南亚新材(688519)：国产AI算力东风已至 高端覆铜板迈入高景气度通道

Core Viewpoint - The company has reached a performance turning point, with high-end copper-clad laminates driving revenue growth [2] Financial Performance - In 2024, the company achieved a total revenue of 3.362 billion yuan, representing a year-on-year increase of 12.70% [1] - The net profit attributable to the parent company for 2024 was 50 million yuan, marking a return to profitability [1] - In Q1 2025, the company reported revenue of 952 million yuan, a significant year-on-year growth of 45.04% [1] - The net profit attributable to the parent company in Q1 2025 was 21 million yuan, reflecting a year-on-year increase of 109.04% [1] Business Segments - The copper-clad laminate (CCL) business generated revenue of 2.603 billion yuan in 2024, up 11.82% year-on-year, with a gross margin of 3.07%, an increase of 4.32 percentage points [2] - The bonding sheet business achieved revenue of 697 million yuan, a year-on-year increase of 18.11%, with a gross margin of 30.22%, up 4.30 percentage points [2] Industry Context - The U.S. Department of Commerce has added NVIDIA H20 to the export restriction list, which may benefit domestic AI chip manufacturers [3] - The domestic AI chip Ascend 910C has improved packaging technology, enhancing cost efficiency and production speed, crucial for competing with global leaders like NVIDIA [4] - The copper-clad laminate is a core material for printed circuit boards, and bonding sheets are essential for the overall performance of CCL products [5] Technological Advancements - The company has established a domestic supply chain and achieved localization of key raw materials for high-speed products, ensuring material import substitution [6] - The company is advancing the construction of a high-end electronic circuit substrate base in Jiangsu, with a production capacity of 3.6 million square meters of IC substrate materials [6] Profit Forecast - Revenue projections for the company are 4.740 billion yuan in 2025, 5.996 billion yuan in 2026, and 7.555 billion yuan in 2027, with corresponding EPS of 0.89, 2.06, and 3.42 yuan [7] - The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 for the years 2025, 2026, and 2027 respectively [7]