жҷҜж—әз”өеӯҗпјҲ03228.HKпјүпҪңжёҜиӮЎпјҢPCB зәҝи·ҜжқҝпјҢ9жңҲ29ж—ҘдёҠеёӮ

2026-09-29 · beepxin.com

иҝҷжҳҜдёҖ家еҫҲвҖңзҹӣзӣҫвҖқзҡ„е…¬еҸёпјҡе…ЁзҗғжұҪиҪҰз”өеӯҗPCBеёӮеҚ зҺҮ10.6%пјҢеқҗзқҖеӨҙжҠҠдәӨжӨ…пјҢеҚҙиў«жҜӣеҲ©зҺҮиҝһйҷҚеӣӣе№ҙзҡ„еҺӢеҠӣж‘ҒеңЁжҠҘиЎЁдёҠпјӣAIз®—еҠӣи®ўеҚ•еӯЈеәҰзҺҜжҜ”жҡ

иҝҷжҳҜдёҖ家еҫҲвҖңзҹӣзӣҫвҖқзҡ„е…¬еҸёпјҡе…ЁзҗғжұҪиҪҰз”өеӯҗPCBеёӮеҚ зҺҮ10.6%пјҢеқҗзқҖеӨҙжҠҠдәӨжӨ…пјҢеҚҙиў«жҜӣеҲ©зҺҮиҝһйҷҚеӣӣе№ҙзҡ„еҺӢеҠӣж‘ҒеңЁжҠҘиЎЁдёҠпјӣAIз®—еҠӣи®ўеҚ•еӯЈеәҰзҺҜжҜ”жҡҙеўһиҝ‘1500%пјҢеҹәзҹіжҠ•иө„иҖ…йҮҢеҚҙз«ҷзқҖ дёӯйҷ…ж—ӯеҲӣ иҝҷж ·зҡ„дә§дёҡеҜ№жүӢпјӣAиӮЎеёӮеҖји¶…иҝҮ750дәҝпјҢHиӮЎеҸ‘иЎҢд»·еҚҙиҫғAиӮЎжҠҳд»·и¶…иҝҮ45%гҖӮ

е®ғзҡ„дёҠеёӮпјҢжҳҜжёҜиӮЎеёӮеңәеҜ№вҖңдј з»ҹйҫҷеӨҙ+AIеј№жҖ§вҖқж··еҗҲеҸҷдәӢзҡ„дёҖж¬Ўе®ҡд»·е®һйӘҢпјҢд№ҹжҳҜPCBиЎҢдёҡд»ҺжұҪиҪҰеҹәжң¬зӣҳеҲҮжҚўеҲ°з®—еҠӣ硬件иөӣйҒ“ж—¶пјҢеёӮеңәз»ҷиҝҪиө¶иҖ…ејҖеҮәзҡ„дј°еҖјиҜ•еҚ·гҖӮ

еўһ收дёҚеўһеҲ©зҡ„еҚҠе№ҙжҠҘпјҢи—ҸзқҖдёҖдёӘиў«жұҮе…‘жҺ©зӣ–зҡ„жӢҗзӮ№

е…ҲзңӢдёҖз»„ж•°еӯ—гҖӮ

2023е№ҙиҮі2025е№ҙпјҢ жҷҜж—әз”өеӯҗ иҗҘдёҡ收е…ҘеҲҶеҲ«дёә107.57дәҝе…ғгҖҒ126.59дәҝе…ғгҖҒ153.08дәҝе…ғпјҢдёүе№ҙеӨҚеҗҲеўһйҖҹ19.3%пјӣеҮҖеҲ©ж¶Ұд»Һ9.11дәҝе…ғзҲ¬еҚҮиҮі12.44дәҝе…ғпјҢзңӢиө·жқҘжҳҜдёҖжқЎзЁіжӯҘеҗ‘дёҠзҡ„жӣІзәҝгҖӮ

