Guotai Junan Securities: AI infrastructure essential segment, global cleanroom engineering construction demand is rapidly increasing

According to the Zhitong Finance APP, Guosen Securities released a research report stating that factory operations and cleanroom engineering are essential links in the expansion of the AI computing power industry chain. Cleanrooms provide a controlled production environment for the manufacturing of precision products, making them a necessary engineering component for capacity construction in wafer manufacturing, chip substrates and packaging, consumer electronics, and server assembly, as well as data center construction. Investments in factory operations and cleanrooms typically account for 10-20% of total investment. The global demand for cleanroom engineering is rapidly increasing, with North America being the market with the greatest potential in the future. Due to the sudden increase in investment intensity, the workload of major suppliers involved in factory construction has become saturated, and the long training cycle for new engineers makes it difficult to meet the surging demand in the short term, leading to an inevitable trend of order overflow. Guosen Securities' main points are as follows: Factory operations and cleanroom engineering are essential links in the expansion of the AI computing power industry chain Cleanrooms provide a controlled production environment for the manufacturing of precision products, making them a necessary engineering component for capacity construction in wafer manufacturing, chip substrates and packaging, consumer electronics, and server assembly, as well as data center construction. Investments in factory operations and cleanrooms typically account for 10-20% of total investment. As the requirements for production environments continue to increase with the shrinking process dimensions of industrial products, the global cleanroom market continues to grow. Supply chain security and AI computing power are the two core factors driving global chip expansion The expansion of global mature process chips is driven by risk-averse demand, influenced by the decoupling between China and the U.S., leading China to accelerate the expansion of mature process chips to speed up domestic substitution. The expansion of global advanced process chips is driven by AI computing power demand, with Taiwan Semiconductor Manufacturing Company (TSMC) controlling 90% of the global advanced process capacity and pushing for capacity expansion in Taiwan and the U.S. through significant capital expenditures. Global demand for cleanroom engineering is rapidly growing, with North America being the market with the greatest potential in the future The demand for AI computing power in the U.S. is strong, with TSMC's Arizona P1 plant fully booked and significant acceleration in TSMC's capacity construction in the U.S. In March 2025, TSMC announced an additional investment of $100 billion in the U.S., raising the total planned investment to $165 billion, with an estimated remaining engineering investment reaching $35 billion. As North American CSP manufacturers increase capital expenditures and TSMC intensifies investments in the U.S., Taiwanese semiconductor industry chain manufacturers are also following suit. Due to the sudden increase in investment intensity, the workload of major suppliers involved in factory construction has become saturated, and the long training cycle for new engineers makes it difficult to meet the surging demand in the short term, leading to an inevitable trend of order overflow. Investment recommendation: Focus on recommending Shenghui Integrated and L&K Shenghui Integrated (603163.SH): A Taiwan-funded cleanroom engineering service provider with rich experience in overseas market operations. As clients continue to increase their global expansion efforts, it is expected to further expand overseas business based on existing client relationships, thereby driving continuous growth in revenue and profit scale. In the first half of 2025, the company signed new orders +70%, with orders on hand +63% compared to the end of the previous year, and operating revenue +39%. The forecast for net profit attributable to the parent company from 2025 to 2027 is 142 million / 206 million / 305 million yuan, with year-on-year growth of +24.1% / +45.4% / +47.9% L&K (603929.SH): A Taiwan-funded cleanroom engineering service provider, benefiting from the global semiconductor supply chain restructuring, has continuously won major overseas wafer factory projects, resulting in significant performance growth. The market remains skeptical about the sustainability of its overseas orders, but with the ongoing demand for semiconductor capacity expansion in Singapore, the company is expected to continue securing major orders, and its overseas business has continuity. The future valuation space mainly comes from the revaluation of overseas business. It is predicted that the company's net profit attributable to the parent company for 2025-2027 will be 477 million / 816 million / 713 million yuan, with year-on-year changes of -25.0% / +71.1% / -12.7%