end consumer products [2]. Group 3: Market Outlook - The company anticipates that the third quarter will maintain the momentum seen in the second quarter, with a high order visibility from leading PCB manufacturers [2]. - The pricing strategy and order structure adjustments completed in Q2 are expected to be executed in Q3, contributing to improved gross margins [2]. - The CCL industry is expected to see stable price increases due to rising copper prices and adjustments in glass fiber cloth prices [2]. Group 4: Future Projections - The company is optimistic about its growth trajectory, with revenue projections for 2025-2027 being adjusted upwards, reflecting a positive outlook on high-end product demand in AI computing and other sectors [4]. - The company is expected to leverage its technological leadership and capacity in high-speed materials to capture a larger market share, particularly in the ASIC field [3].

证券研究报告 | 公司点评报告 2025 年 07 月 09 日 生益科技（600183.SH） 订单满载 Q3 望延续高景气，高速材料放量份额持续提升 TMT 及中小盘/电子 事件：1）公司子公司江西生益科技二期项目首组产线于 2025 年 6 月顺利连线 调试并投产，为公司新增覆铜板月产能 50 万平方米，二期项目投资总额达 13 亿元，全面投产后，可实现年产 1800 万平方米高端覆铜板及 3400 万米商品粘 结片的新增产能。2）近期下游 AI-PCB 厂商纷纷加大产能扩张力度：胜宏科技 国内惠州厂房四 6 月中旬投产，同时增资泰国胜宏 2.5 亿美元用于算力产能建 设；沪电股份拟未来 6 年投资 36 亿元用于黄石基地扩产；方正科技拟定增 19 亿用于 AI 算力类 HDI 板产业基地建设。我们结合 PCB 行业动态及公司最新业 务进展情况更新观点如下： ❑ Q3 需求及产能稼动率将延续 Q2 势头，涨价策略及订单结构调整 Q2 完成并 在 Q3 执行。公司 Q2 对下游客户完成涨价策略，Q3 下游头部 PCB 厂商订单 能见度高，目前公司的接单和稼动率将延续 Q2 势头，AI 服务器、汽车 HDI ...