生益电子（688183）：AI产品放量业绩高增，产能积极扩张再启新程

Investment Rating - The report assigns a "Buy" rating to the company, indicating expected stock price growth exceeding 15% over the next six months [5]. Core Insights - The company achieved significant revenue growth of 43.19% year-on-year in 2024, reaching 4.687 billion yuan, and returned to profitability with a net profit of 332 million yuan [1][2]. - The fourth quarter of 2024 saw a remarkable revenue increase of 70.91% year-on-year, with a net profit of 145 million yuan, marking the highest quarterly performance since Q2 2020 [1][2]. - The company is experiencing strong growth across multiple sectors, particularly in AI servers, communications, and automotive electronics, with AI server revenue now accounting for 48.96% of total revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.687 billion yuan, a 43.19% increase from the previous year, and a net profit of 332 million yuan, recovering from a loss in 2023 [1][4]. - The projected net profits for 2025, 2026, and 2027 are 890 million yuan, 1.222 billion yuan, and 1.472 billion yuan, respectively, with corresponding P/E ratios of 28, 20, and 17 [3][4]. Business Expansion - The company is actively expanding its production capacity, with a sales area of 1.4569 million square meters in 2024, a 15.24% increase year-on-year [3]. - The ongoing expansion projects include a high-density interconnect circuit board project and a production base in Thailand, with investments increasing from 100 million USD to 170 million USD [3]. Market Position and Growth Drivers - The company has established strong partnerships in the AI server market, leading to a significant increase in market share and revenue from high-margin computing orders [2][3]. - In the communications sector, the company has achieved breakthroughs in 800G switches and is expected to begin mass production in the satellite communications field by 2025 [2]. - The automotive electronics segment is also showing promising growth, particularly in smart driving and energy management systems [2].