Avary Holding(SZ:002938) CAITONG SECURITIES·2025-11-03 08:49Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has demonstrated stable performance with a year-on-year revenue growth of 14.34% and a net profit growth of 21.95% in the first three quarters of 2025 [8] - The business structure is continuously optimized, with significant growth in high-value segments such as automotive and server boards, which saw a revenue increase of 91% [8] - The company is actively expanding its production capacity in various locations, including Huai'an, Thailand, and Kaohsiung, Taiwan, with a capital expenditure of 4.972 billion, an increase of nearly 3 billion year-on-year [8] - The acquisition of a 53.68% stake in Huayang Technology for 357 million in cash is expected to enhance the company's capabilities in the automotive electronics market [8] - Revenue projections for 2025-2027 are estimated at 41.365 billion, 47.919 billion, and 56.394 billion respectively, with corresponding net profits of 4.370 billion, 5.642 billion, and 7.208 billion [8] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 26.855 billion and a net profit of 2.408 billion [8] - The revenue breakdown shows that communication boards contributed 16.754 billion (62%), consumer electronics and computer boards contributed 8.483 billion (33%), and automotive/server boards contributed 1.392 billion (5%) [8] - The earnings per share (EPS) for 2025 is projected to be 1.89, with a price-to-earnings (PE) ratio of 27.9 [7][8] - The return on equity (ROE) is expected to increase from 11.1% in 2023 to 18.6% in 2027 [7][9] Market Performance - The company's stock price closed at 52.55 yuan as of October 31, 2025 [2] - The stock has shown a performance increase of 61% compared to the CSI 300 index [4]