3季度25份报告结果：人工智能超级周期全面展开；将TP提升至人民币90

3Q25results:AI super-cycle in full swing;Raising TP to RMB90 Target PriceRMB90.00(Previous TPRMB41.10)Up/Downside29.5%Current PriceRMB69.50 Shengyi Technology(Shengyi)reported robust 3Q25 results. Revenue reachedRMB7.9bn (+55%/+12% YoY/QoQ), with gross margin expanding sharply to28.1% (vs. 22.9% in 3Q24 and 26.9% in 2Q25). Net profit surged 131%/18%YoY/QoQto RMB1.0bn,lifting net margin to 12.8%(vs.8.6%/12.2%in3Q24/2Q25). The results underscore Shengyi’s strategic positioning as a coreAI infrastructure play. We expect the Company’srevenue to grow 41%/38% YoYin 2025/26E, while NP to grow 102%/79% YoY. Reiterate BUY and raise our TPto RMB90,as we roll over our valuation period to 2026E and raise earningsforecast toreflectstrong AI-driven momentum (a much stronger upcycle) andsustained margin improvement. China Semiconductors Lily YANG, Ph.D(852) 3916 3716lilyyang@cmbi.com.hk PCB:ridingthe AIserverwave.SubsidiaryShengyi Electronics (688183CH,NR)delivered another record quarter,with PCB revenue hittingRMB3.1bn (+154%/+40% YoY/QoQ). Quarterly revenue nearly matched full-year 2023 level (RMB3.3bn), highlightingstrongdemand for high-layer countHDI boards used in AI servers. We see major hyperscalers continue to scaleinvestment in AI infrastructure.Asa key beneficiary, we forecastShengyiElectronics’full-year PCB revenue near RMB10bn (more than doubled) thisyear, becoming the group's primary growth engine. Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Jiahao Jiang(852) 39163739JiangJiahao@cmbi.com.hk Stock Data CCL: steady amid cost headwinds.The CCL segment (incl. other) postedrevenue of RMB4.9bn (+23% YoY, flat QoQ). While elevated copper prices(LME +15% since July) pose near-term pressure, we expect ASP increasesto largely offset cost inflation. We project CCL revenue to grow 18% in 2025,bringing group revenue growth to ~41%. Margins:structural upside from mix shift.Group gross margin rose2.5pp/2.3pp/1.3pp through the first three quarters of 2025, reaching 28.1%in 3Q. This reflects the PCB segment's rapid mix shift toward high-value HDIproducts (Shengyi Elec. GPM: 33.9% in 3Q, +9.0ppt/+3.1ppt YoY/QoQ). Weexpect further improvement in 4Q with potential price adjustments, andproject 2025 group GPM of 27.3%. Reiterate BUY with TP raised to RMB90, based on 35x2026EP/E (vs.prev.30x2025E P/E),near +2SD above its 5-yr hist. forward P/E, given 1)Shengyi's structural positioning in the AI upcycle, and 2) PCB's risingearnings contribution and premium valuation vs. CCL. We raise our revenueforecast by 1%/16% for 2025/26E and NP forecasts by 5%/46%, reflectingthe strong growth and significant margin improvements. Key risks include:slower-than-expected capacity ramp-up, intensified competition, geopoliticaluncertainties, etc. Source: FactSet Source: Company data, CMBIGM estimates Source: Company data, CMBIGM estimates Source:Wind,CMBIGM Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in wholeor in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or hercompensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by TheHong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this researchreport 3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM HOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852)3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The information contained in