招商证券：生益科技中长线业绩有望超预期兑现，维持“强烈推荐”评级

Core Viewpoint - The report from China Merchants Securities indicates that Shengyi Technology is expected to see significant growth in its 2025 performance, driven by a clear long-term structural upgrade trend in AI-related business [1] Group 1: Company Growth Prospects - Shengyi Technology's subsidiary, Shengyi Electronics, is rapidly expanding its AI PCB production capacity, with strong demand from major clients and potential new customers in computing power [1] - The company is anticipated to increase its market share in high-speed CCL, with ongoing improvements in N client markets and breakthroughs in G and A client systems [1] Group 2: Market Strategy and Management - The company is expected to adopt a more proactive market strategy this year to address rising upstream raw material costs [1] - The market is likely to continue recognizing and uncovering the company's technological leadership, core positioning, and long-term potential in PCB upstream materials, supported by excellent management capabilities [1] Group 3: Future Outlook - The anticipated increase in high-speed board production in 2026 is expected to drive a new round of high-quality growth, with mid-to-long-term performance likely to exceed expectations [1] - The report maintains a "strong buy" rating for the company, reflecting confidence in its growth trajectory [1]