CFMEE(688630) 东吴证券·2025-04-24 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected at 9.54 billion yuan, with a net profit of 1.61 billion yuan, reflecting a year-on-year change of +15.09% and -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 notable increase in sales volume expected in 2024. However, delayed shipments are anticipated to pressure Q4 performance [3] - The global AI wave presents unprecedented opportunities for the PCB industry, with a focus on high-end products and expansion in Southeast Asia. The company aims to capture these opportunities, with revenue from Southeast Asia expected to rise to nearly 20% in 2024 [4] - In the advanced packaging sector, the company is focusing on LDI technology, which shows great potential in optimizing interconnect speeds for AI chips. The domestic market for ABF substrates is also expected to grow, with the company positioned to benefit from this trend [5] Financial Projections - The company forecasts revenues of 16.1 billion yuan, 19.7 billion yuan, and 23.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.33 billion yuan, 4.34 billion yuan, and 5.25 billion yuan for the same years. The corresponding P/E ratios are projected to be 31, 24, and 19 [5]