Sou Hu Cai Jing·2025-06-20 22:28Core Viewpoint - The PCB sector, particularly companies related to computing power and data centers, is experiencing significant activity, with notable interest from social security funds in specific companies [1]. Group 1: Company Highlights - Guanghe Technology is the leading domestic server PCB supplier in China, with products used in high-performance computing servers, AI computing servers, storage servers, and core data center equipment [3]. - Aoshikang also focuses on PCBs, with applications in data centers, servers, AIPC, communication and network devices, and automotive electronics [10]. Group 2: Fund Holdings - In the first quarter, social security funds made new investments in Guanghe Technology, acquiring approximately 500,000 shares, making it the sixth largest circulating shareholder [4]. - Aoshikang saw new investments from social security funds, with two funds becoming the eighth and ninth largest circulating shareholders [11]. Group 3: Financial Performance - Guanghe Technology has shown consistent revenue growth for eight consecutive years, with a total increase of 130% over the last five years, averaging 26% annually [7]. - The company's net profit, excluding non-recurring items, has surged from 120 million in 2020 to 678 million in 2024, reflecting a 465% increase over five years, averaging close to 100% annual growth [9]. - Aoshikang's revenue growth over five years is 55%, averaging 11% annually, which is lower compared to Guanghe Technology [13]. - Aoshikang's net profit growth is limited, with a forecast of revenue increase without profit growth in 2024, attributed to rising sales expenses [15].