<p>德尔顿科技是最新申请在香港上市的印刷电路板供应商，寻求资金以跟上人工智能计算的需求。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/19025225/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-12-2025_104853_thebambooworks.com_-1024x707.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/19025225/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-12-2025_104853_thebambooworks.com_-1024x707.jpeg"/></p>
<p>关键要点：</p>
<ul>
<li>此次申请是在 WUS Printed Circuit 和东山精密之后，PCB 行业希望扩大产能的背景下提出的</li>
<li>专注于计算电路板的德尔顿科技报告了收益增长，前九个月的收入增长了 43%。</li>
</ul>
<p>他们提供人工智能计算所需的关键电路，使数据能够以闪电般的速度处理，现在他们成为了一波首次公开募股的焦点。</p>
<p>印刷电路板（PCBs）为消费电子产品提供了基础，使高性能服务器能够执行复杂的计算任务。这些电路板的供应商主要在中国的制造中心运营，知名度较低。但现在他们正走入聚光灯下，寻求投资资本以跟上人工智能的快速增长。</p>
<p>德尔顿科技（广州）有限公司，专注于先进计算的 PCB，是最新申请香港证券交易所的公司，紧随行业同行 WUS Printed Circuit 和东山精密之后。</p>
<p>他们的产品可能吸引的关注远不如人工智能芯片，但它们是现代计算的关键基础，因为云服务提供商和科技巨头正在加大对大型数据中心和人工智能服务器的投资。行业研究表明，人工智能服务器在未来几年将经历两位数的增长，从而推动 PCB 需求上升。人工智能服务器所需的 PCB 数量超过通用服务器，每块电路板的价值也显著更高。</p>
<p>随着对能够处理超快数据而不损失效率的多层 PCB 的需求不断增长，生产高规格和更大数量的压力也在增加。这需要制造能力、技术和资金。</p>
<p>专注于计算能力</p>
<p>在最近的上市申请中，德尔顿科技的专注度更高。与仍然从消费电子或传统通信系统中获得大量收入的 PCB 制造商不同，该公司在其上市申请中将自己定义为计算服务器组件的供应商。</p>
<p>从 2022 年到 2024 年，该公司的收入从 24.1 亿元人民币（约合 3.4 亿美元）增长到 37.3 亿元人民币，计算相关的 PCB 占总收入的比例从 67.8% 上升到 72.5%。在今年前九个月，营业额约增长 43% 至 38.4 亿元人民币，超过 2024 年的全年总额，而计算相关 PCB 的贡献上升至近 74% 的整体收入。</p>
<p>向高等级产品的转变也反映在德尔顿的底线。公司的毛利率从 2022 年的 26.1% 跃升至 2023 年的 33.3%，在 2024 年保持在 33.4%，并在 2025 年前九个月上升至 34.8%。</p>
<p>强劲的财务状况</p>
<p>在同一时期，该公司的净利润率从 11.6% 上升至 18.9%，对于一家资本密集型制造商来说，这是一个相对强劲的数字。这表明公司的收益受到产品和制造升级以及需求上升的推动。</p>
<p>随着累积利润和运营效率的提高，该公司的杠杆比率从 2022 年的 56.6% 下降至今年前九个月的 46.3%。运营现金流为 7.6 亿元人民币，比去年同期增长 22.5%，表明核心业务正在产生现金，扩张并不完全依赖外部融资。</p>
<p>根据其上市申请，该公司的发展战略以计算能力为中心。大部分首次公开募股的收益将用于扩大高端 PCB 的产能，特别是用于人工智能服务器的高层数 PCB，以及提升高速度互连和低损耗材料的研发和制造工艺。</p>
<p>促进海外生产也是资金优先事项。该公司今年在泰国开设了生产基地，并计划进一步扩张，以提高产量并为客户在全球供应链中提供更多交付选项。</p>
<p>在收入方面，德尔顿科技的规模小于其他首次公开募股申请者 WUS Printed Circuit 和东山精密，但它在计算相关 PCB 方面的专注度更高。其战略更倾向于加深在高端计算应用中的存在，而不是扩大产品组合。</p>
<p>对于香港投资者来说，关键问题是德尔顿科技能否在计算能力的增长周期中利用其在专业 PCB 市场的地位。通过加大对高端服务器 PCB 的投入，该公司对人工智能投资周期更加敏感，被归类为计算相关股票，而不是传统制造商。</p>
<p>如果计算需求持续增长，而德尔顿科技能够保持其利润率并继续扩展海外市场，它可能会在 PCB 股票的竞争中脱颖而出。</p>
<p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

广合科技

<p>广合科技，一家中国 PCB 供应商，已申请在香港上市，以资助其在人工智能计算领域的扩张。这一举措与 WUS Printed Circuit 和东山精密的类似。广合科技在今年前九个月的收入增长了 43%，主要受益于对用于人工智能服务器的高端 PCB 的需求。该公司计划利用首次公开募股的收益扩大产能、增强研发，并推动海外生产。广合科技专注于计算相关的 PCB，旨在从不断增长的人工智能投资周期中获益</p>

<p><em>Delton Tech is the latest supplier of printed circuit boards to apply for a Hong Kong listing, seeking funds to keep pace with demands from AI computing</em></p>
<div class="lb-trans"><p>德尔顿科技是最新申请在香港上市的印刷电路板供应商，寻求资金以跟上人工智能计算的需求。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/19025225/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-12-2025_104853_thebambooworks.com_-1024x707.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/19025225/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-12-2025_104853_thebambooworks.com_-1024x707.jpeg"/></p>
<p>Key Takeaways:</p>
<div class="lb-trans"><p>关键要点：</p>
</div><ul>
<li>The filing follows listing applications by WUS Printed Circuit and Dongshan Precision, as the PCB industry looks to expand its capacity</li>
<li>Specializing in circuit boards for computing, Delton Tech has reported rising earnings, with revenues up 43% in the first nine months of the year</li>
</ul>
<div class="lb-trans"><ul>
<li>此次申请是在 WUS Printed Circuit 和东山精密之后，PCB 行业希望扩大产能的背景下提出的</li>
