DSBJ(SZ:002384)2026-01-04 15:35Summary of Key Points from Conference Call Records Industry Overview - The focus is on the technology sector, particularly in cloud PCB and optical module businesses, with a strong emphasis on AI computing hardware and its implications for the industry [2][6][8]. Company Insights 东山精密 (East Mountain Precision) - Optical Module Sales Forecast: Expected total sales of optical modules in 2026 to reach 9.3 million units, broken down into 3 million units of 400G, 6 million units of 800G, and 300,000 units of 1.6T, generating an estimated revenue of 20 billion RMB and a profit of approximately 6 billion RMB [2][3]. - Client Base: Major clients include Microsoft, Meta, and XAI, with efforts to expand to potential clients like NVidia and Google [2][3]. - PCB Business Expansion: Plans to invest around 7 billion RMB in PCB business expansion, primarily in Zhuhai and Thailand, with expectations of a significant revenue surge in 2027, particularly in the Mutek division, projected to achieve 2 to 3 billion USD in revenue [2][3]. - Traditional Business Contributions: Other business segments, such as those related to electric vehicles and Apple, are stable but contribute less to profit elasticity. The LED business is underperforming, and divestment may be considered [4]. 金测科技 (Jin Ce Technology) - Investment Recommendation: Recommended as a "gold stock" due to its potential to reach 70% of the market value of a competitor, 飞测科技 (Fei Ce Technology). Recent orders include 430 million RMB for HBM and advanced packaging storage, indicating strong growth potential [5]. 华丰科技 (Hua Feng Technology) - Growth Potential: Anticipated significant growth in 2026 due to the release of Huawei's Ascend 950 series, with potential procurement from ByteDance reaching hundreds of billions RMB [9]. Market Trends AI Computing Hardware - Investment Trends: Continuous increase in investment in AI computing hardware, with major companies maintaining or increasing their investment levels. The hardware investment cycle is expected to last longer due to the extended development timeline of AGI [6][7]. - Optical Module Demand: The role of optical modules in AI computing is becoming increasingly critical, with demand expected to rise significantly as GPU node counts increase [8]. Gaming Market - Market Size and Growth: The Chinese gaming market is projected to reach approximately 350 billion RMB in 2025, with growth rates between 7% and 8%. Mobile and mini-games are experiencing significant growth, with mini-games maintaining over 30% growth [12][14]. - Policy Impact: New policies for mini-game platforms are expected to enhance revenue sharing for developers, promoting a healthier ecosystem [14]. Additional Insights - AI Applications: The AI application landscape is evolving rapidly, with significant changes expected during the upcoming Spring Festival as major companies promote new offerings [10][11]. - Investment Opportunities: The AI industrialization process is creating new investment opportunities in various sectors, including AI advertising, e-commerce, and education, as well as the integration of AI with gaming [17][18]. This summary encapsulates the critical insights and projections from the conference call records, highlighting the strategic directions and anticipated market dynamics within the technology sector.