OLYMPIC(SH:603920) Changjiang Securities·2025-05-01 06:09Investment Rating - The investment rating for the company is "Buy" with a first-time recommendation [12]. Core Viewpoints - The company, established in 1985, has developed into a leading PCB manufacturer in China, with a strong focus on the automotive sector, particularly in electric vehicles, and is expanding into emerging industries such as artificial intelligence and humanoid robots [4][20]. - The global PCB market has shown a steady upward trend, with a CAGR of approximately 5% from 2017 to 2022, driven by the increasing demand for high-density and high-performance PCBs [8][38]. - The automotive industry is experiencing a surge in electronic applications, leading to a higher demand for automotive PCBs, which are subject to stringent reliability and stability requirements [9][53]. Summary by Sections Company Overview - The company has a workforce of about 6,000 employees, an annual production capacity exceeding 5 million square meters, and annual sales exceeding 4.5 billion yuan [20]. - Major clients include Tesla, Panasonic, Mitsubishi, Bosch Siemens, Dyson, Toyota, and Volkswagen, indicating a strong market presence [4][20]. PCB Market Trends - The PCB industry is moving towards high-density and high-performance products, with increasing requirements for precision and stability due to trends in electronic devices becoming lighter and faster [38][46]. - The automotive PCB market is expected to grow significantly, with a projected compound annual growth rate of 6.20% from 2022 to 2027 [51][66]. Automotive Sector Insights - The company has strategically positioned itself in the automotive sector, particularly in electric vehicles, which are projected to drive demand for PCBs due to their complex electronic systems [67]. - The penetration rate of new energy vehicles in China is expected to reach 40.9% by 2024, highlighting the growing importance of this market segment [68]. Financial Performance - In 2024, the company achieved a revenue of 5.022 billion yuan, an increase of 11.13% year-on-year, with a net profit of 675 million yuan, reflecting a growth of 36.17% [28]. - In the first quarter of 2025, the company reported a revenue of 1.217 billion yuan, up 11.33% year-on-year, and a net profit of 180 million yuan, marking a significant increase of 65.61% [28].