Avary Holding(002938) 天风证券·2025-02-23 06:09Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][3]. Core Views - The company achieved a consolidated revenue of 2.703 billion yuan in January 2025, representing a year-on-year growth of 1.08% [1]. - The revenue growth in January is considered stable, with expectations that the new 16E model will support performance during the traditionally slow first quarter [1]. - The collaboration between Apple and domestic AI model manufacturers is expected to accelerate the introduction of Apple Intelligence in China, potentially boosting sales in the region [2]. - The global market for server and storage PCBs is projected to reach 13.8 billion USD by 2028, driven by the demand for high-density interconnect (HDI) boards [2]. - The automotive PCB market is also expected to grow, with a forecast of 12.48 billion USD by 2028, influenced by trends in electrification and smart technology [2]. Financial Data and Valuation - Revenue estimates for 2024 and 2025 have been revised down to 35.14 billion yuan and 40.42 billion yuan, respectively, with net profit estimates adjusted to 3.67 billion yuan and 4.45 billion yuan [3]. - The company’s revenue for 2022 was 36.21 billion yuan, with a growth rate of 8.69%, while the 2023 revenue is projected to decline by 11.45% to 32.07 billion yuan [10]. - The EBITDA for 2024 is estimated at 7.27 billion yuan, with a net profit margin of 10.45% [10]. - The company’s earnings per share (EPS) is projected to be 1.58 yuan in 2024, increasing to 1.92 yuan in 2025 [10].