Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance [5] Core Views - The company is the leading domestic server PCB supplier in China, with server products accounting for nearly 70% of its revenue [3] - The company's revenue and net profit grew by 45.50% and 102.42% YoY in H1 2024, respectively, driven by the rapid development of AI and other technologies [3] - The company's gross margin and net margin improved to 34.34% and 18.73% in H1 2024, reflecting enhanced profitability [3] - The company's Thailand factory is expected to start production by the end of 2024, with an estimated annual sales of 2 billion yuan upon full capacity [5] Company Overview - The company specializes in the R&D, production, and sales of server PCBs, ranking first among domestic PCB companies in China [14] - The company's products are widely used in data centers, cloud computing, industrial internet, AI, 5G communications, automotive electronics, and other fields [14] - The company has established long-term partnerships with well-known domestic and international clients, including Dell, Inspur, and Foxconn [14] Industry Trends - The server/data storage and automotive sectors are expected to be the fastest-growing areas in the PCB industry, with CAGRs of 6.5% and 4.8% from 2022 to 2027, respectively [44] - The global AI server and AI server PCB markets are projected to grow from $4 billion and $1 billion in 2024 to $19.4 billion and $4.85 billion in 2030, respectively, with a CAGR of 30.10% [47] - The company is well-positioned to benefit from the AI-driven growth in server PCB demand, given its strong market position and technological capabilities [47] Competitive Advantages - The company has a deep understanding of server PCB design complexity and performance stability, enabling it to meet high-performance and high-reliability requirements [55] - The company has a comprehensive, flexible, and efficient R&D system, allowing it to provide customized products and rapid response services to clients [56] - The company has a strong cost control management system, ensuring its competitiveness in the highly competitive PCB industry [60] Financial Projections - The company's revenue is expected to grow from 3.611 billion yuan in 2024 to 5.903 billion yuan in 2026, with a CAGR of 17.0% [5] - The company's net profit is projected to increase from 677 million yuan in 2024 to 1.042 billion yuan in 2026, with a CAGR of 22.1% [5] - The company's EPS is forecasted to rise from 1.60 yuan in 2024 to 2.47 yuan in 2026, with a P/E ratio of 21.5X, 17.0X, and 14.0X, respectively [5]
广合科技：国内领先的服务器PCB厂商，“AI浪潮+新工厂”开辟业绩新动能