Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company is projected to achieve a net profit of 7.2 to 8.2 billion RMB in Q1 2025, representing a year-on-year growth of 39.86% to 59.28% [1]. - The growth is driven by structural demand for printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing servers and artificial intelligence [1][2]. - The company is accelerating capacity expansion to meet strong demand, particularly in AI-related products, with significant revenue contributions from AI servers and high-performance computing (HPC) PCBs [3]. Summary by Sections Performance Review - The company expects a net profit of 7.2 to 8.2 billion RMB for Q1 2025, with a year-on-year growth of 39.86% to 59.28% [1]. - The non-recurring net profit is anticipated to be between 7.04 to 8.04 billion RMB, reflecting a growth of 41.77% to 61.91% [1]. Operational Analysis - AI remains the strongest demand driver, with significant capital expenditure increases expected from major cloud computing firms [2]. - The report highlights that AI server layers are increasing from 14-24 to 20-30, indicating a rise in industry value [2]. Business Expansion - The company's AI business share is rapidly increasing, with AI servers and HPC-related PCB products accounting for approximately 29.48% of the enterprise communication market segment [3]. - The company plans to launch high-density, high-speed interconnect PCB production lines and expand production for AI chip supporting PCBs in 2024 [3]. - The company has a strong international presence, with 83% of revenue and 91% of gross profit coming from overseas clients [3]. Profit Forecast and Valuation - The report conservatively adjusts profit expectations due to trade risks, forecasting net profits of 35.5 billion RMB, 49.6 billion RMB, and 58.3 billion RMB for 2025 to 2027, respectively [4]. - The corresponding price-to-earnings (P/E) ratios are projected at 13.5x, 9.7x, and 8.2x, reflecting potential for further profit upgrades [4].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company is projected to achieve a net profit of 7.2 to 8.2 billion RMB in Q1 2025, representing a year-on-year growth of 39.86% to 59.28% [1]. - The growth is driven by structural demand for printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing servers and artificial intelligence [1][2]. - The company is accelerating capacity expansion to meet strong demand, with AI-related products expected to account for approximately 29.48% of its enterprise communication market revenue in 2024 [3]. - The company has a significant overseas revenue share, with 83% of its revenue coming from international markets in 2024, and a high gross profit margin of 91% from overseas sales [3]. Summary by Sections Performance Review - The company anticipates a net profit of 7.2 to 8.2 billion RMB for Q1 2025, with a growth rate of 39.86% to 59.28% year-on-year [1]. - The expected net profit after deducting non-recurring items is projected to be between 7.04 and 8.04 billion RMB, reflecting a growth of 41.77% to 61.91% [1]. Operational Analysis - AI remains the strongest demand driver, with significant capital expenditure increases from major cloud computing firms like META, Google, Microsoft, and Amazon, projected to grow by 60%, 43%, 45%, and 20% respectively in 2025 [2]. - The company is enhancing its production capabilities to align with the growing AI demand, launching projects for high-density interconnect PCBs and AI chip supporting PCBs [3]. Profit Forecast, Valuation, and Rating - The company’s net profit forecasts for 2025 to 2027 are 35.5 billion RMB (down 13.2%), 49.6 billion RMB (down 7.3%), and 58.3 billion RMB respectively, with corresponding P/E ratios of 13.5x, 9.7x, and 8.2x [4]. - The report highlights the potential for further upgrades in profitability due to the company's focus on high-end product development [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [23]. Core Views - The company is projected to achieve a net profit of 720-820 million yuan in Q1 2025, representing a year-on-year increase of 39.86-59.28% and a quarter-on-quarter change of -2.55% to +10.98% [2]. - The growth is driven by the demand for AI-related products and the company's competitive advantages, which are expected to withstand tariff impacts [2][8]. - The company plans to invest 4.3 billion yuan to expand PCB capacity to meet the long-term demand from the AI industry, which is anticipated to support future growth [8]. Financial Performance Summary - Total revenue is expected to grow from 13,342 million yuan in 2024 to 22,433 million yuan in 2027, with year-on-year growth rates of 49.3%, 30.6%, 17.1%, and 9.9% respectively [4]. - Net profit is projected to increase from 2,587 million yuan in 2024 to 4,559 million yuan in 2027, with growth rates of 71.1%, 40.9%, 15.3%, and 8.5% respectively [4]. - Earnings per share (EPS) is expected to rise from 1.35 yuan in 2024 to 2.37 yuan in 2027 [4]. Market Position and Competitive Advantage - The company has a low direct exposure to the U.S. market, with less than 5% of its revenue coming from exports to the U.S., primarily exporting to Southeast Asia [8]. - The company benefits from a tight supply of mid-to-high-end PCB products and has a technological and production capacity advantage that may help mitigate potential tariff risks [8]. - The company is actively developing next-generation GPU platforms and network switch products, which are expected to enhance its market position [8].

