奥士康（002913）：高阶HDI持续放量

Investment Rating - The report maintains a "Buy" rating for the company Aoshikang (002913) [5] Core Views - The company achieved a revenue of 2.565 billion yuan in the first half of 2025, representing a year-on-year growth of 19.43%. However, the net profit attributable to shareholders decreased by 11.96% to 196 million yuan [2][3] - The revenue from data centers and servers has further increased, with the company expanding its product matrix to include high-performance PCB products tailored for these applications [3] - The company is significantly increasing its R&D investment across multiple sectors, including servers, AIPC, and automotive electronics, to enhance its competitive edge and drive future growth [4] Financial Performance - For the first half of 2025, the company reported a gross margin of 22.34%, with a slight year-on-year decrease of 0.34 percentage points. In Q2 alone, the revenue was 1.401 billion yuan, showing a year-on-year increase of 19.65% and a quarter-on-quarter increase of 20.33% [3] - The projected revenues for 2025, 2026, and 2027 are 5.52 billion yuan, 6.74 billion yuan, and 8.15 billion yuan, respectively, with net profits expected to be 510 million yuan, 690 million yuan, and 870 million yuan [5][9] - The company’s financial ratios indicate a projected PE ratio decreasing from 34.58 in 2024 to 14.04 in 2027, suggesting improving valuation metrics over time [10][11] Market Position and Strategy - The company is focusing on key technological upgrades in the server sector, including advancements in BGA technology and the development of next-generation server platforms [4] - In the automotive electronics sector, Aoshikang is addressing the growing demand for PCBs driven by the electrification and automation of vehicles, positioning itself as a leader in this emerging market [4]