Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 7.095 billion yuan in the first half of 2025, representing a year-on-year growth of 20.93%. However, the net profit attributable to shareholders decreased by 1.06% to 650 million yuan. The gross margin and net margin were 21.40% and 9.21%, reflecting a decline of 2.60 percentage points and 1.90 percentage points year-on-year, respectively [2][5] - In Q2 2025, the company reported a revenue of 3.752 billion yuan, a year-on-year increase of 20.08% and a quarter-on-quarter increase of 12.22%. The net profit attributable to shareholders was 325 million yuan, down 4.11% year-on-year and 0.03% quarter-on-quarter [2][5] Summary by Sections Automotive Electronics - The company maintains and expands its advantages in automotive electronics, focusing on the development of high-end AI markets. It has accumulated a large number of quality automotive clients, covering top global Tier 1 manufacturers and leading domestic OEMs. According to Prismark, the company has become the world's largest automotive PCB supplier in 2024 [12] Data Center - In the AI server sector, the company has accelerated mass production in the first half of 2025, enhancing its high-density HDI capabilities. The shipment of 800G optical modules has increased, and the company has established stable mass supply for several leading optical module clients, positioning itself for future product and technology opportunities [12] High-End HDI Factory Construction - The company plans to invest a total of 5 billion yuan in expanding its Zhuhai Jinwan base from 2025 to 2027. This includes a 1 billion yuan investment for technical upgrades and new AI server HDI production lines, a 3.2 billion yuan investment for a new high-end HDI factory with an annual capacity of 800,000 square meters, and an additional 800 million yuan to enhance key process capacities [12] Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.541 billion yuan, 2.023 billion yuan, and 2.408 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 34.88, 26.56, and 22.31 [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first half of 2025, the company achieved revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63%. The net profit attributable to shareholders was 1.36 billion yuan, up 37.75% year-on-year. The gross margin and net margin were 26.28% and 13.02%, respectively, with increases of 0.08 percentage points and 1.16 percentage points year-on-year [2][5]. - For Q2 2025, the company reported revenue of 5.671 billion yuan, a year-on-year increase of 30.06% and a quarter-on-quarter increase of 18.56%. The net profit attributable to shareholders was 869 million yuan, reflecting a year-on-year growth of 42.92% and a quarter-on-quarter growth of 76.74% [2][5]. Summary by Sections Financial Performance - The company’s PCB business generated 6.274 billion yuan in revenue in the first half of 2025, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue. The gross margin for this segment was 34.42%, an increase of 3.05 percentage points year-on-year [11]. - The packaging substrate business achieved revenue of 1.740 billion yuan, a year-on-year growth of 9.03%, representing 16.64% of total revenue. The gross margin decreased to 15.15%, down 10.31 percentage points year-on-year due to rising costs and production ramp-up challenges [11]. Market Trends and Drivers - The demand for AI-related products has significantly increased, driven by the capital expenditure growth of major cloud service providers, particularly in AI computing infrastructure. This has positively impacted the company's order growth in the PCB business [11]. - The company is actively advancing its projects in Thailand and Nantong, which are expected to support future business expansion [11]. Future Outlook - The company is expected to achieve net profits of 2.987 billion yuan, 3.647 billion yuan, and 4.466 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 40.91, 33.52, and 27.37 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.14 billion yuan for the first half of 2025, representing a year-on-year growth of 35.60% [2][5] - The net profit attributable to shareholders reached 173 million yuan, with a year-on-year increase of 15.29% [2][5] - The gross margin and net margin were 22.28% and 8.06%, showing a year-on-year change of +1.44 percentage points and -1.42 percentage points respectively [2][5] - In Q2 2025, the company achieved a revenue of 1.188 billion yuan, a year-on-year growth of 46.95% and a quarter-on-quarter growth of 24.87% [2][5] - The net profit for Q2 was 94 million yuan, reflecting a year-on-year increase of 29.30% and a quarter-on-quarter increase of 19.89% [2][5] - The