Shengyi Technology Co., Ltd. (Shengyi Technology) (600183)

Individual Stock Analysis Report | Industry: Copper Clad Laminate, PCB and High-end Electronic Materials | Report Date: September 13, 2026 | As of the close on September 11, 2026; technical indicators, trading volume and capital flow data mainly correspond to September 11, 2026, shareholder structure data as of June 30, 2026, and announcement disclosure date is August 15, 2026.

This report is automatically compiled and generated by AI based on public information, for reference only and does not constitute investment advice.

1. Core Summary

Shengyi Technology's fundamentals are in a stage of high-speed growth: in the first half of 2026, it achieved operating revenue of RMB 19.026 billion, a year-on-year increase of 50.05%; net profit attributable to parent company was RMB 3.287 billion, a year-on-year increase of 130.42%, and net profit attributable to parent company after deducting non-recurring gains and losses was RMB 2.908 billion, a year-on-year increase of 110.99%. Second quarter revenue was approximately RMB 10.884 billion, and net profit attributable to parent company was approximately RMB 2.129 billion, representing year-on-year increases of 53.98% and 146.72% respectively, indicating that increased copper clad laminate sales volume and higher proportion of high-end products, growing demand for AI servers and high-speed communications, as well as the ramp-up of high value-added printed circuit board products jointly drove accelerated performance.

The company's core competitiveness comes from global scale, copper clad laminate production capacity and accumulated customer certifications, as well as the synergistic layout of copper clad laminates, flexible materials, packaging materials and PCB manufacturing. In 2025, the company's operating revenue was RMB 28.431 billion, a year-on-year increase of 39.45%, and net profit attributable to parent company was RMB 3.334 billion, a year-on-year increase of 91.75%; the comprehensive gross margin of the main business increased to 25.10%. In the first half of 2026, the copper clad laminate and bonding sheet business generated revenue of RMB 12.357 billion with a gross margin of 29.16%, and the printed circuit board business generated revenue of RMB 5.519 billion with a gross margin of 31.20%. The contribution of product mix optimization and high-end material ramp-up to profitability improvement was relatively evident.

The sustainability of performance growth still needs to distinguish between main business improvement and non-recurring factors. In the first half of 2026, net profit attributable to parent company included approximately RMB 407 million in fair value change gains from Lianrui New Materials convertible bonds, and the difference between net profit attributable to parent company and net profit attributable to parent company after deducting non-recurring gains and losses was approximately RMB 379 million; the company plans to dispose of the relevant convertible bonds at an appropriate time, and the future disposal timing, price and impact on profits remain uncertain. Therefore, subsequent focus should be on deducted non-recurring profit, copper clad laminate and PCB gross margins, price increase transmission, and the sustainability of operating cash flow.

As of September 11, 2026, the company's stock price closed at RMB 148.43, with a total market capitalization of approximately RMB 360.5 billion. Based on institutional consensus estimates, the forecast price-to-earnings ratios for 2026 and 2027 are approximately 54x and 36x, and the valuation has already reflected relatively high expectations for AI high-speed copper clad laminates, high-end PCB ramp-up and product price increases. Technically, the stock price remains above major moving averages, but MACD is negative, stochastic RSI is in the overbought zone, and recent capital flows have shifted from net inflow to net outflow, showing more characteristics of high-level consolidation and momentum digestion in the short term.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Copper clad laminates and bonding sheets: covering ordinary FR-4, high-speed and high-frequency materials, automotive electronic materials, metal-based materials, packaging substrates and flexible materials, etc.
• Printed circuit boards: mainly carried out by controlled subsidiary Shengyi Electronics, focusing on high-layer-count, high-precision, high-density and high-reliability circuit boards, serving communications, servers, automotive electronics and consumer electronics markets.
• Flexible materials and packaging-related materials: including flexible copper clad laminates, cover films, adhesive-free substrates and packaging adhesive films, mainly for automotive power batteries, consumer electronics and chip packaging.
• Other businesses: including real estate, comprehensive utilization of waste resources and other businesses, contributing relatively little to the group's overall revenue.

2.3 Upstream and Downstream Position in the Industry Chain and Cost-Profit Structure

Shengyi Technology is positioned in the upper-middle reaches of the PCB industry chain: upstream it connects to copper foil, glass cloth, resin and chemical material suppliers; in the middle reaches it produces copper clad laminates, bonding sheets, flexible materials and PCBs; downstream it connects to PCB manufacturers, communications equipment, servers, automotive electronics, chip packaging and consumer electronics customers. The company forms vertical synergy through "electronic materials + PCB manufacturing" and is extending into high-frequency and high-speed materials, automotive electronic materials, packaging substrates and flexible materials.

