Investment Rating - The report gives a positive outlook on the electronic industry, indicating a "Look Favorably" rating for 2025 [4][9]. Core Insights - The report highlights the benefits of domestic computing power and storage price increases, with significant advancements in AI model applications and cloud capital expenditures [5][6]. - The automotive sector is expected to see a commercial breakthrough in high-level autonomous driving, with a notable increase in penetration rates due to cost reductions [5]. - The storage sector is experiencing a supply contraction, with major manufacturers like Micron announcing price increases of over 10% for NAND flash memory [5]. - Semiconductor equipment and components are projected to see improved profitability, with revenue growth expected to exceed 40% in Q1 2025 [5]. - The report emphasizes the importance of domestic semiconductor manufacturing capabilities amid U.S.-China trade tensions, particularly in advanced processes [5]. - The consumer electronics market is showing signs of recovery, with new product launches from major brands like Apple and Xiaomi [5]. Summary by Sections Computing Power and Storage - The report notes the rise of domestic computing power chains benefiting from new AI models and increased capital expenditures from cloud service providers [5]. - Major storage manufacturers are adjusting prices upwards due to supply constraints, with a reported 35% reduction in NAND production capacity [5]. Automotive Sector - The report anticipates a significant increase in the adoption of high-level autonomous driving features, with mainstream automakers competing to offer these technologies in more affordable models [5]. Semiconductor Equipment - Revenue growth for semiconductor equipment companies is expected to exceed 40% in Q1 2025, driven by increased orders from wafer fabs [5][6]. - The report predicts a gradual increase in domestic component manufacturing rates, enhancing revenue growth prospects [5]. Consumer Electronics - The report highlights the launch of new consumer electronics products, indicating a recovery in demand, although smartphone shipments saw a year-on-year decline of 17% in January 2025 [5][6]. Key Company Predictions - The report provides detailed revenue and profit forecasts for various companies in the electronic sector, indicating strong growth for firms like North Huachuang and Zhongwei [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][15] Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 179.07 billion yuan, representing a year-over-year increase of 32.39%. The net profit attributable to shareholders is expected to reach 18.78 billion yuan, up 34.29% year-over-year [3][4] - The report highlights the successful introduction of AI clients and the ramp-up of ABF substrate production as key drivers for profit growth in 2025 and beyond, with net profit forecasts for 2025, 2026, and 2027 set at 26.08 billion yuan, 32.76 billion yuan, and 38.49 billion yuan respectively [3][4] - The company is focusing on the demand for "AI PCB," the ramp-up of ABF substrates, and the recovery of BT substrate demand in 2025, particularly in the AI and automotive sectors [4] Financial Summary - The company achieved a revenue of 135.26 billion yuan in 2023, with a decline of 3.3%, followed by a projected revenue of 179.07 billion yuan in 2024, marking a growth of 32.4% [6] - The net profit attributable to shareholders for 2023 was 1.398 billion yuan, down 14.8%, with an expected increase to 1.878 billion yuan in 2024, reflecting a growth of 34.3% [6] - The gross margin is expected to improve from 23.4% in 2023 to 24.8% in 2024, while the net margin is projected to remain stable around 10.5% [6][11]

电子 | 证券研究报告 — 调整盈利预测 2025 年 3 月 13 日 002916.SZ 买入 原评级：买入 市场价格:人民币 127.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 4.6 (11.1) 27.7 50.8 相对深圳成指 (2.9) (12.4) 28.7 38.2 发行股数 (百万) 512.88 流通股 (百万) 511.55 总市值 (人民币 百万) 65,171.35 3 个月日均交易额 (人民币 百万) 1,200.29 主要股东 (17%) 5% 27% 49% 71% 92% Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 深南电路 深圳成指 资料来源：公司公告， Wind ，中银证券 日收市价为标准 以 2025 年 3 月 12 相关研究报告 《深南电路》20241031 《深南电路》20240828 《深南电路》20240710 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：元件 证券分析师： ...

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology [5] Core Views - Shenghong Technology's Q1 2025 performance significantly exceeded market expectations, indicating the beginning of high growth driven by barriers, customers, and R&D, positioning the company as a global leader in AI PCB [1][2] - The company is expected to achieve revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.3%, and a net profit of 1.135 billion yuan, up 69.0% year-on-year [11] - For Q1 2025, the forecasted net profit ranges from 780 million to 980 million yuan, representing a year-on-year growth of 272.12% to 367.54% [2] Summary by Sections Performance Analysis - The company anticipates a significant increase in orders for high-value products such as high-density interconnect (HDI) and AI multi-layer boards, driven by the acceleration of new AI server products from overseas major clients [2][3] - The complexity and high barriers associated with AI HDI technology are highlighted, with Shenghong's capabilities demonstrating a significant competitive advantage over other leading manufacturers [3] Product Development - Shenghong Technology has achieved a leading position in AI HDI technology and is rapidly advancing in high multi-layer board technology, collaborating closely with key clients to explore new product structures and materials [4] - The company has successfully integrated new technologies and materials, enhancing its product offerings and establishing a strong technical barrier in the industry [4] Market Trends - The report emphasizes the ongoing trend of AI HDI technology, which is essential for the performance upgrades of chip products, necessitating more efficient PCB designs [3] - The company is well-positioned to capitalize on the high demand for AI PCBs, with ongoing capacity expansions in Thailand and Vietnam to meet global needs [9] Financial Projections - Revenue forecasts for 2025 and 2026 have been raised to 20.115 billion yuan and 26.200 billion yuan, respectively, with net profit estimates adjusted to 4.620 billion yuan and 6.391 billion yuan [9] - The report projects a significant increase in profitability, with a PE ratio of 13.1 for 2025 and 9.4 for 2026, indicating strong future earnings potential [11]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high in revenue for three consecutive quarters, with a revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99% and a net profit of 832 million yuan, up 29.91% year-on-year [1] - The automotive business is entering a high growth phase, with revenue from automotive electronics or energy storage-specific business reaching 1.104 billion yuan in 2024, a year-on-year increase of 62.10% [2] - The company is actively expanding into new technologies, including data centers and humanoid robots, where magnetic components play a crucial role [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 1.702 billion yuan, a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16%, with a net profit of 208 million yuan [1] - The gross margin for Q4 2024 was 34.49%, down 2.47 percentage points year-on-year and 3.44 percentage points quarter-on-quarter, primarily due to lower margins on ceramic products and changes in sales prices [1] - The company expects net profits for 2025-2027 to be 1.1 billion, 1.345 billion, and 1.621 billion yuan, respectively, with year-on-year growth rates of 32.2%, 22.3%, and 20.5% [3] Market Trends - The global smartphone market is recovering, with a projected 7% year-on-year growth in 2024, leading to an increase in the company's market share [2] - The demand for magnetic components in smartphones is increasing due to AI functionality upgrades, with high-end materials penetration rates continuing to rise [2] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 21.8, 17.9, and 14.8, respectively [4] - The expected revenue growth rates for the next few years are 20.7% in 2025, 21.1% in 2026, and 20.8% in 2027 [4]