Bojay(SZ:002975)2026-02-11 15:10Group 1: Revenue and Market Expectations - In 2025, the revenue from AI server testing business from North American clients is expected to account for approximately 20% of the company's total revenue [2] - The company has optimistic revenue expectations for 2026 from North American clients, driven by high growth capital expenditure from major clients like Amazon, Google, and Microsoft [2] - The N client has orders exceeding 100 million yuan, indicating a strong growth trajectory and potential for deeper collaboration in 2026 [3][4] Group 2: Business Segments and Growth Projections - The AI server testing market is experiencing rapid expansion, leading to increased demand for testing equipment, with the company holding a positive outlook for 2026 [6] - The automotive electronics segment is projected to contribute 20% to the company's revenue in 2025, with continued growth expected in 2026 due to downstream client expansion needs [6] - The consumer electronics sector anticipates a growth rate of 20-30% in 2026, driven by product development iterations, particularly in AI glasses [6] Group 3: Profit Margins and Competitive Position - The overall gross margin remains strong, with most business segments, except automotive electronics, maintaining margins above 40% [8] - The company holds a core supplier role among major North American tech giants, with advantages in testing technology upgrades and large-scale delivery capabilities [4] Group 4: International Operations and Capacity - The company has established operations in Vietnam, Mexico, and the United States, focusing on assembly and pre/post-sales support, while manufacturing remains centralized in Zhuhai [8] - Overseas capacity is gradually increasing according to planned objectives [8]