生益科技（600183）：单季度营收创新高，持续扩建产能满足需求

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a record high revenue in Q2 2025, with a total revenue of 12.68 billion yuan in H1 2025, representing a year-on-year growth of 31.68%. The net profit attributable to shareholders was 1.426 billion yuan, up 52.98% year-on-year [3] - The demand for printed circuit boards (PCBs) is driven by strong growth in servers, AI servers, and data centers, with notable performance in the automotive sector, particularly in smart driving applications [3] - The company is expanding its production capacity, with significant investments in new projects, including a 2.91 billion yuan investment in the Jiangxi Shengyi Phase II project, which is expected to add 18 million square meters of copper-clad laminate and 34 million meters of bonding sheet capacity upon full production [3] Financial Performance Summary - In Q2 2025, the company reported revenue of 7.069 billion yuan, a year-on-year increase of 35.77%, and a net profit of 863 million yuan, up 59.67% year-on-year [3] - The gross margin for Q2 was 26.85%, an increase of 2.25 percentage points quarter-on-quarter, while the net margin was 13.98%, up 2.67 percentage points [3] - The revenue from copper-clad laminates and bonding sheets reached 8.364 billion yuan in H1 2025, with a gross margin of 23.69%, reflecting a year-on-year increase of 1.99 percentage points [3] Future Financial Projections - The company is projected to achieve revenues of 26.946 billion yuan, 33.905 billion yuan, and 43.511 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32%, 26%, and 28% [4] - The net profit attributable to shareholders is expected to reach 3.321 billion yuan, 4.186 billion yuan, and 5.550 billion yuan for the same years, with growth rates of 91%, 26%, and 33% [4] - The earnings per share (EPS) is forecasted to be 1.37 yuan, 1.72 yuan, and 2.28 yuan for 2025, 2026, and 2027, respectively [4]