Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is actively embracing opportunities and challenges brought by the AI wave, achieving significant results in various downstream application areas, particularly in data centers and AI servers [3][4]. - The company has become the world's largest automotive PCB supplier in 2024, with expectations for substantial growth in the automotive business due to increasing penetration of AI applications in vehicles [3][4]. - The company is expanding its high-end PCB production capacity to meet the growing demand from AI servers and related fields, with significant investments planned for upgrading existing facilities and constructing new ones [6][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, while the net profit attributable to shareholders was 650 million yuan, a slight decline of 1.06% [2]. - The forecasted revenues for 2025, 2026, and 2027 are 14.981 billion yuan, 17.705 billion yuan, and 20.893 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 2.04 yuan, and 2.56 yuan [7][9]. Market Position and Strategy - The company is a core supplier of PCBs for AI servers, with competitive advantages in high-end PCB mass production capabilities and established long-term strategic partnerships with leading global clients [4][6]. - The company plans to invest 5 billion yuan in its Zhuhai Jinwan base to enhance high-end production capacity, focusing on technology upgrades and new production lines for AI server high-end HDI boards [6][7]. Growth Potential - The company is expected to benefit from the ongoing growth in AI computing demand, with a robust pipeline of orders in AI servers and high-end optical modules [3][4]. - The anticipated release of high-end production capacity across global manufacturing bases is expected to open new avenues for revenue growth in the AI server business [6][7].

AI+汽车双轮领航，积极推动金湾基地扩产 事件： [Table_Summary] 2025 年上半年公司实现营业收入 70.95 亿元，同比增长 20.93%；归母 净利润 6.50 亿元，同比微降 1.06%；扣非归母净利润 5.37 亿元，同比 下降 9.02%。其中二季度实现营业收入 37.52 亿元，同比增长 20.08%， 环比增长 12.22%；归母净利润 3.25 亿元。 [Table_Info1] 景旺电子(603228) 电子 [Table_Title] 证券研究报告 / 公司点评报告 点评： 产能扩张有序，夯实发展根基。在 AI 服务器、高端光模块等领域订单 批量出货的推动下，公司公告珠海金湾基地 50 亿元扩产投资计划，对 珠海金湾基地 HLC、SLP 工厂进行技术改造升级，并启动高阶 HDI 工 厂建设，以提升高端 HDI 产能，定位于 AI 算力、高速网络通讯、汽车 智驾、AI 端侧应用等领域的高阶产品。同时，加速推进泰国生产基地 建设，进一步优化公司全球产能布局，满足日益增长的市场需求。 多元业务布局，AI 领域成效初显。公司积极布局多元业务，在 AI 相关 领域取得显著进展。在数 ...