Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 135.00 and a sector rating of "Outperform" [1][3]. Core Views - The company is expected to benefit from the PCB expansion wave driven by AI, as the CoWoP technology pushes for upgrades in PCB processes, leading to increased demand for drilling equipment [3][8]. - The company is actively entering the drilling equipment sector to establish a second growth curve, maintaining a "Buy" rating [3][5]. Financial Projections - The company's revenue is projected to grow significantly, with estimates of RMB 1,479 million in 2025, representing a growth rate of 55.1% [7]. - The EPS estimates have been raised to RMB 2.21 for 2025, RMB 3.25 for 2026, and RMB 4.17 for 2027, reflecting increases of 5.7%, 18.2%, and 23.7% respectively [5][7]. - The company's total market capitalization is approximately RMB 178 billion, with corresponding PE ratios of 61.2, 41.5, and 32.4 for 2025, 2026, and 2027 [5][7]. Market Dynamics - The global market for multilayer boards and HDI boards is expected to reach USD 24.21 billion and USD 12.518 billion in 2024, with growth rates of 40.2% and 18.8% respectively, driven by demand from AI servers and high-speed network devices [8]. - The company is launching new drilling equipment, which is anticipated to help penetrate the new market segment and further expand growth opportunities [8].