东山精密：PCB+光通信，AI互连龙头有望步入新一轮价值重估-20260319

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 167.80 [7]. Core Insights - The company, Dongshan Precision (002384 CH), is positioned as a leading platform enterprise in flexible printed circuit boards (FPC) and precision structural components, closely tied to top international cloud computing, AI, and technology giants. The successful acquisition of Solsci Optoelectronics in October 2025 marks the company's entry into the core global optical communication sector, enhancing its capabilities in AI infrastructure interconnection [1][2]. - With the rapid growth in demand for high-end optical communication and AI hardware, Dongshan Precision is expected to enter a new phase of value reassessment [1]. - The integration of Solsci is anticipated to significantly boost the company's profit margins and market position in the optical module sector, particularly with the release of self-developed EML and silicon optical chips [2][5]. Summary by Sections Growth Engine 1: AI Optical Communication - The demand for high-speed optical modules is driven by the expansion of AI-driven data centers and computing clusters. The acquisition of Solsci enables the company to cover a full range of products from 400G to 1.6T, positioning it as a core component provider in the global data communication field [2]. Growth Engine 2: AI Server Architecture Upgrade - The upgrade in AI server architecture is creating new value opportunities for high-end PCBs. The company is expected to leverage its technological advantages and production capacity to gain a favorable market position, with PCB business revenue projected to grow significantly by 2027 [3]. Growth Engine 3: Apple Innovation Cycle - The restart of Apple's innovation cycle is expected to lead the global AI hardware sector, driving demand for FPCs. The anticipated launch of innovative hardware such as foldable screens and AI/AR glasses will enhance the complexity and demand for FPCs, benefiting the company as a core supplier [4]. Profit Forecast and Valuation - The company forecasts net profits of RMB 15.7 billion, RMB 74.4 billion, and RMB 153.6 billion for the years 2025, 2026, and 2027, respectively, with growth rates of 45%, 373%, and 107%. The significant upward revision in profit expectations for 2026 and 2027 is attributed to the integration of Solsci and the rapid expansion of optical module and chip production capacity [5][15].