点击招商研究小程序查看PDF报告原文 事件：公司公告25年业绩预告，公司预计25年归母净利41.6-45.6亿元，同比+260.4%~295.0%，扣非归母净利41.5-45.5亿元，同比 +263.6%~298.6%。公司表示其在AI算力、数据中心、高性能计算等关键领域，多款高端产品已实现大规模量产，带动产品结构向高价值 量、高技术复杂度方向升级，高端产品占比显著提升，推动公司业绩高速增长。结合市场和行业最近情况， 我们点评如下： Q4业绩环比增速表现低于市场预期。 单季度Q4归母净利9.2-13.2亿元，中值11.2亿元同比+186.1%环比+1.2%，扣非归母净利9.0-13.0 亿元，中值11.0亿元同比+202.8%环比+0.3%。公司Q4利润表现不及市场预期，我们认为可能原因：1）新产能爬坡：惠州厂房四和泰国工 厂的算力PCB产线于25Q3陆续投产爬坡，新增员工较多导致用工成本显著增加，且折旧摊销以及海外产能良率爬坡对整体毛利率亦有所拖 累；2）费用增加：目前大客户前沿的NPI项目增加，研发费用预计有所增加，且Q4汇率逆风，公司美元收入占比高，存在一定的汇兑损失； 3）供应链格局：N客户算力PCB ...

Core Viewpoint - The company reported significant revenue and profit growth in the first three quarters of the year, driven by AI-related PCB orders from North American clients, although Q3 profits showed a sequential decline, raising market concerns [1][2]. Financial Performance - For the first three quarters, revenue reached 14.12 billion, up 83.4% year-on-year, with net profit attributable to shareholders at 3.245 billion, up 324.4% year-on-year [1]. - Q3 revenue was 5.09 billion, an increase of 79.0% year-on-year and 7.8% quarter-on-quarter, while net profit was 1.1 billion, up 260.5% year-on-year but down 9.9% quarter-on-quarter [1]. Profitability Metrics - Gross margin for the first three quarters was 35.85%, up 14.3 percentage points year-on-year, and net margin was 22.98%, up 13.1 percentage points year-on-year [1]. - In Q3, gross margin was 35.2%, up 12.0 percentage points year-on-year but down 3.6 percentage points quarter-on-quarter, while net margin was 21.7%, up 10.9 percentage points year-on-year but down 4.2 percentage points quarter-on-quarter [1]. Market Dynamics - The company is positioned to benefit from the AI revolution, with strong demand from key clients and ongoing capacity expansion in high-end PCB production [2][3]. - The company has achieved significant technological advancements in high-layer PCB manufacturing, supporting the demand for AI server acceleration cards and other cutting-edge products [2]. Future Outlook - The company anticipates a recovery in Q4 performance due to strong order demand from major clients and the introduction of new ASIC orders [2]. - Long-term projections indicate substantial revenue growth, with expected revenues of 20.39 billion, 32.62 billion, and 47.30 billion for 2025, 2026, and 2027, respectively [3]. Investment Rating - The investment rating is maintained at "Buy," reflecting confidence in the company's ability to capitalize on the growing AI computing demand and its established position within the supply chains of major global tech firms [3].