Avary Holding(SZ:002938) Soochow Securities·2025-04-10 09:59Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2024 is projected at 35.14 billion, with a net profit of 3.62 billion, representing year-on-year growth of 9.59% and 10.14% respectively [2] - The company is expected to benefit from the dual growth trends of AI at the edge and foldable screens, positioning itself as a leader in SLP and FPC markets [5] Revenue and Profit Forecast - Total revenue is forecasted to grow from 32.07 billion in 2023 to 54.47 billion by 2027, with a compound annual growth rate (CAGR) of approximately 15.82% [1] - Net profit is expected to increase from 3.29 billion in 2023 to 5.90 billion by 2027, reflecting a CAGR of about 16.86% [1] Business Segments Performance - In 2024, the company achieved revenue of 24.24 billion in communication boards, a 3.08% increase year-on-year, while revenue from consumer electronics and computer boards reached 9.75 billion, up 22.30% [3] - The automotive and server PCB products saw a remarkable revenue increase of 90.34%, totaling 1.03 billion [3] Capacity Expansion and Investment - The company is set to release new production capacity in 2024, with a capital expenditure of 5 billion expected in 2025 to meet the demand for high-end HDI and SLP products [4] - The first phase of the high-end HDI and SLP project in Huai'an has been successfully launched in 2024, with the second phase under accelerated construction [4] Market Trends and Innovations - The company is well-positioned to capitalize on the trends of edge AI and foldable screens, with FPC's advantages in internal connections becoming increasingly essential [5] - The revenue from AI edge products has surpassed 45% of total revenue in the consumer electronics segment [3]