Summary of Conference Call on China PCB Industry Industry Overview - The conference call focused on the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) industry in China, particularly in relation to AI infrastructure and its growth potential [1][2]. Key Trends and Insights - **Higher Speed and Capacity Expansion**: The demand for higher speed connections (800G / 1.6T) in AI servers is driving an increase in PCB and CCL dollar content. This is coupled with a significant ramp-up in AI server production, leading to overall growth in the Total Addressable Market (TAM) for PCBs and CCLs [1][2]. - **Revenue Growth**: Revenue growth for companies like Victory Giant, WUS, and Shengyi Tech is projected to increase from an average of +2% in 2022 to +58% YoY in 9M25, driven by the AI infrastructure cycle [2]. - **Future Projections**: The expected Compound Annual Growth Rate (CAGR) for net income (NI) for Victory Giant, WUS, and Shengyi Tech from 2026 to 2028 is forecasted at 57%, 47%, and 50% respectively, with operating profit margins (OPM) expanding to 33%, 26%, and 20% by 2028 [2]. Competitive Landscape - **Market Dynamics**: There is a debate among investors regarding the maturity of the AI infrastructure market, which could lead to slower growth and increased competition. However, the report argues that ongoing specification upgrades and the transition from copper cables to PCBs in AI servers will mitigate competitive intensity [3]. - **Customer Base Expansion**: The shift from GPU AI server clients to ASIC AI server clients is expected to increase, supported by local customer growth and strong commitments from Chinese suppliers to R&D and capacity expansion [2][3]. Financial Highlights - **Valuation and Price Targets**: - Victory Giant is initiated with a Buy rating and a target price (TP) of Rmb550, reflecting a 26.3x 2027E PE ratio and an expected +57% NI YoY growth on average in 2027-28E [36]. - WUS and Shengyi Tech are also rated Buy with target prices of Rmb127 and Rmb111 respectively, indicating strong growth potential [8]. - **Risks**: Key downside risks include slower-than-expected AI server ramp-up, increased competition, and delays in new capacity expansion [8]. Operational Efficiency - **R&D and Automation**: The companies are heavily investing in R&D and automation, which is expected to enhance yield rates, operational efficiency, and fast delivery times [37][40]. - **Financial Metrics**: The report anticipates a gross margin increase from 36% in 2025E to 42% in 2030E, driven by a product mix upgrade towards AI server PCBs [41]. Conclusion - The China PCB and CCL industry is poised for significant growth driven by the AI infrastructure boom, with key players like Victory Giant, WUS, and Shengyi Tech expected to benefit from rising demand, specification upgrades, and operational efficiencies. The overall sentiment is positive, with strong revenue and profit growth projections despite potential competitive challenges.

January 20, 2026 12:55 PM GMT Hangzhou Tigermed Consulting | Asia Pacific M Update Ten Takeaways from Updated Company Presentation Tigermed's updated presentation at a broker conference last week in the US shed light on China's clinical CRO industry. Key Takeaways 1. About 50% of clinical trials conducted in China were outsourced to CROs from 2019-2025. 2. Market CAGR slowed from Covid's 25% (2020-2022) to post-Covid's 4% (2023- 2024), but is projected to accelerate to 13% (2025-2028, Frost & Sullivan, Huma ...

Company profile: PNC (603690.SS, Not Covered) is the local supplier of wet cleaning tools, high purity system and components, mainly targeting semiconductor clients (87% of total revenues in 1H25). Key products include single wafer cleaning tools (S300D/ S300C) and trough cleaning tools (B300/ B200). Company's semi clients including foundry (SMIC/ Hua Hong/ Huali), memory (YMTC/ CXMT), and IDM (CR Micro, Silan) etc. Besides long-term orders, the company notes orders on hand were at Rmb5bn, and 85% of orders ...

Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the physical economy in North America, particularly focusing on the potential for AI to re-rate this sector. The aggregate equity value of the largest US market cap players in 11 physical industries is approximately $3.3 trillion, which is slightly less than the median market cap of the 'Mag 7' companies, such as Microsoft [2][7] Core Insights and Arguments 1. **AI Re-Rating Potential**: The physical economy is seen as ripe for an AI re-rating, suggesting that companies in this sector could significantly benefit from AI advancements [2][3] 2. **Addressable Market vs. Technology Gap**: Many leading companies in the physical economy have large addressable markets but lack cutting-edge AI technology. Bridging this gap is crucial for maintaining growth and relevance [3][6] 3. **Attributes of Successful Companies**: Key attributes that differentiate successful companies include: - Ownership of unique datasets for training AI agents [6] - Capability for verticalized manufacturing and continuous improvement [6] - Strong customer relationships and fulfillment assets [6] - Diverse monetization paths for AI strategies, including supply chain optimization and better customer understanding [6] Additional Important Content - The report emphasizes the importance of companies adapting to technological transformations, similar to historical shifts seen with steam, electricity, and the internet. Those that fail to adapt may struggle to grow [3] - The document references various resources for further reading on the topic of physical AI and robotics, indicating a broader context for the discussion [9] This summary encapsulates the key points discussed in the conference call, highlighting the potential for AI to transform the physical economy and the necessary attributes for companies to succeed in this evolving landscape.

China CPO: RoboTechnik (300757.SZ) Chairman visit: CPO and OCS in expansion; automated testing and alignment required 20 January 2026 | 9:10PM HKT Equity Research We hosted RoboTechnik (300757.SZ, Not Covered) Chairman on Jan 20 at the GS Tech AI Outlook Corp Day in Hong Kong. RoboTechnik entered the photonics assembly and testing space via the acquisition of FiconTEC (private, announcement), which is a global leader in automated assembly and testing systems for integrated photonic devices and components. O ...

