杰富瑞表示，AI驱动封装复杂度与芯片尺寸升级，推动集成电路载板需求增加，看好中国厂商份额提升及业绩超预期表现，首选深南电路，其次兴森科技。
载板是芯片与外部系统之间的互连基板，主要分为两大类，ABF载板应用于高性能计算，BT载板应用于常规芯片。
分析师Jacky He等人在报告中表示，预测2026-2028年，深南电路/兴森科技的净利润年复合增长率将分别达到62%/132%，目标价为520元/48元，分别对应约31%/22%的上涨空间。
得益于产能扩张和客户认证范围的扩大，深南电路与兴森科技在BT载板领域的合计全球份额已从2020年的约5%提升至2025年的10%以上。
预计这一势头仍将延续，因为中国厂商相比诸多海外对手投资更为积极，且充分受益于国内半导体国产化浪潮，并积极向光模块SLP（类载板）领域拓展。
尽管实现实质性的ABF载板国产化尚需时日，但全球长期的供不应求有望加速客户认证进程。
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