Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company has been deeply engaged in the PCB industry for twenty years, focusing on mid-to-high-end sample and small-batch board products. It benefits from the growing demand in downstream applications such as industrial control and communication equipment. In 2024, the company is expected to achieve revenue of 793 million yuan, a year-on-year increase of 11.19%, and a net profit attributable to the parent company of 113 million yuan, a year-on-year increase of 23.70% [4][8] - The company is actively expanding its high-end production capacity and optimizing its product structure, with a significant focus on AI servers, optical modules, new energy vehicles, and robotics. In 2024, R&D investment is projected to be 45.09 million yuan, with ongoing projects in 5G communication, optical modules, automotive radar, AR, and VR [4][6] - The company has a flexible production capability and a refined management approach, allowing it to meet the diverse and customized needs of its clients. In 2024, it sold approximately 108,800 PCB models, with an average order area of 2.61 square meters [5] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 910 million yuan, 1.12 billion yuan, and 1.35 billion yuan, respectively, with net profits of 136 million yuan, 177 million yuan, and 230 million yuan. The current stock price corresponds to a PE ratio of 44 times, 34 times, and 26 times for 2025-2027 [8][10] - The company’s revenue growth is primarily driven by capacity expansion, customer development, and product optimization. The upcoming production bases in Shenzhen, Jiangxi, and Nantong will support this growth strategy [6][7]
强达电路：营收利润高速增长，高端产能积极扩充-20250530