1. NVIDIA's performance is gratifying
2. The accelerated rise of domestic computing power:
3. In the face of U.S. sanctions, Huawei has demonstrated strong ecological computing capabilities.
Computing power PCB industry chain:
Shanghai Electric Co., Ltd.: Communication PCB revenue accounted for nearly 70%, mainly downstream applications such as IDC switches (the highest proportion), routers, servers, etc., most of the products are high multi-layer boards, the company 23Q4 hit a new high in single-quarter revenue and profit, and the growth and profitability can be seen. In the future, with the penetration of 800G switches, the increase in AI server volume, and the upgrade of server platforms, the performance will be extremely elastic.
Victory Giant Technology: The company has been deeply engaged in the field of hard board for many years, and has cooperated closely with NVIDIA, and has launched a variety of AI server-related products such as high-end HDI, high-multi-layer high-frequency and high-speed PCB, GPU graphics card PCB, etc., which can fully meet the needs of customers for high-end PCB products. At the same time, the company's consolidated MFS in December 23 to supplement the production capacity of flexible boards, which will also further increase profits.
Shennan Circuit: The company's PCB downstream applications focus on the layout of data centers and automotive electronics, and the PCBs for the general server EGS platform have gradually entered the stage of small and medium-sized batches, and the PCBs related to AI servers have also been shipped. In the automotive field, the Nantong Phase III plant ramped up smoothly, providing capacity support for the introduction of orders. In the field of carrier boards, the mid-level products of FCBGA have successfully completed the certification, and the first phase of the Guangzhou base has been connected in October 23, and has gradually entered the stage of capacity ramp-up.
Xingsen Technology: ABF substrate is driven by the rapid growth of demand under AI, domestic substitution is urgent, the company has been deeply engaged in the field of packaging substrates for many years, and BT substrates have been successfully increased by major customers at home and abroad. In recent years, the company has invested heavily in ABF substrates, and the product yield has continued to rise, the Zhuhai project is expected to enter the small batch production stage in 24Q1, and the Guangzhou project has entered the internal process testing stage.
Nanya New Materials: The company's high-speed products account for nearly 10%, of which about half are M6 grade materials, and the products are mainly used in data centers, servers and other fields. The corresponding grade materials of the company's EGS platform have been certified by mainstream manufacturers and have mass production capabilities. In the field of AI, the company has cooperated with Huawei. At present, the shipment of VLL grade materials has accounted for more than 50% of the company's overall high-speed shipments, and the shipments in this field are expected to continue to increase.
Finally, the following is a company that the author is more optimistic about in the medium term, and it also gives you a new opportunity for the following reasons:
1. The company stands under the multi-industry tuyere in the future and covers"computing power + 5G + artificial intelligence" and other fields, and is a long-term partner of Huawei, and the opportunity for hype has greatly increased.
2. The net profit of the company's annual report performance is expected to increase by 99%-115% year-on-year, with performance expectations, and the profitability remains stable, and the profitability of the main business has been greatly enhanced.
In terms of technical form, the bulls have a strong upward offensive intention under the arrangement, the main funds are highly controlled, and the volume can be gradually amplified, which is expected to break through the previous high!
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