Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9]. Core Views - The company has demonstrated impressive performance with significant revenue and profit growth, driven by strong demand in the computing power supply chain and improvements in operational efficiency [5][6]. - The AI PCB market is experiencing high demand, particularly for server PCBs, which is expected to continue growing due to increased capital expenditure by global cloud service providers [6][8]. - The company is focused on the high-end application market for multi-layer printed circuit boards (PCBs), with a significant portion of its revenue derived from server-related applications [8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% year-on-year [4]. - For Q2 2025, revenue reached 1.308 billion yuan, reflecting a 41.96% year-on-year growth and a 17.08% quarter-on-quarter increase [5]. Market Outlook - The global PCB industry is projected to reach a market value of 79.128 billion USD in 2025, with a year-on-year growth of 7.60% [6]. - The server-related PCB segment is expected to see the highest growth among all application areas, with a projected market value of 18.9 billion USD by 2029, representing a CAGR of 11.6% from 2024 to 2029 [6]. Production Capacity and Efficiency - The company specializes in the research, production, and sales of high-layer printed circuit boards, with approximately 70% of its revenue coming from server-related products [8]. - The production capacity utilization rates are high, with the Guangzhou factory operating above 90% and the Huangshi factory exceeding 80% [8]. Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 4.967 billion yuan, 5.895 billion yuan, and 6.803 billion yuan, respectively, with corresponding EPS estimates of 2.22 yuan, 2.67 yuan, and 3.11 yuan [9][11].
广合科技（001389）：公司事件点评报告：深耕服务器用PCB，有望受益于下游AI算力高景气度