The Huachuang Securities Research Report pointed out that the Shennan Circuit AI PCB resonates upward with the packaging substrate, boosting high performance growth. The company achieved net profit of 2,251 billion yuan to mother in 2026H1; achieved net profit of 1,401 billion yuan in 26Q2. Demand for optical modules, switches, AI servers and related supporting products was released, order revenue increased significantly year-on-year, and product structure optimization promoted an increase in gross margin. Strong demand for AI computing power is driving high demand for AI PCBs and packaging substrates; production capacity for PCBs and packaging substrates is being released at an accelerated pace, boosting high performance growth. The company's product iteration is expected to improve ASP and profitability. Profit elasticity under high operating leverage is expected to exceed expectations. AI application innovation is expected to drive sector valuation increases. Refer to comparable company valuations, consider the 26H2 valuation switch, and the company is a leading domestic player on high-end carriers such as ABF. The target PE will be given for 35X in '27, with a target price of 515 yuan, maintaining a “strong” rating.

The Huachuang Securities Research Report pointed out that the Shennan Circuit AI PCB resonates upward with the packaging substrate, boosting high performance growth. The company achieved net profit of 2,251 billion yuan to mother in 2026H1; achieved net profit of 1,401 billion yuan in 26Q2. Demand for optical modules, switches, AI servers and related supporting products was released, order revenue increased significantly year-on-year, and product structure optimization promoted an increase in gross margin. Strong demand for AI computing power is driving high demand for AI PCBs and packaging substrates; production capacity for PCBs and packaging substrates is being released at an accelerated pace, boosting high performance growth. The company's product iteration is expected to improve ASP and profitability. Profit elasticity under high operating leverage is expected to exceed expectations. AI application innovation is expected to drive sector valuation increases. Refer to comparable company valuations, consider the 26H2 valuation switch, and the company is a leading domestic player on high-end carriers such as ABF. The target PE will be given for 35X in '27, with a target price of 515 yuan, maintaining a “strong” rating.