дҪҶжӢҗзӮ№еҮәзҺ°еңЁ2026е№ҙдёҠеҚҠе№ҙгҖӮе…¬еҸёиҗҘ收86.11дәҝе…ғпјҢеҗҢжҜ”еўһй•ҝ21.37%пјҢеҪ’жҜҚеҮҖеҲ©ж¶ҰеҚҙжҺүеҲ°дәҶ6.02дәҝе…ғпјҢеҗҢжҜ”дёӢж»‘7.38%гҖӮеўһ收дёҚеўһеҲ©пјҢеҲ©ж¶Ұиў«и°ҒеҗғжҺүдәҶпјҹ

зӯ”жЎҲжңүдёӨдёӘгҖӮдёҖжҳҜжұҮе…‘гҖӮдәәж°‘еёҒеҚҮеҖји®©е…¬еҸёдёҠеҚҠе№ҙеҪ•еҫ—жұҮе…‘жҚҹеӨұ1.23дәҝе…ғпјҢиҖҢдёҠе№ҙеҗҢжңҹжҳҜжұҮ兑收зӣҠ0.38дәҝе…ғпјҢдёҖиҝӣдёҖеҮәе·®дәҶ1.6дәҝгҖӮдәҢжҳҜеҺҹжқҗж–ҷгҖӮAIз®—еҠӣе»әи®ҫзҡ„зҲҶеҸ‘жӢүеҠЁдәҶиҰҶй“ңжқҝгҖҒеҚҠеӣәеҢ–зүҮе’Ңй“ңз®”зҡ„йңҖжұӮпјҢдёҠжёёжқҗж–ҷд»·ж јжҢҒз»ӯдёҠиЎҢпјҢе…¬еҸёй”Җе”®жҜӣеҲ©зҺҮеҗҢжҜ”еҶҚйҷҚ1.18дёӘзҷҫеҲҶзӮ№пјҢж»‘еҲ°20.22%пјҢиҝҷе·Із»ҸжҳҜиҝһз»ӯ第дәҢе№ҙдёӢж»‘гҖӮ

жӣҙеҲәзңјзҡ„жҳҜж ёеҝғдә§е“Ғзәҝзҡ„ж•°жҚ®гҖӮRPCBдҪңдёәиҗҘ收ж”ҜжҹұпјҢжҜӣеҲ©зҺҮеҗҢжҜ”йӘӨйҷҚ8дёӘзҷҫеҲҶзӮ№иҮі10.8%гҖӮе…¶дёӯеҚ•еұӮеҸҠеҸҢеұӮPCBжҜӣеҲ©зҺҮ16%гҖҒеӨҡеұӮжқҝ9.7%гҖҒHDIжқҝ12.2%пјҢдёүжқЎдә§е“ҒзәҝжҜӣеҲ©зҺҮе…ЁзәҝдёӢж»‘пјҢйҷҚе№…йғҪеңЁ6еҲ°8дёӘзҷҫеҲҶзӮ№д№Ӣй—ҙгҖӮ

дҪҶеҰӮжһңдҪ еҸӘзңӢеҚҠе№ҙжҠҘе°ұдёӢз»“и®әпјҢдјҡй”ҷиҝҮзңҹжӯЈзҡ„дҝЎеҸ·гҖӮ

жҠҠж—¶й—ҙеҲҮеҲ°з¬¬дәҢеӯЈеәҰеҚ•зӢ¬зңӢгҖӮ2Q26е…¬еҸёиҗҘ收47.20дәҝе…ғпјҢеҪ’жҜҚеҮҖеҲ©ж¶Ұ3.69дәҝе…ғпјҢзҺҜжҜ”дёҖеӯЈеәҰеӨ§еўһ58.55%пјҢеҗҢжҜ”д№ҹеӣһеҲ°дәҶ13.61%зҡ„жӯЈеўһй•ҝгҖӮзӣҲеҲ©иғҪеҠӣзҡ„зҺҜжҜ”еӨ§е№…еӣһеҚҮпјҢдё»иҰҒжқҘиҮӘAIй«ҳжҜӣеҲ©дә§е“ҒејҖе§Ӣ规模иҙЎзҢ®гҖӮиҖҢдёҠеҚҠе№ҙжұҮе…‘жҚҹеӨұжҳҜдёҖж¬ЎжҖ§зҡ„пјҢеү”йҷӨд№ӢеҗҺпјҢеҮҖеҲ©ж¶ҰеҗҢжҜ”е®һйҷ…жҳҜжӯЈеўһй•ҝзҡ„гҖӮ

