证券时报网讯，生益科技(600183)2月27日晚间发布业绩快报，2024年实现营业总收入203.88亿元，同比 增长22.92%；净利润17.44亿元，同比增长49.81%；基本每股收益0.74元。 报告期内，公司覆铜板产销量同比上升，覆铜板产品营收与毛利率同比上升，推动盈利增加。 ...

单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅 度（％） | | --- | --- | --- | --- | | 营业总收入 | 2,038,833.02 | 1,658,607.28 | 22.92 | | 营业利润 | 207,756.38 | 127,253.15 | 63.26 | | 利润总额 | 207,306.69 | 127,118.96 | 63.08 | | 归属于上市公司股东的净利润 | 174,380.55 | 116,399.53 | 49.81 | | 归属于上市公司股东的扣除非经常性损 | 168,023.26 | 109,182.29 | 53.89 | | 益的净利润 | | | | | 基本每股收益（元） | 0.74 | 0.50 | 48.00 | | 加权平均净资产收益率（%） | 12.20 | 8.57 | 增加 3.63 个 | | | | | 百分点 | | | 本报告期末 | 本报告期初 | 增减变动幅 | | | | | 度（％） | | 总资产 | 2,764,324.70 | 2,495,664.45 | 10.77 | | ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target market value of 93.8 billion RMB and a target price of 38.61 RMB per share based on a projected PE of 32 times for 2025 [4][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.7 to 1.8 billion RMB in 2024, representing a year-on-year increase of 46% to 55% [1][12]. - The report highlights the dual nature of the copper-clad laminate (CCL) industry, which offers both cyclical and growth opportunities, positioning the company as a strong alpha player capable of generating consistent profits [2][15]. - The company is well-positioned to benefit from the recovery in CCL demand and the anticipated growth in high-end products driven by AI advancements [2][15]. Summary by Sections Company Overview - The company derives 75% of its revenue from CCL and 20% from PCB, demonstrating its ability to balance cyclical and growth aspects [1][12]. - The company has shown a strong historical performance, with 80% of the years from 2014 to 2023 witnessing growth in unit gross profit [1]. Investment Logic - The CCL market is experiencing a recovery, with revenue and profit growth in the A-share market, indicating a positive industry cycle [2]. - AI advancements are expected to drive upgrades in CCL products, breaking the current monopoly held by Taiwanese and Korean manufacturers, thus providing growth opportunities for the company [2][15]. Profit Forecast and Valuation - The projected net profits for 2024 to 2026 are 1.72 billion, 2.93 billion, and 4.02 billion RMB, respectively, with corresponding PE ratios of 41, 24, and 17 [4]. - The report anticipates a compound annual growth rate of 63% in net profit over the next three years [12].

27 Jan 2025 CMB International Global Markets | Equity Research | Company Update Shengyi Tech (600183 CH) Embracing AI and moving on to a new growth trajectory Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn. Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%. Our forecast of RMB1.8bn is at the high-end of the range. We are optimistic about Shengyi Tech, as the company benefits from gro ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 1,700 million and 1,800 million CNY, an increase of 536 million to 636 million CNY compared to the previous year, representing a year-on-year growth of 46% to 55%[3] - The projected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between 1,640 million and 1,740 million CNY, an increase of 548 million to 648 million CNY compared to the previous year, reflecting a year-on-year increase of 50% to 59%[3] - In the previous year, the total profit was 1,271 million CNY, with a net profit attributable to shareholders of the parent company of 1,164 million CNY, and a net profit excluding non-recurring gains and losses of 1,091 million CNY[6] Revenue Growth Drivers - The increase in profit is primarily driven by a rise in the production and sales volume of copper-clad laminates, along with an optimized sales structure, leading to increased revenue and gross margin[7] - The subsidiary, Shengyi Electronics Co., Ltd., has improved its product structure and regional business layout, resulting in significant revenue growth and a turnaround to profitability due to rising market demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards[7] Financial Data and Reporting - The financial data provided in the performance forecast has not been audited by registered accountants and is subject to change[8] - The company emphasizes that there are no significant uncertainties affecting the accuracy of the performance forecast[8] - The official financial data will be disclosed in the 2024 annual report, scheduled for release on March 29, 2025[9]

