Avary Holding(SZ:002938) Guoxin Securities·2025-08-14 14:20Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown a significant increase in revenue and net profit, with a 24.75% year-over-year revenue growth to 16.375 billion and a 57.22% increase in net profit to 1.233 billion in the first half of 2025 [1] - The company is expanding its capital expenditure (CAPEX) to over 7 billion for 2025-2026, indicating strong confidence in future growth, particularly in high-end PCB markets [3] - The company is actively increasing its market share in various sectors, including AI computing and automotive applications, with notable revenue growth in these areas [2][3] Summary by Sections Financial Performance - In 1H25, the company achieved revenue of 16.375 billion (YoY +24.75%) and net profit of 1.233 billion (YoY +57.22%), with a gross margin of 19.07% and a net margin of 7.49% [1] - For 2Q25, revenue reached 8.288 billion (YoY +28.71%, QoQ +2.49%) and net profit was 745 million (YoY +159.55%, QoQ +52.59%) [1] Product Segments - Revenue from communication boards was 10.268 billion (YoY +17.62%) with a gross margin of 15.98%, while consumer electronics and computer boards generated 5.174 billion (YoY +31.63%) with a gross margin of 24.52% [2] - The company is a key supplier for foldable devices and wearable technology, leveraging advanced FPC module technology [2] CAPEX and Future Outlook - The company has revised its CAPEX guidance upwards, with ongoing projects in Thailand and Taiwan progressing well, and plans to increase high-end PCB production capacity [3] - The profit forecast for 2025-2027 has been raised, expecting net profits of 4.2 billion, 5.8 billion, and 7.3 billion respectively, with growth rates of 24%, 38%, and 26% [3]