Core Viewpoint - The company reported strong Q1 2025 results, with revenue of 1.579 billion, a year-on-year increase of 78.55% and a quarter-on-quarter increase of 4.79, driven by the growth in AI computing power business and improved profitability [1] Group 1: Q1 Performance - Q1 2025 revenue reached 1.579 billion, with a year-on-year growth of 78.55% and a quarter-on-quarter growth of 4.79% [1] - Net profit attributable to the parent company was 200 million, showing a year-on-year increase of 656.87% and a quarter-on-quarter increase of 37.63% [1] - The gross profit margin improved to 29.84%, up 10.96 percentage points year-on-year and 4.89 percentage points quarter-on-quarter [1] Group 2: Business Outlook - The company has a strong order intake and high capacity utilization in Q2 2025, with ongoing demand for AI servers and 800G switches [2] - The company is expanding high-end capacity in AI servers and 800G switches, with expected revenue growth in these areas [3] - The company is also developing products for 5.5G, 6G, satellite communications, and automotive electronics, which are anticipated to contribute to long-term growth [3] Group 3: Investment Recommendations - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of ***/***/*** billion and net profits of ***/***/*** million [4]

Core Viewpoint - The company reported a significant turnaround in its financial performance for 2024, with a revenue of 4.69 billion, a year-on-year increase of 43.2%, and a net profit of 332 million, compared to a loss of 25 million in the same period last year, driven by product structure optimization and market demand for high-performance printed circuit boards [2][3]. Financial Performance - The Q4 performance exceeded guidance, with a revenue of 1.51 billion, a year-on-year increase of 70.9% and a quarter-on-quarter increase of 25.0%. The net profit for Q4 was 145 million, compared to a loss of 7 million in the same period last year, reflecting strong demand for AI server products from Amazon [3]. - The company achieved a significant improvement in its financials, with a non-GAAP net profit of 130 million in Q4, compared to a loss of 16 million in the same period last year, indicating a robust recovery [3]. Market Outlook - For 2025-2026, the company is expected to continue benefiting from growth in communication networks, AI servers, and automotive electronics. It is focusing on optimizing its product structure in the server field and has developed several high-margin AI server products [4]. - The company is actively collaborating with leading clients in the communication network sector to develop advanced PCB products for 5.5G, 6G, satellite communication, and optical modules, which are expected to enhance product pricing [4]. - In the automotive electronics sector, the company is strengthening partnerships with global leaders in smart driving and electric vehicles, leading to rapid growth in new customer orders [4]. Investment Recommendation - The company has established a strong competitive position in the communication network, high-performance computing (HPC), and automotive electronics sectors, with a focus on core technologies and mainstream client resources. The ongoing release of new production capacity is expected to support sustained growth in these key business areas [4].