AIе…үжЁЎеқ—пјҢдёҖеј иў«дҪҺдј°зҡ„вҖңе…ҘеңәеҲёвҖқ

жҷҜж—әзҡ„ж•…дәӢпјҢжңүдёҖеҚҠеҶҷеңЁжұҪиҪҰдёҠпјҢеҸҰдёҖеҚҠжӯЈеңЁиў«AIйҮҚеҶҷгҖӮ

еңЁе…үжЁЎеқ—PCBйўҶеҹҹпјҢе…¬еҸёе·Іжү№йҮҸдәӨд»ҳ800Gе’Ң1.6Tдә§е“ҒгҖӮ2026е№ҙ第дәҢеӯЈеәҰпјҢ800GеҸҠд»ҘдёҠйҖҹзҺҮе…үжЁЎеқ—PCB收е…ҘзҺҜжҜ”еўһй•ҝжҺҘиҝ‘1500%пјҢдә§е“Ғз»јеҗҲиүҜзҺҮи¶…иҝҮ85%гҖӮеңЁAIжңҚеҠЎеҷЁз«ҜпјҢGPUй«ҳйҳ¶HDIжқҝгҖҒ112G/224GдәӨжҚўжңәPCBгҖҒBirchStreamе№іеҸ°й«ҳйҖҹPCBеқҮе·Іе®һзҺ°йҮҸдә§пјҢе…¬еҸёе·ІйҖҡиҝҮе…ЁзҗғеӨҙйғЁAIеҹәзЎҖи®ҫж–Ҫе®ўжҲ·зҡ„дёӢдёҖд»Јдә§е“ҒйҮҸдә§и®ӨиҜҒгҖӮ

еҲёе•ҶеҜ№иҝҷжқЎжӣІзәҝзҡ„ж–ңзҺҮз»ҷеҮәдәҶз§ҜжһҒйў„жңҹгҖӮ еҚҺжі°иҜҒеҲё йў„жөӢпјҢе…¬еҸёAI收е…ҘеҚ жҜ”е°Ҷд»Һ2026е№ҙзҡ„зәҰ25%и·ғеҚҮиҮі2027е№ҙзҡ„44%е’Ң2028е№ҙзҡ„56%гҖӮйҖҡдҝЎдёҺж•°жҚ®еҹәзЎҖи®ҫж–Ҫ收е…ҘеҚ жҜ”пјҢд№ҹд»Һ2023е№ҙзҡ„7.2%жҸҗеҚҮеҲ°дәҶ2026е№ҙеүҚеӣӣдёӘжңҲзҡ„15.6%гҖӮ