company has advanced R&D and manufacturing capabilities, particularly in HDI products, and is positioned among the top in the domestic market [12] - The company is enhancing its production capacity and optimizing its product structure, with a focus on high-end products [12] - The company is well-prepared for future technology directions and product requirements in high-growth sectors such as AI servers and GPU acceleration cards [12] Financial Summary - The company expects to achieve net profits of 346 million yuan, 434 million yuan, and 541 million yuan for the years 2025, 2026, and 2027 respectively [12] - The corresponding price-to-earnings ratios for these years are projected to be 107.13 times, 85.49 times, and 68.55 times [12] - The company has established production bases in Zhuhai and Chongqing, and is also developing a manufacturing base in Thailand to enhance global delivery capabilities [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 16.955 billion yuan for the first half of 2025, representing a year-on-year growth of 1.96%. The net profit attributable to shareholders was 758 million yuan, showing a significant increase of 35.21% year-on-year. The gross margin and net margin were 13.59% and 4.47%, respectively, with year-on-year increases of 0.52 percentage points and 1.11 percentage points [2][6]. - In Q2 2025, the company achieved a revenue of 8.353 billion yuan, which was a decline of 5.98% year-on-year and 2.90% quarter-on-quarter. The net profit attributable to shareholders was 302 million yuan, reflecting a year-on-year growth of 11.39% but a quarter-on-quarter decline of 33.72% [2][6]. - The company is focusing on expanding its high-layer PCB capacity to capture the growing demand for AI servers, with an investment of up to 1 billion USD planned for high-end PCB projects [12][12]. - The company is expected to achieve net profits of 3.055 billion yuan, 5.579 billion yuan, and 6.325 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36.54, 20.01, and 17.65 [12]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit of 758 million yuan, up 35.21% year-on-year. The gross margin was 13.59%, and the net margin was 4.47% [2][6]. - In Q2 2025, the revenue was 8.353 billion yuan, down 5.98% year-on-year and 2.90% quarter-on-quarter, with a net profit of 302 million yuan, reflecting an 11.39% year-on-year increase but a 33.72% quarter-on-quarter decline [2][6]. Business Segments - The electronic circuit business generated 11.059 billion yuan in revenue, up 1.93% year-on-year, while the precision components business saw an 11.87% increase to 2.362 billion yuan. The touch panel and LCD module business reported a revenue of 3.049 billion yuan, down 2.35% year-on-year. The LED display business experienced a significant decline of 34.73% to 285 million yuan [12]. - The new energy business achieved approximately 4.940 billion yuan in revenue, representing a growth of about 29.66% [12]. Strategic Initiatives - The company is initiating a high-end PCB project with an investment of up to 1 billion USD to enhance its product offerings in high-density interconnect and flexible rigid technologies [12]. - The company is also increasing its investment in hardboard business and acquiring a leading player in the optical communication field to strengthen its strategic positioning in AI [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company achieved revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64% [2][5] - The net profit attributable to shareholders reached 384 million yuan, with a year-on-year increase of 26.89% [2][5] - The gross margin and net margin were 22.72% and 14.38%, showing a slight decrease of 0.04 percentage points and an increase of 2.37 percentage points year-on-year, respectively [2][5] - In Q2 2025, the company reported revenue of 1.361 billion yuan, a year-on-year growth of 4.55% and a quarter-on-quarter growth of 11.83% [2][5] - The net profit attributable to shareholders for Q2 was 204 million yuan, reflecting a year-on-year increase of 5.23% and a quarter-on-quarter increase of 13.59% [2][5] Summary by Relevant Sections Business Development - The company has embraced AI applications and is developing a second growth curve by focusing on emerging technology sectors [11] - It has received certification from Denso's electrification division, a major TIER 1 customer, and has made progress in the automotive sector, particularly in new energy vehicle components [11] - The company is also expanding into AI server boards, achieving mass production of high-layer PCBs for AI applications [11] Financial Forecast - The company is expected to achieve net profits of 912 million yuan, 1.106 billion