Group 1: Impact of U.S. Tariffs - The company's direct export revenue to the U.S. is less than 5%, with primary exports to Southeast Asia, thus minimizing tariff impact [3] - The PCB industry is mainly concentrated in Asia, and the company does not foresee significant capacity expansion in the U.S. due to high difficulty [3] - The demand for AI-driven servers and high-speed network infrastructure is expected to grow, presenting opportunities for the industry [3] Group 2: Strategic Planning and Market Position - The company plans to maintain its existing strategies unless extreme circumstances arise, indicating confidence in long-term demand in specific application areas [3][4] - The company emphasizes a balanced customer base and sustainable long-term interests over short-term gains, focusing on high-value sectors [6] - The company is investing in key processes and bottleneck processes to improve capacity by the second half of 2025 [3] Group 3: Technological Development - The introduction of CPO will require significant adaptation across the supply chain, impacting PCB product specifications [5] - The company has a long-term focus on technological innovation and resource investment in high-density integration and high-speed signal transmission [6] Group 4: Investor Relations and Market Perception - Recent investor activities indicate a mixed perception, with significant net buying and selling among institutional investors [7][8] - The company expresses a desire for more direct communication with investors to understand their perspectives better [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, up 51.64% year-over-year and 20.74% quarter-over-quarter, with a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, and an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, a year-over-year increase of 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter, while the net margin was 17.00%, also showing a decline [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting significantly from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, a year-over-year increase of 51.64%, and a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, leading to an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, up 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7] Business Segment Insights - The enterprise communication segment is seeing rapid growth, particularly in AI server and HPC products, which accounted for approximately 29.48% of the segment [5] - The automotive segment is also growing, with new products in emerging fields, although profitability has been slightly impacted by price competition and raw material price fluctuations [5][6] Future Outlook - The company is expected to focus on the iteration of computing power segments and the turnaround of the automotive segment in 2025 [6] - The report highlights the company’s strong order backlog and technological advancements in GPU platform products, which are anticipated to support long-term growth [6]

Group 1: Impact of U.S. Tariffs and Market Dynamics - The company's direct export revenue to the U.S. is less than 5%, primarily exporting to Southeast Asia, and does not bear tariffs on products [3] - The PCB industry is mainly concentrated in Asia, with limited U.S. production capacity among competitors, making expansion difficult [3] - AI-driven demand in sectors like servers and data storage is expected to create growth opportunities, with significant investments planned to improve capacity by the second half of 2025 [3] Group 2: Strategic Planning and Market Outlook - The company remains optimistic about long-term structural demand in AI, high-speed networks, and automotive electronics, which are key growth drivers for the PCB market [3] - The Thai factory is set to enhance production capabilities for mid-to-high-end products, preparing for future market competition [3] - The Ethernet data center switch market is projected to exceed $180 billion from 2025 to 2029, indicating a strong growth trajectory [4] Group 3: Company Strategy and Resilience - The company adopts a differentiated strategy tailored to its circumstances, focusing on long-term sustainable benefits rather than short-term gains [4] - Maintaining a balanced customer base is crucial for stability in a changing market environment, with a focus on high-density integration and high-speed signal transmission [4] - The company emphasizes the importance of innovation and supply chain resilience to navigate uncertainties in the market [4] Group 4: Investor Engagement and Perception - The significance of the meeting may vary based on individual investor perspectives, influenced by objective facts or emotional factors [5] - The company's operational strategy is transparent, suggesting that the communication of its plans may not be as impactful as understanding investor sentiments [5]

Financial Performance Expectations - The company expects net profit attributable to shareholders to be between 72,000 and 82,000 thousand yuan, representing a year-on-year increase of 39.86% to 59.28% compared to 51,481.20 thousand yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 70,400 and 80,400 thousand yuan, reflecting a year-on-year growth of 41.77% to 61.91% from 49,657.94 thousand yuan last year [3]. - Basic earnings per share are estimated to be between 0.37 and 0.43 yuan per share, compared to 0.2694 yuan per share in the same period last year [3]. Revenue Growth Drivers - The expected growth in revenue and net profit is attributed to structural demand for printed circuit boards driven by emerging computing scenarios such as high-performance servers and artificial intelligence [5]. - The company emphasizes a balanced product portfolio and years of experience in mid-to-high-end products and mass production technology as key factors for growth [5]. Caution and Forecast Nature - The performance forecast is a preliminary estimate by the company's finance department, and actual financial data will be disclosed in the 2025 Q1 report [6]. - Investors are advised to exercise caution and be aware of investment risks related to the preliminary nature of the earnings forecast [6].

