Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 20.388 billion yuan for 2024, representing a year-on-year growth of 22.92% compared to 2023, and a net profit of 1.739 billion yuan, which is a 49.37% increase from 2023's net profit of 1.164 billion yuan [5] - In Q1 2025, the company achieved a revenue of 5.611 billion yuan, a 26.86% increase year-on-year from Q1 2024, and a net profit of 564 million yuan, up 43.76% from the same period in 2024 [5] - The company has established itself as a leading supplier of copper-clad laminates, benefiting from the demand in the computing power era, with applications in various high-tech fields [5][6] Financial Performance - The company is expected to achieve revenues of 23.887 billion yuan, 27.552 billion yuan, and 30.972 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.617 billion yuan, 3.359 billion yuan, and 3.869 billion yuan for the same years [9] - The projected P/E ratios for 2025, 2026, and 2027 are 22.55, 17.57, and 15.25 respectively [9] - The company’s gross margin is expected to improve from 22.0% in 2024 to 25.0% by 2026 [11] Market Position - According to Prismark, the company ranked second globally in rigid copper-clad laminate sales from 2013 to 2023, achieving a market share of 14% in 2023 [6] - The company has made significant advancements in high-frequency and high-speed packaging substrate technologies, overcoming foreign technology barriers [6] Research and Development - The company has invested in the development of halogen-free low-loss copper-clad laminates for next-generation server platforms, addressing market demands for AI servers and high-speed transmission links [7][8] - The company has established a national-level engineering technology research center, focusing on key technological issues in the industry and continuously developing high-value-added new products [6]

-30% -10% 10% 30% 50% 70% 90% 4/24 7/24 10/24 1/25 4/25 生益科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 [Table_StockNameRptType] 生益科技（600183） 公司点评 生益科技：业绩高速成长，充分受益于算力时代 [Table_Rank] 投资评级：买入（维持） 报告日期：2025-05-05 | [Table_BaseData] 收盘价（元） | 24.29 | | --- | --- | | 近 12 个月最高/最低（元） | 35.38/16.47 | | 总股本（百万股） | 2429 | | 流通股本（百万股） | 2371 | | 流通股比例（%） | 97.61 | | 总市值（亿元） | 590.1 | | 流通市值（亿元） | 576.0 | [Table_Chart] 公司价格与沪深 300 走势比较 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 生 ...

报道 I 投资界PEdaily "AI下半场要来了。" 率先迈入2.0时代。 作者 I 旸与 1 2月初，深港创业基地的一间大会议室里，成一鹏缓缓聊起自己的看法。回想一年前， 正是基于这一判断，他在深圳汇聚一个AI创业团队——新旦智能由此成立。 这位前腾讯AI员工，有着近10年的互联网Sa aS和AI从业经历。与多数大模型公司不同的 是，成一鹏和团队早早就意识到"粗放式算力的不可持续性"，转而借助算法和架构的深 究进入到AI的下一个阶段: 复杂智能体架构。他将未来的AI行业称为"后算力时代"，对 应此前走过的AI 1. 0时期，AI原生应用将会在下一个阶段爆发。 眼前，中国AI行业或许走到十字路口。千千万万位创业者汇聚而来，他们身处其中，悄 然改变着潮水的方向。 一位腾讯前员工，投身AI创业 时间回到2 0 1 6年，Al p haGo大战围棋圣手李世石，成为人工智能史上的分水岭。这一幕 带给当时一批年轻人极大震撼，其中就包括成一鹏。 从小在深圳长大，成一鹏很早就接触到一些前沿科技话题。目睹AI浪潮在国内兴起，他 决定全力投入AI领域。彼时，腾讯云正在组建AI团队，成一鹏顺利加入，成为最早一批 AI核心员工。 ...