Shengyi Technology tswj nws txoj haujlwm ua haujlwm li cas hauv cov ncej tseem ceeb ntawm PCB thiab tooj liab clad laminate kev lag luam?
I. Kev Lag Luam Ntu: Txhawb Ib nrab ntawm PCB thiab Copper Clad Laminate Electronics Kev Lag Luam
Thaum Shengyi Technology txoj kev lag luam logic tsis yog qhov nyuaj heev, nws tuav txoj haujlwm tsis tuaj yeem hloov pauv hauv kev lag luam hluav taws xob. Lub tuam txhab cov khoom tseem ceeb, tooj liab clad laminates (CCLs) thiab PCBs, yog cov ntaub ntawv tseem ceeb rau cov khoom siv hluav taws xob thiab AI servers.
CCLs feem ntau yog ua los ntawm cov ntaub ntawv hluav taws xob, resin, thiab tooj liab ntawv ci. Lawv yog cov khoom siv tseem ceeb tshaj plaws rau PCBs, suav txog kwv yees li 30% -40% ntawm cov nqi tsim khoom PCB. Qhov no txhais tau hais tias tsis muaj CCLs, cov khoom siv hluav taws xob xws li xov tooj ntawm tes, automotive electronic controls, thiab data center AI servers yuav tsis ua haujlwm kom raug.
Hauv 2025, Shengyi Technology CCL cov nyiaj tau los ntawm kev lag luam mus txog 17.774 billion yuan, suav txog kwv yees li 63% ntawm lub tuam txhab cov nyiaj tau los tag nrho, sawv cev rau ib xyoos - ntawm - xyoo nce 20%. Ntawm cov no, nruj CCLs tuav 14% kev ua lag luam thoob ntiaj teb, qeb thib ob thoob ntiaj teb, thib ob tsuas yog Hong Kong's Kingboard Holdings. Qhov no txhais tau tias rau txhua xya lub tshuab hluav taws xob hluav taws xob muag thoob ntiaj teb, ib qho siv CCL muab los ntawm Shengyi Technology.
Tsis tas li ntawd, Shengyi Electronics, lub koom haum ntawm Shengyi Technology, tau nthuav dav sai sai, feem ntau tsim cov khoom PCB. Hauv xyoo 2025, Shengyi Electronics cov nyiaj tau los txog 9.144 billion yuan, ib xyoos - ntawm- xyoo nce ntawm 103.93%, ntau dua ob npaug, ua rau lub tuam txhab loj tshaj - ntu.
II. Nyiaj txiag Momentum: Ib qho kev ua tiav kev tawg, cov ntaub ntawv nyiaj txiag zoo
Shengyi Technology cov ntaub ntawv nyiaj txiag rau 2025:
- Cov Nyiaj Tau Los: 28.431 billion yuan, ib xyoos - ntawm - xyoo nce ntawm 39.45%;
- Cov nyiaj tau los: 3.334 billion yuan, ib xyoos - ntawm - xyoo nce ntawm 91.75%;
- Cov paj tau paj tag nrho tau dhia los ntawm 22.04% mus rau 26%, thiab cov paj tau paj tau nce los ntawm tsawg dua 10% mus rau 13.69%;
- Qhov nyiaj faib nyiaj faib tawm txhua xyoo tau nce mus txog qhov siab ntawm 87.43%, qhia tias muaj kev noj qab haus huv nyiaj txiag zoo.
Hauv thawj peb lub hlis twg ntawm 2026, lub zog loj hlob tseem muaj zog dua:
- Thawj-cov nyiaj tau los hauv peb lub hlis twg txog RMB 8.141 billion, ib xyoos -ntawm- xyoo nce ntawm 45.09%;
- Cov txiaj ntsig tau nce mus txog RMB 1.158 billion, ib xyoos - ntawm - xyoo nce ntawm 105.47%;
- Cov paj tau paj tag nrho tau nce mus rau 28.10%, thiab cov paj tau paj tau paj tau tshaj 16%.
