深度布局AI、HPC、汽车领域，产品高端化助推业绩高增长公司深度布局AI、新能源汽车等高端领域，细分来看：AI 服务器：公司在AI服务器加速模块的多阶HDI 及高多层等领域取得重大突破，已经实现了5 阶20层HDI 产品的认证通过和产业化作业，并加速布局下一代高阶HDI 产品的研发认证，未来随着AI 算力需求提升，相关业务有望高速增长。普通服务器：2024Q1's single-quarter results increased significantly year-on-year, and the performance is expected to maintain high growth and maintain a “buy” rating
For the full year of 2023, the company achieved revenue of 7.931 billion yuan, +0.58% year on year; net profit to mother of 671 million yuan, -15.09% year on year; deducted non-net profit of 662 million yuan, -12.24% year on year; and gross profit margin of 20.70%, +2.55 pcts year on year.
2023Q4 achieved revenue of 2.187 billion yuan in a single quarter, +14.00% year over month; net profit to mother of 86 million yuan, -43.24% year on year, -64.50% month on month; net profit after deducting non-net profit of 78 million yuan, -44.33% year on year, -66.16% month on month; gross profit margin 17.18%, -3.90 pcts year on month, and -6.76 pcts month on month. 2024Q1 achieved revenue of 2,392 billion yuan in a single quarter, +36.06% YoY, +9.33%; net profit to mother of 210 million yuan, +67.72% YoY, +144.79% month-on-month; net profit of 207 million yuan, +81.08% YoY, +163.79% month-on-month; gross profit margin 19.49%, YoY -0.62 pcts, +2.31pcts month-on-month. We maintain 2024 and 2025, and add 2026 performance expectations. We expect net profit to be 1,175/14.92/19.32 billion yuan for 2024-2026, corresponding EPS of 1.36/1.73/2.24 yuan, and the current stock price corresponding to PE is 19.2/15.1/11.7 times. We are optimistic about the company's layout of AI-related products and maintain a “buy” rating.
Deeply lay out the AI, HPC, and automotive fields. High-end products promote high performance growth. The company is deeply deploying high-end fields such as AI and new energy vehicles. In the breakdown, the company has made major breakthroughs in the fields of multi-level HDI and high-tier AI server acceleration modules, has achieved certification and industrialization of 5-tier 20-layer HDI products, and accelerated the development and certification of next-generation high-end HDI products. In the future, as demand for AI computing power increases, related businesses are expected to grow rapidly. Normal server:
Eagle/Birch Stream server products have all been industrialized. With the recovery of the general server boom and the upgrading of server platforms, related products are expected to rise in volume and price. AI PC and mobile phone: The company has implemented batch operations for AI PC products and simultaneously carries out product certification for AI mobile phones. Optical module: The company's 1.6T optical module product has been tested; storage: high-end SSD has been industrialized. Automotive sector: The company's revenue is growing year by year. It has introduced many leading Tier 1 customers and achieved small batches. The related business is expected to grow steadily in the future.
Risk warning: downstream demand falls short of expectations; AI industry development falls short of expectations; technology research and development falls short of expectations; customer introduction falls short of expectations.
