奥士康：牵手名幸加快海外布局，增资广东基地扩大HDI

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company has signed a cooperation agreement with Meiko Electronics to accelerate overseas expansion Meiko will invest $20 million in the company's subsidiary JIARUIAN by April 15, 2025, with the company holding no less than 85.1% of JIARUIAN's shares post-investment This collaboration is expected to enhance the company's presence in AI servers, AIPC, communication, and automotive electronics [1] - The company plans to invest 450 million yuan in its wholly-owned subsidiary Guangdong Xizhen to expand HDI production capacity, aiming to meet the demand for high-end products in AI servers, AIPC, and automotive sectors [2] Financial Projections - Revenue is projected to be 4.93 billion yuan in 2024, 5.74 billion yuan in 2025, and 6.76 billion yuan in 2026 [2] - Net profit attributable to shareholders is expected to be 590 million yuan in 2024, 722 million yuan in 2025, and 895 million yuan in 2026 [2] - EPS is forecasted to be 1.86 yuan in 2024, 2.28 yuan in 2025, and 2.82 yuan in 2026 [3] - PE ratios are estimated at 14.10x in 2024, 11.51x in 2025, and 9.29x in 2026 [2] Operational Metrics - ROE is expected to increase from 13.54% in 2024 to 17.93% in 2026 [3] - Gross margin is projected to rise from 26.8% in 2024 to 28.1% in 2026 [5] - Operating margin is forecasted to grow from 13.5% in 2024 to 14.9% in 2026 [5] Strategic Initiatives - The company is focusing on optimizing its high-end PCB product line to cater to global demand in AI servers, AIPC, and automotive electronics [2] - The investment in Guangdong Xizhen will enhance the company's capabilities in high-end manufacturing, aligning with the demand for high-quality, high-tech products [2]