广合科技泰国工厂进入试产阶段，预计6月投产

Core Viewpoint - Guanghe Technology has commenced trial production in Thailand, with plans for official production in June 2024, driven by the growing demand for AI computing infrastructure [2] Group 1: Company Performance - Guanghe Technology expects to achieve a revenue of 3.734 billion yuan in 2024, representing a year-on-year growth of 39.43%, and a net profit of 676 million yuan, up 63.04% [2] - In Q1 2025, the company anticipates continued high growth, with revenue reaching 1.117 billion yuan and net profit of 240 million yuan, reflecting year-on-year increases of 42.41% and 65.68% respectively [2] Group 2: Product and Market Strategy - The company's product focus includes server and switch products for data centers, with a significant portion of revenue (2.705 billion yuan) coming from server PCB business, accounting for 77.7% of total revenue in 2024, and over 20% from AI-related products [3] - Guanghe Technology plans to enhance its global footprint by accelerating the production in Thailand and improving the overseas supply chain for upstream materials to mitigate market risks [2] Group 3: Operational Insights - The company has applied for a total of 418 patents and has participated in the formulation of 13 industry standards, achieving technological breakthroughs in high-layer PCB and advanced HDI products [2] - The company’s two factories in Guangzhou have added an annual production capacity of approximately 600 million yuan through technological upgrades, with total capacity expected to reach 4 billion yuan by 2025 [3] Group 4: Cost Management - In Q1, the prices of raw materials such as copper and fiberglass were affected by commodity price fluctuations, but the costs of high-speed material boards remained stable, with the company implementing measures to hedge against exchange rate and cost pressures [3]