Up-shine Lighting (SZ:301362) Shenwan Hongyuan Securities·2026-01-31 09:37Investment Rating - The report maintains an "Outperform" investment rating for the company [6]. Core Insights - The company plans to acquire a 49% stake in Xiamen Zhizhi Precision through a share issuance and a 51% stake through cash, with the cash portion not exceeding 250 million yuan [4]. - The demand for AI PCB drill needles is expected to surge due to the increasing complexity and durability requirements of AI server boards, with the global PCB drill needle market projected to grow from 3.5 billion yuan in 2020 to 4.5 billion yuan in 2024, and further to 9.1 billion yuan by 2029, reflecting a CAGR of 15.0% from 2024 to 2029 [6]. - Xiamen Zhizhi Precision has over 30 years of experience in the PCB drill needle sector, offering a full range of products and maintaining strong relationships with key clients in the AI field, which are anticipated to drive future revenue growth [6]. Financial Data and Profit Forecast - Total revenue is projected to reach 1,641 million yuan in 2024, with a slight decline to 1,586 million yuan in 2025, followed by a recovery to 1,657 million yuan in 2026 and 1,738 million yuan in 2027 [5]. - The net profit attributable to the parent company is expected to be 231 million yuan in 2024, decreasing to 212 million yuan in 2025, then increasing to 238 million yuan in 2026 and 257 million yuan in 2027 [5]. - The company maintains a gross margin of approximately 30% and a return on equity (ROE) of around 9% for the forecast period [5].