ж”Ҝж’‘иҝҷжқЎеўһй•ҝжӣІзәҝзҡ„пјҢжҳҜдёҖдёӘжӯЈеңЁеҸ‘з”ҹзҡ„е·ҘиүәеҲҮжҚўгҖӮ

1.6Tе…үжЁЎеқ—еҜ№PCBзәҝе®Ҫ/зәҝи·қзҡ„иҰҒжұӮе·Із»ҸеҺӢеҲ°25/25ОјmеҸҠд»ҘдёӢпјҢдј з»ҹзҡ„TentingеҮҸжҲҗжі•е·Ҙиүәи§Ұзў°еҲ°дәҶжһҒйҷҗгҖӮmSAPпјҲж”№иүҜеһӢеҚҠеҠ жҲҗе·ҘиүәпјүжӯЈд»ҺвҖңеҸҜйҖүвҖқеҸҳжҲҗвҖңеҝ…йҖүвҖқгҖӮеҚ•жқҝд»·еҖјйҮҸзҡ„и·ғеҚҮжҳҜж•°йҮҸзә§зҡ„вҖ”вҖ”1.6Tе…үжЁЎеқ—й…ҚеҘ—mSAP PCBеҚ•д»·и¶…иҝҮ20зҫҺе…ғпјҢиҖҢ400Gж—¶д»ЈеҸӘйңҖиҰҒ2еҲ°3зҫҺе…ғгҖӮ

жҷҜж—әеңЁиҝҷжқЎдә§зәҝдёҠзҡ„еёғеұҖдёҚз®—жҷҡгҖӮзҸ жө·йҮ‘ж№ҫеҹәең°е·Іе»әжҲҗ3жқЎmSAPдә§зәҝпјҢ8жңҲ第4жқЎе»әжҲҗпјҢе№ҙеҶ…е°Ҷе»әжҲҗ5жқЎдә§зәҝпјҢе…ій”®и®ҫеӨҮй…ҚзҪ®еӨ„дәҺиЎҢдёҡйЎ¶е°–ж°ҙе№ігҖӮдҪҶйңҖиҰҒе®ўи§ӮзңӢеҫ…зҡ„жҳҜпјҢ й№ҸйјҺжҺ§иӮЎ еңЁmSAPдә§дёҡеҢ–иҝӣеәҰдёҠжӣҙдёәйўҶе…ҲпјҢе…¶1.6Tе…үжЁЎеқ—дә§е“Ғе·Іе®һзҺ°жү№йҮҸдҫӣиҙ§пјҢ并жҺЁеҮәдәҶжҖ»жҠ•иө„127.3дәҝе…ғзҡ„жү©дә§и®ЎеҲ’дё“ж”»AIжңҚеҠЎеҷЁе’Ңй«ҳйҖҹе…үжЁЎеқ—й…ҚеҘ—гҖӮжҷҜж—әеұһдәҺеҝ«йҖҹиҝҪиө¶зҡ„第дёҖжўҜйҳҹжҲҗе‘ҳпјҢиҖҢйқһз»қеҜ№йўҶи·‘иҖ…гҖӮ

еҹәзҹіеҗҚеҚ•йҮҢи—ҸзқҖзҡ„дә§дёҡдҝЎеҸ·

иҝҷж¬ЎжёҜиӮЎIPOзҡ„еҹәзҹіжҠ•иө„иҖ…еҗҚеҚ•пјҢеҖјеҫ—еӨҡзңӢдёӨзңјгҖӮ

14еҗҚеҹәзҹіжҠ•иө„иҖ…еҗҲи®Ўи®Өиҙӯ3.10дәҝзҫҺе…ғпјҢеҚ е…ЁзҗғеҸ‘е”®зҡ„47.69%гҖӮйҳөе®№еҢ…жӢ¬CPE RedwoodгҖҒжҳ“ж–№иҫҫеҹәйҮ‘гҖҒеҚҡж—¶еӣҪйҷ…гҖҒеӨ©ејҳеҹәйҮ‘гҖҒйңёиҸұгҖҒе»әж»”жҠ•иө„зӯүжңәжһ„гҖӮдҪҶжңҖеҖјеҫ—жіЁж„Ҹзҡ„еҗҚеӯ—жҳҜдёӯйҷ…ж—ӯеҲӣвҖ”вҖ”е…Ёзҗғе…үжЁЎеқ—йҫҷеӨҙзҡ„зӣҙжҺҘеҸӮдёҺгҖӮ

