Xin Lang Cai Jing·2025-08-29 11:07Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by the demand for AI acceleration cards and growth in various sectors including data centers and automotive intelligence [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 10.453 billion yuan, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, up 37.75% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.265 billion yuan, reflecting a growth of 39.98% year-on-year [1] Group 2: Business Segments - The printed circuit board (PCB) business generated revenue of 6.274 billion yuan, a 29.21% increase year-on-year, accounting for 60.02% of total revenue [1] - The gross margin for the PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [1] - The packaging substrate business reported revenue of 1.740 billion yuan, a 9.03% increase year-on-year, representing 16.64% of total revenue [2] - The gross margin for the packaging substrate business decreased to 15.15%, down 10.31 percentage points year-on-year due to rising costs and ongoing capacity ramp-up [2] Group 3: Market Opportunities - The company capitalized on three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles [1] - The demand for AI acceleration cards significantly boosted orders, becoming a core driver of growth in the PCB business [1] - The company is actively advancing the construction of new projects, including a factory in Thailand and the fourth phase project in Nantong, to support future business expansion [1] Group 4: Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.540 billion yuan, 3.100 billion yuan, and 3.691 billion yuan for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to price-to-earnings ratios of 49, 40, and 34 times for the respective years [3] - The company maintains a positive outlook on future performance due to gradual capacity release and ongoing client project advancements [3]