Q1继续高成长，AI算力&传输全面受益

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 8.94 billion yuan in 2023, representing a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 1.51 billion yuan, up 11.1% year-on-year. For Q1 2024, the expected net profit is projected to be between 460 million to 520 million yuan, indicating a year-on-year growth of 130% to 160% [4][5] - The demand for AI is accelerating, helping the company stand out despite multiple pressures. The PCB industry faced a downturn in 2023, with a 15% decline in industry output value and a 10% drop in average prices. The company’s subsidiary, Shengweicai, reported a loss of 105 million yuan, but the company still delivered impressive results with net profit growth in each quarter of 2023 [4] - The data center switch market is expected to grow significantly, benefiting the company directly. The company has started mass delivery of its 800G switch products and is conducting research on 1.6T switches, positioning itself as a global leader in high-end switch PCBs [4] Financial Summary - The company is expected to achieve revenues of 11.56 billion yuan, 14.30 billion yuan, and 17.51 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 2.23 billion yuan, 2.73 billion yuan, and 3.34 billion yuan for the same years. The corresponding P/E ratios are estimated to be 26, 21, and 17 times [5][6] - Key financial metrics for 2023 include a gross margin of 31.2% and a net profit margin of 16.9%. The company’s return on equity is projected to be 15.5% in 2023, increasing to 22.3% by 2026 [6][7] - The company’s total assets are estimated to reach 18.26 billion yuan by 2024, with total liabilities of 7.23 billion yuan, indicating a healthy balance sheet [7]