CLSA initiated coverage of the Chinese AI PCB/CCL sector and assigned OUTPERFORM
to five names. It set a PT of HK$251.4 on Guanghe Technology (01989.HK), citing
the company as a leading domestic supplier of high-performance server PCBs with
strong technology and customer recognition. CLSA expects Guanghe to benefit from
rising high-performance computing and AI server demand and from PCB
specification upgrades that increase per-board value; capacity ramps at
Guangzhou and Thailand sites should materially accelerate its AI-related
business. CLSA forecasts Guanghe net profit of RMB 2.004 bln, 2.953 bln and
4.198 bln for fiscal 2026-28, implying revenue CAGR of 48% and net-profit CAGR
of 60% over the period.
