生益科技(600183):Strong 1H25 results underscore AI-driven strength

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  MN

  16 Jul 2025

  CMB International Global Markets | Equity Research | Company Update

  Shengyi Tech (600183 CH)

  Strong 1H25 results underscore AI-driven

  strength

  Shengyi Tech announced its 1H25 preliminary earnings. The company

  projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bn-

  RMB1.45bn. 2Q NP alone is estimated to be RMB836mn-RMB886mn, implying

  55%-64% YoY/48%-57% QoQ growth, and exceeding Bloomberg consensus of

  RMB611mn by 37%-45%. The strong results were driven by 1) volume growth of

  CCL products, 2) surging PCB sales (85%-97% YoY in 1H25) and 3) GPM

  increase from a favorable product mix. Reiterate BUY on Shengyi Tech as the

  company is one of the key beneficiaries in the global AI supply chain (report). TP

  is revised up to RMB41.1.

  ? Surging PCB sales underscore AI-driven strength. The company’s PCB

  subsidia