Avary Holding(SZ:002938) Changjiang Securities·2024-05-13 02:32Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a consolidated revenue of RMB 2.2 billion in April 2024, representing a 52.21% increase compared to the same month last year [5]. - The consumer electronics sector is experiencing a turning point, driven by innovation, with the global smartphone market showing an 8% year-on-year growth in Q4 2023, ending a seven-quarter decline [5]. - The company is well-positioned to benefit from the ongoing AI wave and the development of automotive electronics, which are expected to open up a second growth avenue for the company [5]. Summary by Sections Revenue Performance - In April 2024, the company achieved a consolidated revenue of RMB 2.2 billion, a 52.21% increase year-on-year [5]. Industry Trends - The consumer electronics industry, particularly smartphones and tablets, has faced challenges since 2022 but is now entering a recovery phase due to innovations such as foldable phones and AI integration [5]. - The AI applications are expected to drive rapid growth in AI PC products, leading to a new round of innovation in the entire consumer electronics supply chain [5]. Company Strategy - The company is actively developing high-end FPC, HDI, and SLP products, positioning itself to benefit from the increasing demand for advanced PCB technologies [5]. - The company has successfully completed mass production of radar computing boards in the automotive electronics sector and is advancing in AI server technology with upgraded product capabilities [5]. Financial Projections - The company is projected to achieve net profits of RMB 3.838 billion, RMB 4.553 billion, and RMB 4.937 billion for the years 2024, 2025, and 2026, respectively [6]. - Corresponding PE ratios for these years are expected to be 16.05, 13.53, and 12.48 [6].