点击招商研究小程序查看PDF报告原文 公司发布2025年一季报，25Q1收入 43.1 亿同比+80.3%环比+42.2%，归母净利9.21 亿同比+339.2%环比+136.2%，扣非归母净利 9.24 亿同比 +347.2%环比+153.9%。公司预计 Q2净利润环比增长不低于 30%，25H1净利润同比超过 360%。结合公司近况，我们点评如下： 投资评级定义 股票评级 以报告日起6个月内，公司股价相对同期市场基准（沪深300指数）的表现为标准： 25Q1收入创历史新高，利润超出指引区间中值，主要受益于公司AI相关高毛利订单爆发。 Q1收入43.1亿同比+80.3%环比+42.2%，归母净利9.21亿 同比+339.2%环比+136.2%，扣非归母净利 9.24 亿同比+347.2%环比+153.9%，经营性现金流净额 4.24 亿同比+134.6%，期末存货 23.3 亿较期初增 加 2.8 亿 。 毛 利 率 33.37% 同 比 +13.89pct 环 比 +7.68pct ， 净 利 率 21.35% 同 比 +12.58pct 环 比 +8.50pct ， 期 间 费 用 率 为 7.59% ...

Core Viewpoint - The company reported a significant increase in revenue and profit for Q1 2025, driven by high-margin AI-related orders, indicating strong growth potential in the AI computing sector [2][3]. Financial Performance - Q1 2025 revenue reached 4.31 billion, a year-on-year increase of 80.3% and a quarter-on-quarter increase of 42.2 - Net profit attributable to shareholders was 921 million, up 339.2% year-on-year and 136.2% quarter-on-quarter - Non-recurring net profit was 924 million, reflecting a year-on-year increase of 347.2% and a quarter-on-quarter increase of 153.9% - Operating cash flow was 424 million, a year-on-year increase of 134.6% - Gross margin improved to 33.37%, up 13.89 percentage points year-on-year and 7.68 percentage points quarter-on-quarter [2]. Market Outlook - For Q2 2025, the company expects net profit to exceed 1.2 billion, with H1 net profit projected to surpass 2.1 billion - The growth is attributed to the company's positioning with major clients like NVIDIA, Amazon, and AMD, and the acceleration of capacity expansion to meet domestic and overseas demand for PCB boards [3]. - The company aims to leverage AI computing technology advancements and data center upgrades to capture new market opportunities, focusing on high-end products and new materials [3]. Strategic Initiatives - The company plans to raise up to 1.9 billion for expanding high-end PCB production capacity for AI computing - It is actively collaborating with international clients such as NVIDIA, Tesla, and Amazon to meet high-end multilayer board demands [3]. - The company is also expanding its presence in the automotive electronics sector, becoming a key supplier for major Tier 1 clients [3]. Investment Potential - The company is well-positioned in the PCB sector, with a strong client base including NVIDIA, AMD, Intel, and others, which is expected to drive order growth - The forecast for revenue and net profit from 2025 to 2027 indicates significant growth potential, supported by the increasing demand for AI computing [4].

Core Viewpoint - The company has successfully capitalized on the historic opportunities presented by AI computing power, resulting in rapid revenue and net profit growth, maintaining a "buy" rating. Financial Performance - In 2024, the company achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit attributable to shareholders of 1.154 billion yuan, a year-on-year increase of 71.96% [1] - The gross profit margin for 2024 was 22.72%, an increase of 2.01 percentage points year-on-year, while the net profit margin was 10.76%, an increase of 2.29 percentage points year-on-year [1] - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year increase of 80.31% and a quarter-on-quarter increase of 42.15%, with a net profit of 921 million yuan, a year-on-year increase of 339.22% and a quarter-on-quarter increase of 136.17% [1] - The gross profit margin for Q1 2025 was 33.37%, an increase of 13.89 percentage points year-on-year [1] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025 and over 360% year-on-year for the first half of 2025 [1] Technological Advancements - The company embraces AI and focuses on the opportunities brought by AI computing technology and data center upgrades, positioning itself at the forefront of global PCB manufacturing technology [2] - The company has made significant advancements in high-end products, including breakthroughs in ultra-high multilayer boards and high-level HDI technologies, and has successfully applied new materials like PTFE [2] Innovation and R&D - In 2024, the company invested 450 million yuan in R&D [3] - The company has achieved mass production of 6-stage 24-layer HDI products and is accelerating the development of the next generation 10-stage 30-layer HDI products [3] - In the automotive electronics sector, the company is a top PCB supplier for the world's largest electric vehicle customer, with sales increasing year-on-year [3] - The company supplies a wide range of PCB products for various automotive components, including safety parts and advanced driver-assistance systems [3] Future Projections - The company is expected to achieve revenues of 16.419 billion yuan, 21.837 billion yuan, and 27.297 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 3.449 billion yuan, 4.712 billion yuan, and 5.974 billion yuan [3] - Corresponding P/E ratios for 2025-2027 are projected to be 19.1, 14.0, and 11.0 [3]

Summary of Conference Call Records Company and Industry Overview - The company operates in the PCB (Printed Circuit Board) industry, focusing on rapid prototyping and small to large batch production. The company has a significant client base, including major players in the robotics sector such as 汇川 (Huichuan) and 爱斯顿 (Aston) [1][4][43]. Key Points and Arguments 1. **Production Capacity Planning**: The company has developed a comprehensive capacity plan, transitioning from small batch production to large scale manufacturing, with projected revenues exceeding 20 billion in the future [1]. 2. **Robotics Market Potential**: The domestic robotics market is expected to grow significantly, potentially matching Tesla's scale within three years. The company anticipates substantial growth in PCB production for robotics applications [2]. 3. **Factory Developments**: The company has established a new factory (珠海) aimed at rapid prototyping, with an initial production capacity of 720,000 square meters, potentially generating 1 billion in revenue when fully operational [23][24]. 4. **High-Margin Products**: The company specializes in high-value rapid prototypes, which have a diverse customer base and high profit margins, with an average gross margin of around 40% [21][24]. 5. **Client Relationships**: The company has long-standing relationships with key clients, such as 一博 (Yibo), which contributes significantly to its revenue with a gross margin exceeding 50% due to specialized high-difficulty orders [10][11]. 6. **Future Revenue Projections**: The company expects to achieve revenues of approximately 3.5 million this year from its robotics segment, with potential growth to 30 million in the coming years [12]. 7. **Market Demand Dynamics**: The demand for small batch and rapid prototyping services is driven by clients' R&D needs, with a focus on flexibility and quick turnaround times [31][32]. 8. **Expansion Plans**: The company plans to launch an online marketplace to capture orders from global electronic manufacturers and small enterprises, enhancing its market reach [6][26]. Additional Important Insights - **Technological Capabilities**: The company emphasizes its comprehensive technical capabilities in producing complex PCBs, including high-layer count and HDI (High-Density Interconnect) boards, which are essential for advanced robotics applications [17][19]. - **Competitive Landscape**: The company positions itself as a key supplier for high-difficulty PCB needs, which larger manufacturers may not be able to fulfill due to their focus on mass production [35][37]. - **Long-Term Profitability Goals**: The company aims for a long-term profit target of 4 to 6 billion, leveraging its unique position in the market and expanding production capabilities [42][45]. This summary encapsulates the essential points discussed in the conference call, highlighting the company's strategic direction, market opportunities, and operational insights.