Bank of China Securities released a research report saying that the PCB industry is a basic industry for the manufacture of electronic information products, and is greatly affected by macroeconomic cyclical fluctuations. In 2023, the global political and economic landscape is complex and changing, and the PCB industry will also be affected accordingly. Looking ahead to 2024, along with the recovery trend of the global semiconductor cycle and the innovative launch of terminals represented by Apple XR and AI PCs, the PCB industry's dual logic of “cycle+growth” is expected to continue to resonate. Recommended targets: (1) AI computing power: Shanghai Electric Power Co., Ltd. (002463.SZ), Shennan Circuit (002916.SZ), Shenghong Technology (300476.SZ), etc.; (2) AI terminal side: Pengding Holdings (002938.SZ), Jingwang Electronics (603228.SH), Dongshan Precision (002384.SZ); (3) Price increase for copper-clad panels: Shengyi Technology Jiantao Laminated Board (01888.HK), Nanya Xincai (688519.SH), Huaxin Zheng (603186.SH), etc..
中银证券：下游复苏带动景气回温 PCB“周期+成长”双重逻辑有望持续共振
BOC Securities: Downstream recovery drives boom recovery, PCB's “cycle+growth” dual logic is expected to continue to resonate
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