• Key inputs include electrolytic copper foil, electronic-grade fiberglass cloth, resin systems, chemical additives and other auxiliary materials; the company's annual report explicitly mentions copper foil and glass cloth as major raw materials.
• In 2025, major raw materials such as copper foil and glass cloth experienced significant price increases, and glass cloth supply was tight in some periods. The company adopted measures such as material localization, development of new suppliers, supplier on-site presence, group centralized procurement and joint development with suppliers to reduce supply risks.
• Materials such as copper foil and glass cloth have strong commodity attributes and industry concentration, and the company does not have complete control over upstream bulk material prices; overall it remains a price taker for some raw materials.
• The company enhances procurement bargaining power through global scale, long-term supplier cooperation and large procurement scale, and can transfer some costs downstream through formula upgrades, material localization, group procurement, process optimization and product price increases, but cost transmission lags, and a "negative scissors gap" may occur when raw materials rise rapidly.
• Supplier concentration: the 2023 annual report disclosed that there was no situation where procurement from a single supplier exceeded 50% of total procurement or where there was severe dependence on a few suppliers; this data only corresponds to 2023, and no data under the same scope was found in the public text of the 2025 annual report, so it cannot be inferred that the supplier structure did not change in 2025.
• Downstream customers include PCB manufacturers, communications equipment manufacturers, server and data center industry chain companies, automotive electronics and Tier-1 manufacturers, consumer electronics manufacturers and chip packaging companies, etc.
• As of 2025, the company had one customer contributing more than 10% of the group's total revenue, contributing revenue of RMB 3.924 billion, approximately 13.8% of group revenue; the customer name was not disclosed. The company's 2025 annual report did not disclose the combined revenue proportion of the top five customers, so customer concentration can only be observed through single major customer data, and the latest annual report shall prevail.
• Competition in ordinary copper clad laminates and mature consumer electronics products is relatively intense, and downstream PCB customers are relatively sensitive to price, delivery time and quality, making the company susceptible to price competition pressure.
• High-frequency and high-speed, low-loss, automotive electronics and packaging substrate materials have long verification cycles, and customer switching suppliers faces re-verification, yield and reliability risks, so high-end materials have stronger customer stickiness and relatively stronger bargaining power.
• The PCB business is significantly affected by orders from large communications, server and terminal customers, and customer concentration and major customer project节奏 affect capacity utilization and profit margins; the downstream structure is not a typical resource product pricing model, but rather a coexistence of price competition in ordinary products and certification barriers in high-end products.
• As of December 31, 2025, the company's consolidated accounts receivable were RMB 9.526 billion, accounting for 29.07% of total assets, an increase of 30.39% from RMB 7.305 billion at the end of 2024, and approximately 33.5% of 2025 operating revenue; operating receivables occupied approximately RMB 1.026 billion of cash flow, while operating payables increased by approximately RMB 1.635 billion; accounts payable at period-end were approximately RMB 4.421 billion and notes payable were approximately RMB 2.801 billion, totaling approximately RMB 7.222 billion, lower than accounts receivable of RMB 9.526 billion, indicating that the company still has a certain amount of working capital occupation, but supplier credit and commercial credit provide a partial buffer. In 2025, net cash flow from operating activities was RMB 5.274 billion, higher than net profit of RMB 3.892 billion for the period, temporarily showing no severe deterioration in collection.
• Regarding customer concentration, in 2025 only one customer was disclosed as contributing approximately 13.8% of group total revenue, and the combined proportion of the top five customers and customer names were not disclosed; regarding supplier concentration, the 2023 annual report disclosed that no single supplier accounted for more than 50% of procurement or that there was severe dependence on a few suppliers, but whether this scope continued in 2025 could not be confirmed. The above data are subject to limitations in year and disclosure scope, and the latest annual report shall prevail.

The company is located in the upper-middle reaches of the electronic circuit materials industry chain, and its core profit still comes from the scaled copper clad laminate business. It is a midstream material manufacturer driven by technology, scale and customer certification, rather than an upstream resource monopoly or downstream terminal brand. Further profit improvement mainly depends on increasing the proportion of high-end products such as high-frequency and high-speed, AI servers, automotive electronics and packaging materials, as well as improvements in price increase transmission, material localization, capacity utilization and scale synergy.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

In the first half of 2026, net profit attributable to parent company after deducting non-recurring gains and losses was RMB 2.908 billion, up 110.99% YoY; total profit was RMB 4.221 billion, up 129.33% YoY; net cash flow from operating activities was RMB 2.983 billion, up 53.44% YoY; basic earnings per share was RMB 1.36, up 130.51% YoY; weighted average return on equity was 18.17%, up 8.82 percentage points YoY. In 2025, the comprehensive gross margin of the main business was 25.10%, up 4.52 percentage points YoY.

In the first half of 2026, the company's revenue and profit both achieved high-speed growth, and second quarter performance further accelerated, mainly driven by growth in copper clad laminate sales volume, product mix optimization, growing demand for high-end products related to AI servers and data centers, and an increased proportion of high value-added products in the printed circuit board business. It should be noted that fair value change gains in the first half of 2026 were approximately RMB 410 million, and the difference between net profit attributable to parent company and net profit attributable to parent company after deducting non-recurring gains and losses was approximately RMB 379 million; the growth rate of net profit attributable to parent company was higher than that of deducted non-recurring net profit, and subsequent focus should be on the sustainability of deducted non-recurring profit, gross margin, price increase transmission and operating cash flow.

