开拓车载、AI服务器、低轨卫星等新领域

Investment Rating - The report upgrades the investment rating of the company to "Buy" due to its potential growth in new fields and undervaluation compared to the industry average [6] Core Views - The company has been the world's largest PCB manufacturer for seven consecutive years (2017-2023) according to Prismark [5] - The company is actively expanding into new areas such as automotive, AI servers, and low-orbit satellite communications [5] - Despite a 11 45% YoY decline in 2023 revenue to 32 066 billion yuan, the company shows strong growth potential in emerging sectors [5][6] Financial Performance - 2023 revenue: 32 066 billion yuan, down 11 45% YoY [5] - 2023 net profit attributable to parent company: 3 287 billion yuan [5] - 2024E/2025E/2026E net profit forecasts adjusted to 3 695/4 046/4 362 billion yuan respectively [6] - 2024 PE ratio: 15X, below industry average of 21X, indicating 40% upside potential [6] Business Segments - Communication boards: 23 513 billion yuan in 2023, relatively stable [5] - Consumer electronics and computer boards: 7 975 billion yuan in 2023, significant decline [5] - Automotive and server products: 539 million yuan in 2023, up 71 45% YoY [5] New Business Developments - Automotive PCB: Completed 150k sq ft battery board project in 2022, started mass production of radar computing boards in H1 2023, and laser radar/high-frequency antenna boards in Q4 2023 [5] - AI servers: Upgraded main product layers from 10-12L to 16-20L in 2023, entered global server customer supply chain, won AMD's "Partner Excellence Award" in Jan 2024 [5] - 6G communications: Entered low-orbit satellite, millimeter wave antenna, base station antenna, and GPS radar fields [5] Capacity Expansion - Soft board: Completed Huai'an flexible multilayer PCB expansion project [6] - Hard board: Huai'an new park project to enhance high-end HDI and SLP competitiveness [6] - Overseas: Kaohsiung park project topped out in Jan 2023, Thailand phase 1 project with $250 million investment to start production in H2 2025 [6] - Smart manufacturing: Built seven smart factories since 2017, with 40% increase in per capita output from 2017 to 2023 [6]