广合科技-管理层调研：泰国与中国产能扩张；计算类 PCB 的美元价值占比提升

Summary of Delton (001389.SZ) Management Call Company Overview - Company: Delton (001389.SZ) - Industry: PCB (Printed Circuit Board) - Focus Areas: Data centers, cloud computing, 5G communication, automotive, AI applications [2][3] Key Insights - Positive Outlook on Demand: Management is optimistic about PCB demand driven by computing applications, which is expected to support revenue and profit growth [1][3] - Market Growth Projections: The global PCB market for AI servers is projected to reach US$27 billion by 2027, indicating a 140% CAGR from 2025 to 2027 [1] - Capacity Expansion: Delton is expanding its production capacity in both mainland China and Thailand to meet rising demand for AI PCBs. The Thailand factory is expected to add Rmb2.5 billion worth of capacity [2][3] - Revenue Contributors: General server applications remain the major revenue contributor, with a single-digit volume growth but increasing dollar content due to PCIe technology migrations [3] Financial Performance - Margin Improvement: The Thailand factory achieved break-even in December 2025, just six months after commencing operations, contributing positively to profit margins [3] - AI Server Revenue Growth: AI server revenues are anticipated to increase significantly as Delton enters new projects and receives more orders from existing customers [3] Strategic Positioning - Supply Chain Integration: Delton aims to penetrate the supply chains of leading global AI players by offering high-quality multi-layer PCBs for various applications [2] - Investment Recommendations: Among the coverage, Shennan is rated as a Buy, with a target price raised to Rmb254 [1][3] Additional Considerations - Technological Advancements: The shift towards PCIe technologies is driving the increase in dollar content for PCBs, which is crucial for maintaining competitive margins [3] - Long-term Growth Strategy: The company is actively increasing capacities to align with future demand growth, particularly in computing and AI applications [1][2] This summary encapsulates the key points from the management call regarding Delton's strategic initiatives, market outlook, and financial performance, highlighting the company's positioning within the PCB industry.