Core Viewpoint - The report from Huaxin Securities indicates that the company is expected to achieve a net profit attributable to shareholders of 492 million yuan in the first half of 2025, representing a year-on-year growth of 53.91% [1] Financial Performance - In Q2, the company realized a net profit attributable to shareholders of 251 million yuan, which is a year-on-year increase of 44.13% and a quarter-on-quarter growth of 4.51% [1] Market Trends - The continuous high growth in capital expenditure by global server cloud vendors is expected to sustain the demand for AI computing power, thereby maintaining a high level of prosperity in the AI server market [1] - The rapid iteration and deepening application of artificial intelligence will drive the performance evolution of PCB products, leading to sustained demand for high-layer, high-precision, high-density, and high-reliability PCB products [1] Industry Outlook - According to Prismark, the global PCB industry is projected to reach a market value of 79.128 billion USD in 2025, reflecting a year-on-year increase of 7.60% [1] Company Positioning - The company specializes in server PCBs and possesses mass production capabilities for high-layer and HDI products. As the production capacity of its overseas client’s Huangshi project gradually comes online, the company's performance is expected to continue improving [1] - The report initiates coverage with a "Buy" investment rating for the company [1]
研报掘金丨华鑫证券：首予广合科技“买入”评级，有望受益于下游AI算力高景气度
Ge Long Hui A P P·2025-09-26 08:06