生益电子（688183）：19亿投资加码算力PCB产能扩张，加速推进AI算力客户导入

Investment Rating - The report maintains an "Add" investment rating for the company [2] Core Views - The company reported a revenue of 3.77 billion yuan for the first half of 2025, representing a year-on-year increase of 91%, with a net profit of 530 million yuan, up 452% year-on-year [1] - The company is investing 1.9 billion yuan to expand its PCB production capacity, focusing on AI computing clients and high-end markets [6] - The second quarter of 2025 saw a revenue of 2.19 billion yuan, a year-on-year increase of 101.1%, driven by the growth in AI servers and high-speed switches [6] - The company expects significant growth in revenue and net profit from 2025 to 2027, with projected revenues of 82.0 billion yuan, 118.9 billion yuan, and 160.6 billion yuan respectively [6] Financial Data and Valuation - The company’s total revenue is projected to decline by 7% in 2023, followed by growth rates of 43%, 75%, 45%, and 35% in the subsequent years [12] - The projected earnings per share (EPS) are expected to rise from -0.03 yuan in 2023 to 3.71 yuan in 2027 [12] - The price-to-earnings (PE) ratio is expected to improve from -1826.8 in 2023 to 14.8 in 2027 [12] - The company’s return on equity (ROE) is projected to increase from -0.6% in 2023 to 36.8% in 2027 [12]