Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in H1 2025, with revenue of 904 million yuan, a year-on-year increase of 26.90%, and a net profit of 160 million yuan, up 79.78% year-on-year, meeting expectations [5][8] - The demand for high-end PCBs in the AI sector is surging, leading to an increase in both volume and price for the company's PCB tools [8] - The company is optimizing its product structure, which has improved profitability, with a gross margin of 39.24% in H1 2025, up 4.59 percentage points year-on-year [8] - The establishment of a production base in Thailand and the acquisition of a German PCB tool manufacturer are accelerating the company's globalization efforts [8] - The profit forecast has been raised due to the sustained strong demand in the PCB industry, with expected net profits of 384 million, 645 million, and 966 million yuan for 2025, 2026, and 2027 respectively [8] Financial Data and Profit Forecast - The company achieved total revenue of 9.04 billion yuan in H1 2025, with a year-on-year growth of 26.90% [5] - The projected total revenue for 2025 is 1,991 million yuan, with a year-on-year growth rate of 26.0% [7] - The expected net profit for 2025 is 384 million yuan, reflecting a year-on-year growth of 69.3% [7] - The gross margin is projected to improve to 39.5% in 2025, and the return on equity (ROE) is expected to reach 14.0% [7]
鼎泰高科（301377）：AIPCB需求激增，公司PCB刀具量价齐升