Ge Long Hui A P P·2025-08-28 09:12Core Viewpoint - The report from Ping An Securities indicates that Shenzhen South Circuit's net profit attributable to shareholders for the first half of 2025 is expected to reach 1.36 billion yuan, representing a year-on-year increase of 37.75% driven by increased downstream demand from AI [1] Group 1: Financial Performance - The net profit for the first half of 2025 is projected at 1.36 billion yuan, showing a significant year-on-year growth of 37.75% [1] - The growth in performance is primarily attributed to the surge in demand for AI-related products, particularly in the PCB business [1] Group 2: Operational Efficiency - The overall capacity utilization rate of the PCB business is at a relatively high level, with the company implementing various operational management enhancements [1] - Strategies include improving raw material utilization, guiding customer design in advance, optimizing energy management, and enhancing efficiency in bottleneck processes [1] Group 3: Project Development - The company is actively advancing the construction of its factory in Thailand and the fourth phase project in Nantong, which will support future business expansion [1] - The acceleration of infrastructure construction for computing power has led to a significant increase in orders, which is a core driver of growth in the PCB business [1] Group 4: Long-term Outlook - The company is expected to benefit from the localization of semiconductor substrates in the long term [1] - Given the current valuation of the company, Ping An Securities maintains a "recommended" rating for the stock [1]