Avary Holding(SZ:002938) ZHESHANG SECURITIES·2026-02-04 12:01Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Insights - The company is positioned as a global leader in PCB supply, expanding from consumer electronics into AI computing and advanced communication boards, with potential for exceeding expectations in computing-related business [1] - The company is accelerating its investment in AI PCB capacity, targeting high-potential markets such as servers, AI edge devices, and low-orbit satellites, with significant investments in Thailand and new industrial land in Huai'an [2] - The company continues to demonstrate technical advantages by developing advanced HDI products suitable for GPUs and high-speed transmission interfaces, leveraging its SLP technology for optical communication applications [3] - The parent company is increasing investments in AI server PCB products, with plans to expand production capacity in Huai'an and Thailand, leading to a significant expected increase in related revenues in 2026 [4] - Revenue forecasts for 2025-2027 are projected at 415.92 billion, 490.54 billion, and 580.14 billion yuan, with year-on-year growth rates of 18.4%, 17.9%, and 18.3% respectively; net profit is expected to reach 45.98 billion, 55.76 billion, and 72.44 billion yuan, with growth rates of 27.0%, 21.3%, and 29.9% [5][12]