Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Insights - The company has achieved steady growth in the first three quarters of 2025, with revenue reaching 4.078 billion yuan, a year-on-year increase of 10.96%, and a net profit of 625 million yuan, up 29.46% year-on-year [7]. - The company is actively expanding into AI and robotics sectors to create a second growth curve, focusing on high-value products and optimizing its product structure [7]. - The company has established a strong foothold in the automotive sector, supplying major electric vehicle brands and developing advanced products for autonomous driving and AI servers [7]. - The company is also innovating with its "Chip-in-Board" technology, which enhances reliability and electrical performance while reducing costs [7]. - Profit forecasts indicate a net profit of 869 million yuan in 2025, 1.299 billion yuan in 2026, and 1.665 billion yuan in 2027, reflecting a robust growth trajectory [2][7]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 5.022 billion yuan, 5.880 billion yuan, 8.668 billion yuan, and 11.062 billion yuan respectively, with corresponding year-on-year growth rates of 11.1%, 17.1%, 47.4%, and 27.6% [2]. - The company's net profit is expected to grow from 675 million yuan in 2024 to 1.665 billion yuan in 2027, with growth rates of 36.2%, 28.8%, 49.4%, and 28.2% respectively [2]. - The earnings per share (EPS) are projected to increase from 0.94 yuan in 2024 to 2.31 yuan in 2027 [2]. Market Position - The company has a total market capitalization of 31.454 billion yuan and a circulating market value of the same amount, with a debt-to-asset ratio of 30.48% [3]. - The stock price target is set at 63 yuan, with the current price at 43.65 yuan, indicating significant upside potential [2].

Group 1 - The company has achieved mass production capabilities for 28-layer AI server PCBs, 5-level HDI (including any layer interconnection), 6oz thick copper multilayer boards, multilayer flexible boards, and multilayer HDI rigid-flex boards [2]

Group 1 - The company has entered NVIDIA's supply chain through OEM methods [2] - In the AI server sector, the company has achieved mass production capabilities for various products, including 28-layer AI server circuit boards and 24-layer ultra-low loss servers [2] - The company also produces 5-stage HDI boards, 6oz thick copper multilayer boards, multilayer flexible boards, and multilayer HDI rigid-flex boards [2]