Ge Long Hui A P P·2025-09-11 07:33Core Viewpoint - The report from Zheshang Securities highlights that Shenzhen South Circuit has effectively seized three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles, resulting in significant revenue and profit growth in the first half of the year [1] Financial Performance - Revenue reached 10.45 billion yuan, representing a year-over-year increase of 26% [1] - Net profit attributable to the parent company was 1.36 billion yuan, with a year-over-year growth of 38% [1] Market Opportunities - There is a rapid increase in global demand for AI-related products such as GPU/ASIC, servers, 800G switches, and optical modules [1] - The storage market is showing signs of recovery, which is beneficial for the company [1] Strategic Positioning - The company is positioned as a leading domestic PCB manufacturer, a major player in BT substrates, and a frontrunner in ABF substrates [1] - The company is actively promoting the construction of relevant production capacity projects and technological research and development layouts [1] Future Outlook - The company is expected to continue benefiting from the industrial upgrade opportunities brought about by the current wave of AI innovation [1] - The investment rating is maintained at "Buy" [1]