Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan in 2024, representing a year-on-year growth of 17.68%. The net profit attributable to the parent company was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth was primarily driven by increased orders and improved capacity utilization [5][11]. Summary by Sections Company Overview - The company is embracing the new AI trend and is expanding into high-end markets, particularly in the data center and automotive electronics sectors. It has made significant progress in AI server products and has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers [6][10]. Financial Performance - The company expects to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The projected PE ratios for 2025, 2026, and 2027 are 17.22, 14.12, and 11.75 respectively [11][13]. Market Position and Strategy - The company is focusing on R&D investments to maintain its technological advantages across various sectors, including high-speed communication, automotive electronics, and consumer electronics. It aims to enhance its product offerings and expand its market share in high-end consumer products [7][8][9]. Future Outlook - The company anticipates continued growth in its automotive business due to the increasing penetration of AI applications in vehicles. It has strategically positioned its production capacity across multiple bases to meet future demand [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan for 2024, representing a year-on-year growth of 17.68%. The net profit attributable to shareholders was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth is attributed to increased orders and improved capacity utilization [5][11]. Summary by Sections Business Performance - The company has made significant progress in the AI server sector, with some products already in mass production. In the high-speed communication field, it has achieved mass production of 800G optical modules and has the capacity for 1.6T optical modules, supplying multiple leading optical module clients [6]. - In the automotive electronics sector, the company has accumulated a large number of quality automotive clients, covering top global Tier 1 manufacturers and leading domestic OEMs. The growth of high-end products in intelligent driving and smart cockpit applications is notable, with an expected broad growth space in the automotive business [6][7]. R&D and Technological Advancements - The company is increasing its R&D investment to expand its technological lead, with capabilities in various advanced manufacturing processes for high-speed communication and automotive applications. This includes the production of high-frequency and high-speed PCB products, which have achieved significant technological breakthroughs [8][9][10]. Financial Projections - The company is expected to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The PE ratios for 2025, 2026, and 2027 are projected to be 17.22, 14.12, and 11.75 respectively [11][13].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company has embraced new AI trends, significantly expanding its presence in high-end markets, particularly in smart driving, AI servers, and AI computing hardware, leading to stable growth in operating performance [2][3]. - The company reported a revenue of 12.659 billion yuan for 2024, a year-on-year increase of 17.68%, and a net profit of 1.169 billion yuan, up 24.86% [1][4]. - For the first quarter of 2025, the company achieved a revenue of 3.343 billion yuan, reflecting a year-on-year growth of 21.9%, with a net profit of 325 million yuan, an increase of 2.18% [1][4]. Financial Performance Summary - The company is projected to achieve revenues of 15.128 billion yuan, 18.154 billion yuan, and 21.784 billion yuan for the years 2025, 2026, and 2027, respectively [4][11]. - The expected net profits for the same years are 1.527 billion yuan, 1.986 billion yuan, and 2.405 billion yuan [4][11]. - The report anticipates a 20x PE ratio for 2025, leading to a target price of 32.69 yuan within six months [4][6]. Market Position and Product Development - The company has made significant advancements in the data center sector, with mass shipments of AI server products and a leading position in high-speed FPC and ultra-high-layer PTFE products [2][3]. - In the automotive electronics sector, the company has seen high growth in smart driving and smart cockpit products, increasing its market share in HDI and high-layer products [2][3]. - The company has also increased its R&D investment, resulting in the acquisition of 30 new invention patents and 9 utility model patents during the reporting period [3][11].