CFMEE(688630) 国盛证券·2025-04-24 07:39Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total operating revenue of 954 million yuan in 2024, a year-on-year increase of 15.09%, while the net profit attributable to shareholders decreased by 10.38% to 161 million yuan [1] - In Q1 2025, the company reported total operating revenue of 242 million yuan, up 22.31% year-on-year, and a net profit of 52 million yuan, reflecting a growth of 30.45% [1] - The company is expected to see a significant increase in shipment volume in April, projected to rise by 30% month-on-month, setting a new historical record [1] - The global demand for AI computing power is driving the upgrade and production increase in high-layer PCB boards and high-end HDI industries, with the company benefiting from its technological advantages and international layout [1][2] Financial Performance - The company's PCB business revenue reached 780 million yuan in 2024, a year-on-year increase of 32.55%, with over 370 units sold, and high-end products accounting for over 60% of sales [2] - The company is focusing on high-end markets such as HDI boards and IC substrates, leveraging its MAS series equipment with a minimum line width of 3-4μm to maintain its leading market share in China [2] - The establishment of a subsidiary in Thailand has increased the revenue share from Southeast Asia to nearly 20% [2] - The company has secured continuous repeat orders from major clients in the semiconductor industry, indicating strong product stability and functionality [3] Future Outlook - The company is expected to achieve net profits of 250 million yuan, 350 million yuan, and 450 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40.7, 29.0, and 22.7 [4][3] - The company is actively advancing the construction of its second-phase base, aiming for operational use by mid-2025 to ensure timely delivery [1] - The report highlights the potential for rapid market share growth in the PCB sector and a promising outlook for the advanced packaging field [3]