CFMEE(688630) 东吴证券·2025-04-24 02:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 9.54 billion yuan, with a net profit of 1.61 billion yuan, reflecting a year-on-year growth of +15.09% and a decline of -10.38% respectively. The first quarter of 2025 shows a revenue of 2.42 billion yuan, up +22.31% year-on-year, and a net profit of 0.52 billion yuan, up +30.45% year-on-year, which aligns with expectations [2] - The demand for PCBs is significantly driven by AI, with a forecasted revenue of 7.81 billion yuan from PCB sales in 2024, representing a year-on-year increase of 32.55%. However, delayed shipments are expected to pressure Q4 2024 performance [3][4] - The company is capitalizing on the AI wave and the expansion of production capacity in Southeast Asia, with an expected revenue contribution from this region reaching nearly 20% in 2024 [4] - In the advanced packaging sector, the LDI technology shows great potential, particularly in optimizing interconnect speeds for AI chips. The company is also focusing on domestic substitution in the IC substrate market, with a current domestic capacity share of only 4% [5] Financial Projections - The company anticipates revenues of 16.1 billion yuan, 19.7 billion yuan, and 23.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.33 billion yuan, 4.34 billion yuan, and 5.25 billion yuan for the same years. The corresponding P/E ratios are expected to be 31, 24, and 19 times [5]