3.2 Profit Forecast

According to Tonghuashun aggregated data, as of September 9, 2026, 19 institutions had made profit forecasts over the past 6 months. The forecast range for 2026 net profit attributable to parent company was RMB 3.571 billion to RMB 8.501 billion, with EPS forecast range of RMB 1.47 to RMB 3.50; the forecast range for 2027 net profit attributable to parent company was RMB 4.810 billion to RMB 17.034 billion, with EPS forecast range of RMB 1.98 to RMB 7.01; the forecast range for 2028 net profit attributable to parent company was RMB 9.877 billion to RMB 22.963 billion, with EPS forecast range of RMB 4.07 to RMB 9.45. In terms of representative institutional forecasts: Huatai Securities expects net profit attributable to parent company for 2026-2028 to be RMB 7.947 billion, RMB 12.199 billion and RMB 17.965 billion respectively, with EPS of RMB 3.27, RMB 5.02 and RMB 7.40 respectively; China Galaxy expects RMB 7.004 billion, RMB 10.188 billion and RMB 12.794 billion respectively, with EPS of RMB 2.88, RMB 4.19 and RMB 5.27 respectively; Ping An Securities expects RMB 7.030 billion, RMB 10.270 billion and RMB 13.364 billion respectively, with EPS of RMB 2.89, RMB 4.23 and RMB 5.50 respectively; Pacific Securities expects operating revenue of RMB 39.148 billion, RMB 51.485 billion and RMB 62.984 billion respectively, net profit attributable to parent company of RMB 5.570 billion, RMB 7.856 billion and RMB 10.169 billion respectively, and EPS of RMB 2.29, RMB 3.23 and RMB 4.19 respectively; Goldman Sachs expects operating revenue of RMB 38.387 billion, RMB 57.131 billion and RMB 79.527 billion respectively.

3.3 Valuation Level and Institutional Ratings

As of the close on September 10, 2026, the company's stock price was RMB 146.96, total market capitalization was approximately RMB 356.966 billion, and total share capital was approximately 2.429 billion shares; P/E TTM was approximately 68.7x to 70x, P/B was approximately 19.3x, the 52-week high was approximately RMB 191.88, and the 52-week low was approximately RMB 49.20 to RMB 49.87. Based on Tonghuashun institutional consensus forecast EPS, the forecast P/E ratios for 2026-2028 are approximately 54.2x, 35.7x and 25.3x; based on Huatai Securities forecast EPS, they are approximately 44.9x, 29.3x and 19.9x respectively; based on Ping An Securities forecast EPS, they are approximately 50.9x, 34.7x and 26.7x respectively. The current valuation has clearly reflected expectations for AI high-speed copper clad laminates, PCB business growth and product price increases. The 2026 consensus P/E is approximately 54x and 2027 approximately 36x, overall at a relatively high level. Institutions' 2026 net profit attributable to parent company forecast range is approximately RMB 3.57 billion to RMB 8.50 billion, with relatively large divergence, mainly reflecting different judgments on the pace of AI high-speed material ramp-up, PCB business profit margin, sustainability of copper clad laminate price increases and the degree of overseas customer order fulfillment. Huatai Securities' target price of RMB 200.80 corresponds to an increase of approximately 36.6% from the closing price, but it uses 40x 2027 P/E and is significantly higher than the approximately 20.4x 2027 P/E of comparable companies it disclosed, representing an optimistic scenario that includes a relatively high AI growth premium. Overall, the company's fundamentals are in a stage of high-speed growth, and institutional ratings are generally bullish, but the current stock price has already priced in relatively high growth expectations, and subsequent valuation digestion and stock price performance depend on whether the AI high-speed copper clad laminate and high-end PCB businesses can fulfill the forecasts of high-end institutions.

4. Recent News and Announcements

4.1 2026 Semi-Annual Report Disclosed, Achieving High Growth in Performance

On August 15, 2026, the company disclosed the "2026 Semi-Annual Report." In the first half of 2026, it achieved operating revenue of RMB 19.026 billion, up 50.05% YoY; net profit attributable to shareholders of the listed company was RMB 3.287 billion, up 130.42% YoY; net profit attributable to parent company after deducting non-recurring gains and losses was RMB 2.908 billion, up 110.99% YoY; net cash flow from operating activities was RMB 2.983 billion, up 53.44% YoY; basic earnings per share was RMB 1.36, up 130.51% YoY. Revenue from the copper clad laminate and bonding sheet business was RMB 12.357 billion, up 47.74% YoY, with a gross margin of 29.16%, up 5.47 percentage points YoY; revenue from the printed circuit board business was RMB 5.519 billion, up 52.03% YoY, with a gross margin of 31.20%, up 3.35 percentage points YoY. The company stated that revenue growth mainly came from copper clad laminate sales volume and product mix optimization, as well as increased printed circuit board sales volume and a higher proportion of high value-added products.

