东山精密（002384）：光模块与高端PCB双轮驱动AI基建新龙头

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a new leader in AI infrastructure, driven by its dual focus on optical modules and high-end PCBs. The acquisition of Solstice Optoelectronics is highlighted as a key growth engine, enabling the company to benefit from the rapid evolution of data center speeds [3][8]. - Revenue projections for 2025-2027 are set at 417.42 billion, 720.62 billion, and 951.33 billion yuan, with growth rates of 13.52%, 72.64%, and 32.02% respectively. Net profit forecasts for the same period are 15.52 billion, 69.57 billion, and 124.55 billion yuan, with year-on-year growth rates of 42.99%, 348.19%, and 79.01% [3][8]. Summary by Sections 1. Company Overview - The company has evolved over nearly 30 years from traditional electronic manufacturing to a core supplier of AI computing infrastructure, supported by a continuous acquisition strategy [8][14]. - It has established a strong position in the global flexible printed circuit board (FPC) market and has enhanced its rigid board capabilities through strategic acquisitions [8][14]. 2. Revenue Growth and Structure - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 5.0% from 2021 to 2024, and a revenue of 367.70 billion yuan in 2024 [20][21]. - The electronic circuit business remains the core pillar, contributing 67.45% of revenue in 2024, while the new energy business has seen rapid growth, achieving 86.5 billion yuan in revenue [21][23]. 3. AI and PCB Market Dynamics - The demand for AI applications is driving a structural upgrade in the PCB industry, with significant growth in high-end PCB and FPC segments due to the increasing complexity and density of electronic systems [27][37]. - The global PCB market is projected to grow at a CAGR of 5.5%, with the server and data center-related PCB segments expected to grow at 11.6%, significantly outpacing the overall market [37][39]. 4. Optical Module Market - The optical module market is entering a growth phase driven by AI computing needs, with the global market expected to grow from 16.3 billion USD in 2024 to 38.9 billion USD by 2029, reflecting a CAGR of 18.9% [61]. - The company’s optical modules are critical for high-speed data transmission, addressing the bandwidth demands of AI data centers [61].