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【招商电子】生益科技:Q2订单饱满、结构优化及涨价共驱业绩趋势向上

Core Viewpoint - Recent US-China tariff negotiations have alleviated market concerns regarding the impact of tariffs on computing power chains, leading to a positive outlook for the demand for computing power in the short to medium term [2] Group 1: Company Performance - The company is expected to see an upward trend in Q2 due to strong order demand, structural optimization, and partial price increases in line with industry trends [2] - Orders remain at a high level with good visibility, indicating robust demand [2] - The company has begun to raise prices for some downstream customers due to full order loads and slight increases in upstream material costs, optimizing customer structure [2] - The rapid growth of S8/S9 materials in overseas markets is driving an increase in high-speed revenue share, improving overall product structure and profitability [2] Group 2: Industry Outlook - The demand for AI computing power is driving upgrades in CCL specifications, with a tight supply-demand situation for high-end CCL expected to persist for a considerable time [3] - The company’s S8/S9 high-speed CCL products are leading in performance compared to peers, and the company is actively developing new materials like PTFE [3] - The company has expanded its high-end CCL production capacity in recent years, ensuring sufficient supply despite tight upstream glass fabric availability [3] - The company is expected to gain more market share in high-speed materials within the N customer system, driven by its technological advantages and sufficient capacity [3] Group 3: Financial Projections - The company is projected to achieve rapid growth in both year-on-year and quarter-on-quarter operating performance in Q2, with expectations for high-end material volume growth and continued order structure optimization in H2 2025 [4] - Revenue estimates for 2025-2027 have been adjusted upwards, reflecting a positive outlook for the company’s performance [4] - The company is expected to benefit from rising CCL prices due to an upward trend in raw material prices and increased industry utilization rates [3]