4.2 Semi-Annual Profit Includes Fair Value Change Gains from Lianrui New Materials Convertible Bonds

The net profit attributable to parent company in the first half of 2026 included relatively significant fair value change gains. The company recognized approximately RMB 407 million in non-recurring gains and losses related to fair value changes of Lianrui New Materials convertible bonds. On July 15, 2026, the company announced plans to dispose of its holdings of Lianrui New Materials convertible bonds at an appropriate time, so the semi-annual profit growth did not entirely come from the main business, and the sustainability of subsequent profits still needs to be judged in conjunction with changes in sales volume, prices and gross margins of the copper clad laminate and PCB businesses.

4.3 Semi-Annual Earnings Pre-Increase Announcement Verified by Formal Interim Report

On July 14, 2026, the company disclosed a semi-annual earnings pre-increase announcement, estimating first half 2026 net profit attributable to parent company of RMB 3.099 billion to RMB 3.298 billion, up 117% to 131% YoY; estimated net profit attributable to parent company after deducting non-recurring gains and losses of RMB 2.719 billion to RMB 2.918 billion, up 97% to 112% YoY. The final disclosed net profit attributable to parent company was RMB 3.287 billion, and net profit attributable to parent company after deducting non-recurring gains and losses was RMB 2.908 billion, both close to the upper limit of the pre-announcement range. The growth reasons disclosed by the company mainly included continuous optimization of copper clad laminate product mix, an increased proportion of high-end high-speed products, release of some new capacity, and Shengyi Electronics benefiting from growing demand for AI computing power and high-speed communications.

4.4 Plans to Dispose of Lianrui New Materials Convertible Corporate Bonds at an Appropriate Time

On July 15, 2026, the company announced plans to dispose of 1,616,660 convertible corporate bonds of Jiangsu Lianrui New Materials Co., Ltd. held by the company at an appropriate time according to market conditions. This transaction does not constitute a related-party transaction or a major asset restructuring; the transaction has been approved by the board of directors and does not need to be submitted to the shareholders' meeting for review. The company has not yet determined the specific disposal time, transaction price or final transaction quantity, and there is uncertainty as to whether the actual transaction can be completed. Because the convertible bonds are measured at fair value with changes recognized in current profit or loss, future bond price changes and disposal gains may affect the company's 2026 profit. The specific impact cannot currently be estimated and shall be subject to audit results.

4.5 Progress on Guarantee Matters for Hunan Lvsheng Environmental Protection and Its Subsidiaries

On August 26, 2026, the company disclosed a guarantee progress announcement numbered 2026-054. Within the previously approved RMB 400 million guarantee limit, Yongxing Pengkun Environmental Protection Co., Ltd. obtained financing of RMB 70 million from Bank of Beijing Changsha Branch, and Hunan Lvsheng Environmental Protection provided joint and several liability guarantee for this financing, with a comprehensive credit period of 2 years. As of the announcement disclosure date, the cumulative guarantee total provided by the company and its subsidiaries to subsidiaries was RMB 674 million, of which the company's cumulative guarantee to subsidiaries was RMB 274 million and guarantees between subsidiaries were RMB 400 million; the cumulative guarantee total accounted for 4.03% of the company's latest audited net assets, and there were no overdue guarantees. The announcement noted that this guarantee involves a guaranteed entity with an asset-liability ratio exceeding 70%.

4.6 Abnormal Stock Trading Fluctuations, Company Issues Risk Warning

On August 7, 2026, the company issued an announcement on abnormal stock trading fluctuations; on August 8, 2026, it issued a stock trading risk warning announcement. The company's stock closing price deviation exceeded 20% cumulatively over three consecutive trading days on August 4, August 5 and August 6, 2026, constituting abnormal stock trading fluctuations. After verification, the company stated that it had not found any major matters requiring disclosure but not disclosed, undisclosed major information or major asset restructuring matters being planned, nor had it found that directors, senior management or shareholders holding more than 5% of the company's shares traded the company's stock during the abnormal fluctuation period. On August 7, 2026, the stock closed at the daily limit-up price, up approximately 37% from the August 3 closing price, and the company warned that the short-term increase was relatively large and there may be a risk of stock price correction.

4.7 Guangdong Guangxin Group's Shareholding Decreased, Partly Related to Exchangeable Bond Arrangements

As of June 30, 2026, Guangdong Guangxin Holdings Group Co., Ltd. held 547,979,502 shares of Shengyi Technology, with a shareholding ratio of 22.56%, a decrease of 24,291,188 shares from the beginning of the reporting period, and it remained the company's largest shareholder. Due to the issuance of exchangeable corporate bonds, Guangxin Group transferred 20 million shares of Shengyi Technology into the "Guangxin Group - CITIC Securities - 26GXKEB1 Guarantee and Trust Property Account," approximately 0.82% of the company's total share capital, for exchangeable bond conversion and principal and interest repayment protection. Therefore, changes in Guangxin Group's shareholding cannot simply all be understood as secondary market reductions, and subsequent attention should be paid to exchangeable bond conversion arrangements and Guangxin Group announcements.

