Guojin Securities: Continued verification of computing power and hardware prosperity is optimistic about AI PCBs and autonomous and controllable industrial chains

The Zhitong Finance App learned that Guojin Securities released a research report stating that it continues to be optimistic about the three main lines of AI computing power hardware, autonomous control of semiconductors, and end-side AI innovation. In terms of AI computing power, as next-generation GPUs and ASIC products such as Google and Amazon continue to pull goods, demand for AI servers, high-speed switches, etc. is expected to continue to grow rapidly. In terms of semiconductors, advanced domestic logic and storage production lines continue to expand, domestic substitution of equipment, components, and materials continues to advance. At the same time, the upward storage cycle and the volume of domestic AI computing power chips drive profit improvement in the design sector. Continue to be optimistic about the core companies in the autonomous and controllable industry chain: On the AI side of the end side, focus on Apple's new products, AI and smart glasses New demands brought about by hardware innovations such as AIoT.

Guojin Securities's main views are as follows:

The electronics industry's 2026H1 performance continued to increase, and profitability improved significantly

The electronics industry achieved revenue of 2449.722 billion yuan in 2026H1, an increase of 30.98%, and net profit to mother of 173.762 billion yuan, an increase of 99.38%. The profit growth rate was significantly higher than the revenue growth rate. 202602 achieved revenue of 1362,985 billion yuan, an increase of 34.81%, and net profit to mother of 112.295 billion yuan, an increase of 124.61%. Demand for AI cloud computing power infrastructure continued to be high in the first half of the year, and the AI computing power hardware industry chain performance grew rapidly: domestic semiconductors were autonomous and controllable, and the equipment, computing power chip and semiconductor design sectors performed brilliantly: the accelerated penetration of end-side AI and the new product cycle drove improvements in consumer electronics demand. The electronics industry's 2026H1 gross margin was 17.5%, about +1.8pct year on year, the net margin was 7.1%, and about +2.4pct year on year. Product structure optimization and scale effects drove the sector's profitability to continue to increase.

Benefiting from the continued decline in demand for AI computing power, the PCB sector's volume and price have risen sharply

The PCB industry achieved revenue of 186.121 billion yuan in 2026H1, an increase of 36.48%, and net profit to mother of 21.738 billion yuan, an increase of 72.66%. The profit growth rate was significantly higher than the revenue growth rate. 202602 achieved revenue of 103,587 billion yuan, an increase of 47.45%, and net profit to mother of 13.724 billion yuan, an increase of 95.67%. 2026H1 gross margin was 25.3% and net margin was 11.9%. Demand for A1 computing power continues to grow, compounded by an increase in the share of high-end products, and is expected to continue to support the boom in the PCB, coated steel sheets and supporting equipment, electronic cloth, copper foil, etc.

Semiconductor equipment: Domestic substitution continues to advance, and profitability is further enhanced

The semiconductor equipment industry achieved revenue of 55.373 billion yuan in 2026H1, an increase of 26.33%, and net profit to mother of 11.664 billion yuan, an increase of 71.94%. 202602 achieved revenue of 29.875 billion yuan, an increase of 42.01%, and net profit to mother of 7.219 billion yuan, an increase of 92.94%. Domestic fabrics' capital expenditure remains high, advanced logic and storage production lines continue to expand, equipment value increases due to upgrades in stacking technology, and orders and revenue from domestic equipment manufacturers have maintained a relatively rapid growth rate. Continue to be optimistic about the autonomous and controllable industrial chain of semiconductor equipment and core components.

Storage: The cycle has increased, and profit elasticity has improved significantly

2026H1's revenue was 281.90 billion yuan, up 389.89% from the same period, and net profit attributable to mother was 113.860 billion yuan, up 14912.95% from the same period. Among them, 2026Q2 achieved revenue of 177.515 billion yuan, an increase of 433.54%, and net profit to mother of 75.355 billion yuan, an increase of 17339.65%. The bank believes that demand for AI computing power will still support high-end storage requirements such as HBM and enterprise-grade SSDs, and that the traditional DRAM and NAND supply and demand pattern is expected to remain tight.

Semiconductor design: AI computing power resonates, and profit flexibility is significantly released

The semiconductor design segment 2026H1 achieved revenue of 79.723 billion yuan, an increase of 37.13% over the same period, and net profit to mother of 19.223 billion yuan, an increase of 123.09%. 202602 achieved revenue of 45.189 billion yuan, an increase of 41.05%; net profit to mother was 13.279 billion yuan, an increase of 157.38%. Domestic computing power chips also accelerated with the continuous selection of large models and the expansion of demand on the training and inference side. The bank believes that the growing demand for AI computing power and domestic substitution will still be an important driving force in the semiconductor design sector.

Consumer electronics: End-side AI continues to penetrate, and the new product cycle drives demand improvement

In 2026H1, the consumer electronics industry achieved revenue of 1184.503 billion yuan, a year-on-year increase of 34.11%, net profit to mother of 49.78 billion yuan, and a net increase of 50.96%. 202602 achieved revenue of 643.26 billion yuan, an increase of 34.46%, and net profit to mother of 28.777 billion yuan, an increase of 55.13% over the same period. In the first half of the year, end-side AI continued to drive software and hardware upgrades for smartphones, AIPC, and wearable devices. Combined with the new product cycle, demand for switching improved, and the boom continued. Looking ahead to the second half of the year and 2027, Geguo hardware innovation, AI smart glasses, and other new end-side AI products are expected to continue to drive up the value of the industrial chain.

Risk Alerts

Risk of terminal demand falling short of expectations; risk of AI technology selection and commercialization falling short of expectations: Risk of further escalation of external sanctions: Risk of rising upstream raw material prices and lower cost transmission than expected.