Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of the year, driven by successful ramp-up of new production capacity and strong demand for AI servers and high-speed switches [2][3]. Financial Performance - For the first three quarters, the company achieved revenue of 6.83 billion, a year-on-year increase of 115%, and a net profit attributable to shareholders of 1.11 billion, up 498% year-on-year [2]. - In Q3 alone, revenue reached 3.06 billion, representing a year-on-year increase of 153.7% and a quarter-on-quarter increase of 39.8% [2]. - The gross margin for Q3 was 33.9%, up 9.0 percentage points year-on-year, while the net margin was 19.1%, an increase of 11.6 percentage points year-on-year [2]. Market Dynamics - The company's strong performance in Q3 was attributed to several factors: 1. Overly pessimistic market concerns regarding AWS server platform transitions and competition from Taiwanese peers, while the company maintained a leading position in PCB supply for AWS AI servers [2]. 2. Successful ramp-up of production at the Dongcheng No. 5 plant, which helped consolidate AWS market share and secure more computing power-related orders [2]. 3. Continuous upgrades in the switch business, with 400G and 800G switch PCB products entering mass production, significantly enhancing profitability [2]. 4. A decline in non-AI related business, with price increases for clients in this area to improve gross margins [2]. Future Outlook - For Q4 and 2026, the company is expected to operate at full capacity in its new plants, with increased production from existing facilities due to technological upgrades, supported by strong downstream AI demand and improved order visibility [3]. - The second phase of the Ji'an plant and the Thai plant are projected to commence production by mid-2026, with the company actively seeking certification from clients like Meta, Google, and NV, which may enhance market share in AI servers and high-speed switches [3]. Investment Recommendations - Given the strong Q3 performance and favorable short-term order visibility, along with ongoing expansion of high-end production capacity and continuous product optimization, the company has revised its revenue and net profit forecasts for 2025-2027 [3].

Core Viewpoint - The company achieved record high performance in Q1 2025, driven by structural demand from emerging computing scenarios such as AI and high-performance servers, despite a slight decline in revenue due to reduced production days during the Spring Festival [2] Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion yuan, representing a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million yuan, showing a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The non-recurring net profit was 745 million yuan, with a year-over-year increase of 50.07% and a quarter-over-quarter increase of 0.71% [1] - The gross margin was 32.75%, reflecting a year-over-year decrease of 1.11 percentage points and a quarter-over-quarter increase of 0.95 percentage points [1] Market and Product Insights - The company benefits from low direct exposure to the U.S. market, with less than 5% of revenue coming from direct exports to the U.S., primarily exporting to Southeast Asia [3] - The company is well-positioned to withstand potential tariff risks due to its technological and production capacity advantages in the PCB industry [3] - The company has ramped up investments in key processes and bottleneck processes, with fixed assets showing rapid growth since Q4 2024, and expects significant capacity improvements in H2 2025 [3] - The Thai production base has entered trial production, aiming for scalable mass production capabilities, which will strengthen the company's position with North American clients [3] Future Outlook - The company plans to invest 4.3 billion yuan to expand capacity to meet the long-term demand for high-end PCBs in the AI industry, reflecting confidence in AI sector growth [3] - The ongoing product iterations are expected to enhance average selling prices (ASP) and profitability, with monthly profits anticipated to continue breaking new highs [4] - The company maintains a profit forecast of 3.645 billion yuan, 4.201 billion yuan, and 4.559 billion yuan for 2025-2027, respectively, with a target valuation of 38 yuan for 2025 based on a 20X target multiple [4]