4.8 Chairman Chen Renxi's Reduction Plan Still in Execution Window

On May 30, 2026, the company disclosed a director reduction plan. Chairman Chen Renxi planned to reduce no more than 335,762 shares through centralized bidding, no more than 0.0138% of the company's total share capital, with the reduction period from June 23, 2026 to September 22, 2026, due to personal funding needs. As of August 6, 2026, Chen Renxi had not yet reduced company shares. As of September 11, 2026, the reduction window had not yet expired, and whether it will be implemented subsequently, the actual reduction quantity and price remain uncertain.

4.9 Equity Incentive Restricted Stock Repurchase and Cancellation, Not a Market-Based Share Repurchase

On July 10, 2026, the company disclosed an implementation announcement for repurchase and cancellation of equity incentive restricted shares. The semi-annual report showed that on July 14, 2026, the company implemented repurchase and cancellation of 115,560 restricted shares. This matter was a repurchase and cancellation of some granted but not yet unlocked shares under the 2024 restricted stock incentive plan, not an ordinary share repurchase conducted by the company with its own funds in the secondary market. As of September 11, 2026, no announcement of a new cash repurchase or share repurchase plan issued by the company in September 2026 was found.

4.10 Daily Related-Party Transactions and Adjustment of Estimated Related-Party Transaction Limits

On August 15, 2026, the company disclosed the first half 2026 daily related-party transactions and the announcement on increasing the estimated 2026 daily related-party transaction limit. Public information showed that during the reporting period there was a related-party sales transaction with Zhejiang Manku Technology Co., Ltd. of approximately RMB 86,400; and two sales of goods transactions with associate Guangdong Fozhixin Microelectronics Co., Ltd., totaling approximately RMB 261,900. Based on the amounts found so far, the above transaction amounts are relatively small, and no related-party transactions that have a material impact on the company's overall operations and financial condition have been found; the full-year estimated limits should be based on the official announcement text.

4.11 No New Major M&A, Restructuring or Regulatory Matters Found Recently

As of September 11, 2026, no announcements of new major M&A, major asset restructuring, change of control, regulatory penalties or regulatory inquiries by the company in September 2026 were found. Among recent capital operations, the matter closest to asset disposal was the planned disposal of Lianrui New Materials convertible bonds held by the company; this matter does not constitute a major asset restructuring, nor is it the acquisition of new operating assets.

4.12 Latest Official Announcements of the Company as of September 11, 2026

The company's official website announcement list showed that as of September 11, 2026, the most recent company announcement was the "Announcement on Progress of Mutual Guarantees between Hunan Lvsheng Environmental Protection Co., Ltd. and Its Subsidiaries" issued on August 26, 2026. No new official announcements of 600183 during the period from September 1 to September 11, 2026 were found.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Shengyi Technology closed at RMB 148.43. After a rapid rebound on September 7, it fluctuated around RMB 146-150 recently, and intraday amplitude expanded significantly. The closing price was above MA5, MA10 and MA20 recalculated based on recent closing prices, and also above the major moving averages disclosed by the platform, with the Bollinger position above the middle band; however, MACD was negative, stochastic RSI was in the overbought zone, and main capital data turned to net outflow on September 10-11, indicating that the short term is closer to high-level consolidation and momentum digestion rather than risk-free one-way upward movement. The current technical focus is on the validity of the RMB 150-152 pressure zone, the RMB 145-146.5 first support zone and the RMB 138-140.5 strong support zone.

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario deduction based on closing data as of September 11, 2026, historical prices and technical indicators. It does not constitute investment advice, nor is it a deterministic forecast of future prices.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation and organization (relatively higher weight, approximately 60%; this weight is a subjective heuristic judgment based on the current technical pattern and capital flow, not a statistical probability): price range approximately RMB 145-152. Trigger conditions include holding near RMB 145, turnover falling back to the recent normal level of approximately RMB 8-11 billion, and multiple attempts to surge in the RMB 150-152 area without a sustained volume breakout; corresponding to the high-level digestion situation after the rapid rise on September 7
• Weaker downside (medium weight; a subjective heuristic judgment, not a statistical probability): price range approximately RMB 132-145. Trigger conditions include failure to quickly recover after breaking below RMB 145 and further breaking below the RMB 138-140 strong support, while main capital continues relatively large net outflow and single-day turnover remains above RMB 11-12 billion; after confirming a break below RMB 138, the RMB 132-135 area can be observed
• Rebound and strengthening (low to medium weight; a subjective heuristic judgment, not a statistical probability): price range approximately RMB 152-158. Trigger conditions include an effective breakout above RMB 150-152, consecutive closes above RMB 152, and single-day turnover significantly higher than the recent 5-day average of approximately RMB 10.3 billion; if turnover reaches above RMB 12 billion and main capital turns to sustained net inflow, the degree of confirmation of breakout validity increases, and the upside observes the RMB 157-158 area