yuan, and 1.401 billion yuan for the years 2024, 2025, and 2026, respectively [11] - Corresponding price-to-earnings ratios are projected to be 28.70, 23.67, and 18.68 times [11]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a significant increase in performance, with a revenue of 8.494 billion yuan in the first half of 2025, representing a year-on-year growth of 56.59%. The net profit attributable to shareholders reached 1.683 billion yuan, up 47.50% year-on-year [2][5]. - The company's gross margin and net margin were 35.14% and 19.76%, respectively, showing a slight decline compared to the previous year [5]. - In Q2 2025, the company achieved a revenue of 4.456 billion yuan, a year-on-year increase of 56.91% and a quarter-on-quarter increase of 10.37%. The net profit for the same period was 920 million yuan, reflecting a year-on-year growth of 47.01% and a quarter-on-quarter growth of 20.70% [2][5]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 8.494 billion yuan, with a year-on-year growth of 56.59%. The net profit attributable to shareholders was 1.683 billion yuan, up 47.50% year-on-year. The gross margin was 35.14%, and the net margin was 19.76%, both showing slight declines [2][5]. - In Q2 2025, the company reported a revenue of 4.456 billion yuan, a year-on-year increase of 56.91% and a quarter-on-quarter increase of 10.37%. The net profit for Q2 was 920 million yuan, reflecting a year-on-year growth of 47.01% and a quarter-on-quarter growth of 20.70% [2][5]. Business Segments - The enterprise communication market segment generated approximately 6.532 billion yuan in revenue, a year-on-year increase of about 70.63%. AI server and HPC-related PCB products accounted for about 23.13% of this segment's revenue [10]. - The automotive PCB segment achieved approximately 1.422 billion yuan in revenue, a year-on-year increase of about 24.18%. New automotive PCB products accounted for 49.34% of this segment's revenue [10]. Capacity Expansion - The company is accelerating capacity expansion through technology upgrades and new projects. A new project for high-end printed circuit boards related to AI chips, with a total investment of approximately 4.3 billion yuan, commenced construction in late June 2025 and is expected to start trial production in the second half of 2026 [10]. - The Thailand production base began small-scale production in Q2 2025, with ongoing efforts to gain customer recognition for AI servers and switches [10]. Future Outlook - The company is expected to maintain strong growth driven by demand for AI servers and high-speed network infrastructure. Projections indicate that the net profit attributable to shareholders will reach 3.812 billion yuan, 5.496 billion yuan, and 7.358 billion yuan for 2025, 2026, and 2027, respectively [10].

Group 1 - As of August 25, pension funds appeared among the top ten circulating shareholders of 12 stocks, holding a total of 121 million shares valued at 2.188 billion yuan [1] - The top three stocks by the number of shares held by pension funds are Mingtai Aluminum, Huangma Technology, and Nasda, with holdings of 45 million shares, 25 million shares, and 21 million shares respectively [1] - In terms of market value, Mingtai Aluminum, Nasda, and Huangma Technology rank highest, with values of 559 million yuan, 485 million yuan, and 318 million yuan respectively [1] Group 2 - In the second quarter, pension funds were present among the top ten circulating shareholders of 75 stocks, holding a total of 679 million shares valued at 14.592 billion yuan [1] - There are 21 stocks where pension funds hold over 10 million shares, with the highest holdings in CNOOC Development, Mingtai Aluminum, and Shun'an Environment, at 52 million shares, 45 million shares, and 36 million shares respectively [1] - The industry distribution of pension fund holdings is primarily concentrated in chemicals, electronic equipment, and pharmaceuticals, with 12, 7, and 5 stocks respectively [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 3.769 billion yuan, a year-on-year growth of 91.00%, and a net profit of 531 million yuan, a year-on-year increase of 452.11% [2][5]. - The gross margin and net margin for the first half of 2025 were 30.39% and 14.08%, respectively, reflecting increases of 10.70 percentage points and 9.21 percentage points year-on-year [2][5]. - In Q2 2025, the company achieved revenue of 2.189 billion yuan, a year-on-year growth of 101.12% and a quarter-on-quarter growth of 38.61%, with a net profit of 330 million yuan, marking a year-on-year increase of 374.34% and a quarter-on-quarter increase of 65.01% [2][5]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 3.769 