景硕科技发言人讲AI-GPU-ABF载板需求

Key Points Company Overview - Revenue Growth: Jingshuo Technology reported a 5% year-over-year revenue growth in Q3 2024, with a gross margin of around 30%. Revenue is expected to grow by 10% in Q4, with a gross margin of 31%. The company's revenue has been increasing sequentially since the first quarter of 2024. [1] - Revenue Forecast: The company anticipates a 20% revenue growth in 2025, with an average gross margin of approximately 34%. The cost of goods sold is expected to remain around 20%. [3] - ABF Substrate Business: The AI server (especially GPU) segment is the main growth driver for the ABF substrate business. Demand is expected to continue growing in the second half of 2024 and in 2025. [3] - BT Substrate Business: The BT substrate business, mainly used in the memory field, is expected to grow continuously in the fourth quarter of 2024 and after 2025, driven by DDR memory. [2] - Ophthalmic Lenses Business: The ophthalmic lenses business has maintained stable growth with a gross margin of 57%-58% over the past few years. [2] - Capital Expenditure: The company's capital expenditure in 2024 was 5 billion yuan, half of the 10 billion yuan spent in 2023. This was due to no expansion of ABF capacity. Capital expenditure is expected to remain low in 2025 as well. [1] Market Analysis - ABF Substrate Market: The ABF substrate market is currently oversupplied, with both low and high-end substrates experiencing supply过剩. However, the supply-demand situation for high-end ABF substrates is expected to balance out by 2025, while low-end PC and NB applications will still be oversupplied. [1] - BT Substrate Market: The BT substrate market is expected to grow continuously in the fourth quarter of 2024 and after 2025, driven by DDR memory. HDD has not significantly driven BT substrate demand. [2] - Ophthalmic Lenses Market: The ophthalmic lenses market has maintained stable growth with a gross margin of 57%-58% over the past few years. [2] - ABS Price: ABS prices have stabilized since the second half of 2023 and are expected to remain stable in the future. [26] Future Outlook - ABF Substrate Market: The ABF substrate market is expected to grow by 10% in 2025, with a limited increase in revenue share for AI-related products. [10] - BT Substrate Market: The BT substrate market is expected to grow by approximately 10% in 2025, with limited price increases due to oversupply. [5] - Ophthalmic Lenses Market: The ophthalmic lenses market is expected to maintain stable growth with a gross margin of 57%-58% in 2025. [6] - Capital Expenditure: The company's capital expenditure is expected to remain low in 2025, with no large-scale capacity expansion planned. [7]