Avary Holding(SZ:002938) 招商电子·2025-07-08 02:09Core Viewpoint - The company reported a significant revenue growth in June, achieving 2.89 billion yuan, a year-on-year increase of 36.4% and a month-on-month increase of 11.2% [1] Group 1: Revenue Performance - The company’s Q2 revenue reached 8.29 billion yuan, reflecting a year-on-year growth of 28.7% and a month-on-month growth of 2.5%, slightly exceeding market expectations due to new product launches and preemptive inventory buildup by major clients in response to tariff uncertainties [1] - The rapid growth in revenue is attributed to the release of new products and the proactive inventory strategies of large clients, which have positively impacted the company's production capacity utilization [1] Group 2: AI Strategy and Investment - The company plans to increase its capital expenditure in AI, focusing on expanding its capabilities in the overseas computing power sector, with significant investments in both domestic and international production bases [2] - The company is accelerating the certification and prototyping processes for mainstream AI server terminal manufacturers, anticipating a continuous release of AI-PCB production capacity in the second half of the year [2] - The company has a strong technological foundation in the AI-PCB sector, with advancements in high-speed mixed-layer thick boards and power chip embedding, among others, to meet the demand for high-performance GPUs, CPUs, and NPUs [2] Group 3: Long-term Growth Outlook - The company believes that the hardware innovation from Client A, combined with the AI cloud management and terminal integration, will drive a three-year upward cycle from 2025 to 2027 [3] - Innovations in wearable products such as AI-iPhones, foldable devices, robots, and AI glasses are expected to lead to advancements in design concepts and technologies, further enhancing the demand for AI-driven terminals [3] - The company’s traditional business is anticipated to experience new growth driven by the AI transformation of major clients, with expansions in AI servers, automotive applications, and low-orbit satellites providing long-term growth momentum [3]