Group 1: Company Performance and Financials - The company's net profit for Q1 2025 has significantly increased, achieving a historical high with a year-on-year growth of multiple times [6] - The net cash flow from operating activities for 2024 is notably lagging behind the net profit growth, with accounts receivable reaching 3.887 billion yuan, accounting for 336.67% of the net profit attributable to the parent company [3] - The company's asset-liability ratio as of the end of 2024 is 53.44%, indicating a relatively high level [12] Group 2: Research and Development - The company's R&D investment for 2024 is only 4.2% of operating revenue, significantly lower than the industry average of 8%-10% [3] - The company has over 1,000 professional R&D personnel and holds 399 effective patents in the field of circuit boards, including 172 invention patents [3] - The company plans to continue increasing R&D investment to maintain competitiveness in high-end fields such as AI servers and data centers [3] Group 3: Impact of Tariffs and Trade - The company is minimally affected by the "reciprocal tariffs" as direct exports to the U.S. are very low, and the import tariffs are borne by the importers (customers) [4] - The company maintains close communication with clients regarding international trade disputes and is monitoring the situation closely [4] - The company has a 60% export ratio, but the impact of tariffs on overseas business is limited due to the low direct export percentage to the U.S. [4] Group 4: Market Outlook and Strategy - The global PCB market is projected to reach a value of $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to grow to $94.661 billion by 2029 [11] - The company is focusing on AI technology development as a key driver for business growth, establishing partnerships with several international companies [7] - The company is confident in its performance for the upcoming quarters, with a full order book and plans for steady capacity expansion based on industry developments and customer orders [8]