The China Post Securities Research Report pointed out that with the transformation of the Zhongfu circuit architecture, power supply PCBs have developed by leaps and bounds. The company achieved total revenue of 1,172 billion yuan in the first half of the year, an increase of 38.03% over the previous year, and the overall performance achieved relatively rapid growth. Looking at the business dimension, the three core businesses collaborated to drive positive revenue: the communications and data center business grew the most prominent, with revenue growth of about 65%; the industrial business grew steadily, with revenue growth of about 20%; and the consumer electronics business maintained a steady upward trend, with revenue growth of about 22% year over year. The company achieved net profit of 39 million yuan during the reporting period, an increase of 130.08% over the previous year. The net profit growth rate was higher than the revenue growth rate, and the benefits of overseas customer orders were initially evident. AI business expansion is imminent, and technical customer barriers are building competitive advantages; the division of labor and collaboration among the four major bases consolidates the growth base. Maintain a “buy” rating.

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