21 January 2026 | 9:00AM CST Equity Research AI Robotics & Power Field Trip Takeaways: Honor (300870.SZ, NC): R&D partnership with a US CSP, potential sales contribution in 2027 We visited Shenzhen Honor Electronic (300870.SZ, Not Covered) as part of our China AI Robotics & Power field trip on Jan 19. The company has reached an R&D partnership with a US CSP for next-generation server power supplies, with potential sales contribution in 2027 after sampling and production test in 2026. 10% wallet share within ...

中国中免 20260120 摘要 中国中免毛利率提升潜力大，受规模效应、高毛利产品（黄金、手机） 占比、免税渠道比例、人民币汇率及折扣力度等因素影响。近期折扣减 少已使免税商品毛利回升 2-3 个百分点。 2024 年离岛免税收入占比 41%，虽为最大收入来源，但净利润贡献因 销售下滑和固定成本较高而下降。三亚国际免税城等主体净利润水平较 低，但历史数据显示其盈利能力具弹性。 口岸免税是重要利润来源，日上上海（中免持股 51%）2024 年营收 160 亿，其中有税销售 100 亿，机场销售 60 亿，归母净利润约 5%。 有税销售收入占比 30%，但毛利率仅 13%左右，对净利润贡献有限。 海南有税业务承接部分供应链，但转化率较低，预计全年增速仅为 10- 20 亿元。 海口国际免税城 2024 年营收达 56 亿，处于盈利爬坡阶段，预计 2025-2026 年将成为业绩增长驱动力。三亚国际免税城合并主体营收 超 200 亿，盈利能力具弹性。 2024 年中免收入体量约 100 亿元，2025 年或略低，2026 年预计因业 务转移损失部分收入，但因有税业务利润率较低，整体业绩影响有限。 Q&A 2026 ...

中航西飞 20260120 摘要 中航西飞主要生产大型运输机如运 20、中型运输机如运 8、运 9 及新中运，以 及基于这些运输机开发出的衍生型号，如空警 200、空警 500、空警 600 等。 在轰炸机方面，主要生产轰 6，并预计推出隐身轰炸机。运 20 具有显著的供给 端稀缺性，因为其竞争对手伊尔 76 型号老旧且俄罗斯受制裁，美国的 C17 已 停产。需求端不仅包括国土面积大的国家，也有小国如伊拉克、阿联酋等对大 型运输机有需求。近年来，中航西飞积极进行海外展示，未来军贸前景广阔。 中航西飞在民用航空领域的发展情况如何？ 在民用航空领域，中航西飞是国内 C919 大部分关键结构件的核心供应商，这 些结构件占到整个飞机价值量的大约 1/6。随着后续 C919 产能和产量提升， 中航西飞在该领域实现营收将稳步提升。此外，公司还参与了国际转包业务， 与庞巴迪、波音和空客等长期合作，保持技术领先地位。 近年来中航西飞在管理层面有哪些变化？这些变化对公司产生了什么影响？ 2025 年 7 月 16 日，中航西飞管理层发生较大变动，新任董事长韩小军及其他 几位 80 后高管上任。这一年轻化管理团队带来了新的气象， ...

千里科技 20260120 摘要 千里科技在智能化浪潮中占据优势，拥有顶尖 AI 和智能驾驶人才储备， 是 A 股市场中少数能提供全套算法解决方案的公司，并在 Robot Taxi 领域积极布局。 公司通过破产重组引入吉利和两江资本等战略投资者，并与吉利成立睿 蓝汽车。2024 年旷视创始人印奇成为董事长，公司转型为科技主导型 企业，奔驰也宣布入股。 千里科技目前核心业务包括摩托车、乘用车（睿蓝汽车）和智能驾驶技 术。摩托车业务盈利稳定，乘用车业务以网约车和出口为主，智能驾驶 技术是重点发展方向。 公司财务状况在 2025 年前主要依赖摩托车和睿蓝汽车销售，摩托车业 务稳定盈利，睿蓝汽车业务波动较大。预计 2026 年通过 H 股上市改善 现金流。 公司看好 Robot Taxi 发展前景，预计 2030-2035 年市场规模将显著增 长。公司与曹操出行、吉利合作，打造 Robot Taxi 生态系统，并计划 推出低成本方案。 Q&A 千里科技具备哪些稀缺属性，为什么值得投资者关注？ 千里科技具备以下几方面的稀缺属性，使其成为值得投资者关注的标的。首先， 从产业关系上看，千里科技是吉利未来智能驾驶领域的核心供 ...

芯碁微装 20260120 摘要 公司 2025 年全年含税订单金额约 20 亿元，不含税接近 19 亿元，手头 历史性高额订单至少五六个亿以上，预计 2026 年 PCB 设备销售目标为 900 至 1,000 台，客户催货现象普遍，一季度整体销售预期良好。 PCB 业务稳固全球曝光机市场第一，收入占比约 70%。预计 2026 年 PCB 设备出货量 900-1,000 台，前五大客户占比超 50%，盛虹和彭鼎 为主要客户，彭鼎订单量预计 2026 年翻倍增长。 公司推出激光钻孔设备，已通过部分客户量产验证，预计 2026 年订单 70-100 台，已有 30 台待交付。正胶杯板设备已具备 12 微米产品交付 能力，行业均价最低 250 万元，高要求配置 300 万元以上。 半导体先进封装领域变化大，预计 2026 年 WLP 订单至少 20 台，单价 1,700 万-1,900 万元，贡献显著。计划今年实现 4 微米和 2 微米 ADS 制程设备大批量生产，预计 2027 年出货 40 台先进封装设备。 公司 25 年底近 3,000 台设备在外市场运行，预计 26 年新增 900- 1,000 台单机 ...