Avary Holding(002938) 中邮证券·2024-12-09 09:10Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is positioned to capitalize on the AI development wave, focusing on high-end products. The growth of AI servers is expected to drive the PCB product market, particularly enhancing the demand for HDI products. The launch of AI-enabled PCs and smartphones in 2024 is anticipated to rejuvenate the consumer electronics market, leading to increased sales and technological advancements in electronic components [10]. - The company has shown resilience in expanding its market share despite industry pressures, particularly in the smartphone and consumer electronics sectors. Following a downturn, the consumer electronics market is showing signs of recovery, with the PC segment experiencing growth after eight consecutive quarters of decline [10]. Financial Projections - The company is projected to achieve net profits of 35.4 billion, 41.2 billion, and 46.1 billion yuan for the years 2024, 2025, and 2026 respectively [11]. - Revenue forecasts indicate a recovery with expected revenues of 36.02 billion, 41.01 billion, and 45.02 billion yuan for 2024, 2025, and 2026, reflecting growth rates of 12.32%, 13.85%, and 9.79% respectively [12]. - The company's earnings per share (EPS) are projected to increase from 1.53 yuan in 2024 to 1.99 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 22.88 to 17.58 [12][14].