③ Capital and Liquidity Background

As of September 11, 2026, average turnover over the last 5 days was approximately RMB 10.272 billion, average turnover rate over the last 5 days was approximately 2.90%, and average turnover rate over the last 10 days was approximately 3.03%; on September 11, turnover was approximately RMB 11.516 billion and turnover rate was 3.30%. The company's total market capitalization exceeds RMB 360 billion, and daily turnover is usually at the level of several billion to tens of billions of RMB, with overall good liquidity, and it is not a low-turnover small-cap stock. In terms of shareholder structure, as of June 30, 2026, the top ten shareholders held approximately 55.74% in total, and the top ten circulating shareholders held approximately 58.71% in total; the list included the controlling shareholder, local state-owned assets, Hong Kong Central Clearing, public funds and social security funds, but the proportion of single public fund and social security accounts was relatively low, and it cannot be inferred that institutions absolutely control the stock. During the same period, the number of shareholders increased significantly and average shares per household decreased, indicating that the degree of chip dispersion may have increased. The above shareholder data are about two and a half months old relative to the current market, and the actual structure may have changed. In practice, current liquidity is good, but the price is relatively sensitive to capital direction; if volume increases but cannot break through the pressure zone, high-level turnover pressure should be observed, and if turnover shrinks when retesting support, selling pressure may ease temporarily.

The volume signals that can be checked are: if single-day turnover continuously reaches above RMB 12 billion in the coming week, the closing price stands above RMB 152, and main capital no longer continuously has net outflow, this can be regarded as a strengthening signal for breakout validity; if turnover reaches above RMB 12 billion but the stock price instead falls below RMB 140, it is closer to a signal of volume distribution or weak turnover.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observe whether the RMB 150-152 pressure zone can be effectively broken with the support of turnover expansion; this is an observation idea, not a trading instruction.
• Observe whether the RMB 145-146.5 first support zone shows stabilization on reduced volume; this is an observation idea, not a trading instruction.
• Observe whether the RMB 138-140.5 strong support zone is effectively broken, and whether turnover continues to expand upon the break; this is an observation idea, not a trading instruction.
• Track whether single-day turnover continuously reaches above RMB 12 billion and whether main capital shifts from net outflow to sustained net inflow; this is an observation idea, not a trading instruction.

The above scenario deduction is based on closing data as of September 11, 2026 and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors such as news, capital conditions and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future trends, and do not constitute buy or sell recommendations. Please make independent judgments in light of the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Copper clad laminates are the core substrate of PCBs, and PCBs are basic components of communications equipment, servers, automotive electronics, consumer electronics and industrial control equipment. Copper clad laminate demand is highly correlated with the prosperity of the electronics industry and PCB industry. The industry has relatively high concentration, strong technology and customer certification barriers, and is affected by PCB demand, copper prices, glass cloth supply, the consumer electronics cycle and capacity release pace, showing characteristics of both technical barriers and cyclical attributes.

6.2 Competitive Landscape

• According to Prismark data, in 2024 the top five global copper clad laminate manufacturers had a combined market share of approximately 55.8%, and the top ten manufacturers had a combined share of approximately 77%, showing a relatively obvious oligopolistic competitive landscape.
• 2024 global major manufacturer shares: Kingboard Laminates 14.4%, Shengyi Technology 13.7%, TUC 13.2%, Nan Ya Plastics 8.4%, Panasonic Electric Works 6.1%, Elite Electronic Material 6.1%, Taiwan Union Technology 4.6%, Doosan 4.1%, Jinan Guoji 3.3%, Nanya New Material 3.1%. Different institutions may produce different results due to statistical scope differences such as "rigid copper clad laminates" and "all copper clad laminates."
• Shengyi Technology maintained the world's second-largest rigid copper clad laminate sales from 2013 to 2024, with a 2024 global market share of 13.7%.
• Mainland Chinese companies already have strong scale and cost competitiveness in ordinary copper clad laminates, and are still in the stage of continuous catch-up and breakthrough in high-end materials such as high-frequency and high-speed, packaging substrates and automotive electronics.
• The demand structure is shifting from traditional consumer electronics to AI servers, data centers, high-speed networks, smart cars, autonomous driving and chip packaging; demand for low-loss, high-frequency and high-speed, high heat resistance and high reliability materials is growing faster in high-end areas, and technical and certification barriers and supplier stickiness are usually higher than for ordinary copper clad laminates.
• Industry entry requires relatively large capital investment, long-term process accumulation and customer verification cycles; at the same time, it is still affected by demand, raw material prices and the absorption of newly added capacity.

