6 May 2026 | 10:04PM HKT Equity Research Shennan Circuits (002916.SZ): MLPCB capacity expansion on rising AI demand; TP raised to Rmb394; Buy We remain constructive on Shennan's migration to AI PCB business (AI switch/ AI server/ Optical transceiver), and growing IC substrate on the memory demand growth. Despite muted demand from automotive PCB and telecom PCB in near-term, we see strong demand from data center clients to support the utilization rate to remain high and specification upgrade towards high-end ...