Avary Holding(SZ:002938) Western Securities·2025-10-15 07:33Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4]. Core Insights - The company has demonstrated robust revenue and profit growth in the first half of 2025, with revenue reaching 16.375 billion yuan, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion yuan, up 57.22% year-on-year [1][4]. - The company is positioned as a leader in the PCB industry, actively expanding its AI server and automotive business, which provides strong growth momentum [2]. Revenue and Profit Growth - In the first half of 2025, the company achieved revenue of 16.375 billion yuan, with a gross profit margin of 19.07%, an increase of 1.10 percentage points year-on-year, and a net profit margin of 7.49%, up 1.52 percentage points year-on-year [1][4]. - The revenue breakdown by business segment shows significant growth in automotive and server board business, with a year-on-year increase of 87.42% [1]. Future Projections - The company is expected to generate revenues of 40.053 billion yuan, 46.226 billion yuan, and 53.324 billion yuan for the years 2025, 2026, and 2027, respectively [2]. - Net profit projections for the same years are 4.473 billion yuan, 5.458 billion yuan, and 6.402 billion yuan, indicating a strong growth trajectory [2]. Market Position and Strategy - The company is leveraging its technological advantages in flexible printed circuit (FPC) products to capture new growth opportunities in AI-related devices such as AI glasses and foldable screens [2]. - The company is also focusing on high-end HDI boards for AI servers, enhancing its competitive edge in the rapidly growing AI server market [2].