Bojay(002975)2025-02-24 08:02Growth Areas - The company's primary growth area in the past one to two years has been in automotive camera-related equipment, with significant orders from leading domestic clients in the new energy vehicle sector [1] - The server business is expected to see growth driven by cloud and AI servers, with a focus on meeting the testing needs of major clients like Amazon and Microsoft [2] Business Strategy - The company plans to extend its product line in the 3C and server sectors by investing in optical testing capabilities and expanding its traditional strengths in electrical and RF technologies [1] - The strategy includes increasing equipment supply for client testing needs and enhancing design capabilities to meet various production line requirements [2] Optical and Visual Equipment - Significant investments have been made in optical and visual testing equipment, with a focus on supporting the MR/AR sectors and adapting to technological iterations in mobile camera systems [3] MLCC and Semiconductor Equipment - The MLCC sector has entered a recovery phase, with the company having previously sold over 100 million RMB worth of equipment and developing higher-value devices [4] - The semiconductor business is currently generating several tens of millions in revenue, focusing on mini LED and Micro LED technologies, with a strategy to ensure equipment consistency and stability [5] Financial Performance - The company has transitioned from losses to profitability due to adjustments in product structure and the successful rollout of new equipment [8] - The overall financial health includes minimal impairment losses, primarily related to inventory and some goodwill [6][7] Production Capacity and Client Structure - The company has sufficient production capacity, with a client structure leaning towards overseas customers who prioritize testing and are willing to offer higher profit margins [11] Future Plans and Investments - The company is continuing its investment projects related to semiconductor equipment, with an estimated capital expenditure of 200-300 million RMB for the year [12] - Future financing plans may include acquisitions focused on standard equipment in sectors like MLCC and cutting machines [12]