展望未来，刘玉认为，当前人工智能产业的发展仍处于早期阶段，预期算力基础设施作为AI技术底 座，将伴随模型迭代与应用落地而迎来持续扩张的确定性需求空间。"未来十年，不仅算力密度将实现 指数级增长，更将通过材料、工艺、架构、范式的协同创新，构建'后摩尔时代'的全新算力格局，既解 决传统技术路径的瓶颈约束，也为数字经济、人工智能、科学研究等领域提供更高效、更低碳的算力支 撑。"她表示。 基金定期报告显示，截至今年三季度末，组合在"易中天"的合计持仓占比超25%。此外，组合前十大重 仓股还包括工业富联（601138）、英维克（002837）、源杰科技、宏盛科技等，涉及AI算力产业链中 的不同环节，合计占比约61%，持股集中度较高。刘玉在三季报中表示，该基金的配置主要集中在AI算 力方向，全球正在经历一场智能革命，算力作为AI的技术核心设施，会有很大的需求空间。 在算力链中，刘玉重点关注三个细分领域：一是CPO(光模块)，目前英伟达已推出CPO交换机并计划量 产，预计出货量将逐年显著增长，A股厂商有望参与其中的光学零部件环节；二是OCS(全光交换)，具 有高带宽、低时延、低功耗等优势，随着谷歌在TPU架构中积极应用，市 ...

Core Insights - The company reported significant growth in 2024, with total revenue reaching 3.482 billion yuan, a year-on-year increase of 10.57%, and a net profit attributable to shareholders of 257 million yuan, up 90.55% [1] Group 1: Business Performance - The PCB (Printed Circuit Board) segment was the main driver of growth, generating 3.382 billion yuan in revenue, accounting for 97.1% of total revenue [4] - The launch of the second phase of the high-end HDI project at the Zhuhai PCB high-end intelligent manufacturing base significantly increased high-end product capacity [4] - The company made breakthroughs in key technologies such as Z-axis interconnection and UHD technology, optimizing product structure and enhancing market competitiveness [4] Group 2: Overseas Expansion - The company is accelerating the construction of a manufacturing base in Thailand to capture overseas market opportunities and diversify operational risks [5] - However, overseas expansion carries uncertainties, including geopolitical risks, exchange rate fluctuations, and local market competition [5] - A recent earthquake in Myanmar, close to Thailand, poses potential risks to the company's production base in Thailand, highlighting the need for improved risk management [5] Group 3: Market Confidence - Despite strong performance, market confidence in the company's future appears weak, with the stock price at 5.09 yuan, down 3.96% from the previous week, and a rolling P/E ratio of 93.81, significantly higher than the industry average [6] - The number of shareholders reached 231,600 by February 28, 2025, an increase of 23,300, indicating a more dispersed shareholding and market skepticism about the company's long-term investment value [6] - The gross profit margin for the third quarter of 2024 was 21.46%, which, while improved, remains below the industry average, suggesting room for improvement in cost control and profitability [6]