FOUNDERTECH(600601) 长江证券·2025-03-31 13:16Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 3.482 billion yuan, a year-on-year increase of 10.57%, and a net profit attributable to shareholders of 257 million yuan, a year-on-year increase of 90.55% [2][5] - The company's gross margin and net margin for 2024 were 21.97% and 7.39%, respectively, representing year-on-year increases of 3.69 percentage points and 3.10 percentage points [2][5] - The company is focusing on high-end markets, particularly in the PCB industry, driven by the rapid development of data centers and artificial intelligence [11] - The company has successfully completed the construction of its high-end intelligent PCB production base, significantly increasing its high-end product capacity [11] - The company is enhancing its technical capabilities in response to major clients' demands and is optimizing its product order structure [11] - The company is expected to achieve net profits of 346 million yuan, 435 million yuan, and 543 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 61.30, 48.75, and 39.11 [11] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.482 billion yuan and a net profit of 257 million yuan, with significant improvements in profitability metrics [2][5] - The projected revenues for 2025, 2026, and 2027 are 4.178 billion yuan, 4.888 billion yuan, and 5.621 billion yuan, respectively [18] Market Positioning - The company is targeting high-end markets, particularly in AI servers, high-speed network communication devices, and smart terminals, which are expected to drive long-term growth [11] - The company aims to increase its sales proportion of high-margin clients and enhance its supply capabilities for high-end HDI products [11] Future Outlook - The company is well-positioned to meet the increasing demands of high-tech sectors, including AI servers and GPU acceleration cards, and is preparing for future technological advancements [11]