CFMEE(688630) 国盛证券·2025-04-24 08:23Investment 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, a year-on-year increase of 22.31%, and a net profit attributable to shareholders of 52 million yuan, up 30.45% [1] - The company is expected to see a 30% month-on-month increase in shipment volume in April, breaking historical records due to strong order intake and capacity overload [1] - The global demand for AI computing power is driving the upgrade and increase in production of high-layer PCB boards and high-end HDI industries, with the company benefiting from its technological advantages and international layout [1][2] - The company is focusing on high-end markets such as HDI boards and IC substrates, with a significant increase in the sales volume of PCB equipment expected to exceed 370 units in 2024 [2] - The establishment of a subsidiary in Thailand has increased revenue from Southeast Asia to nearly 20%, covering key areas for PCB industry transfer [2] - The company is deeply focused on advanced packaging, with its direct-write lithography technology showing critical value in optimizing interconnection speeds for AI chips [3] Financial Summary - In 2024, the company's PCB business revenue reached 780 million yuan, a year-on-year increase of 32.55% [2] - The projected net profit for 2025-2027 is estimated at 250 million, 350 million, and 450 million yuan respectively, with corresponding P/E ratios of 41, 29, and 23 times [3] - The company's operating revenue is expected to grow significantly, with projections of 1.465 billion yuan in 2025, 1.949 billion yuan in 2026, and 2.457 billion yuan in 2027 [4] - The latest diluted EPS is projected to be 1.91 yuan in 2025, increasing to 3.42 yuan by 2027 [4]