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深南电路)_AI 印制电路板需求强劲,支撑价格和利润率韧性;买入-Shennan Circuits (.SZ)_ AI PCB demand strength to support resilient pricing and margins; Buy
2025-08-19 05:42

19 August 2025 | 10:24AM CST With ongoing AI PCB demand strength and a tight supply situation, we expect pricing and margins to be more resilient despite the persistent cost hike pressure from selected raw materials (e.g. CCL, gold-related chemicals, glass fiber, etc.) - see our Commodities research team's gold, copper reports. We remain constructive on Shennan Circuits as a beneficiary of AI PCB demand strength and see better growth visibility against a robust industry demand backdrop. We revise our estima ...