EMT(SH:601208) Ge Long Hui A P P·2025-09-09 09:33Core Viewpoint - Dongcai Technology's multi-business layout in "consumer electronics + servers + new energy" supports its development, with AI driving a surge in demand for high-end resins and increased computing density [1] Group 1: Market Trends - From 2024 onwards, the demand for AI training and inference is expected to rise significantly, propelling the server computing density into a rapid growth phase [1] - The core hardware PCB boards are facing higher requirements for signal transmission speed due to these advancements [1] Group 2: Product Demand - The shipment volumes of 800G switches, NVIDIA NVL72 servers, and self-developed ASIC chips by Meta and Google are rapidly increasing, with NVIDIA NVL72 shipments nearly doubling month-on-month from January to May 2025 [1] Group 3: Company Positioning - Dongcai Technology has successfully entered the supply chains of major global CCL manufacturers such as Taiko, Taiyao, Shengyi, and Doosan, leveraging its technological accumulation and mass production capabilities in high-frequency and high-speed resin [1] - The company demonstrates strong supply stability and rapid response capabilities, positioning itself for long-term penetration into the high-end market [1] Group 4: Financial Outlook - Benefiting from the continuous growth of orders in the cloud services and AI server industries, Dongcai Technology's revenue is expected to experience rapid growth from 2025 to 2027 [1] - The company is recognized as a global leader in electronic materials and is considered relatively undervalued compared to the industry, leading to a "buy" rating for the first coverage [1]