Avary Holding(002938) 长江证券·2025-04-12 07:06Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.59%. The net profit attributable to the parent company was 3.62 billion yuan, with a year-on-year increase of 10.14%. The gross margin and net margin for 2024 were 20.76% and 10.3%, showing a slight decrease of 0.58 percentage points and an increase of 0.05 percentage points respectively [2][5]. - The company has seen significant growth in AI-related products, with revenue from AI edge products exceeding 45% of total sales. The communication board segment, represented by smartphones, generated 24.236 billion yuan, up 3.08%, while the consumer electronics and computer board business achieved 9.754 billion yuan, a growth of 22.30%. The automotive and server board business also saw a remarkable increase of 90.34%, reaching 1.025 billion yuan [10]. - The company is strategically positioning itself in the AI industry chain, focusing on high-end products and technological innovation. It is advancing in the optical module market with SLP products and has successfully launched its first phase of high-end HDI and SLP projects in Huai'an [10]. - The company is expected to enter a rapid growth phase, with projected net profits of 4.51 billion yuan, 5.07 billion yuan, and 5.91 billion yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 14.37, 12.78, and 10.97 [10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 35.14 billion yuan and a net profit of 3.62 billion yuan, with respective year-on-year growth rates of 9.59% and 10.14% [2][5]. - The gross margin was reported at 20.76%, while the net margin stood at 10.3% [2][5]. Business Segments - The AI edge product revenue has significantly increased, with over 45% of total sales coming from this segment. The communication board segment generated 24.236 billion yuan, while the consumer electronics and computer board business reached 9.754 billion yuan [10]. - The automotive and server board business saw a substantial growth of 90.34%, totaling 1.025 billion yuan [10]. Strategic Initiatives - The company is focusing on high-end product development and technological advancements, particularly in the optical module market and AI-related products [10]. - The first phase of high-end HDI and SLP projects in Huai'an has been successfully launched, with further expansions planned [10].