电子元器件行业信息点评：味之素调高FY2024电子材料营收预测，预示ABF载板需求复苏强劲

Industry Overview - Ajinomoto holds nearly 100% of the global PC insulation film market, making its ABF material performance a strong indicator of the ABF substrate industry's prosperity [2][7] - ABF substrate demand is primarily driven by PCs, servers, and network applications, with AI-related products emerging as a key growth driver [4][9] Company Performance - Ajinomoto's FY2024 Q2 revenue reached 378.7 billion JPY, an 8% YoY increase, with commercial profit at 43.8 billion JPY, up 30% YoY [2][7] - Electronic materials (ABF) revenue grew 32% YoY to 19.8 billion JPY, with commercial profit surging 49% YoY to 10.3 billion JPY [2][7] Revenue Forecast - Ajinomoto raised its FY2024 electronic materials revenue forecast from 69.1 billion JPY to 74.6 billion JPY, representing a 22% YoY increase [3][8] - The revised forecast potentially surpasses FY2022's record high, indicating strong market recovery [3][8] Market Trends - AI server adoption created a "crowding out effect" on general servers in 2023, impacting ABF substrate demand [4][9] - Cloud providers' increased capital expenditure in 2024 and expected growth in 2025 are driving recovery in high-performance computing servers [4][9] - The easing of AI's "crowding out effect" on general servers suggests a balanced growth trajectory for ABF substrate demand [4][9] Investment Focus - Fastprint Circuit Tech is identified as a company to watch in the ABF substrate industry [10]