方正科技于去年11月在投资者互动平台回复投资者提问时表示，随着人工智能相关领域持续的科技创 新，数据中心中相关的AI服务器、交换机、光模块、高速线缆等应用领域成为了PCB市场增长的主要驱 动力。公司紧抓市场趋势，围绕既定发展战略方向，持续强化公司在通信设备和智能终端等应用领域的 竞争力，同时将自动驾驶、机器人、卫星通信等应用领域作为重点培育业务，共同推动主营业务高质量 发展。 中航证券认为，生成式人工智能的兴起显著提升了对高性能数据处理和传输的需求，进一步推动服务器 等领域对人工智能用高端PCB产品的需求增长。与传统PCB相比，人工智能用高端PCB在设计、制造、 材料及可靠性方面要求更高，准入门槛较高。公司早已布局高端PCB市场，在人工智能和算力类高多层 板及HDI技术领域具备竞争优势，公司正面临难得的战略发展机遇与产业升级窗口期。 对于本期业绩预增的主要原因，方正科技表示，公司抢抓人工智能产业爆发机遇，充分发挥在通信设 备、智能终端等应用领域的市场优势，聚焦人工智能及算力赛道，加速拓展AI服务器、高速光模块、 高端交换机等高附加值业务订单，持续优化产品结构，提升盈利能力。同时，公司持续推进精细化管 理，通过 ...

Group 1 - The core viewpoint of the report is that Fangzheng Technology is positioned to benefit from the AI computing power wave, with high-end PCB products driving new growth momentum [1][4]. - Fangzheng Technology specializes in the design, research and development, production, and manufacturing of PCB products, serving various industries including mobile smart terminals, 5G communication, data centers, and more [2][3]. - The company has achieved advanced technical capabilities in the PCB industry and is focusing on new materials and technologies to meet the future demands of high-growth sectors such as AI servers and GPU acceleration cards [3][4]. Group 2 - The rise of generative AI has significantly increased the demand for high-performance data processing and transmission, particularly in the server sector, creating a strategic opportunity for the company in the high-end PCB market [4][5]. - The company plans to raise 1.98 billion yuan through a private placement to invest in an AI and computing-related high-density interconnect circuit board production base, aiming to accelerate entry into high-value markets [4][6]. - A stock incentive plan has been proposed to attract and retain talent, with performance targets set for revenue and profit growth from 2025 to 2027 [5][6]. Group 3 - The company is expected to achieve revenue of 4.087 billion, 4.827 billion, and 5.553 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.4%, 18.1%, and 15.0% respectively [6]. - The projected net profit for the same period is 353 million, 456 million, and 567 million yuan, with growth rates of 37.1%, 29.3%, and 24.3% respectively [6]. - The company has received a "buy" rating based on its strategic positioning and expected growth in high-end PCB products [1][6].