III. Txoj Kev Loj Hlob: Tsav los ntawm Peb Lub Cav - AI Computing Fais Fab, Muaj Peev Xwm Loj, thiab Subsidiaries
1. AI Servers: Explosive Demand for High-End Products
Qhov kev thov rau siab -kawg tooj liab- clad laminates (CCLs) rau AI servers yog 3-5 npaug ntawm cov servers ib txwm muaj. Tam sim no, kev ua haujlwm siab CCLs tsis txaus, nrog lub sijhawm xa khoom txuas mus rau ntau tshaj ob lub lis piam. Qhov xwm txheej ceev no yuav tsum txuas ntxiv mus txog xyoo 2027.
Raws li tus neeg muab khoom tseem ceeb rau NVIDIA, Shengyi Technology tsom mus rau AI xam fais fab kev lag luam saw thiab yuav tau txais txiaj ntsig zoo los ntawm cov nthwv dej no.
2. Kev Muaj Peev Xwm Tshaj Tawm: Seizing Lub Siab -Kev Ua Lag Luam Kawg
Kev tsim kho lub voj voog rau siab -kawg CCL cov kab ntau lawm yog ntev li 18-24 lub hlis, qhia tias qhov xwm txheej ceev ceev hauv kev lag luam yuav nyob ntev li 1-2 xyoos tom ntej. Shengyi Technology tab tom ua kom nws lub peev xwm nthuav dav:
- Theem II tej yaam num hauv Jiangxi, Changshu, thiab Thaib teb yog maj mam pib ntau lawm;
- Kev npaj peev ntawm 5.2 billion yuan yog ua nyob rau hauv Dongguan Songshan Lake los tsim ib lub siab -kev ua tau zoo tooj liab- clad laminate (CCL) project, nrog rau ib xyoos twg muaj peev xwm tsim tau ntawm 48 lab square meters. Thaum pib tsim khoom, kev muag khoom txhua xyoo yuav tsum tshaj 9.3 billion yuan.
3. Shengyi Electronics: Tus Tsav Tsheb Loj Thib Ob
Shengyi Electronics cov nyiaj tau los hauv 2025 yuav tsum ncav cuag ze li ntawm 10 billion yuan, sawv cev rau ib xyoos - ntawm - xyoo nce ntau dua 100%. Lub tuam txhab feem ntau tsom rau PCB cov khoom lag luam rau AI servers thiab siab - hloov pauv ceev, thiab tau nkag mus rau theem ntau lawm. Nyob rau hauv 2026, nws xav kom muaj kev ruaj ntseg ntau tus neeg siv khoom loj hauv kev lag luam thiab siv zog los tsim nws cov neeg siv khoom txawv teb chaws, qhia txog kev loj hlob muaj peev xwm loj.
IV. Lub Tuam Txhab Core: Qhov tob tob hauv Copper Clad Laminates, Clear Industry Logic
Shengyi Technology tau koom tes nrog tooj liab-clad laminate (CCL) kev lag luam rau 40 xyoo, tsim kom muaj zog thev naus laus zis thiab cov neeg siv khoom teeb meem. Nws yog lub ntiaj teb thib ob - loj tshaj plaws thiab Tuam Tshoj tus thawj coj kev lag luam loj tshaj plaws. Nyob rau hauv nthwv dej ntawm AI xam kiv puag ncig, nws cov nqi raws li cov chaw tsim khoom ntawm hluav taws xob substrates tau dhau los ua qhov tseem ceeb.
Nyob rau lub sijhawm ntev, kev loj hlob tawg ntawm kev thov rau AI suav lub zog, kev nthuav dav ntawm nws tus kheej lub peev xwm tsim khoom thiab kev lag luam, thiab kev loj hlob ntawm nws lub tuam txhab Shengyi Electronics yog peb qhov zoo tshaj plaws uas yuav tsav nws cov kev ua tau zoo thiab zoo dua.
