Kinwong(SH:603228) Xin Lang Cai Jing·2025-05-11 00:29Group 1 - The core viewpoint is that the automotive sector is experiencing stable growth, while AI products are expected to open a second growth curve for the company [1][4] - The company has deepened its presence in the PCB industry with three major product lines: rigid boards, flexible boards, and metal substrates, covering various fields including automotive, consumer electronics, data centers, and communications [1] - The company is actively expanding its high-end capabilities, with significant progress in ramping up production at its Zhuhai Jinwan HLC and HDI factories, aiming to create high-tech, high-value-added products [1][3] Group 2 - The automotive industry is transitioning towards electrification and intelligence, with electric vehicle penetration still low but expected to rise, and AI technology driving the maturity of intelligent driving solutions [2] - The company has accumulated deep expertise in the automotive board sector and is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry [2] - The demand for AI servers and high-speed network systems is expanding, leading to increased requirements for high-layer PCBs and high-end HDI products [3] Group 3 - The company has begun mass shipments of certain products in the AI server field and holds a leading advantage in emerging applications such as high-speed FPC and ultra-high-layer PTFE [3] - The company has achieved mass production capabilities for 800G optical modules and is preparing for 1.6T optical module production, continuously supplying major optical module clients [3] - The company is expected to maintain high growth in automotive and AI-related businesses over the next few years, with projected net profits of 1.545 billion, 1.984 billion, and 2.507 billion yuan for 2025-2027 [4]