Zheshang Research Reports pointed out that since 2005, Shengyi Technology (600183.SH) has been working on tackling high-frequency and high-speed packaging substrate technology challenges. In the face of foreign technology blockades, the company, relying on deep technical accumulation, has developed a complete series of high-speed products with different dielectric losses, high-frequency products for various dielectric application requirements and multiple technical routes, and has achieved mass application of multiple varieties. Meanwhile, in terms of copper-clad laminate technology for packaging, the company's products have been mass-used in card packaging, Led & Optoelectronics, storage chip fields, breaking through key core technologies, and developing and applying for higher-end products represented by FC-CSP and FC-BGA packaging for AP, CPU, GPU, and AI products. As downstream demand in terminal products experiences destocking, driven by AI and a rebound in Consumer Electronics, while the company continuously expands overseas markets, domestic technology continues to break through, and overseas factory construction steadily advances, it is expected to welcome new growth opportunities in the future, thus maintaining a "Buy" rating.