6.3 Major Competitors

Shengyi Technology ranks second in the global copper clad laminate market, and its product matrix covers rigid boards, flexible boards, packaging materials and PCB manufacturing, with capabilities in material and PCB synergy, domestic customer coverage, R&D accumulation, multi-base layout and flexible manufacturing. Kingboard Laminates' advantages are more toward global scale, cost and industry chain integration; TUC highlights high-frequency and high-speed and high-end server materials; Nan Ya Plastics has group resources and scale advantages; Jinan Guoji is relatively strong in traditional copper clad laminates and cost competition; Nanya New Material focuses on high-end copper clad laminates and packaging materials. Shengyi Technology's future competitiveness depends on customer certification and ramp-up of high-end products such as high-frequency and high-speed, automotive electronics, AI servers and packaging materials, while it still must cope with raw material price fluctuations such as copper foil and glass cloth, price competition in ordinary products and pressure from absorbing newly added capacity.

7. Risk Warnings

• Raw material price increase and cost transmission risk: major raw materials such as copper foil and glass cloth already experienced significant price increases in 2025, and glass cloth supply was tight in some periods. The company lacks complete pricing power over upstream bulk materials. If material prices continue to rise rapidly while copper clad laminate price increases or formula and process optimization cannot keep pace in time, cost transmission lag and gross margin pressure may reappear.
• Risk that high-end product ramp-up falls short of expectations: current growth depends to a relatively large extent on AI servers, high-speed communications, data centers, automotive electronics and high value-added PCB products. If related customer orders, certification progress or release of new capacity are lower than expected, it may affect revenue growth, capacity utilization and profit margins of copper clad laminates and printed circuit boards.
• Industry price competition and capacity absorption risk: competition in ordinary FR-4 copper clad laminates and mature consumer electronics products is relatively intense, and downstream PCB customers are sensitive to price, delivery time and quality; if demand recovery falls short of expectations or new industry capacity is released in a concentrated manner, product prices and unit gross profit may come under pressure, and the relatively high gross margin improvement in 2025 may also be difficult to sustain.
• Profit structure and non-recurring income fluctuation risk: first half 2026 net profit attributable to parent company included approximately RMB 407 million in fair value change gains from Lianrui New Materials convertible bonds, and net profit attributable to parent company after deducting non-recurring gains and losses was approximately RMB 379 million lower than net profit attributable to parent company. The company plans to dispose of the relevant convertible bonds at an appropriate time, but the disposal time, price and final gains have not yet been determined, and future investment income and fair value changes may cause profit fluctuations.
• Customer concentration and order rhythm risk: in 2025 the company disclosed one customer with revenue of approximately RMB 3.924 billion, accounting for approximately 13.8% of group revenue; the customer name and the combined proportion of the top five customers were not disclosed. Changes in project rhythms of communications, server and terminal customers may affect the company's PCB and high-end material orders, capacity utilization and profitability.
• Working capital occupation and collection risk: as of the end of 2025, accounts receivable were RMB 9.526 billion, accounting for 29.07% of total assets, up 30.39% YoY, and approximately 33.5% of that year's operating revenue; accounts payable and notes payable totaled approximately RMB 7.222 billion, lower than accounts receivable. Although 2025 net cash flow from operating activities was RMB 5.274 billion and higher than net profit, if rapid revenue growth is accompanied by continued expansion of accounts receivable, it may still increase cash flow and collection management pressure.
• Overseas and new base construction risk: the company is advancing construction of a copper clad laminate and bonding sheet production base in Thailand. Overseas projects may face uncertainties in construction progress, capacity ramp-up, customer certification and operation management; if overseas capacity release falls short of expectations, it may affect the input-output efficiency of the global layout.
• Valuation and stock price fluctuation risk: as of September 11, 2026, the company's total market capitalization was approximately RMB 360.5 billion, and based on institutional consensus estimates, forecast P/E ratios for 2026 and 2027 were approximately 54x and 36x, and the market has already priced in relatively high growth expectations. If performance, price increases or AI-related high-end product ramp-up fall short of expectations, valuation digestion pressure may increase; at the same time, the stock price has recently been in high-level consolidation. If volume increases near RMB 150-152 but fails to break through, short-term fluctuation risk may rise.
• Guarantee and subsidiary operating risk: as of August 26, 2026, the cumulative guarantee total provided by the company and its subsidiaries to subsidiaries was RMB 674 million, accounting for 4.03% of the latest audited net assets, including guaranteed entities with asset-liability ratios exceeding 70%. Although the announcement showed there were no overdue guarantees, if the financing or operating conditions of the relevant subsidiaries deteriorate, guarantee liability risk may still arise.

