[Table_Stock] 芯碁微装（688630） 证 券 研 究 报 告 构建"PCB+泛半导体"双引擎增长模式， "技术壁垒+全球协同"助力业绩持续增 长 ——芯碁微装业绩点评 [Tabl投e_资Su摘mm要ary] 事件概述 1月21日，公司发布公告称，预计2025年年度公司实现归属于母公司 所有者的净利润为2.75亿元-2.95亿元，较上年同期增加1.14亿元-1.34 亿元，同比增长 71.13%-83.58%；预计 2025 年年度实现归属于母公 司所有者的扣除非经常性损益的净利润2.64亿元-2.84亿元，较上年同 期增加1.15亿元-1.35亿元，同比增长77.70%-91.16%。 [行Ta业ble_Industry] : 机械设备 日期: shzqdatemark [T分ab析le师_Author] : 颜枫 E-mail: yanfeng@shzq.com 分析与判断 投资建议 我们预测公司2025-2027年营业收入分别为14.73亿元、20.25亿元和 24.42亿元，分别同比增长54.4%、37.5%和20.6%；归母净利润分别 为2.94 亿元、 5.01亿元和 6.35 亿元 ...

[Table_Stock] 芯碁微装（688630） 证 券 研 究 报 告 构建"PCB+泛半导体"双引擎增长模式， "技术壁垒+全球协同"助力业绩持续增 长 ——芯碁微装业绩点评 [Tabl投e_资Su摘mm要ary] 事件概述 1月21日，公司发布公告称，预计2025年年度公司实现归属于母公司 所有者的净利润为2.75亿元-2.95亿元，较上年同期增加1.14亿元-1.34 亿元，同比增长 71.13%-83.58%；预计 2025 年年度实现归属于母公 司所有者的扣除非经常性损益的净利润2.64亿元-2.84亿元，较上年同 期增加1.15亿元-1.35亿元，同比增长77.70%-91.16%。 [行Ta业ble_Industry] : 机械设备 日期: shzqdatemark [T分ab析le师_Author] : 颜枫 E-mail: yanfeng@shzq.com 分析与判断 投资建议 我们预测公司2025-2027年营业收入分别为14.73亿元、20.25亿元和 24.42亿元，分别同比增长54.4%、37.5%和20.6%；归母净利润分别 为2.94 亿元、 5.01亿元和 6.35 亿元 ...

Group 1 - The company reported a revenue of 934 million yuan for the first three quarters of 2025, representing a year-on-year increase of 30.03% [1] - The net profit attributable to shareholders reached 199 million yuan, up 28.20% year-on-year, while the net profit excluding non-recurring items was 193 million yuan, reflecting a 30.45% increase [1] - In Q3 2025, the company achieved a revenue of 279 million yuan, a year-on-year growth of 3.98% but a quarter-on-quarter decline of 32.25% [1] Group 2 - The company's gross margin in Q3 2025 was 42.15%, an increase of 2.64 percentage points year-on-year, while the net profit margin was 20.34%, up 0.08 percentage points year-on-year [1] - The company has focused on production assurance, product development, and expanding overseas markets, contributing to the growth in profitability [1] - The company’s expenses in Q3 2025 showed varied changes, with sales, management, R&D, and financial expense ratios at 7.64%, 3.65%, 9.82%, and -1.84% respectively, indicating a mix of increases and decreases in expense ratios [1] Group 3 - The AI industry is driving a recovery in the PCB sector, with a projected 46% year-on-year increase in global AI server shipments in 2024 [3] - The company has been operating at full capacity since March 2025, with a record monthly shipment exceeding 100 units [3] - The company is expanding its global strategy, particularly in Southeast Asia, with significant revenue contributions from its operations in Thailand and strong order growth in emerging markets like Vietnam and Malaysia [3] Group 4 - The company maintains a "buy" rating, anticipating continued growth in the PCB market driven by AI technology and electric vehicle demand [4] - Future net profits are projected to be 278 million yuan, 455 million yuan, and 601 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS estimates of 2.11, 3.45, and 4.56 yuan per share [4] - The company is expected to benefit from the demand for HPC and advanced packaging in its semiconductor business [4]