Group 1: Company Overview - The company specializes in the research, production, and sales of precision electronic components such as FPC, connectors, LED backlight modules, and more, serving various industries including consumer electronics, telecommunications, new energy, automotive electronics, industrial, and medical sectors [1] - The company has grown to become a leading player in the precision electronic components industry, leveraging advantages in product innovation, production scale, customer resources, and business diversification [1] Group 2: Financial Performance - Revenue increased from 1.175 billion yuan in 2020 to 1.710 billion yuan in 2024, with a CAGR of 9.83% [1] - The net profit attributable to the parent company peaked at 202 million yuan in 2021 but has been declining, with a projected loss of 40.144 million yuan in 2024 due to increased market competition and rising operating expenses [1] - In Q2 2025, the company achieved revenue of 568 million yuan (up 41.96% year-on-year) and a net profit of 11.178 million yuan (up 190.94% year-on-year), indicating a potential turning point in performance [1] Group 3: Market Opportunities - The liquid cooling market is expected to grow significantly, with the global data center liquid cooling market projected to increase from 2.6 billion USD in 2023 to 7.8 billion USD in 2028, reflecting a CAGR of 24.4% [2] - The company has begun mass shipments of liquid cooling structural components and is expanding its production capacity to meet the growing demand in the AI server liquid cooling sector [2] - The company is also developing system-level solutions for liquid cooling applications, including high-capacity optical modules, leveraging its expertise in connector and cooling design [2] Group 4: Profit Forecast - The company is projected to achieve net profits of 21 million yuan, 85 million yuan, and 141 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.09, 0.36, and 0.60 yuan [3] - The current stock price corresponds to PE ratios of 523, 127, and 76 for the years 2025, 2026, and 2027, indicating a favorable outlook for the liquid cooling industry and the company's positioning within it [3]
奕东电子(301123)：精密电子零组件领先企业 液冷打开成长空间