生益科技(600183)覆铜板核心供应商，充分受益于算力时代

!"#$%&'()*+,-.* /01234 [Table_Title] !"#$%&'()*+,-./01"23456 [Table_StockNameRptType] !"#$%600183& !"#$ [Table_Rank] !"#$%&'()*+ !"#$%2025-03-31 [Table_BaseData] 56789: 27.75 ; 12 <=>?/>@89: 35.38/15.58 ABC8DEB: 2429 FGBC8DEB: 2371 FGBHI8%: 97.61 AJK8L9: 674.1 FGJK8L9: 658.0 [Table_Chart] !"%&'() 300 *+,- [Table_Author] ./01234 &'()*%S0010523060001 +,%chenyaobo@hazq.com ./01567 &'()*%S0010524070001 +,%liyc@hazq.com ,-./% [Table_Summary] l 89:;<=>?@AB!"CDEFG#HIJKLMNBOPMQERST UVWXYZ[ 1985 \B]^_`aUOabcadeDfgGhijkjlmnJKLMNo9p:;<\G`qBrpUVsGtuvwBUV#HIInOxyz{|}G\O 60 ~•€•`q‚ 2023 \ƒG1.2 „•€•o…†‡ˆ Prismark ‰_Š‹Œ[hi•Ž#HIG••‘’“By 2013 \”•BUVWX•Ž#HIbc–—˜™š›™hiœ•o #HIžŸ PCB Œ¡¢n£¤Ÿ¥¦¤o§ 5G&5.5G r¨aAIa©ªa«¬“-®”ž¯°±²B† Prismark ³•Bhi PCB ´µ¶·¸y 2023 \G 695 „‡6¹º‚ 2028 \G 904 „‡6oPCB G»¢¼½¶Œ¾MQŒ¡¢n£¦¿¾ÀÁBÂþÄÅ«¬´µÆ²¬=n£ÇÈ`qBHDI&=IɶÊË»¢¼½ÌoAI ºÍÎMQϲ AI deÐÀÁGѼBÒÓÔÕÖ×BØÙÚGÛÜÝÞ‘Ø¡GßàáG¡¢n£¶âã AI deÐG UBB,HIB,OAM ä6;åæçÆèغG醕ªêëxB©Ÿ•ªŠ`q¶¡¢n£ÏìØ¡íéaîïaðH‘ñïGî6MQÀÁ;¡ªwòóìغôõ‘^C®€ì`qB¶Ï²¡¢n£MQÀÒÓØÕÖ×BLowCTE ‘ HDI ÛÜ€ì;ö÷B5G+øçùú¦¤éû®hüMQBɶƲ¡¢n£MQî€ýBhü®‘ÔþÕÖ×GÿÁo l AI òóÀÁ!"Bòó™š#$Ʋ PCB ERÀÁ …† Omdia Gé†%&B'(Q[ø•ª‘é†)KsÜ*ÄG GPU‘+,Û¢òóG¡¢¼½-./01B23456789|(t/01odeÐ PCB OPÀÿ'deÐòó›™Â:$;Ø#BOPU<=Ìf>3 3-5 \BC?Ìf>3 2-3 \o @A$òó•B3CDEF¢Gaé†EFÖ×aHIJƒž€üÿÁ¦¤BdeÐ PCB OPÉÀÿKM¤Ÿo…†SúWXGLMN%&BtÂGdeÐòóBtÂGOPO‹BŒMG PCB GíétÂBŒMGIð‘ðP,Q RòóGt‘#$·KMG5®o l «¬j²®‘*Ä®tuSÊ PCB 89ÀÁ ¬Q PCB OTC½UwèVj²¬WXG¦¤BYj²¬ZBEV[\¬•Q PCB %T]DE•^_¬G 5~6 `B+)¬a PCB %Tbx-¡cDjde•B]f6¬ PCB %TGfgB¥jde•)G BMSZjhije•['(UÿkQIlmno3j²¬ox®p+qBrè¶s:kQ FPCZtáuvjlI[B¶Êf:¼Ûjde•G PCB %Tbxo V²wxžŸ‘WXG™š¦¤B•Q\¬ãÓyz{|}žjkOPéxɶtu¼ÛB'(¬Q PCB ~ 4~8 íIDUB¥Vwe•-30%-10%10%30%50%70%90%110%3/246/249/2412/24⽣益科技沪深300[Table_CompanyRptType1] UVWXZ600183[ !"#$%&'()*+,-.* 2/23 /01234 îkQä%-¡G HDI IB+%&]D 4~8 íIG 3 `BL3 ~•Vwe•ãÓG LIDAR €kQG HDI %&•}é;‡6B‚Drè¬QPCB OT¼xGUÿèÅo l AI .ƒÆ²„…jkÀÁ†:¦¤ „…jkERB RUC‡ AI ‘*ĈŠG‰ú[Š‹ŠŒZWXBO9•¶ŽÔ••5‘BUC‡ AI ˆŠGY¾¶y•ÞƒGªw‘a’ž¦¤Bs“”5DtÞƒGÂ:¦¤B•”–r—íGtÞ˜æ˜roCounterpoint ™DUC‡ AI ˆŠ’xšÍ¶/y 2023 \G›·œ~Ÿ•¼½” 2027 \G 12.3 „žo PC ]ŸÿUOwÜÒ‘a „…G•ª'¡˜•BoAIPC ]D\7sx¢£¤G7s AI ¥jBt¦¦¡UO§GB¨®Ü©ªAB¥«Ø¬G-®Q¯G°¬B›±7s²³é†´hoIDC ³µBAIPC 3)ˆPC ´µ)¾ŠG¶ã,·¶3rè¸\)»¢¹¤B¶[ 2027 \}‚ 85%BCD PC ´µUªo l º»z¼ ½¾³•!" 2025/2026/2027 \.•¿ÀÁ9ÂË 232.16 „6B264.81 „6B294.56 „6ÃÄÅÆÇÈ.•D 23.70 „6B29.70 „6‘ 33.93 „ 6 B . •  , ¼ ½ 36.3% B 25.3% B 14.2% o Œ M2025/2026/2027 \ PE .•D 28.45/22.7/19.87 `oÉÊ#$ËÌÍËΟo l >Ϧ& AI ÀÁt{³ÌB!"_`t{³ÌBPCB 89ÐÑÑÒBPCB JK•Ón£CÔ¡Õo [Table_Profit] l ŸÿÖe×Ø äý:œ~6 -./012 2024A 2025E 2026E 2027E MN5O 20388 23216 26481 29456 5OPH8%: 22.9% 13.9% 14.1% 11.2% QRSTUVWX 1739 2370 2970 3393 VWXPH8%: 49.4% 36.3% 25.3% 14.2% YWZ8%: 22.0% 24.0% 24.0% 24.0% ROE8%: 11.7% 13.7% 14.7% 14.4% [B5\89: 0.74 0.98 1.22 1.40 P/E 32.50 28.45 22.70 19.87 P/B 3.92 3.90 3.33 2.85 EV/EBITDA 20.22 18.77 15.09 13.00 ]^_`awindbcd/012e [Table_CompanyRptType1] UVWXZ600183[