研报掘金丨华安证券：维持生益科技“买入”评级，算力时代基础底座材料价值凸显

Core Viewpoint - Shengyi Technology's net profit attributable to shareholders for the first half of 2025 reached 1.426 billion yuan, representing a year-on-year growth of 52.98% [1] Group 1: Company Performance - Shengyi Technology's performance continues to grow in the first half of 2025, highlighting the value of foundational materials in the computing era [1] - The company demonstrates precise market insight and efficient operational capabilities, actively responding to market changes and seizing opportunities [1] Group 2: Industry Outlook - The global electronic industry is expected to improve in 2025, with the PCB market projected to reach a total value of 79.1 billion USD, growing at a rate of 7.6% [1] - Key growth drivers in the PCB market include servers, AI servers, and data centers, with strong demand also seen in HDI for laptops and gaming consoles [1] - The automotive sector, particularly in intelligent driving, shows remarkable performance, leading to rapid growth in related PCB demand, with 18+ high-layer boards expected to grow by 41.7% and HDI boards projected to increase by 12.9% year-on-year [1]