Core Insights - The article highlights the rapid growth and strategic positioning of Tiancheng Technology as a leading domestic enterprise in high-end copper plating and electroplating technology, leveraging AI capabilities and domestic substitution trends [3][4][5]. Company Development - Tiancheng Technology has transitioned from a foundational phase to a competitive position against foreign giants like DuPont and Amtech, aiming to establish itself as a comprehensive national brand in the electronic chemical products sector [4][5]. - The company has achieved significant milestones during the 14th Five-Year Plan, including brand recognition, technological advancements, and market penetration, with over 80% of domestic PCB listed companies as long-term partners [5][6]. Future Goals - The company aims to achieve a sales target of at least 3 billion yuan by 2030, marking its fourth five-year plan [3][10]. - Tiancheng Technology plans to expand its production capacity significantly, targeting a total annual capacity of approximately 90,000 tons by 2026, which will support its ambitious sales goals [10]. Strategic Moves - The company is relocating its headquarters from Zhuhai to Shanghai in July 2025, becoming the first company to do so after listing on the Sci-Tech Innovation Board, reflecting confidence in future growth and strategic positioning [6][7]. - Tiancheng Technology is also engaging in investment opportunities, participating in a private equity fund to deepen its integration into the semiconductor and electronic materials industry chain [7]. Market Opportunities - The company has recently received certification from NVIDIA, positioning itself to benefit from the anticipated geometric growth in the PCB electronic chemical market driven by AI server applications [8][9]. - With the breakthrough in domestic wet process equipment technology, Tiancheng Technology is poised to capture market share in high-reliability PCBs, particularly for AI servers, challenging the previous monopoly held by foreign brands [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][16]. Core Views - The company has shown steady revenue growth in the first half of 2025, benefiting from increased demand in the downstream PCB industry, particularly driven by AI PCB expansion [2][3]. - The gross margin for the first half of 2025 was 40.06%, reflecting a year-on-year increase of 1.55 percentage points, while the net margin was 17.23%, down 3.98 percentage points year-on-year [2]. - The company is actively expanding its production capacity, with plans to increase PCB specialty chemical production to 40,000 tons per year at its Shanghai facility, while also constructing factories in Zhuhai and Thailand [2][3]. Financial Summary - Revenue for 2023 is projected at 339 million yuan, with a year-on-year growth rate of -9.5%. By 2027, revenue is expected to reach 751 million yuan, with a growth rate of 25.2% [1]. - The net profit attributable to the parent company is forecasted to be 59 million yuan in 2023, increasing to 170 million yuan by 2027, with a significant growth rate of 41.7% in 2027 [1]. - The company's latest diluted EPS is projected to grow from 0.47 yuan in 2023 to 1.37 yuan in 2027, reflecting a strong upward trend in earnings per share [1][4]. Industry Context - The company is positioned as a leading player in the domestic PCB chemical industry, benefiting from the expansion of high-end PCB manufacturers driven by increased capital expenditures from cloud service providers [2][3]. - The report highlights the company's advancements in semiconductor packaging technologies, including TSV and RDL electroplating, which are crucial for meeting the rising demand for high-performance computing and AI applications [3][8].