事件概述： 受益于高速运算服务器、人工智能等市场对PCB 的结构需求旺盛，叠加公司持续通过技改扩充产能， 公司一季度营收/归母净利润再度实现高增，预计后续随800G 交换机/AI 服务器等高端产品出货占比进 一步提升，公司利润率有望持续改善。 公司发布25 年一季报，公司25Q1 营收40.38 亿元，yoy+56.25%，qoq-6.77%，归母净利润7.62 亿元， yoy+48.11%，qoq+3.2%，扣非归母净利润7.45 亿元，yoy+50.07%，qoq+0.71%，毛利率32.75%，yoy- 1.11pct，qoq+0.95pct，净利率18.82%，yoy-0.84pct，qoq+1.82pct。 25Q1 营收/利润再度实现高增 我们预计公司2025/2026/2027 年净利润35.59/45.89/55.99 亿元，按照2025/4/25 收盘价，PE 为 15.8/12.2/10 倍，维持"买入"评级。 风险提示 原材料价格波动风险，贸易摩擦风险、汇率波动风险、外围环境波动风险、研报使用的信息更新不及时 风险。 数通领域PCB 要求持续提升，积极研发后续动能强1）AI 和高速网络基 ...

Core Viewpoint - The company achieved record high performance in Q1 2025, driven by structural demand from emerging computing scenarios such as AI and high-performance servers, despite a slight decline in revenue due to reduced production days during the Spring Festival [2] Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion yuan, representing a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million yuan, showing a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The non-recurring net profit was 745 million yuan, with a year-over-year increase of 50.07% and a quarter-over-quarter increase of 0.71% [1] - The gross margin was 32.75%, reflecting a year-over-year decrease of 1.11 percentage points and a quarter-over-quarter increase of 0.95 percentage points [1] Market and Product Insights - The company benefits from low direct exposure to the U.S. market, with less than 5% of revenue coming from direct exports to the U.S., primarily exporting to Southeast Asia [3] - The company is well-positioned to withstand potential tariff risks due to its technological and production capacity advantages in the PCB industry [3] - The company has ramped up investments in key processes and bottleneck processes, with fixed assets showing rapid growth since Q4 2024, and expects significant capacity improvements in H2 2025 [3] - The Thai production base has entered trial production, aiming for scalable mass production capabilities, which will strengthen the company's position with North American clients [3] Future Outlook - The company plans to invest 4.3 billion yuan to expand capacity to meet the long-term demand for high-end PCBs in the AI industry, reflecting confidence in AI sector growth [3] - The ongoing product iterations are expected to enhance average selling prices (ASP) and profitability, with monthly profits anticipated to continue breaking new highs [4] - The company maintains a profit forecast of 3.645 billion yuan, 4.201 billion yuan, and 4.559 billion yuan for 2025-2027, respectively, with a target valuation of 38 yuan for 2025 based on a 20X target multiple [4]

2025年4月27日，明阳电路发布2024年年报，公司实现营业总收入15.59亿元，同比下降3.70%；归属于 上市公司股东的净利润为1,138.37万元，同比大幅下降88.91%；扣除非经常性损益后的净利润为-270.30 万元，同比下降103.25%。这些数据反映出公司在2024年的经营业绩面临较大压力。 随着物联网、人工智能、新能源汽车、云计算及数据中心、AR/VR、卫星通信、智能机器人等新兴技 术的普及，PCB作为电子设备的核心组件，其市场需求将持续增长。报告期内，公司持续聚焦主营PCB 业务，逐步加大半导体测试板、MiniLEDPCB等工艺的研发及投入力度，并积极关注与PCB相关的高成 长性细分领域，组建高速大算力产品和玻璃基先进封装产品开发团队，快速推进高速大算力产品技术研 发和产业化。目前高速服务器、AI加速卡产品已经进入小批量阶段。 公司产品类型覆盖HDI板、厚铜板、软硬结合板/光模块、高频高速板、载板、半导体封测等，可以一 站式满足各种客户中小批量、多品种的需求。公司产品广泛应用于工业控制、医疗健康、汽车电子、半 导体、智能电网、通讯设备、商业显示、人工智能、数据中心等多个领域。公司在小批量 ...