奥士康(002913)：24年及25年Q1营收稳步提升 积极推进全球产业布局助力未来发展

Core Insights - The company reported a revenue of 4.566 billion yuan for 2024, representing a year-on-year growth of 5.45%, while the net profit attributable to shareholders was 353 million yuan, a decline of 31.88% [2][3] - In Q1 2025, the company achieved a revenue of 1.164 billion yuan, showing a year-on-year increase of 19.16%, and a net profit of 112 million yuan, which is a slight increase of 0.61% [2][3] - The company is actively advancing its global industrial layout, particularly focusing on high-end PCB products for AI servers, automotive electronics, and data centers, with significant investments in R&D and talent development [2][3] Revenue and Profit Analysis - For 2024, the company’s revenue was 4.566 billion yuan, with a net profit of 353 million yuan, indicating a significant drop in profitability [2][3] - The Q1 2025 results show a positive trend with a revenue of 1.164 billion yuan and a net profit of 112 million yuan, suggesting recovery and growth potential [2][3] Strategic Initiatives - The company is enhancing its production capabilities and technical level by investing in high-value-added PCB product R&D, equipment upgrades, and talent training [2][3] - A deep collaboration with Japan's Meiko Electronics is aimed at overcoming technical barriers in high-precision PCB manufacturing, thereby boosting global market competitiveness [2][3] Market Position and Product Development - The company has made significant progress in key areas such as automotive electronics, AIPC, data centers, and servers, focusing on high-end products like autonomous driving systems [3] - In the AIPC sector, the company has established stable supply relationships with multiple PC manufacturers, leading to a steady increase in supply volume [3] - The company is also advancing next-generation technology R&D and launching high-performance PCB products tailored for data centers and servers, enhancing its market competitiveness [3] Profit Forecast - The company forecasts net profits for 2025-2027 to be 443 million, 553 million, and 672 million yuan respectively, with corresponding PE ratios of 17, 14, and 11 times [4] - The outlook remains positive due to the sustained market demand in automotive intelligence and AI server sectors, indicating a robust growth trajectory [4]