Investment Rating - The report assigns a "Buy" rating for the company for the first time [4][5]. Core Views - The company is expected to benefit from the growing demand in the PCB industry, particularly driven by AI infrastructure and automotive electronics [4][37]. - The partnership with MEIKO is anticipated to enhance the company's capabilities in product certification and quality management, particularly for its Thailand factory [4][25][26]. - The PCB industry is entering a new growth cycle, with significant expansion expected in high-end products like HDI boards and multilayer boards [4][46]. Company Overview - The company, founded in May 2008, specializes in the R&D, production, and sales of PCBs, with a focus on single-sided, double-sided, and multilayer boards [12][60]. - As of the third quarter of 2025, the actual controller of the company is a couple, holding 68.38% of the voting rights [4][23]. Financial Performance - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 55.64 billion, 67.08 billion, and 80.03 billion yuan respectively, with growth rates of 21.85%, 20.56%, and 19.30% [4][6]. - The net profit attributable to the parent company is forecasted to be 3.74 billion, 5.19 billion, and 7.23 billion yuan for the same years, with growth rates of 5.90%, 38.74%, and 39.36% [4][6]. Industry Analysis - The global PCB market is projected to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a CAGR of 5.2% [4][37]. - China has become the largest PCB producer globally, with a market share of 56.02% in 2024, expected to remain above 50% through 2029 [4][39]. - The demand for HDI boards is expected to see significant growth, driven by AI servers and high-speed networks [4][46]. Business Strategy - The company is actively expanding its production capacity and exploring new applications in AI servers and automotive electronics [4][60]. - The company has announced plans to raise funds through convertible bonds to invest in high-end PCB projects, with a total investment of 1.82 billion yuan [4][6].