е…үжЁЎеқ—еҺӮе•ҶдәІиҮӘдёӢеңәеҒҡPCBе…¬еҸёзҡ„еҹәзҹіпјҢиҝҷеңЁдә§дёҡйҖ»иҫ‘дёҠжҳҜдёҖдёӘејәдҝЎеҸ·гҖӮдёӯйҷ…ж—ӯеҲӣжҳҜ1.6Tе…үжЁЎеқ—зҡ„ж ёеҝғдҫӣеә”е•ҶпјҢеҜ№mSAP PCBзҡ„жҠҖжңҜиҰҒжұӮе’Ңдә§иғҪзҲ¬еқЎиҠӮеҘҸжңүжңҖзӣҙжҺҘзҡ„дҪ“ж„ҹгҖӮе®ғйҖүжӢ©еңЁIPOйҳ¶ж®өе…ҘеңәпјҢжҹҗз§ҚзЁӢеәҰдёҠжҳҜеңЁдёәжҷҜж—әзҡ„mSAPйҮҸдә§иғҪеҠӣеҒҡдә§дёҡеұӮйқўзҡ„зЎ®и®ӨгҖӮ

еҸ‘е”®д»·69.88жёҜе…ғпјҢеҸ‘иЎҢеҗҺеёӮеҖјзәҰ750.70дәҝжёҜе…ғпјҢеҜ№еә”2025е№ҙPEзәҰ51.5еҖҚгҖҒPSзәҰ4.2еҖҚгҖӮжҢү9жңҲ21ж—ҘAиӮЎж”¶зӣҳд»·и®Ўз®—пјҢHиӮЎиҫғAиӮЎжҠҳд»·зәҰ45.8%гҖӮеӣҪжҠ•иҜҒеҲёз»ҷдәҲIPOдё“з”ЁиҜ„еҲҶ5.5еҲҶпјҢе»әи®®зҺ°йҮ‘и®Өиҙӯпјӣ еӣҪе…ғиҜҒеҲё з»ҸзәӘпјҲйҰҷжёҜпјүеҲҷз»ҷдәҲвҖңз§ҜжһҒеҸӮдёҺи®ӨиҙӯвҖқжҺЁиҚҗгҖӮ

дә§иғҪжҺҘз»ӯдёҺдёҖдёӘйңҖиҰҒзӣҜдҪҸзҡ„йЈҺйҷ©

й’ұеҫҖе“ӘйҮҢеҺ»пјҢеҶіе®ҡдәҶиҝҷ家公еҸёжңӘжқҘдёүе№ҙзҡ„жҲҗиүІгҖӮ

жң¬ж¬ЎжёҜиӮЎеӢҹиө„еҮҖйўқзәҰ49.41дәҝжёҜе…ғпјҢе…¶дёӯзәҰ60%з”ЁдәҺжү©еӨ§еҸҠеҚҮзә§й«ҳйҷ„еҠ еҖјдә§е“Ғдә§иғҪпјҢд»Ҙж»Ўи¶іAIй©ұеҠЁйңҖжұӮпјҢзәҰ15%з”ЁдәҺз ”еҸ‘пјҢзәҰ15%з”ЁдәҺеҒҝиҝҳ银иЎҢеҖҹж¬ҫгҖӮдә§иғҪйҮҠж”ҫиҠӮеҘҸе‘ҲжўҜж¬ЎжҺҘз»ӯпјҡжі°еӣҪдёҖжңҹ9жңҲе…ЁзәҝжӢүйҖҡпјҢйҮ‘ж№ҫй«ҳйҳ¶HDIе·ҘеҺӮ10жңҲжҠ•дә§пјҢи¶…й«ҳеӨҡеұӮе·ҘеҺӮе№ҙеә•иҜ•дә§йғЁеҲҶе…ій”®е·ҘеәҸпјҢйў„и®Ў2027е№ҙдёҖеӯЈеәҰе…·еӨҮйҮҸдә§жқЎд»¶гҖӮ

