DSBJ(SZ:002384)2026-01-20 02:20Summary of Conference Call Records Company and Industry Involved - Company: 东山精密 (Dongshan Precision) - Industry: 光通信 (Optical Communication) and PCB (Printed Circuit Board) Core Points and Arguments - Chip Shortage: The optical chip market is experiencing a continuous shortage, with a supply-demand gap of 30-40% [1] - Strategic Expansion: The company is strategically expanding into the optical chip and optical module sectors, successfully shipping to multiple North American clients, which is expected to create new business growth points [1] - AI Impact: Breakthroughs in AI technology are increasing capital expenditures by cloud service providers on data centers, leading to sustained growth in the optical communication market [1] - Production Capacity: The company has significantly exceeded market expectations in production capacity expansion, with a strong order backlog and an anticipated increase in the proportion of 800G shipments to nearly 5-6 million units [1] - Profit Margin Improvement: The net profit margin is expected to continue improving due to the strategic positioning in the AIPCB industry and the rapid development opportunities it presents [1] - Investment Plans: The company has announced a capital expenditure (capex) of $1 billion for new high-layer PCB production capacity, with potential for further investment [1] - Client Coverage: Multek, a subsidiary, has a wide client coverage, with successful audits from major North American clients, leading to expectations of additional performance growth [1] Additional Important Content - Consumer Electronics Growth: The consumer electronics business is steadily growing, driven by AI terminals that increase the complexity of PCB design, particularly in line width and spacing [2] - Competitive Landscape: The competitive landscape in the FPC (Flexible Printed Circuit) market is characterized by a duopoly, with advantages for leading companies [2] - New Production Facility: A new factory in Thailand is set to commence production in the fourth quarter, introducing high-value display materials, further driven by demand from AR/VR and foldable screen products [2] - Risk Factors: Potential risks include slower-than-expected technological iterations, insufficient expansion in the renewable energy sector, and intensified industry competition [3]