<li>专注于计算电路板的德尔顿科技报告了收益增长，前九个月的收入增长了 43%。</li>
</ul>
</div><p>They provide the critical circuitry for AI computing, allowing data to be processed at lightning speed, and now they are the focus for a wave of IPOs.</p>
<div class="lb-trans"><p>他们提供人工智能计算所需的关键电路，使数据能够以闪电般的速度处理，现在他们成为了一波首次公开募股的焦点。</p>
</div><p>Printed circuit boards (PCBs) provide the backbone for consumer electronics and enable high-powered servers to carry out complex computing tasks. Suppliers of the boards largely operate out of China's manufacturing heartland, with a low profile. But they are now stepping into the spotlight to seek investment capital to keep pace with the rapid growth of AI.</p>
<div class="lb-trans"><p>印刷电路板（PCBs）为消费电子产品提供了基础，使高性能服务器能够执行复杂的计算任务。这些电路板的供应商主要在中国的制造中心运营，知名度较低。但现在他们正走入聚光灯下，寻求投资资本以跟上人工智能的快速增长。</p>
</div><p>Delton Technology (Guangzhou) Inc., specializing in PCBs for advanced computing, is the latest such applicant to the Hong Kong Stock Exchange, following in the footsteps of sector peers WUS Printed Circuitand Dongshan Precision.</p>
<div class="lb-trans"><p>德尔顿科技（广州）有限公司，专注于先进计算的 PCB，是最新申请香港证券交易所的公司，紧随行业同行 WUS Printed Circuit 和东山精密之后。</p>
</div><p>Their products may attract far less attention than AI chips, but they are a crucial foundation of modern computing, as cloud service providers and tech giants ramp up spending on massive data centers and AI servers. Industry research indicates AI servers will experience double-digit growth over the coming years, generating rising PCB demand. An AI server requires more PCBs than a general-purpose one, with a significantly higher value per board.</p>
<div class="lb-trans"><p>他们的产品可能吸引的关注远不如人工智能芯片，但它们是现代计算的关键基础，因为云服务提供商和科技巨头正在加大对大型数据中心和人工智能服务器的投资。行业研究表明，人工智能服务器在未来几年将经历两位数的增长，从而推动 PCB 需求上升。人工智能服务器所需的 PCB 数量超过通用服务器，每块电路板的价值也显著更高。</p>
</div><p>The pressure is on to produce at higher specifications as well as greater volumes, with a growing need for multi-layer PCBs that can handle ultra-fast data without a loss of efficiency. That requires manufacturing capacity, technology and funding.</p>
<div class="lb-trans"><p>随着对能够处理超快数据而不损失效率的多层 PCB 的需求不断增长，生产高规格和更大数量的压力也在增加。这需要制造能力、技术和资金。</p>
</div><p>Focused on computing power</p>
<div class="lb-trans"><p>专注于计算能力</p>
</div><p>Of the recent listing applicants, Delton Tech has a more specialized focus. Unlike PCB manufacturers that still derive a big revenue chunk from consumer electronics or traditional communications systems, the company defines itself in its listing application as a supplier of components for computing servers.</p>
<div class="lb-trans"><p>在最近的上市申请中，德尔顿科技的专注度更高。与仍然从消费电子或传统通信系统中获得大量收入的 PCB 制造商不同，该公司在其上市申请中将自己定义为计算服务器组件的供应商。</p>
</div><p>From 2022 to 2024, the company's revenue rose from 2.41 billion yuan ($340 million) to 3.73 billion yuan, with computing-related PCBs increasing from 67.8% to 72.5% of the total. In the first nine months of this year, turnover jumped about 43% to 3.84 billion yuan, surpassing the full-year total for 2024, while the contribution from computing-related PCBs advanced to nearly 74% of overall revenue.</p>
<div class="lb-trans"><p>从 2022 年到 2024 年，该公司的收入从 24.1 亿元人民币（约合 3.4 亿美元）增长到 37.3 亿元人民币，计算相关的 PCB 占总收入的比例从 67.8% 上升到 72.5%。在今年前九个月，营业额约增长 43% 至 38.4 亿元人民币，超过 2024 年的全年总额，而计算相关 PCB 的贡献上升至近 74% 的整体收入。</p>
