Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][9]. Core Insights - The demand in emerging fields such as AI and automotive electronics is driving the transformation and upgrade of the PCB industry. The rapid growth in global high-end computing power, fueled by artificial intelligence, along with the deep integration of electrification, connectivity, and intelligence in the automotive industry, is releasing demand in downstream applications like servers and data centers [5]. - The company is focusing on expanding its high-end customer base and consolidating its position in the automotive electronics PCB sector. Compared to traditional vehicles, the PCB usage in new energy vehicles is significantly higher, driven by advanced technologies such as autonomous driving and intelligent connectivity, which increases the demand for high-frequency and high-speed PCBs [6]. - The company has quickly entered the AIPC market, achieving stable supply. The global AIPC shipment is projected to reach 48 million units in 2024, accounting for 18% of total PC shipments, with a compound annual growth rate (CAGR) of 44% expected from 2024 to 2028 [7]. - The company is seizing opportunities in the data center market by launching a series of high-performance PCB products. The AI computing power demand is significantly driving the server market, with the global AI server market value expected to reach $205 billion in 2024, reflecting a year-on-year growth of 46% [8]. Financial Projections - The company is projected to achieve revenues of 55.0 billion, 67.2 billion, and 81.2 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 5.4 billion, 7.0 billion, and 9.2 billion yuan for the same years [9][12]. - The report anticipates a revenue growth rate of 20.53% in 2025, 22.16% in 2026, and 20.72% in 2027, with a net profit growth rate of 53.53% in 2025, 29.13% in 2026, and 31.51% in 2027 [12][15]. - The earnings per share (EPS) is projected to increase from 1.11 yuan in 2024 to 2.90 yuan in 2027, indicating a strong growth trajectory [12][15].
奥士康(002913):联接世界、导通未来