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]

点击招商研究小程序查看PDF报告原文 事件：公司发布24年业绩快报，结合公司近况，我们点评如下： 发布24年快报，业绩符合此前指引。 24全年收入46.9亿同比43.2%，归母净利3.32亿，去年同期亏 0.25亿，扣非归母3.27亿，去年同期亏0.44亿，大幅扭亏主要系公司持续优化产品结构，积极完善 产品业务区域布局，随着市场对高层数、高精度、高密度和高可靠的多层印制电路板需求增长，收 入实现同比较大增长，净利润扭亏为盈。 Q4业绩高于指引中值，25Q1订单及稼动率仍旺。 24Q4收入15.1亿同比+70.9%环比+25.0%，归母 净利1.45亿，去年同期亏0.07亿环比+60.8%，扣非归母1.3亿，去年同期亏0.16亿环比+50.3%，同比 扭亏主要系源于公司亚马逊客户AI服务器等高毛利产品订单持续放量，环比提升主要系亚马逊AI服 务器需求量持续向上，产品结构随算力订单放量继续优化。近期市场关注亚马逊需求有所调整以及 其供应格局变化，据我们对公司的跟踪，公司目前接单情况良好，产能稼动率开年以来处于较高水 平，且公司在亚马逊下一代产品的技术和研发卡位领先，在海外以及国内多个算力客户拓展进度积 极，下游 ...