2026年深交所公司日要点

Electronic Equipment &Instruments SzSECorporateDay2026takeaways +Demandvisibilityonopticaltransceiversextendsto2030 Analyst, A-share Technology HardwareHSBC Qianhai Securities Limitedbingyi.zheng@hsbcqh.com.cnCara Su* (Reg. No. S1700525070001) + BOE's glass-core substrate for Al chip packaging enterscustomer sampling stage Analyst,A-shareITHardwareResearchHSBC Qianhai Securities Limiteda.z.h.su@hsbcqh.com.cn+862150662080Steven Sunt,CFA (Reg.No.S1700517110003) +Buys on Luxshare and SG Micro; Hold on BOE (all unchanged) Luxshare,SGMicro and BOEat theSZSECorporateDay on29May,weremain positiveon the Al-driven demand for optical interconnects and advanced packaging substrates,and believe China's domestic supply chain is deepening its engagement with globalhyperscalers.Luxshare's ramp-up with its lead hyperscaler customer and sG Micro'srisingrevenuemixfromnetworkingandcomputingpointtorobustnear-termdemandforoptical transceiver components. Meanwhile, BOE's progress on glass-core substrates forAlchip packaging suggests a credible domestic alternative is taking shape in theadvancedpackagingmaterialsspace.Supply-sideconstraintswerearecurringtheme HeadofResearch,HSBCQianhaiSecuritiesLimitedHSBC Qianhai Securities Limitedstevensun@hsbcqh.com.cn+867558898 3158Yongzhu Wang* (Reg. No. S1700125070003) AssociateShenzhen *Employed by a non-US affliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations Luxshare: Automation moat and multi-year ramp-up trajectory. Managementdetailed a phased ramp-up plan with its lead hyperscaler customer, beginning withinitial lines this year and scaling through 2027-28. The company's fully automatedoptical module assembly linewaspresentedas a structural competitiveadvantagecopper connectivity business (DAC+ACC)is scaling rapidly and expected to becomea meaningful contributor to profit. On the auto side, the recent Jingxi Zhixingacquisition completesa gap in the intelligent chassis portfoliorelated to suspensionand braking,complementing existingsteering capabilities.Managementexpressedconfidence in sustained optical transceiver demand growth through 2030. SG Micro: Networking and computing mix inflecting higher.The networking andcomputing segment currently accounts for approximately 25% of total revenue,reflecting the company's increasing exposure to Al-related end markets. In the nearterm,opticaltransceiversandserverpowermanagementareexpectedtobetheprimary growth drivers.Management guided for stable cost levels, suggesting thepotentialformargin expansionasthe highervalueproductmix scales.SGMicro'strajectory reinforces our view that the analogue and PMiC layer of the Al hardwarestackisenteringavolume inflection,withdomestic supplierswell positionedtocapture share as hyperscaler programmes diversify their component sourcing. BOE:Glass-core substrateprogressand displaybusiness stabilisation.BOE'sglass-core substrate has now entered the customer sampling stage with multiple chipdesign firms. A strategic partnership with Corning across glass-core substrates,perovskite PV and foldable glass was highlighted as carrying significant signalling value.On the display business,OLED losses appear to be troughing as pricing stabilisesnear floor levels.LcD faces near-term demand headwinds, driven by memory costinflation that is compressing the low-end product mix. HSBCFundingtheFutureSurveySentiment, Al and Private CreditClick to view See Valuation and risks on page 2. Disclosures & Disclaimer Issuer of report: HSBC Qianhai Securities Limited This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. ViewHSBC Qianhai Securities at:https://www.research.hsbc.com Valuationandrisks Disclosureappendix The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s) whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s),any views orforecasts expressed in the section(s)ofwhich such individual(s)is(are)named as author(s), and any otherviews orforecasts expressed herein, including any views expressed on the back page of the research report, accurately reflect Equities:Stockratingsand basisforfinancialanalysis HSBC and its affiliates, including the issuer of this report ("HSBC") believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's existing holdings,risk toleranceand other considerations and thatinvestors utilise various disciplines and investment horizons when making investment decisions. Ratings should not be used orrelied on in isolation as investment advice. Different securities firms use a variety of ratings terms as