行业二次触底，关注1H24修复

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected total return over the next 12-18 months that will exceed the relevant market benchmark by more than 10% [20][22]. Core Insights - The company reported a fourth-quarter revenue of 864 million RMB, reflecting a quarter-over-quarter and year-over-year decrease of 6% and 5% respectively. The gross margin decreased by 7 percentage points sequentially due to slower recovery in the upstream sector and price pressures, leading to a net loss of 90 million RMB [41]. - The CCL (Copper Clad Laminate) industry is currently facing significant oversupply, which has pressured profitability. However, capacity utilization rates for first-line PCB manufacturers have recovered to 80% in the first quarter of 2024, with expectations for moderate recovery in the second and third quarters of 2024 [42]. - The report highlights a predicted 4% growth in the PCB market size for 2024, with CCL manufacturers negotiating price increases to offset rising copper costs. A 10% increase in copper prices is expected to result in only a 2-3% increase in CCL costs, which could positively impact gross profit margins [42]. - The domestic AI chip industry is anticipated to drive demand for high-speed CCL, with the company collaborating with leading domestic AI server terminal customers to develop ultra-low loss grade materials. These materials have completed testing and certification, indicating a strategic move towards high-speed materials for next-generation platforms [43].