In-Depth Analysis of the Matching Degree of Shengyi Technology's AI Server PCB Business

Based on systematically collected data and research materials, I will provide you with an in-depth analysis report on

.

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With the rapid development of artificial intelligence technology, AI servers are undergoing unprecedented technological iteration. According to industry research data, as server platforms evolve from the traditional Purley architecture to the latest GB200 architecture, the technical requirements for PCBs and copper-clad laminates (CCL) have shown

[1]:

Platform Generation	Required PCB Layers	CCL Material Grade	Transmission Rate	Representative Chip
Purley	8-12 Layers	Mid Loss	28Gbps	Intel Xeon Scalable
Whitley	12-16 Layers	Low Loss	56Gbps	Intel Ice Lake
Eagle Stream	16-20 Layers	Very Low Loss	112Gbps	Intel Sapphire Rapids
Birch Stream	18-22 Layers	Ultra Low Loss	224Gbps	Intel Emerald Rapids
AI Server (GB200)	20-30 Layers	Extreme Ultra Low Loss	1.8TB/s	NVIDIA Blackwell

As can be seen from the data,

; meanwhile, the material loss grade has jumped from Mid Loss to Extreme Ultra Low Loss, significantly increasing technical difficulty [1].

Compared with traditional servers, AI servers add a

. Taking NVIDIA’s 8-card solution as an example, the relevant PCBs not only require 20-30 layers, but also require the CCL material grade to be upgraded to Ultra Low Loss. The GB200 NVL72 has achieved a breakthrough of compared to the HGX H100, but it also brings higher technical requirements for PCBs [1]:

• NVLink Bandwidth
  : Increased from 900GB/s to 1.8TB/s, doubling in capacity
• Thermal Design Power (TDP)
  : Increased from 700W to 1000W
• GPU Interconnection
  : 72 GPUs interconnected via NVSwitch, with longer and more complex links

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As the

leading enterprise in the global rigid CCL industry, Shengyi Technology has a stable market share of approximately [2]. The company has established a complete technology matrix in the field of high-frequency and high-speed CCL:

Product Type	Dk (Dielectric Constant)	Df (Dissipation Factor)	Technical Level
SCGA-500 GF220	2.20	0.0009	World-Leading
Industry Competitor (Rogers)	2.17	0.0008	World-Leading
Industry Competitor (Doosan)	2.25	0.0010	World-Leading

The minimum Dk of Shengyi Technology’s high-frequency products is

, and the minimum Df is , which is basically on par with the product performance of global cutting-edge manufacturers (such as Rogers of the US and AGC of Japan) [1][3].

Technology Grade	Representative Product	Supported Transmission Rate	Certification Status
Mid-Loss	Synamic Series	16Gbps	Mass Production Supply
Low-Loss	Synamic 4GN	25Gbps	Mass Production Supply
Very Low-Loss	Synamic 6N	32Gbps	Mass Production Supply
Ultra Low-Loss	Synamic 8GN	56Gbps+	Certified
Extreme Low-Loss	Next-Generation Product	112Gbps+	PCB Sample Testing in Progress

The company has developed a complete technology reserve covering the full range from

. Among them, the Ultra Low Loss products have passed material certification from leading domestic communication equipment manufacturers and overseas cloud computing providers, while the Extreme Low Loss materials have completed technical certification with multiple domestic and North American end customers [3].

According to the latest research report, Shengyi Technology is actively deploying products related to the AI field and accelerating the certification of supporting products for AI servers [4]:

• Customer Accumulation
  : Through certification layout and customer accumulation in AI and related products in recent years, demand has gradually been converted into substantive orders
• Overseas End Customer Radiation
  : Leveraging the radiation effect of overseas end customers, the company has increased efforts in product and project certification for domestic AI server, computing power, and chip manufacturers
• Product Structure Adjustment
  : The effects of product structure adjustment are gradually emerging, and the proportion of high-end products continues to increase

In the first half of 2025, based on its original core technologies, the company added research on a number of cutting-edge projects, including:

• Development of a new generation of intelligent computing core acceleration component products
• Development of a new generation of intelligent computing power energy hub products
• Technology development of a new generation of high-speed large-size chip network products

The high-end printed circuit boards developed through these projects have been widely used in fields such as networking, satellite communications, communications, consumer electronics,

, intelligent automotive electronics, and new energy [4].

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To meet the incremental demand brought by AI servers, Shengyi Technology is implementing a

[2][3]:

Capacity Expansion Project	Location	Capacity Plan	Product Positioning
Jiangxi Shengyi Phase II	Jiangxi	Annual output of 30 million ㎡ of CCL	High-end CCL capacity
Jiangsu Shengyi Flexible Material Project	Jiangsu	High-performance flexible materials	Flexible board materials
Thailand Production Base	Thailand	12 million ㎡ of high-performance CCL + 23.4 million meters of prepreg	High-speed substrates for automotive electronics and AI servers, packaging substrate materials for chip carriers

Among these, the

was laid on December 18, 2024, with a clear product positioning of and packaging substrate materials for chip carriers, aiming to meet the development needs of high-end technologies in the future industry [2].

Shengyi Electronics (688183), a subsidiary of Shengyi Technology, focuses on PCB manufacturing and has made significant investment layouts in the AI server PCB field [5]:

Project Name	Investment Amount	Core Direction
AI Computing Power Base Project	RMB 20.32 billion	AI server PCB manufacturing
High-Rise Multi-Layer Circuit Board Project	RMB 19.37 billion	High-rise board production
Total	RMB 39.69 billion	AI server PCB business

Shengyi Electronics has established a professional technical service team to strengthen the effective connection between forward-looking technical R&D layout and market demand, and accelerate the industrialization process of key projects such as

[5].

