1. Company Overview: Zhongjing Electronics, an invisible champion in the high-end PCB field, was established in 2000 and focuses on the research and production of high-density interconnect (HDI) and multilayer PCBs. Core application areas include: · AI Servers/Data Centers: GPU accelerator card PCBs (supplied to NVIDIA A100/H100) · Automotive Electronics: Onboard radar, smart cockpit PCBs (secondary supplier to BYD and Tesla) · Communication Equipment: 5G base stations/6G satellite communication high-frequency PCBs · Consumer Electronics: Folding screen smartphone HDI motherboards (suppliers to OPPO/Vivo) Technical barriers: A few domestic companies master the mass production technology of PCBs with more than 16 layers, and high-frequency and high-speed boards have been certified by Huawei (used in 5G AAU)
2. Core Investment Logic 1. The explosion of AI computing power drives the demand for high-end PCBs · The value of a single AI server PCB exceeds 5000 yuan (five times that of a regular server) · In 2024, NVIDIA’s order proportion will increase to 15%, with a gross margin of over 35% + 2. The intelligence of vehicles drives both volume and price increases · The PCB usage in smart vehicles is three times that of traditional vehicles (demand for millimeter-wave radar/domain controllers) · Exclusive order for BYD’s “blade battery” management board 3. 6G Satellite Communication Preemptive Positioning · Low-orbit satellite PCBs enter the Starlink supply chain (single satellite value of 12,000 yuan) • The new factory in Zhuhai established in 2023 focuses on aerospace-grade PCBs
