Avary Holding(SZ:002938) Huaan Securities·2025-11-04 14:57Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 26.855 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.34%, with a net profit attributable to shareholders of 2.408 billion yuan, up 21.95% year-on-year [4] - The company is optimizing its business structure and advancing new capacity construction, with significant growth in various business segments, particularly in automotive and server boards, which saw a revenue increase of 91% year-on-year [5] - The company is expected to achieve net profits of 4.19 billion, 4.62 billion, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.81, 1.99, and 2.16 yuan [6] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 10.48 billion yuan, a year-on-year increase of 1.15% and a quarter-on-quarter increase of 26.44% [4] - The revenue breakdown shows that communication boards contributed 62% of total revenue, consumer electronics and computer boards contributed 33%, and automotive/server boards contributed 5% [5] - Capital expenditures reached 4.972 billion yuan in the first three quarters, an increase of nearly 3 billion yuan year-on-year, indicating a peak in capacity expansion [5] Financial Projections - The projected revenues for 2025, 2026, and 2027 are 38.724 billion, 41.761 billion, and 44.746 billion yuan respectively, with year-on-year growth rates of 10.2%, 7.8%, and 7.1% [8] - The projected net profit for 2025, 2026, and 2027 is expected to grow at rates of 15.7%, 10.1%, and 8.4% respectively [8] - The company’s gross margin is projected to improve from 20.8% in 2024 to 22.0% in 2026 and remain stable at 22.0% in 2027 [8]