billion yuan and a net profit of 531 million yuan, with gross and net margins of 30.39% and 14.08% respectively [2][5]. - In Q2 2025, revenue was 2.189 billion yuan, with a net profit of 330 million yuan, indicating strong growth in both metrics [2][5]. Market Position and Strategy - The company is focusing on high-end product lines and enhancing production capacity to meet the growing demand in AI servers and high-performance computing [12]. - The company is optimizing its production structure and has invested 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards, aiming for a production capacity of 700,000 square meters annually [12]. Future Outlook - The company is expected to achieve net profits of 1.096 billion yuan, 1.625 billion yuan, and 2.249 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 42.79, 28.85, and 20.85 [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.65 to 1.75 billion yuan for the first half of 2025, representing a year-on-year growth of 44.63% to 53.40% [2][5]. - The company’s net profit for Q2 2025 is projected to be between 0.888 to 0.988 billion yuan, with a year-on-year growth of 41.78% to 57.75% [11]. - The demand for AI-related business is driving structural growth in the printed circuit board (PCB) market, with expectations of continued revenue and profit growth [11]. Summary by Sections Financial Performance - For the first half of 2025, the company anticipates a net profit of 1.65 to 1.75 billion yuan, with a median estimate of 1.70 billion yuan, indicating a 49.01% year-on-year increase [2][5]. - The expected net profit excluding non-recurring items is projected to be between 1.61 to 1.71 billion yuan, with a median of 1.66 billion yuan, reflecting a 49.35% year-on-year growth [2][5]. Quarterly Performance - In Q2 2025, the company expects a net profit of 0.888 to 0.988 billion yuan, with a median of 0.938 billion yuan, showing a year-on-year increase of 49.77% [11]. - The projected net profit excluding non-recurring items for Q2 is between 0.865 to 0.965 billion yuan, with a median of 0.915 billion yuan, indicating a 48.78% year-on-year growth [11]. Market and Business Outlook - The company is benefiting from the structural demand for PCBs driven by high-performance computing servers and AI applications, which are expected to create new growth opportunities in the PCB market [11]. - The company has established a strong foothold in the high-end PCB market, with ongoing development of next-generation GPU platforms and high-speed network infrastructure products [11]. - The forecasted net profits for 2025 to 2027 are 3.726 billion yuan, 5.068 billion yuan, and 6.117 billion yuan, respectively, with corresponding price-to-earnings ratios of 28.43, 20.90, and 17.32 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a strong performance in the first half of 2025, achieving operating revenue of 16.375 billion, a year-on-year increase of 24.75%, and a net profit attributable to shareholders of 1.233 billion, up 57.22% year-on-year [2][5]. - The gross margin and net margin for the first half of 2025 were 19.07% and 7.49%, respectively, reflecting increases of 1.10 percentage points and 1.52 percentage points year-on-year [2][5]. - In Q2 2025, the company achieved operating revenue of 8.288 billion, a year-on-year increase of 28.71% and a quarter-on-quarter increase of 2.49%, with a net profit of 745 million, up 159.55% year-on-year and 52.59% quarter-on-quarter [2][5]. Summary by Sections Business Performance - The company’s communication board business generated revenue of 10.268 billion, a year-on-year increase of 17.62% [11]. - The consumer electronics and computer board business saw revenue of 5.174 billion, up 31.63% year-on-year, driven by the recovery in consumer electronics and the development of AI-related products [11]. - The automotive and server board business achieved revenue of 805 million, a significant increase of 87.42% year-on-year [11]. R&D and Innovation - The company continues to focus on PCB technology R&D, with current products achieving a minimum hole diameter of 0.025mm and a minimum line width of 0.020mm [11]. - The company is advancing new product development in areas such as foldable devices and AI servers, positioning itself as a key supplier for emerging technologies [11]. Capital Expenditure and Growth Outlook - The company plans to increase capital expenditures to over 30 billion New Taiwan dollars in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC capacity [11]. - The company is expected to achieve net profits of 4.397 billion, 5.644 billion, and 6.773 billion for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27.65, 21.54, and 17.95 [11].