Core Viewpoint - The article discusses the recent recommendations from brokerages for July's "golden stocks," highlighting the underlying logic and potential investment opportunities for ordinary investors [1][3]. Group 1: Popular Stocks - Kying Network is favored by five brokerages, making it the most recommended stock for the month; Zijin Mining, Huadian Technology, and Muyuan Foods follow closely with four recommendations each [3]. - The selection of these stocks reflects a diverse range of industries, including gaming, mining, PCB manufacturing, and agriculture, indicating a broad interest from brokerages [3]. Group 2: Key Selection Criteria - The first criterion is industry prosperity, with Kying Network benefiting from an increase in game licenses and the release of popular titles, while Huadian Technology sees a surge in demand for PCB boards due to 5G and automotive electronics [3][4]. - The second criterion focuses on policy benefits, particularly in sectors like semiconductors and new energy vehicles, where domestic and global trends favor local companies [4]. - The third criterion emphasizes the importance of a company's competitive advantage or "moat," with Zijin Mining having significant copper reserves and cost control, and Huadian Technology holding over 20% market share in high-end PCBs [4]. Group 3: Stock Selection Methodology - The article suggests a three-step approach for investors to filter the recommended stocks: 1. Monitor changes in institutional holdings, such as Kying Network's increase from 8% to 15% in fund holdings [4]. 2. Assess order fulfillment rates, with Huadian Technology reporting a 40% year-on-year increase in new orders [4]. 3. Evaluate free cash flow rates, as evidenced by Zijin Mining's 35% year-on-year increase in operating cash flow [4]. Group 4: Market Outlook - The market is expected to experience initial fluctuations followed by a potential breakthrough, with short-term funds engaging in high-frequency trading within popular sectors while long-term funds adjust their portfolios [5]. - The article emphasizes the importance of selecting stocks based on industry trends, company quality, and reasonable pricing, particularly focusing on semiconductor localization, new energy exports, and consumer recovery [5].

投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： 活动参与人员 民生证券、工银瑞信 （参会者已签署书面调研承诺函，在交流活动中，我公司严格遵守相关规 定，保证信息披露真实、准确、及时、公平，没有发生未公开重大信息泄露 等情况。下文会议纪要中的内容不代表公司对未来的盈利预测和业绩指引， 请投资者注意投资风险并谨慎投资。） 时间 2025 年 6 月 26 日 14:00-15:15 地点 公司会议室 形式 实地调研 公司接待 人员姓名 钱元君、王术梅 投资者关系活动 主要内容介绍 1、公司整体经营策略 公司差异化经营，将技术能力、制程能力、产能结构动态适配市场中长期 的需求结构，坚持面向整体市场的主要头部客户群体开展业务。我们定期报告 中披露的前五大客户，在 2024 年收入同比实现不错成长的同时，公司还是努 力保持行业头部客户的均衡，公司向来注重中长期的可持续利益，而非仅仅局 限于眼前的短期利益。公司深知只有着眼长远，保持客户均衡，才能在不断变 化的市场环境中稳健发展，实现可持续增长。 面向整体市场的主要头部客户群体开展业务 ...

Group 1: Company Strategy - The company focuses on maintaining a balanced customer base among industry leaders, emphasizing long-term sustainable benefits over short-term gains [2] - It aims to adapt its technical and production capabilities to meet the evolving market demands, particularly in high-density integration and high-speed signal transmission [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network products for 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products representing 37.68% of this figure [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and stabilizing yield rates while managing initial costs [5] - The company is implementing a comprehensive risk management mechanism to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches [6] - Increased capital expenditure is anticipated, with approximately ¥658 million spent on fixed assets in Q1 2025 and a planned investment of ¥4.3 billion for AI chip-related PCB expansion [7][8] - The market for complex and high-performance PCB products is expected to grow, driven by the needs of AI and network infrastructure [8]

Group 1: Company Strategy - The company adopts a differentiated business strategy, dynamically adapting its technical and production capabilities to meet long-term market demands, focusing on major head customers [3] - The company emphasizes sustainable long-term benefits over short-term gains, maintaining a balanced customer base to ensure stable growth in a changing market environment [3] - Continuous investment in technology and innovation is crucial for maintaining competitive advantages in high-density integration and high-speed signal transmission [3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion in revenue from the enterprise communication market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch-related PCB products making up 38.56% [5] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products representing approximately 37.68% [5] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and stabilizing production yield while managing initial costs through refined cost control measures [6] - The company is accelerating customer certification and product introduction to validate its production capabilities for mid-to-high-end products [6] Group 4: Market Trends - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches to support AI and high-performance computing clusters [7] - The growth in demand for AI-driven servers and high-speed network infrastructure presents significant opportunities, with the company increasing capital expenditures to enhance production capacity [8] Group 5: Future Outlook - The PCB market is expected to see new growth opportunities driven by the need for more complex and higher-performance products to support AI and network infrastructure [9] - The company must strategically allocate resources and invest in innovative areas to enhance product competitiveness and respond swiftly to market demands [9]

Group 1: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand, emphasizing sustainable growth over short-term profits [2] - Maintaining a balanced customer base among top clients is crucial for stable development in a changing market environment [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch products for approximately 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products making up about 37.68% [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and production yield while managing initial costs through refined cost control measures [5] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, necessitating a robust architecture to support AI and HPC clusters [6] - Increased demand for AI-driven servers and high-speed network infrastructure is creating growth opportunities, prompting the company to enhance capital expenditures, with approximately ¥658 million allocated for fixed and intangible assets in Q1 2025 [7][8] - A new project for expanding high-end PCB production to support AI chip development is expected to launch soon, aimed at meeting long-term market demands [8]

