海外拓展+高端化双战略有序推进，聚焦RDL和Bumping两大工艺

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company is actively advancing its dual strategy of overseas expansion and high-end product development, focusing on RDL and Bumping processes [1]. - The company has made significant progress in the high-end field of ABF packaging substrates and is strategically positioning itself in the Southeast Asian market [1]. - The company’s revenue for 2023 is projected to be 339 million yuan, a decrease of 9.5% year-on-year, primarily due to a significant drop in the average procurement price of palladium sulfate [2]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of electronic chemicals for PCBs and is actively expanding into high-end fields such as ABF packaging substrates [1]. - The functional wet electronic chemicals for ABF packaging substrates include copper plating, electroplating, and etching processes, which have been certified by customers [1]. Market Positioning - The domestic PCB industry is gradually shifting parts of its supply chain to Southeast Asia, with the company taking the lead in this overseas market expansion [1]. - The company plans to invest 100 million yuan to establish a production base in Thailand, which will serve as a hub for covering Malaysia, Vietnam, and other Southeast Asian regions [1]. Financial Performance - In 2023, the company achieved a revenue of 339 million yuan, down 9.47% year-on-year, while the net profit attributable to shareholders was 59.31 million yuan, an increase of 8.54% year-on-year [1][2]. - The company’s revenue for Q4 2023 was 91.83 million yuan, a decrease of 2.48% year-on-year but an increase of 5.50% quarter-on-quarter [1]. Future Projections - The revenue forecasts for 2023 to 2025 have been adjusted to 339 million, 461 million, and 583 million yuan, with growth rates of -9.5%, 36.0%, and 26.4% respectively [2]. - The net profit forecasts for the same period are adjusted to 59 million, 91 million, and 125 million yuan, with growth rates of 8.5%, 53.8%, and 36.6% respectively [2].