研报掘金丨开源证券：维持奥士康“买入”评级，高端产能扩产成长可期

Core Viewpoint - Aoshikang is expected to experience rapid revenue growth in the first half of 2025, despite losses from its Thailand factory impacting overall performance, maintaining a "buy" rating [1] Group 1: Revenue and Product Structure - The company's product structure is continuously optimizing with an increasing number of AI-related businesses [1] - Revenue from data centers and servers is on the rise, with stable mass deliveries of server CPU motherboards, storage boards, and cooling boards, as well as significant progress in GPU board groups with certain clients [1] - The automotive electronics product structure is upgrading, successfully establishing long-term stable partnerships with several well-known overseas Tier 1 manufacturers [1] Group 2: Market Penetration and Investment - The penetration rate of AIPC is continuously increasing, with the company being a key supplier for clients' desktop intelligent all-in-one products [1] - The company recently announced plans to issue convertible bonds to raise no more than 1 billion yuan for high-end printed circuit board projects, with a total planned investment of 1.82 billion yuan aimed at increasing high-layer and HDI capacity [1] - The ongoing expansion of high-end capacity is beneficial for the company's future penetration into AI-related clients, providing ample growth momentum [1]