дҪҶжңүдёҖдёӘйЈҺйҷ©йңҖиҰҒжҢҒз»ӯзӣҜдҪҸпјҡиҪҪдҪ“й“ңз®”зҡ„дҫӣз»ҷгҖӮ

mSAP/SAPе·Ҙиүәзҡ„ж ёеҝғжқҗж–ҷжҳҜеҸҜеүҘзҰ»и¶…и–„й“ңз®”пјҢзӣ®еүҚж—Ҙжң¬дёүдә•йҮ‘еұһеңЁе…Ёзҗғзҡ„еёӮеҚ зҺҮи¶…иҝҮ90%пјҢ2026е№ҙ3жңҲе·Іе®ЈеёғеҜ№MicroThinиҪҪдҪ“й“ңз®”жҸҗд»·12%пјҢдё”жү©дә§жһҒдёәе…ӢеҲ¶гҖӮдҫӣз»ҷеҒҸзҙ§зҡ„ж јеұҖзҹӯжңҹйҡҫд»Ҙж”№еҸҳгҖӮ еҫ·зҰҸ科жҠҖ е·Іе®һзҺ°иҪҪдҪ“й“ңз®”еңЁ1.6Tе…үжЁЎеқ—йўҶеҹҹзҡ„жү№йҮҸдҫӣиҙ§пјҢ ж–№йӮҰиӮЎд»Ҫ зҡ„еҸҜеүҘй“ңдә§е“Ғд№ҹеңЁжҢҒз»ӯиҺ·еҸ–е°Ҹжү№йҮҸи®ўеҚ•пјҢдҪҶеӣҪдә§жӣҝд»Јзҡ„ж”ҫйҮҸиҠӮеҘҸпјҢе°ҶзӣҙжҺҘеҪұе“ҚжҷҜж—әmSAPдә§зәҝзҡ„дә§иғҪеҲ©з”ЁзҺҮе’ҢжҲҗжң¬з»“жһ„гҖӮ

еҸҰдёҖдёӘйңҖиҰҒе…іжіЁзҡ„жҳҜжІ»зҗҶеұӮйқўзҡ„дҝЎеҸ·гҖӮе…¬еҸёиөҙжёҜIPOеүҚпјҢдёүдҪҚе®һжҺ§дәәжӣҫеҮәзҺ°еӨ§йўқеҘ—зҺ°ж“ҚдҪңпјҢиҝҷеңЁжӯӨеүҚйҖ’иЎЁж—¶е·Іеј•еҸ‘еёӮеңәи®Ёи®әгҖӮ

жҷҜж—әз”өеӯҗзҡ„жёҜиӮЎдёҠеёӮпјҢжң¬иҙЁдёҠжҳҜеёӮеңәеҜ№дёҖдёӘй—®йўҳз»ҷеҮәзӯ”жЎҲпјҡдёҖ家全зҗғжұҪиҪҰPCBйҫҷеӨҙпјҢеңЁAIз®—еҠӣ硬件зҲҶеҸ‘зҡ„зӘ—еҸЈжңҹпјҢиғҪеҗҰз”ЁmSAPе·Ҙиүәзҡ„иҝҪиө¶йҖҹеәҰпјҢе®ҢжҲҗд»ҺвҖңдј з»ҹеҲ¶йҖ вҖқеҲ°вҖңз®—еҠӣ硬件дҫӣеә”е•ҶвҖқзҡ„дј°еҖјеҲҮжҚўгҖӮ2Q26зҡ„зҺҜжҜ”ж”№е–„з»ҷеҮәдәҶдёҖдёӘз§ҜжһҒзҡ„иө·зӮ№пјҢдҪҶзңҹжӯЈзҡ„жЈҖйӘҢпјҢиҰҒзңӢжҺҘдёӢжқҘеҮ дёӘеӯЈеәҰ1.6Tе…үжЁЎеқ—и®ўеҚ•зҡ„е…‘зҺ°иҠӮеҘҸе’ҢmSAPдә§зәҝзҡ„зҲ¬еқЎиүҜзҺҮгҖӮ

ж–°жөӘиҙўз»Ҹж„Ҹи§ҒеҸҚйҰҲз•ҷиЁҖжқҝ