CEET(SZ:002579) Hua Yuan Zheng Quan·2025-03-03 12:30Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on expected operational improvements and capacity expansion [5][29]. Core Views - The PCB industry is expected to return to growth, with the global market projected to reach USD 96.8 billion by 2025, driven by demand from AI technology, new energy, and next-generation communication technologies [7][20]. - The company has established a strong position in the high-end PCB sector, with significant technological advantages and a stable order base from leading clients in high-growth areas such as 5G communication and automotive electronics [7][10]. - The company is expected to achieve revenue growth in 2024, with a forecasted turnaround to profitability in Q4 2024, driven by ongoing product and customer structure optimization [7][19]. Summary by Sections Financial Performance and Forecast - Revenue for 2022 was CNY 3,054 million, with a projected decline to CNY 2,624 million in 2023, followed by a recovery to CNY 2,963 million in 2024 and further growth to CNY 3,646 million in 2025 [6][28]. - The company is expected to report a net profit of CNY -0.83 million in 2024, with significant growth anticipated in subsequent years, reaching CNY 1.40 million by 2026 [8][28]. Industry Outlook - The global PCB market is anticipated to recover from a downturn in 2023, with a projected compound annual growth rate (CAGR) of 6%-8% from 2023 to 2028, particularly benefiting high-end products like HDI and multi-layer boards [7][20]. - The domestic PCB market is expected to grow from CNY 363.26 billion in 2023 to CNY 433.32 billion by 2025, indicating a robust recovery and growth trajectory [21][22]. Company Strategy and Competitive Position - The company focuses on high-end PCB products, leveraging its technological capabilities and expanding production capacity at its new facility in Zhuhai [10][24]. - The company has established strong relationships with major clients, ensuring stable order flows and enhancing its competitive position in the market [27].