Group 1 - The growth in downstream demand driven by AI will continue to boost the demand for high-end PCBs such as high-frequency high-speed boards, HDI boards, and IC substrates [1] - The PCB market inventory is expected to improve significantly in 2024, with a clear recovery in the industry due to sustained high demand in AI and automotive electronics, as well as improvements in consumer electronics [1] - The demand for AI computing power will continue to grow, driven by ongoing capital expenditure increases from global cloud server vendors, leading to sustained high prosperity in the AI server market [1] Group 2 - The company is actively seizing market opportunities by expanding its computing power product market, focusing on technological innovation to optimize product structure, and enhancing production efficiency through digitalization [1] - The overseas base in Thailand is progressing smoothly, with equipment commissioning completed by the end of March and trial production already underway [1] - The Thailand project is positioned for data center server and switch products, with a production capacity expected to reach between 150 million to 200 million units in 2025, laying a solid foundation for long-term performance growth [1] Group 3 - The company forecasts revenues of 4.96 billion, 5.87 billion, and 6.78 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 890 million, 1.13 billion, and 1.33 billion yuan for the same years [2] - The company has initiated coverage with a "buy" rating based on these projections [2]
广合科技(001389)：数字化推动提产增效 经营业绩稳步提升