Group 1: Industry Outlook and Growth Drivers - The demand for AI-driven servers, data storage, and high-speed network infrastructure is expected to grow, alongside the increasing electrification, intelligence, and connectivity of vehicles, creating opportunities for industry development [1][4]. - Emerging application fields are anticipated to further drive growth in the PCB market, with artificial intelligence, high-speed networks, and automotive electronics (EV and ADAS) being key growth drivers [3][5]. Group 2: Company Performance and Strategy - The company’s revenue from direct exports to the U.S. is less than 5%, with the majority of products exported to Southeast Asia, minimizing exposure to tariffs [1][6]. - The company maintains a normal production operation, with orders aligning with overall industry demand, indicating a stable performance [3][5]. - The company is focusing on technology innovation and a diversified customer structure to maintain resilience and competitive advantage in a complex environment [2][7]. Group 3: Future Capacity and Production - The company is increasing R&D investment and focusing on key and bottleneck processes, expecting effective capacity improvements in the second half of 2025 [1][4]. - The Thailand production base has entered the trial production phase, which will gradually develop into large-scale production capabilities [1][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve rapid growth in 2024, with projected revenue of approximately 13.34 billion yuan, representing a year-on-year increase of about 49.26%. The net profit attributable to shareholders is expected to be around 2.59 billion yuan, reflecting a year-on-year growth of approximately 71.05% [4][5] - The PCB business is anticipated to generate revenue of about 12.84 billion yuan in 2024, with a year-on-year growth of approximately 49.78%. The gross margin for the PCB business is expected to rise to about 35.85%, an increase of approximately 3.56 percentage points year-on-year [4][5] Summary by Sections Company Overview - The company is a leading player in the enterprise communication board market, benefiting from the recovery in consumer electronics and the strong demand driven by artificial intelligence, high-speed networks, and automotive intelligence [5] Financial Performance - In 2024, the enterprise communication market board is projected to achieve revenue of approximately 10.09 billion yuan, a significant year-on-year increase of about 71.94%. The gross margin for this segment is expected to improve by 4.09 percentage points year-on-year [5] - The automotive board business is expected to generate revenue of about 2.41 billion yuan in 2024, with a year-on-year growth of approximately 11.61%. However, the gross margin for this segment is anticipated to decrease by about 1.20 percentage points due to price competition and fluctuations in raw material prices [7] Market Trends - The demand for automotive PCBs is being driven by the increasing penetration of electric vehicles, with the average PCB value in pure electric vehicles being approximately 5 to 6 times that of traditional fuel vehicles [8][9] - The company is focusing on optimizing its capacity structure, product structure, and customer structure to align with the dynamic long-term market demand [5] Future Projections - Revenue projections for the company from 2025 to 2027 are estimated to be 15.77 billion yuan, 19.18 billion yuan, and 22.15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 3.32 billion yuan, 4.25 billion yuan, and 4.92 billion yuan for the same period [10][12]