OLYMPIC(SH:603920) Huaxin Securities·2025-07-31 05:31Investment Rating - The report maintains a "Buy" investment rating for the company [2][12] Core Views - The company has demonstrated strong performance in the PCB sector, particularly in automotive applications, with significant growth potential in AI servers and humanoid robots [10][12] - The company achieved a revenue of 5.022 billion yuan in 2024, representing an 11.13% year-on-year increase, and a net profit of 675 million yuan, up 36.17% [5] - The company is well-positioned to benefit from the growth of electric vehicles and AI technologies, with a projected revenue increase to 6.378 billion yuan in 2025 and 9.567 billion yuan in 2026 [12][14] Company Performance - In 2024, the company reported a revenue of 50.22 billion yuan, a year-on-year growth of 11.13%, and a net profit of 6.75 billion yuan, up 36.17% [5] - For Q1 2025, the company achieved a revenue of 12.17 billion yuan, reflecting an 11.33% year-on-year increase, and a net profit of 1.80 billion yuan, which is a 65.61% increase [5] Market Position and Strategy - The company has deepened its focus on automotive PCBs while actively expanding into emerging fields such as AI servers and humanoid robots [10] - The company has established a strong supply chain relationship with major clients, successfully entering the Dojo supply chain and securing projects with European AI supercomputing clients [11] Financial Forecast - The company is projected to achieve revenues of 63.78 billion yuan in 2025, 95.67 billion yuan in 2026, and 115.76 billion yuan in 2027, with corresponding EPS of 1.24, 2.07, and 2.63 yuan [12][14] - The report anticipates a significant growth rate in revenue, with a forecasted increase of 27.0% in 2025 and 50.0% in 2026 [14]