Investment Rating - The investment rating for the company is "Buy" [5][8]. Core Views - The company is a global leader in copper-clad laminates, with a stable market share of approximately 12% from 2013 to 2022, increasing to 14% in 2023 [3]. - The company has made significant advancements in high-frequency and high-speed packaging substrate technology, overcoming foreign technology barriers and achieving mass application in various fields [4]. - The company is actively expanding its product offerings in high-speed materials, particularly benefiting from the growing demand in AI and high-performance computing sectors [4]. Summary by Sections Company Overview - The company produces a range of high-end electronic materials, including copper-clad laminates, prepregs, insulation laminates, and metal-based copper foil boards, which are widely used in AI servers, 5G antennas, and various electronic products [3]. Innovation and Technology - Since 2005, the company has focused on overcoming technical challenges in high-frequency and high-speed packaging materials, resulting in a full series of high-speed products that meet diverse dielectric loss requirements [4]. - The company’s ultra-low-loss products have passed certification from multiple domestic and international clients, indicating strong market acceptance [4]. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are 198.19 billion, 226.49 billion, and 251.69 billion CNY, respectively, with year-on-year growth rates of 19.49%, 14.28%, and 11.13% [5][7]. - Projected net profits for the same years are 18.68 billion, 24.24 billion, and 29.05 billion CNY, with growth rates of 60.47%, 29.78%, and 19.85% [5][7]. - The current price-to-earnings (P/E) ratios are 28.99, 22.34, and 18.64 for the years 2024, 2025, and 2026, respectively [5][7].

证券代码：600183 证券简称：生益科技 编号：202412 广东生益科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|-----------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------| | 投资者关系活 | □特定对象调研 | □分析师会议 | | 动类别 | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | ■其他（投资者集体交流会） | | 参与单位 | 300 景网进行直播。 | 余家（位）机构投资者、分析师及媒体代表等，同时通过全 | | | | | | 会议召开方式 | 现场和视频直播 | | | 时间 | 2024 年 12 月 12 日 | | | 地点 | "全景•路演天下"网站 ...

证券代码：600183 证券简称：生益科技 广东生益科技股份有限公司投资者关系活动记录表 编号：202411 | --- | --- | --- | --- | --- | --- | |--------------|----------------------------------------------------------|--------------------------------------------------|-----------|-------|----------------| | | | | | | | | 投资者关系活 | □特定对象调研 | □分析师会议 | | | | | 动类别 | □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 | | | | | | | □现场参观 | | | | | | | □其他 | | | | | | 会议召开方式 | 上证路演中心网络互动 | | | | | | 时间 | 2024 年 11 月 27 日上午 | 9:00-10:00 | | | | | 地点 | 上海证券交易所上证路演中心 | | | | | | 上市公司接待 | 董事 ...

生益科技（600183.SH） 元件 证券研究报告/公司点评报告 2024 年 10 月 30 日 生益科技：三季度业绩稳健，新品进展顺利成长性强 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------- ...

Investment Rating - Maintain "Recommend" rating [2][4] Core Views - Revenue and profit both increased significantly in Q1-Q3 2024, with revenue reaching 14.745 billion yuan, up 19.42% YoY, and net profit attributable to parent company reaching 1.372 billion yuan, up 52.65% YoY [2] - Q3 2024 revenue was 5.115 billion yuan, up 14.52% YoY, and net profit attributable to parent company was 440 million yuan, up 27.83% YoY [2] - Revenue growth driven by subsidiary Shengyi Electronics, which achieved revenue of 1.206 billion yuan, up 49.27% YoY, due to increased demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2] - Gross margin for Q1-Q3 2024 reached 22.02%, up 2.49 pct YoY, and net margin reached 9.84%, up 2.65 pct YoY, driven by increased production and sales of copper-clad laminates and optimized sales structure [2] - Shengyi Electronics' gross margin for Q1-Q3 2024 was 21.68%, up 5.46 pct YoY, due to increased demand for high-margin multilayer circuit boards [2] - The company issued an equity incentive plan to 727 employees, granting 58.0588 million restricted shares at 10.04 yuan per share, with performance targets of 25%/44%/66% growth in non-GAAP net profit for 2024/2025/2026 [2] - Forecasted net profit attributable to parent company for 2024-2026 is 1.834 billion yuan, 2.225 billion yuan, and 2.526 billion yuan, with corresponding P/E ratios of 27X, 22X, and 20X [2] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is forecasted to be 19.358 billion yuan, 21.490 billion yuan, and 23.533 billion yuan, with growth rates of 16.71%, 11.02%, and 9.50% respectively [3][5] - Net profit attributable to parent company for 2024E, 2025E, and 2026E is forecasted to be 1.834 billion yuan, 2.225 billion yuan, and 2.526 billion yuan, with growth rates of 57.59%, 21.27%, and 13.54% respectively [3][5] - Gross margin for 2024E, 2025E, and 2026E is forecasted to be 21.99%, 22.74%, and 22.88% respectively [5] - Net margin for 2024E, 2025E, and 2026E is forecasted to be 9.66%, 10.52%, and 10.86% respectively [5] - ROE for 2024E, 2025E, and 2026E is forecasted to be 12.74%, 14.19%, and 14.81% respectively [5] Valuation Analysis - Current P/E ratios for 2024E, 2025E, and 2026E are 27X, 22X, and 20X respectively [3][5] - Current P/B ratios for 2024E, 2025E, and 2026E are 3.44X, 3.16X, and 2.90X respectively [3][5] - EV/EBITDA for 2024E, 2025E, and 2026E is forecasted to be 17.78X, 15.28X, and 13.77X respectively [6]