南亚新材（688519）：乘国产算力之风，成长属性逐步凸显

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [6]. Core Views - The company is positioned to benefit from the recovery of the copper-clad laminate (CCL) industry and the optimization of its product structure, which is expected to drive performance recovery [7][19]. - The demand for AI computing power is accelerating, leading to increased capital expenditure from domestic internet companies, which will further enhance the company's growth potential in high-end CCL products [8][27]. Summary by Sections Company Overview - The company, established in 2000, specializes in the design, research, development, manufacturing, and service of copper-clad laminates and bonding sheets, with products widely used in consumer electronics, computers, communication data centers, automotive electronics, and more [7][11]. - The company has established strong relationships with numerous high-quality clients, including major players like Huawei and Samsung [11][14]. Financial Performance - In 2023, the company's revenue decreased by 21% year-on-year to 2.983 billion yuan, and it reported a net loss of 129 million yuan [5][19]. - The company is expected to recover in 2024, with projected revenue of 3.36 billion yuan, a year-on-year increase of 12.7%, and a return to profitability with a net profit of 52 million yuan [5][19]. Market Trends - The CCL prices are anticipated to enter an upward cycle, positively impacting the company's profit margins [7][19]. - The global CCL market is projected to grow significantly, reaching 14.66 billion USD in 2025, driven by demand from AI, 5G, and automotive electronics [35]. Product Development - The company is focusing on high-frequency and high-speed CCL products, which are essential for modern electronic applications, particularly in AI servers and communication devices [27][38]. - The company has achieved domestic substitution in high-end CCL products, with its offerings now meeting international standards [8][27]. Investment Outlook - The report forecasts that the company's earnings per share (EPS) will increase from 0.22 yuan in 2024 to 1.91 yuan in 2026, reflecting a significant growth trajectory [5][8]. - The company is expected to leverage its strong technical foundation and comprehensive product matrix to achieve sustained revenue growth and improved profitability [8][19].