Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 1.18 billion yuan in 2025, representing a year-on-year growth of 13.15%, with a net profit attributable to shareholders of 125 million yuan, up 1.14% year-on-year. A cash dividend of 5 yuan per 10 shares (tax included) is proposed, amounting to a total distribution of 76.02 million yuan [1] - The establishment of a factory in Thailand enhances trade resilience and expands high-value product offerings. The company is also focusing on optimizing its layout and achieving product breakthroughs [1] - The PCB industry is entering a new growth cycle driven by AI, with expectations for the global PCB market to exceed 100 billion USD by 2029. The company is actively investing in R&D and expanding its production capacity in Thailand to align with industry transformation needs [1] - The company plans to increase its R&D spending to 43 million yuan in 2025, with a total of 91 patents, reflecting its commitment to innovation and market expansion [1] Financial Summary - Revenue projections for 2026-2028 are adjusted to 1.53 billion yuan (+0.03), 1.75 billion yuan (+0.1), and 2.28 billion yuan (newly added), with corresponding P/E ratios of 34.85, 30.58, and 23.41 [1] - The company’s operating profit is expected to grow steadily, with a net profit margin projected to reach 13.76% by 2028 [9] - The company’s total assets are projected to increase from 1.85 billion yuan in 2025 to 2.29 billion yuan by 2028, indicating a solid growth trajectory [9]
万源通（920060）：泰国工厂提升贸易韧性，高价值量产品持续扩增