15 June 2025 | 6:12PM HKT CFME (688630.SS): Mid-/-high-end PCB equipment driving growth; Active expansion to global market We expect CFME's 2Q25E revenues to grow 22% YoY / 27% QoQ to Rmb308m. We expect CFME to benefit from product mix upgrade, supported by the increasing revenue contribution from mid-to-high-end PCB equipment (60% of PCB equipment shipments in 2024) as well as semiconductor LDI (laser direct imaging) equipment. With 2Q GM sustaining at 40%, we expect 2Q25E net income to increase 12% YoY / ...