博敏电子（603936）：聚焦高附加值PCB产品，客户结构持续优化

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to turn a profit in 2025, with a projected net profit attributable to shareholders ranging from 15 million to 22 million yuan, indicating a turnaround from previous losses [4]. - The company is focusing on high-value PCB products and optimizing its customer structure, particularly in emerging sectors such as AI and automotive electronics [5]. - The company has made significant advancements in domestic production and technology, particularly with its AMB ceramic substrates, which are expected to enhance its competitive edge [6]. - Ongoing fundraising projects are set to bolster high-end PCB production capacity, particularly in high-layer and HDI products, which are crucial for AI, high-speed communication, and smart automotive applications [7]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 35.81 billion, 44.62 billion, and 55.12 billion yuan, respectively, with net profits expected to be 0.16 billion, 2.02 billion, and 4.17 billion yuan [9]. - The company anticipates a revenue growth rate of 9.64% in 2025, accelerating to 24.60% in 2026 and 23.53% in 2027 [11]. - The earnings per share (EPS) is projected to improve from -0.37 yuan in 2024 to 0.66 yuan by 2027 [11].