2023年年报点评：看好AI服务器端的结构性需求增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 8.94 billion yuan in 2023, a year-on-year increase of 7%, and a net profit of 1.5 billion yuan, up 11% year-on-year, exceeding market expectations [3][4] - The strong performance in 2023 and Q1 2024 is primarily driven by the demand for high-layer PCBs for AI servers from overseas cloud vendors, with a significant market position in this segment [3][4] - The PCB industry faced weak demand and high inventory levels in 2023, but the company's focus on AI-related products has led to an increase in gross margin to approximately 32.46% [3][4] - The company is expected to benefit from the expansion of the data center switch market, projected to grow by 50% due to AI backend network deployments [3][4] Financial Performance and Forecast - The company’s revenue is forecasted to grow to 11.38 billion yuan in 2024, representing a year-on-year increase of 27.33% [2][4] - The net profit is expected to reach 1.94 billion yuan in 2024, with a growth rate of 28.19% [2][4] - The earnings per share (EPS) is projected to increase from 0.79 yuan in 2023 to 1.01 yuan in 2024 [2][4] Production Capacity and Market Position - The company has ample production capacity and is well-positioned to meet the structural demand growth for HPC and server PCBs in 2024 [4] - The company is expanding its production capabilities, including a new factory in Thailand expected to commence mass production in Q4 2024 [4] - The company’s PCB business is expected to continue its growth trajectory, with significant orders anticipated for delivery this year [4] Valuation and Future Outlook - The net profit forecast for 2024-2025 has been revised upwards to 1.9 billion yuan and 2.6 billion yuan, respectively, with a projected net profit of 3.1 billion yuan in 2026 [4] - The report emphasizes the company's leadership in the domestic PCB market and the imminent release of AI-related new products [4]