南亚新材（688519）：25Q2盈利环比高增，AI驱动高端产品结构优化

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company has demonstrated significant revenue and net profit growth in the first half of 2025, driven by AI-related demand and high-end product optimization [4][9] - The company is expected to benefit from the increasing demand for high-end PCB/CCL technology, with projected revenues of RMB 49.13 billion, RMB 64.61 billion, and RMB 83.99 billion for 2025, 2026, and 2027 respectively [6][8] - The report highlights the company's strong market position and ongoing expansion in high-end product capacity, particularly in communications, AI, and data center applications [9] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 2.305 billion, a year-on-year increase of 43.06%, and a net profit of RMB 87 million, up 57.69% year-on-year [9] - The gross margin for H1 2025 was 11.53%, an increase of 1.40 percentage points year-on-year, with Q2 2025 showing a gross margin of 12.63% [9] Revenue Projections - The company is projected to achieve revenues of RMB 4.913 billion in 2025, RMB 6.461 billion in 2026, and RMB 8.399 billion in 2027, with growth rates of 46.2%, 31.5%, and 30.0% respectively [8][9] Profitability Metrics - The report forecasts net profits of RMB 277 million in 2025, RMB 575 million in 2026, and RMB 851 million in 2027, with corresponding growth rates of 451.0%, 107.3%, and 48.0% [8][9] Market Dynamics - The demand for high-end copper-clad laminates (CCL) is expected to rise due to AI server needs and the recovery in consumer electronics, which will drive price increases [9] - The company is actively expanding its production capacity, including new lines in Jiangxi and plans for high-end product production bases in East China and overseas [9]