Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has experienced rapid revenue growth in H1 2025, primarily driven by the optimization of its PCB business structure and increased orders in high-end sectors such as AI servers and optical modules [2] - The company is focusing on expanding its high-end HDI production capacity, which is expected to drive a new round of growth [4] - The company has established strong partnerships with leading domestic telecommunications firms and is actively involved in multiple R&D projects for 5G mainboards and antenna PCBs [3] Financial Performance Summary - In H1 2025, the company achieved a revenue of 2.14 billion yuan, a year-on-year increase of 35.60%, and a net profit attributable to shareholders of 173 million yuan, up 15.29% year-on-year [1] - The company's gross margin for H1 2025 was 22.28%, an increase of 1.44 percentage points year-on-year, while the net margin was 8.06%, a decrease of 1.42 percentage points year-on-year [2] - The company plans to raise up to 1.98 billion yuan for the construction of an AI and computing HDI board production base, which is expected to generate an annual output value of 2.003 billion yuan upon reaching full capacity [4] Future Projections - The company forecasts net profits attributable to shareholders of 352 million yuan, 440 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively [9] - The projected EPS for the same years is expected to be 0.08 yuan, 0.10 yuan, and 0.13 yuan, with corresponding P/E ratios of 145X, 116X, and 94X [9]