研报掘金丨平安证券：首予生益电子“推荐”评级，经营业绩有望迎来快速提升

Group 1 - The core viewpoint of the article highlights the rapid development of AI and the accelerated expansion of AI data centers, which is driving high demand for high-end PCBs [1] - The high-end PCB market is experiencing an upward trend in both volume and price [1] - Shengyi Electronics, as a leading PCB manufacturer in China, has achieved continuous breakthroughs in AI servers and high-end switches due to its strong technical capabilities and deep customer resources [1] Group 2 - The company is expected to see a significant improvement in its operating performance against the backdrop of high demand in the AI sector [1] - EPS forecasts for Shengyi Electronics are projected to be 2.01 yuan, 2.83 yuan, and 3.73 yuan for the years 2025, 2026, and 2027 respectively [1] - Corresponding PE ratios based on the closing price on December 25, 2025, are estimated to be 49.7 times, 35.4 times, and 26.8 times for the respective years [1] - The report initiates coverage with a "recommend" rating for the company [1]