布局新兴领域，抢抓发展机遇。公司充分发挥自身技术优势，通过与国内外顶尖客户进行深度合作，参与客户的产品预研和研发，准确把握未来产品趋势，抢先布局AI 算力、人工智能、新能源汽车、数据中心等领域。从具体的产品规划、技术能力规划以及扩产计划等全流程跟踪与服务客户。高端AI 数据中心算力产品5 阶、6 阶HDI 以及28 层加速卡产品（阶梯金手指）顺利进入量产，1.6T 光模块进入小量产，真正做到了与客户共成长、共发展。occurrences
The company released semi-annual results. In the first half of the year, it achieved operating income of 4.855 billion yuan, an increase of 32.29% year on year; total profit of 0.52 billion yuan, up 44.37% year on year; net profit attributable to shareholders of listed companies was 0.459 billion yuan, an increase of 33.23% year on year.
Key points of investment
Lay out emerging fields and seize development opportunities. The company gives full play to its technical advantages, participates in customer product pre-research and development through in-depth cooperation with top domestic and foreign customers, accurately grasps future product trends, and preemptively lays out fields such as AI computing power, artificial intelligence, new energy vehicles, and data centers. Track and serve customers throughout the entire process from specific product planning, technical capability planning, and production expansion plans. High-end AI data center computing power products 5- and 6-tier HDI and 28-layer acceleration card products (step gold finger) successfully entered mass production, and 1.6T optical modules entered small-scale mass production, and truly achieved co-growth and co-development with customers.
Adhere to innovation drive and build strong technical advantages. In the first half of 2024, the company invested 0.198 billion yuan in R&D to carry out R&D and research on technologies required in various high-end fields such as AI computing power, PCIe 6.0 protocol and chip Oak stream platform technology for next-generation transmission of AI server products; 800G/1.6T optical transmission in single-channel 112G & 224G transmission technology on optical modules and switches; next-generation 6G communication technology; L3/L4 level autonomous driving technology, etc., and successfully implemented product applications. In terms of process capacity improvement and optimization, the company completed equipment optimization and transformation for products such as AI servers, AI computing power, optical transmission switches, etc., and completed equipment optimization and transformation for high-multi-layer precision HDI 5.0mm and high-multi-layer PCB 8.0 mm thick boards, and the construction of large aperture blind hole filling capabilities and ultra-thin core board capabilities, laying a solid foundation for the development of next-generation AI servers, computing power, and communication products.
Seize the development trend of HDI technology and lay the foundation for the next generation of communication and server products.
HDI PCBs (High Density Interconnect Printed Circuit Boards) are characterized by a high degree of integration and can achieve more powerful functions in a smaller space. With the advancement of communication technology, the signal transmission rate requirements for circuit boards are also increasing. The high-density wiring and optimized cascading design of HDI boards help reduce signal transmission paths, thereby improving signal integrity and transmission speed, and reducing signal loss and interference, which is essential for high-speed communication devices. In addition, HDI boards also have advantages in design flexibility and thermal management capabilities; in high-end applications, although the manufacturing cost of HDIPBs may be higher than traditional PCBs, their miniaturization and performance advantages can reduce overall system costs. Therefore, we see that HDI PCB is a very definite long-term development trend in terminal applications such as high-end high-speed communication devices and AI servers. High-speed communication devices and AI servers present new challenges to HDI with high frequency, high speed, high reliability, and high durability. Therefore, high-frequency high-speed HDI PCBs have high requirements in material selection, production equipment, testing equipment, and testing instruments.
Investment advice:
We expect the company's 2024-2026 net profit to be 1.14/1.6/1.93 billion yuan, covering the first “buy” rating.
Risk warning:
Market recovery falls short of expectations; risk of international trade friction and industrial chain transfer; industry competition pattern increases risk; risk of fluctuating raw material prices.