- The report does not contain any specific quantitative models or factors for analysis or construction[1][2][3]

Group 1 - The AI industry chain is accelerating its commercialization, with key drivers being the optimization of computing infrastructure and model costs [1][2] - AI computing demand remains strong, as evidenced by Oracle's FY25Q4 financial results, which showed a 52% year-over-year growth in cloud infrastructure revenue and a 41% increase in RPO to $138 billion [1] - Oracle's capital expenditure for FY25Q4 reached $9.1 billion, primarily for data center construction, indicating significant investment in AI infrastructure [1] Group 2 - OpenAI's launch of o3-Pro has significantly improved performance while reducing costs by over 80%, with input and output pricing set at $20 and $80 per million tokens, respectively [2] - Adobe's AI platform Firefly has seen a 30% increase in traffic, with paid subscriptions nearly doubling and ARR growing fourfold year-over-year [2] - The valuation of the computing sector is at historical lows, with the CSI 5G Communication Theme Index PE ratio at 26.97, indicating a 19.05% undervaluation compared to historical data [2]

Group 1 - The core viewpoint of the news is that the CSI 200 Dynamic Index has shown a mixed performance, with a recent increase of 1.34% over the past month but a decline of 7.88% over the last three months and a year-to-date drop of 3.86% [1] - The CSI 200 Dynamic Index is constructed based on volatility and quality factors, selecting securities with high risk exposure to macroeconomic changes for the dynamic index and those with lower risk exposure for the stable index [1] - The index is benchmarked to December 31, 2004, with a base point of 1000.0 points, providing diversified risk-return characteristics for investors [1] Group 2 - The top ten holdings of the CSI 200 Dynamic Index include companies such as Xinyi Technology (3.34%), iFlytek (3.23%), and Zhongke Shuguang (2.94%) [1] - The market capitalization distribution of the CSI 200 Dynamic Index shows that the Shenzhen Stock Exchange accounts for 50.69% and the Shanghai Stock Exchange accounts for 49.31% [1] - In terms of industry composition, the CSI 200 Dynamic Index has a significant allocation to Information Technology (33.46%), followed by Industrial (15.89%) and Financial (13.96%) sectors [2] Group 3 - The index sample is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 10% [2] - Temporary adjustments to the index may occur under special circumstances, such as delisting of sample companies or corporate actions like mergers and acquisitions [2]

Core Viewpoint - The company emphasizes a differentiated business strategy focusing on long-term sustainable growth by maintaining a balanced customer base and enhancing its technological and process capabilities to adapt to market demands [2]. Business Strategy - The company aims to serve major head customers in the overall market, prioritizing long-term sustainable benefits over short-term gains. It recognizes the need for comprehensive tools and continuous improvement in process and technical capabilities to remain competitive [2]. Revenue Structure - In 2024, the company expects to generate approximately 10.093 billion yuan in revenue from the enterprise communication market, with server and HPC-related PCB products accounting for about 29.48% and high-speed network products for about 38.56%. The automotive board segment is projected to generate around 2.408 billion yuan, with emerging automotive products making up 37.68% [3]. Market Trends - The rapid development of AI is driving significant changes in the data center switch market, with a notable demand for 800G switches to support AI and high-performance computing clusters [4]. Production Capacity and Supply Chain - The company has initiated small-scale production at its Thailand facility to diversify supply chain risks. It is focused on improving production efficiency and product quality while managing initial costs through meticulous cost control [5]. Capital Expenditure and Market Outlook - The company has increased capital expenditures to enhance production capacity in response to growing demand in the AI-driven server and data storage markets. In Q1 2025, cash outflows for fixed assets and long-term assets were approximately 658 million yuan, with plans for a 4.3 billion yuan investment in AI chip-related PCB expansion [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 4.038 billion yuan, a year-on-year increase of 56.25%, and a net profit of 762 million yuan, up 48.11%. The debt ratio stands at 44.78%, with a gross margin of 32.75% [7]. Analyst Forecasts - Various analysts have provided profit forecasts for the company, with net profit estimates for 2025 ranging from 3.429 billion yuan to 3.732 billion yuan, indicating a positive outlook for future performance [9]. Financing Activity - Recent financing data indicates a net outflow of 685 million yuan in the last three months, with a decrease in financing balance, while the securities lending balance has increased [11].

Group 1: Company Strategy and Market Position - The company focuses on a balanced approach to long-term sustainable growth rather than short-term profits, emphasizing the importance of maintaining a diverse customer base among major clients [2] - The company aims to enhance its comprehensive competitiveness by continuously improving its technical and process capabilities to adapt to market demands [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately CNY 10.093 billion in revenue from the enterprise communication market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch and router-related PCB products making up approximately 38.56% [4] - The automotive sector is projected to achieve around CNY 2.408 billion in revenue, with emerging automotive PCB products representing about 37.68% of this total [4] Group 3: Market Trends - The rapid development of AI is transforming the data center switch market, necessitating a robust architecture to support both front-end and back-end networks [5] - The demand for 800G switches is currently strong, driven by the need for enhanced connectivity in AI and high-performance computing environments [5] Group 4: Production and Supply Chain - The company's Thailand factory has commenced small-scale production, focusing on improving production efficiency and product quality while managing initial costs through refined cost control measures [6] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas manufacturing [6] Group 5: Capital Expenditure and Future Investments - The company has increased capital expenditures in response to growing demand for AI-driven servers and high-speed network infrastructure, with significant investments planned for 2024 [7][8] - Approximately CNY 658 million was allocated for fixed assets and long-term investments in Q1 2025, with plans for a new AI chip-related PCB expansion project expected to enhance high-end product capacity [8]