Investment Rating - The investment rating for the company is "Buy/Maintain" [1] Core Insights - The company achieved a total revenue of 18.945 billion yuan in 2025, representing a year-on-year growth of 42.00%. The net profit attributable to the parent company is expected to reach 3.822 billion yuan, with a growth of 47.74% [4][5] - The data communication board business experienced rapid growth, with revenue in this segment reaching approximately 14.656 billion yuan, a year-on-year increase of about 45.21%. The product structure continues to improve, leading to a significant enhancement in profitability [5] - The company is expanding its production capacity both domestically and internationally, focusing on high-end PCB to meet the long-term demand from downstream clients [6] Financial Performance - The company reported a historical high in both revenue and net profit for 2025, driven by strong demand for high-end PCBs in AI computing infrastructure [5] - Revenue from high-speed network switches and related routers grew by 109.89% year-on-year, reaching approximately 8.169 billion yuan [5] - The company forecasts revenues of 25.639 billion yuan, 38.609 billion yuan, and 53.239 billion yuan for 2026, 2027, and 2028, respectively, with corresponding growth rates of 35.33%, 50.59%, and 37.89% [7] Earnings Forecast - The projected net profit for 2026 is 5.686 billion yuan, with a growth rate of 48.75%. For 2027 and 2028, the net profit is expected to be 8.942 billion yuan and 12.462 billion yuan, with growth rates of 57.28% and 39.36%, respectively [7][11] - The diluted earnings per share (EPS) is expected to be 1.99 yuan for 2025, increasing to 2.95 yuan in 2026, 4.65 yuan in 2027, and 6.48 yuan in 2028 [7][11] Market Position - The company is well-positioned to benefit from the increasing demand for AI computing and storage products, which are driving its revenue growth [9] - The company has made significant investments, approximately 3.3 billion yuan, in new high-end PCB production projects to meet the growing demand [6]