</div><p>The shift towards higher grade products is also reflected in Delton's bottom line. The company's gross margin jumped from 26.1% in 2022 to 33.3% in 2023, held steady at 33.4% in 2024, and rose to 34.8% in the first nine months of 2025.</p>
<div class="lb-trans"><p>向高等级产品的转变也反映在德尔顿的底线。公司的毛利率从 2022 年的 26.1% 跃升至 2023 年的 33.3%，在 2024 年保持在 33.4%，并在 2025 年前九个月上升至 34.8%。</p>
</div><p>Robust finances</p>
<div class="lb-trans"><p>强劲的财务状况</p>
</div><p>Over the same period, the firm's net profit margin climbed from 11.6% to 18.9%, a relatively strong number for a capital-intensive manufacturer. This suggests the company's earnings have been driven by product and manufacturing upgrades as well as by rising demand.</p>
<div class="lb-trans"><p>在同一时期，该公司的净利润率从 11.6% 上升至 18.9%，对于一家资本密集型制造商来说，这是一个相对强劲的数字。这表明公司的收益受到产品和制造升级以及需求上升的推动。</p>
</div><p>With accumulated profits and improved operating efficiency, the company's gearing ratio fell from 56.6% in 2022 to 46.3% in the first nine months of this year. Operating cash flow was 760 million yuan, up 22.5% from the year-earlier period, indicating that the core business is generating cash and that expansion is not entirely reliant on external financing.</p>
<div class="lb-trans"><p>随着累积利润和运营效率的提高，该公司的杠杆比率从 2022 年的 56.6% 下降至今年前九个月的 46.3%。运营现金流为 7.6 亿元人民币，比去年同期增长 22.5%，表明核心业务正在产生现金，扩张并不完全依赖外部融资。</p>
</div><p>The firm's development strategy is centered on computing power, according to its listing application. Most of the IPO proceeds would be spent on expanding capacity for high-end PCBs, particularly those with an elevated layer count used in AI servers, as well as enhancing R&amp;D and manufacturing processes for high-speed interconnection and low-loss materials.</p>
<div class="lb-trans"><p>根据其上市申请，该公司的发展战略以计算能力为中心。大部分首次公开募股的收益将用于扩大高端 PCB 的产能，特别是用于人工智能服务器的高层数 PCB，以及提升高速度互连和低损耗材料的研发和制造工艺。</p>
</div><p>Promoting overseas production is also a funding priority. The company opened a production base in Thailand this year and plans further expansion, to boost output and offer customers more delivery options in a global supply chain.</p>
<div class="lb-trans"><p>促进海外生产也是资金优先事项。该公司今年在泰国开设了生产基地，并计划进一步扩张，以提高产量并为客户在全球供应链中提供更多交付选项。</p>
</div><p>Delton Tech is smaller in revenue terms than its fellow IPO applicants WUS Printed Circuit and Dongshan Precision, but it has a clearer focus on computing-related PCBs. Its strategy leans more toward deepening its presence in high-end computing applications than broadening its product portfolio.</p>
<div class="lb-trans"><p>在收入方面，德尔顿科技的规模小于其他首次公开募股申请者 WUS Printed Circuit 和东山精密，但它在计算相关 PCB 方面的专注度更高。其战略更倾向于加深在高端计算应用中的存在，而不是扩大产品组合。</p>
</div><p>For Hong Kong investors, the key question is whether Delton Tech can leverage its position in the specialist PCB market during a growth cycle for computing power. By doubling down on high-end server PCBs, the company is more sensitive to the AI investment cycle, categorized as a computing-related stock rather than as a traditional manufacturer.</p>
<div class="lb-trans"><p>对于香港投资者来说，关键问题是德尔顿科技能否在计算能力的增长周期中利用其在专业 PCB 市场的地位。通过加大对高端服务器 PCB 的投入，该公司对人工智能投资周期更加敏感，被归类为计算相关股票，而不是传统制造商。</p>
</div><p>If computing demand keeps growing, and Delton Tech manages to maintain its margins and keep expanding overseas, it could succeed in standing out from the crowd of PCB stocks.</p>
<div class="lb-trans"><p>如果计算需求持续增长，而德尔顿科技能够保持其利润率并继续扩展海外市场，它可能会在 PCB 股票的竞争中脱颖而出。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

人工智能计算的热潮引发了中国 PCB 公司的 IPO 热潮