Core Viewpoint - The report from Dongwu Securities highlights that PCBs (Printed Circuit Boards) are essential components in electronic devices, with significant applications in AI computing power, consumer electronics, and new energy vehicles. The expansion of global AI computing infrastructure and the increase in edge AI penetration will drive the demand for high-end PCBs, leading to a notable rise in the need for high-density and multi-layer PCBs, along with elevated requirements for PCB materials and structures [1] Industry Summary - PCBs are identified as core components in various high-growth sectors, including AI, consumer electronics, and new energy vehicles [1] - The demand for high-density and multi-layer PCBs is expected to increase significantly due to advancements in AI computing infrastructure and technology [1] - The evolving industry landscape will benefit third-party testing service companies, particularly those with a first-mover advantage, as they will capitalize on technological iterations and growing demand [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The trend of domestic AI chip localization is a certainty, with a continuous increase in demand for third-party testing services [2] - The demand for high-end PCBs is rising, driving the development of the supporting industrial chain [3] - The company plans to raise no more than 1.3 billion yuan for testing platforms in aerospace equipment, AI chips, and satellite internet, ensuring sufficient long-term growth momentum [4] Financial Forecasts and Valuation - The company’s total revenue is projected to grow from 2,889 million yuan in 2023 to 4,330 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.58% [1] - The net profit attributable to the parent company is expected to increase from 199.39 million yuan in 2023 to 515.44 million yuan in 2027, reflecting a CAGR of about 13.57% [1] - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.88 yuan in 2027 [1] - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 50.46 for 2023, decreasing to 19.52 by 2027 [1][10]