Huaxin Securities: First-time rating for Aohong Electronics is "buy", actively promoting globalization strategy.

Huaxin Securities research report pointed out that Aohong Electronics' performance in 24 doubled against the trend, actively promoting its global strategy. The main reasons for the company's double growth in performance are the release of production capacity and optimization of customer structure and other factors. The company's promotion of its global strategy effectively hedges the risk of domestic low-price competition, achieving foreign sales of 364 million yuan, a year-on-year increase of 25.09%. The company's R&D expenses were 66 million yuan, a year-on-year increase of 16.72%. Currently, the company's products have entered the Nintendo supply chain, and PCBs are used in Switch2. The bank believes that the company is expected to continue to benefit from the volume increase of Switch2, bullish on the company entering the high-end PCB track, improving the penetration rate of its products in emerging areas such as AI computing power, and giving a "Buy" investment rating for the first time.