Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Views - The company has exceeded expectations in Q2, with a forecasted net profit attributable to shareholders of 1.4-1.45 billion, representing a year-on-year increase of 50%-56% [1] - The growth momentum is expected to continue into Q3, driven by high demand for AI-related products and an increase in production capacity [5] - The company is experiencing a significant improvement in product structure and profitability due to the rapid increase in high-speed material sales [5] Financial Data and Valuation - Total revenue is projected to grow from 16.586 billion in 2023 to 44.528 billion by 2027, with a compound annual growth rate (CAGR) of approximately 20% [1] - Net profit is expected to rise from 1.164 billion in 2023 to 5.674 billion in 2027, reflecting a strong growth trajectory [1] - The company's price-to-earnings (PE) ratio is projected to decrease from 68.7 in 2023 to 14.1 in 2027, indicating improving valuation metrics [1] Market Performance - The company's stock has shown strong absolute performance, with a 46% increase over the past 12 months [4] - The relative performance against the market index has also been positive, with a 30% outperformance over the same period [4] Future Outlook - The company is expected to maintain high order visibility and production capacity utilization in Q3, with a focus on high-end products in AI computing and automotive sectors [5] - The report anticipates continued growth in market share for high-speed materials, supported by strong demand from major clients [5]

点击招商研究小程序查看PDF报告原文 生益科技发布25年一季报，我们依旧坚定看好公司在PCB上游材料的技术引领、核心卡位和长线空 间以及优秀管理能力会持续被市场认知和发掘，25年高速板材放量将驱动新一轮高质量成长。结合 公司近况，点评如下： Q1收入&利润均创一季度新高，主要系高速板材放量和通用产品结构改善，验证我们此前趋势向好 判断。 25Q1收入56.1亿同比+26.9%环比-0.6%，归母净利5.6亿同比+43.8%环比+53.8%，扣 非归母5.6亿同比+45.0%环比+54.5%，毛利率24.6%同比+3.3pcts环比+2.5pcts，净利率 11.3% 同 比 +2.2pcts 环 比 +3.9pcts ， 销 管 研 财 费 用 率 2.1%/4.3%/5.2%/0.3% ， 合 计 同 比 +0.8pct环比-1pct。归母净利大幅增长，主要系：1）公司覆铜板产销量同比上升，优化销售结 构，其中AI领域所需的高速材料在海外大客户供应链逐步起量，且目前行业上下游环境利于CCL涨 价，使得覆铜板产品营收与毛利率同比上升，推动盈利增加；2）线路板板块，公司持续优化产品 结构，积极完善产品业务区域布 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company is expected to experience a new round of high-quality growth driven by the ramp-up of high-speed boards in 2025, supported by its technological leadership and strong management capabilities [1][6]. - Q1 2025 revenue reached 5.61 billion, a year-on-year increase of 26.9%, while net profit grew by 43.8% year-on-year, indicating a strong performance driven by the increase in high-speed board production and improved product mix [1][6]. - The company is well-positioned to capture more market share in high-speed materials due to its leading technology and sufficient production capacity, particularly in the context of tight supply and demand for high-grade CCL [6][7]. Financial Performance - Q1 2025 revenue composition includes approximately 4.02 billion from CCL-related business and 1.58 billion from PCB business, with net profit margins of 10.9% for CCL, reflecting improved profitability [1][6]. - The company forecasts revenues of 23.88 billion, 27.47 billion, and 31.59 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.61 billion, 3.32 billion, and 4.06 billion [6][7]. - The projected PE ratios for 2025, 2026, and 2027 are 22.5, 17.7, and 14.4 respectively, indicating a favorable valuation outlook [6][7]. Market Position and Strategy - The company is expanding its high-end CCL production capacity and has made significant R&D investments to enhance its product offerings, particularly in AI computing and other high-demand sectors [6][7]. - The report highlights the company's ability to maintain stable supply chains for critical materials, ensuring consistent production despite market fluctuations [6][7]. - The company is expected to benefit from rising CCL prices due to increased demand and industry-wide price adjustments, enhancing its revenue potential [6][7].