Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 133.26 CNY for the next six months [4][7]. Core Insights - The company has significantly increased its performance, achieving a revenue of 6.829 billion CNY in Q3 2025, representing a year-on-year growth of 114.79%, and a net profit of 1.115 billion CNY, up 497.61% [2][4]. - The growth is driven by the AI market, with projections indicating substantial increases in demand for HDI and multilayer boards, expected to grow by 12.9% and 41.7% respectively in 2025 [2][3]. - The company is focusing on new products, processes, and materials, and has made strategic partnerships to enhance its market position [2][3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 10.306 billion CNY, 13.831 billion CNY, and 18.118 billion CNY respectively, with net profits projected at 1.68 billion CNY, 2.52 billion CNY, and 3.394 billion CNY [4][10]. - The company is expected to achieve a PE ratio of 66 times in 2025, indicating strong growth potential [4][10]. Capacity Expansion - The company is rapidly expanding its production capacity to meet high-end market demands, with ongoing projects aimed at increasing the production of advanced circuit boards [3][10]. - The Ji'an Phase II project is set to produce 350,000 square meters annually, with plans for trial production in 2026 and 2027 [3][10].

Group 1 - Company stock price increased by 2.81% to 47.99 CNY as of June 27, 2025, with a market cap of 39.919 billion CNY, ranking 8th in the components sector and 345th in the A-share market [1] - The highest intraday price reached 49.5 CNY on June 26, 2025, while the lowest was 44.71 CNY on June 24, 2025 [1] Group 2 - Company announced a supplementary agreement for the three-party supervision of the special account for raised funds, with a total fundraising amount of 2.066 billion CNY and a net amount of 1.975 billion CNY after deducting issuance costs [2] - The company has allocated 19.43 million CNY to the new project "Intelligent Computing Center High-Density Interconnection Circuit Board Project Phase I," with 662.12 million CNY yet to be invested [2] Group 3 - The company completed the first vesting period of the 2024 restricted stock incentive plan, with 7,284,488 shares transferred to 492 individuals, including directors and senior management [3] - The total amount received from the incentive participants was 34.67 million CNY, and the company received a transfer registration confirmation from the China Securities Depository and Clearing Corporation [3]

Group 1 - The core viewpoint of the news highlights that Zhengyuan Investment has conducted research on a listed company, Shengyi Electronics, which has shown promising financial performance and strategic developments [1] Group 2 - Shengyi Electronics achieved an operating income of 1.579 billion yuan and a net profit of 200 million yuan in Q1 2025, driven by product structure optimization and cost reduction [1] - The company has made breakthroughs in communication products, particularly in the 800G high-end switch and satellite communication sectors, with mass production expected in 2025 [1] - Server products accounted for 48.96% of sales, and the company plans to increase investment in technology research and production capacity in 2025 [1] - Shengyi Electronics is steadily advancing bulk orders in automotive electronics for smart driving assistance, power energy, and smart cockpit applications, with plans to increase investment in automotive dedicated lines [1] - The company has seen a slight increase in bulk material prices but has managed to keep overall raw material prices stable through dynamic supply strategy adjustments [1] - Investment in a factory in Thailand has increased to 170 million USD, with construction expected to start in November 2024 and trial production anticipated in 2026 [1] - The smart computing center's high-density interconnect circuit board construction project will start in December 2024, implemented in two phases, with trial production for the first phase in 2025 and the second phase in 2027 [1]