8. Conclusion and Outlook

Shengyi Technology's growth logic mainly revolves around the upgrading of electronic materials and the structural upgrade of downstream demand. Growing demand for low-loss, high-frequency and high-speed, high-reliability materials in areas such as AI servers, data centers, high-speed networks, automotive electronics and chip packaging provides expansion space for the company's copper clad laminates, PCBs and packaging-related materials; at the same time, material localization, group procurement, process optimization, capacity utilization improvement and product price increases help alleviate pressure from raw material price increases such as copper foil and glass cloth. The company's global copper clad laminate market share and scale advantages, as well as the synergy between materials and PCB businesses, form the basis for further increasing the proportion of high-end products.

Whether future performance can continue high growth depends on the pace of fulfillment of high-end high-speed materials and high value-added PCB orders, customer certification and capacity release, as well as changes in raw material cost transmission and price competition in ordinary copper clad laminates. Institutions' 2026 net profit attributable to parent company forecast range is RMB 3.571 billion to RMB 8.501 billion, with relatively large divergence, reflecting different market judgments on AI material ramp-up, PCB profit margin, sustainability of price increases and overseas customer orders.

The company's current valuation and stock price fluctuation levels are relatively high, and subsequent fundamental performance needs to match relatively high market expectations. Technically, RMB 150-152 is a short-term pressure observation zone, RMB 145-146.5 is the first support area, and RMB 138-140.5 is a relatively strong support area; these price levels only reflect the market state under current technical data and do not represent deterministic trends. Overall, the company's medium- to long-term growth foundation is relatively strong, but short-term performance still depends on performance fulfillment, valuation digestion, capital flows and changes in industry prosperity.

Data Sources

• Shengyi Technology (600183)_Company Announcements_Shengyi Technology: 2025 Annual Report Sina Finance_Sina
• https://pdf.dfcfw.com/pdf/H2_AN202503031643998229_1.pdf
• Shengyi Technology (600183)_Company Announcements_Shengyi Technology: 2023 Annual Report Sina Finance_Sina
• Shengyi Technology (600183) Annual Data Analysis - AskCI Consulting Database - AskCI
• Eagle Eye Warning: Shengyi Technology's Sales Gross Margin Grows Significantly | Net Profit Attributable to Parent Company | Profitability | Financial Report | Audit | Dividends_Sina Mobile
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-01/1c0bd8fb-2f0f-4256-bde9-e151bdb8ff8c.PDF
• "Shengyi Technology" 600183.SH - Guangdong Shengyi Technology Co., Ltd. - Shanghai Stock Exchange Main Board - A-share - Pre-listing
• Shengyi Technology (600183)_Company Announcements_Shengyi Technology: 2026 Semi-Annual Report Summary Sina Finance_Sina
• Shengyi Technology (600183) 2025 Annual Report Review: Performance Continues to Grow Rapidly, High-end Products Accelerate Ramp-up__Sina Finance_Sina
• Shengyi Technology (600183) Profit Forecast_F10_Tonghuashun Financial Services Network
• Shengyi Technology (600183): AI Option Accelerates Fulfillment to Help Performance Grow Rapidly__Sina Finance_Sina
• Shengyi Technology (600183): High-end Proportion Continues to Increase, Interim Performance Reaches Upper End of Guidance__Sina Finance_Sina
• Pacific Securities - Shengyi Technology (600183) Product Mix Optimization, Explosive Performance Growth - 260524.pdf
• Goldman Sachs Bullish on Shengyi Technology: Target Price Raised to RMB 127.4, AI CCL Price Increase Wave Revalues Materials Leader | Goldman Sachs_Sina Finance_Sina
• Shengyi Technology Co Ltd (600183) Historical Prices - Investing.com
• Shengyi Technology
• Shengyi Technology (600183)_Company Announcements_Shengyi Technology: 2026 Semi-Annual Report Sina Finance_Sina
• Shengyi Technology (600183) Performance Announcements_Shengyi Technology Historical Performance Reports_Stockstar
• Securities Code: 600183 Securities Abbreviation: Shengyi Technology Announcement No.: 2026-045
• Securities Code: 600183 Securities Abbreviation: Shengyi Technology Announcement No.: 2026-054_Sina Finance_Sina
• (3) Media Reports, Market Rumors, Hot Concept Situation
• [Stock Abbreviation: Shengyi Technology

Stock Code: 600183

Announcement No.: 2026-012

Guangdong Shengyi Technology Co., Ltd.

Re](https://pdf.dfcfw.com/pdf/H2_AN202603131820549273_1.pdf?utm_source=openai)

• https://epaper.stcn.com/pic/202605/30/e95716073ffbea78d19eeb7ee5462d11.pdf?u_asig=5ea90&u_atoken=ac41853e1e5dd27802a4d8d3d705c744
• Shengyi Technology_Individual Stock Calendar_East Money_Data Channel

This report was automatically retrieved, organized and generated by AI based on public channel information, with information as of the close on September 11, 2026; technical indicators, trading volume and capital flow data mainly correspond to September 11, 2026, shareholder structure data as of June 30, 2026, and announcement disclosure date is August 15, 2026., and there may be timeliness differences. Specific data should be based on the company's official announcements and authoritative data terminals. This report is only for information organization and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.