Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has significantly turned around its performance, achieving a net profit of 332 million yuan in 2024, compared to a loss in the previous year. In Q1 2025, the net profit soared to 200 million yuan, reflecting a year-on-year growth of 656.87% [4][3]. - The company has established deep collaborations with several well-known AI server enterprises, leading to a substantial increase in the sales proportion of server products, which now account for 48.96% of total sales [4][5]. - The demand for high-layer, high-precision, high-density, and high-reliability multi-layer printed circuit boards (PCBs) is on the rise, contributing to significant revenue growth compared to the previous year [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.687 billion yuan, a year-on-year increase of 43.19%. The net profit for the same year was 332 million yuan, marking a turnaround from losses [3][4]. - For Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 78.55% [3]. Market Position and Strategy - The company has successfully implemented key projects in the server field, enhancing its market share in high-end PCB products. The introduction of the intelligent computing center project aims to meet the growing demand for high-layer, high-density interconnect PCBs, with an expected annual production capacity of 250,000 square meters by 2027 [7][9]. - The company is also expanding its production capabilities in high-precision HDI and soft-hard combination boards, which are crucial for meeting the demands of AI server applications [9][10]. Future Outlook - Revenue forecasts for 2025 to 2027 are projected at 6.842 billion yuan, 9.032 billion yuan, and 11.832 billion yuan, respectively, with corresponding EPS estimates of 1.03 yuan, 1.46 yuan, and 2.03 yuan [11][13]. - The company is expected to benefit from the increasing domestic penetration of AI computing solutions, particularly following the U.S. export restrictions on certain AI chips, which may drive demand for its high-end PCB products [11].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has significantly turned around its performance, achieving a net profit of 332 million yuan in 2024, compared to a loss in the previous year. In Q1 2025, the net profit soared to 200 million yuan, reflecting a year-on-year growth of 656.87% [4][3]. - The company has established deep collaborations with several well-known AI server enterprises, leading to a substantial increase in the sales proportion of server products, which now account for 48.96% of total sales [4][7]. - The demand for high-layer, high-precision, high-density, and high-reliability multi-layer printed circuit boards (PCBs) is on the rise, contributing to significant revenue growth compared to the previous year [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.687 billion yuan, a year-on-year increase of 43.19%. The net profit for the same year was 332 million yuan, marking a turnaround from losses [3][4]. - For Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 78.55% [3]. Market Position and Strategy - The company is actively enhancing its product structure and regional business layout, which has led to a significant increase in market share in the AI server PCB segment [4]. - The company is also expanding its production capacity with a new smart computing center project aimed at producing high-density interconnect PCBs, with an expected annual output of 250,000 square meters by 2027 [7][9]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 6.842 billion yuan, 9.032 billion yuan, and 11.832 billion yuan, respectively, with corresponding EPS estimates of 1.03 yuan, 1.46 yuan, and 2.03 yuan [11][13]. - The company is expected to benefit from the increasing domestic penetration of AI computing solutions, particularly following the U.S. export restrictions on certain AI chips [11][5].

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]

Financial Performance - The company reported a basic earnings per share of 0.0510 yuan for 2024, a significant increase of 147.22% compared to a loss of 0.1080 yuan in 2023 [1] - Net profit for 2024 was 0.37 billion yuan, a remarkable recovery from a loss of 0.79 billion yuan in 2023, reflecting a 146.84% increase [1] - Operating revenue reached 40.48 billion yuan, marking a 13.36% increase from 35.71 billion yuan in the previous year [1] - The return on equity improved to 1.08% from a negative 2.28% in 2023, indicating a positive turnaround in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 49,628.34 million shares, accounting for 68.54% of the circulating shares, with an increase of 1,042,300 shares compared to the previous period [1] - Shanghai Donglin Investment Development Co., Ltd. remains the largest shareholder with 28,992.60 million shares, representing 40.03% of the total share capital [2] - New entrants to the top ten shareholders include 华夏智胜先锋股票(LOF)A, 范朋鸽, and MORGAN STANLEY & CO. INTERNATIONAL PLC., each holding 98.60 million, 93.14 million, and 93.02 million shares respectively [2] Dividend Distribution - The company announced a dividend distribution of 0.85 yuan per share (including tax) [3]

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0110 | -0.0792 | 113.89 | -0.1000 | | 每股净资产（元） | 3.94 | 3.99 | -1.25 | 4.29 | | 每股公积金(元) | 2.7 | 2.71 | -0.37 | 2.72 | | 每股未分配利润(元) | 0.14 | 0.19 | -26.32 | 0.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.43 | 6.62 | 12.24 | 6.08 | | 净利润(亿元) | 0.07 | -0.49 | 114.29 | -0.62 | | 净资产收益率(%) | 0.28 | -1.97 | 114.21 | -2.32 | 本次公司不分配不转赠。 前十大流通股东累计持有： 21792. ...

一、主要会计数据和财务指标 三、分红送配方案情况 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.3400 | 1.1100 | 20.72 | 1.2700 | | 每股净资产（元） | 11.94 | 9.85 | 21.22 | 9.16 | | 每股公积金(元) | 4.17 | 2.1 | 98.57 | 2.16 | | 每股未分配利润(元) | 6.48 | 6.36 | 1.89 | 5.76 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 126.59 | 107.57 | 17.68 | 105.14 | | 净利润(亿元) | 11.69 | 9.36 | 24.89 | 10.66 | | 净资产收益率(%) | 11.84 | 11.12 | 6.47 | 13.85 | 10派8元(含税) 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： ...