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Shengyi Technology has maintained stable financial performance over the past five years [0][2]:

Fiscal Year	Operating Revenue (RMB 100 million)	YoY Growth Rate	Net Profit Attributable to Parent (RMB 100 million)	YoY Growth Rate	Gross Profit Margin
2020	-	-	-	-	-
2021	202.74	-	28.30	-	-
2022	180.14	-11.2%	15.31	-45.9%	-
2023	165.86	-7.9%	11.64	-24.0%	-
2024A	203.88	+22.9%	17.44	+49.4%	22.0%

In 2024, the company achieved a strong performance recovery, with operating revenue exceeding RMB 20 billion, and net profit increasing by nearly 50% year-on-year, with

[4].

Based on the continuous growth of AI server demand and the optimization of the company’s product structure, securities firms have given

for Shengyi Technology [2][4]:

Fiscal Year	Operating Revenue (RMB 100 million)	YoY Growth Rate	Net Profit Attributable to Parent (RMB 100 million)	YoY Growth Rate	EPS (RMB)	PE
2024A	203.88	+22.9%	17.44	+49.4%	0.72	40.19
2025E	266.01	+30.5%	29.62	+70.4%	1.22	36.61
2026E	331.60	+24.7%	39.67	+33.9%	1.63	27.34
2027E	393.75	+18.7%	50.00	+26.0%	2.06	21.69

It is expected that in 2025, the company will achieve a record high of

, with AI server-related business becoming the core growth engine [4].

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Shengyi Technology has always maintained a

. In the first three quarters of 2024, R&D expenses increased by 30.35% year-on-year to RMB 795 million, significantly leading domestic peers [3]. The company currently has , and in the first half of 2024, it filed 21 new patent applications, including 3 overseas patents.

:

• 224Gbps Solution
  : A feasible technical route has been initially determined and relevant technology development has been completed, with electrical performance meeting the requirements of major end customers
• Next-Generation Ultra-Low Loss Materials
  : Meeting the needs of 112Gbps transmission links and AI servers
• CCL for High-Density Packaging Substrates
  : Developed for the needs of GPU/CPU module boards

The company has established a

in the AI server field [3][4]:

• Leading Domestic Customers
  : AI server and computing power manufacturers such as Huawei, ZTE, and Inspur
• Overseas End Customers
  : Cloud computing giants such as AWS, Meta, and Google
• Chip Manufacturers
  : Platform supporting certification from NVIDIA, AMD, Intel, etc.

The Ultra Low Loss products have completed material certification with

; the Extreme Low Loss materials have completed technical certification with , and supporting PCB samples are currently undergoing testing [3].

Shengyi Technology has achieved PCB manufacturing coverage through its subsidiary

, forming a of “” [2][5]:

• Upstream: Self-controllable CCL, ensuring stable material supply
• Midstream: PCB manufacturing capabilities, supporting high-end AI server products
• Synergy: Linked technical R&D, rapid response to customer needs

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Demand Dimension	AI Server Demand	Shengyi Technology’s Matching Degree	Evaluation Conclusion
PCB Layers	20-30 layers	✅ Has high-layer board technology	Highly Matched
Material Loss Grade	Ultra/Extreme Low Loss	✅ Full range coverage	Highly Matched
Capacity Scale	Significant growth	✅ Multi-location capacity expansion in China and overseas	Well Matched
Technical Certification	Leading customer certification	✅ Completed certification with multiple customers	Highly Matched
Delivery Capability	Rapid response	✅ Group synergy enhances delivery	Well Matched

: Shengyi Technology’s technology reserves, product certification, and capacity layout in the AI server PCB field are , and it is expected to fully benefit from the release of AI computing power construction demand.

• AI demand falls short of expectations
• Risk of raw material cost fluctuations
• Intensified competition in the PCB industry
• Impact of international trade policies

Based on the above analysis, multiple securities firms have given Shengyi Technology a

[2][4]. The predicted PE ratios for 2025-2027 are respectively, which are lower than the average valuation of comparable companies (53x, 32x, 25x).

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As a global leading CCL enterprise, Shengyi Technology has established a

with the incremental demand for AI servers by virtue of its :

1. Technical Aspect
   : The high-frequency CCL with Dk 2.20 and Df 0.0009 has reached international advanced levels; the high-speed CCL covers the full range of loss grades
2. Product Aspect
   : Ultra Low Loss and Extreme Low Loss products have passed leading customer certification and entered the mass supply stage
3. Capacity Aspect
   : The three capacity expansion projects in Jiangxi, Jiangsu, and Thailand will effectively support the release of AI server demand
4. Performance Aspect
   : In 2025, operating revenue is expected to grow by 30% to RMB 26.6 billion, and net profit is expected to grow by 70% to RMB 2.96 billion

With the continuous iteration of AI server technology and the rapid growth of computing power demand, Shengyi Technology is expected to become a

and achieve sustained high-speed performance growth.

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[0] Jinling AI Financial Database - Real-time Market and Financial Data of Shengyi Technology (600183.SS)

[1] Guohai Securities - “Global CCL Leader, Growth Driven by Upward Cycle & AI Demand” (2025-03-08)

[2] Guohai Securities - In-Depth Research Report on Shengyi Technology: Global CCL Leader, Growth Driven by Upward Cycle & AI Demand

[3] Ping An Securities - “Main Force of Domestic Substitution for High-End CCL, New Product Volume Boosts Performance Growth” (2025-03-13)

[4] Huaan Securities - Research Report on Shengyi Technology (600183): AI Servers and Data Centers Become Core Drivers of Market Growth

[5] Huaan Securities - “Leading Domestic PCB Supplier, Fully Benefiting from AI Demand” - Initial Coverage Report on Shengyi Electronics (688183)