一、主要会计数据和财务指标 三、分红送配方案情况 本次公司不分配不转赠。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1904 | 0.0462 | 312.12 | 0.1647 | | 每股净资产（元） | 12.15 | 11.65 | 4.29 | 11.25 | | 每股公积金(元) | 7.02 | 6.96 | 0.86 | 6.86 | | 每股未分配利润(元) | 3.65 | 3.24 | 12.65 | 3.04 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.41 | 2.38 | 43.28 | 2.8 | | 净利润(亿元) | 0.28 | 0.07 | 300 | 0.24 | | 净资产收益率(%) | 1.55 | 0.40 | 287.5 | 1.47 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 268.6 ...

点击招商研究小程序查看PDF报告原文 事件：公司公告25年一季报，Q1收入 40.38亿同比+56.25%环比-6.77%，归母净利 7.62亿同比+48.11% 环比+3.20%，扣非归母净利 7.45 亿同比+50.07%环比+0.71%，毛利率32.75%同比-1.11pct 环比 +0.96pct，净利率18.82%同比-0.84pct环比+1.82pct。我们点评如下： AI算力需求驱动公司业绩保持高速增长。 Q1收入端同比继续提速增长趋势，显示下游AI高算力计 算场景对PCB的结构性需求持续旺盛，环比小幅下滑主因春节因素以及产能方面有一定的瓶颈限 制。利润端增速低于收入增速，盈利能力同比下滑主因：1）股权激励费用同比增加约 6,000 万； 2）汇兑收益同比减少约 4,900 万；3）公司泰国工厂仍处于爬坡期有一定的折旧拖累，亏损约 5,100 万；4）国内加速产能的扩充，期间费用同比有增加。 展望Q2：预计高阶交换机及AI服务器相关产品保持放量态势，驱动业务结构优化带动毛利率向上，且 国内外新增产能持续爬坡带来经营层面的改善。 尽管市场担忧关税对于算力方面需求将产生负面影 响，但据我们对产业链的 ...

④活跃子行业， SW印制电路板（+2.95%）/ SW门户网站（+2.59%）/ SW 通信网络设备及器 件（+2.36%）/ 行情速递 ① 主板领涨， 中电鑫龙（+10.11%）/大立科技（+10.06%）/泰豪科技（+10.04%）/生意宝 （+10.03%）/天津普林（+10.02%）/ ②创业板领涨， 致尚科技（+20.00%）/幸福蓝海（+11.17%）/慧博云通（+8.54）/天利科技 （+7.07%）/思创医惠（+6.91%）/ ③科创板领涨， 仕佳光子（+18.36%）/科思科技（+7.97%）/艾森股份（+7.93%）/源杰科技 （+7.25%）/达梦数据（+7.01%）/ 海外新闻 国内新闻 ① 香港万得通讯社，人工智能终端产业发展研讨会在京召开/会议指出/人工 智能终端是人工智能技术落地应用的关键载体/加快人工智能终端产业发展/ 对发挥我国消费电子产业链条完备、制造能力强大、应用场景丰富优势/打造 全球科技竞争力/培育新的消费增长点具有关键作用/ ② 百度，在Create 2025百度AI开发者大会上/百度发布了多项关于模型、 应用、生态的技术与产品更新/包括最新的文心大模型4.5 Tu ...

Core Viewpoint - In 2024, the company faced significant operational pressure, with a notable decline in both revenue and profit, indicating challenges in maintaining profitability amidst external market pressures [1][4]. Financial Performance - The company's total revenue for 2024 was 1.559 billion, a decrease of 3.70% from 1.619 billion in 2023 [4]. - Gross profit fell from 404 million in 2023 to 307 million in 2024, a reduction of 970 million [4]. - Net profit attributable to shareholders plummeted by 88.91%, from 1.03 billion in 2023 to 113.837 million in 2024 [4]. - The net profit after excluding non-recurring items turned into a loss of 2.703 million, a decline of 103.25% compared to a profit of 832.82 million in 2023 [4]. Market Challenges - The company is navigating external challenges such as sluggish global economic recovery, supply chain restructuring, and rising raw material costs [4]. - Despite efforts to optimize product structure and enhance cost control, the company’s performance remained unsatisfactory due to new business lines still in the ramp-up phase and increased costs related to asset impairment and convertible bond interest [4]. Strategic Initiatives - The company is focusing on emerging technologies, including IoT, AI, and electric vehicles, to drive demand for PCB products [5][6]. - It has initiated small-scale production of high-performance computing products, indicating a shift towards advanced technology applications [6]. - The product range includes HDI boards, thick copper boards, and semiconductor packaging, catering to diverse industries such as industrial control, healthcare, and telecommunications [6]. Cost Control and Digital Transformation - The company is actively implementing cost control measures and lean operations, aiming to enhance efficiency and reduce costs [7]. - It has optimized its supply chain management and improved digital procurement processes, leading to significant advancements in cost management and operational efficiency [7]. - The deployment of SAP and other systems across all factories has been completed, facilitating real-time monitoring of operations and enhancing data accuracy for better decision-making [7].