Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [12]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 17.907 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.878 billion yuan, up 34.29% year-on-year [4][5]. - The overall gross margin and net margin for 2024 were 24.83% (up 1.40 percentage points YoY) and 10.49% (up 0.16 percentage points YoY), respectively [5]. - The company is capitalizing on opportunities arising from the growth in AI technology, electric vehicle trends, and the recovery of the general server market [5]. - The company is focusing on digitalization and smart manufacturing to enhance competitiveness and control costs [5]. Financial Performance Summary - **Revenue Breakdown**: - PCB business: Revenue of 10.494 billion yuan, up 29.99% YoY, accounting for 58.60% of total revenue with a gross margin of 31.62% [5]. - IC substrate business: Revenue of 3.171 billion yuan, up 37.49% YoY, accounting for 17.71% of total revenue with a gross margin of 18.15% [5]. - Electronic assembly business: Revenue of 2.823 billion yuan, up 33.20% YoY, accounting for 15.76% of total revenue with a gross margin of 14.40% [5]. - **Cost Control**: The company maintained stable expense ratios across sales, management, R&D, and financial expenses, all within a 1 percentage point change [5]. - **Future Projections**: The company expects continued revenue growth, with projected revenues of 22.205 billion yuan in 2025, 27.534 billion yuan in 2026, and 34.143 billion yuan in 2027, reflecting a compound annual growth rate of 24% [6][10]. Financial Ratios - **Profitability**: The projected gross margin is expected to improve to 25.5% in 2025 and 26.0% in 2026, with net margin reaching 11.7% and 12.5% respectively [10]. - **Return on Equity (ROE)**: Expected to increase from 12.8% in 2024 to 15.7% in 2025 and further to 18.8% by 2027 [10]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 37.9 in 2024 to 27.3 in 2025, indicating improving valuation as earnings grow [10].

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][10] Core Views - The company is expected to benefit from the ongoing demand in the AI-related industry for PCB products, and the strong domestic substitution demand for packaging substrates [8] - The company's PCB business achieved a revenue of 104.94 billion yuan in 2024, representing a year-on-year growth of 29.99% [6] - The packaging substrate business generated a revenue of 31.71 billion yuan in 2024, with a year-on-year increase of 37.49% [6] Financial Summary - The company's projected revenue for 2023A is 135.26 billion yuan, increasing to 179.07 billion yuan in 2024A, and expected to reach 215.05 billion yuan in 2025E [9] - The net profit attributable to the parent company is projected to grow from 13.98 billion yuan in 2023A to 18.78 billion yuan in 2024A, and further to 27.01 billion yuan in 2025E [9] - The earnings per share (EPS) is expected to rise from 2.73 yuan in 2023A to 3.66 yuan in 2024A, and to 5.27 yuan in 2025E [9] Business Performance - The company's PCB business is experiencing steady growth, driven by demand in the communication, data center, and automotive electronics sectors [6][7] - The gross margin for the PCB business in 2024 was 31.62%, an increase of 5.07 percentage points year-on-year [6] - The packaging substrate business is focusing on capability building and market development, with new product introductions ongoing [7]

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 17.907 billion yuan in 2024, representing a year-on-year increase of 32.39%. The net profit attributable to shareholders was 1.878 billion yuan, up 34.29% year-on-year. The gross margin and net margin were 24.83% and 10.49%, respectively, with increases of 1.40 percentage points and 0.16 percentage points year-on-year [2][5]. - In Q4 2024, the company achieved a revenue of 4.858 billion yuan, a year-on-year increase of 19.51% and a quarter-on-quarter increase of 2.74%. The net profit attributable to shareholders was 390 million yuan, down 20.50% year-on-year and 22.22% quarter-on-quarter [2][5]. - The company's PCB business showed robust growth, with revenue of 10.494 billion yuan, up 29.99% year-on-year, and a gross margin of 31.62%, an increase of 5.07 percentage points year-on-year. However, the packaging substrate business saw a decline in profitability [10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 17.907 billion yuan and a net profit of 1.878 billion yuan. The gross profit margin was 24.83%, and the net profit margin was 10.49% [2][5]. - For Q4 2024, the company reported revenue of 4.858 billion yuan and a net profit of 390 million yuan, with gross and net margins of 21.95% and 8.04%, respectively [2][5]. Business Segments - The PCB business generated revenue of 10.494 billion yuan, reflecting a year-on-year growth of 29.99% with a gross margin of 31.62%. The packaging substrate business had revenue of 3.171 billion yuan, up 37.49%, but with a gross margin of 18.15%, down 5.72 percentage points [10]. - The electronic assembly business achieved revenue of 2.823 billion yuan, a year-on-year increase of 33.20%, with a gross margin of 14.40% [10]. Future Outlook - The company is expected to achieve net profits of 2.531 billion yuan, 3.033 billion yuan, and 3.549 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28.11, 23.46, and 20.05 [10].

Investment Rating - The investment rating for the company is "Strongly Recommended" [1] Core Views - The company reported a total revenue of 17.91 billion with a year-on-year increase of 32.4%, and a net profit attributable to shareholders of 1.88 billion, up 34.3% year-on-year [1] - The company is expected to benefit from the increasing demand for AI computing power and advanced packaging substrates, leading to high growth in its business [5] - The company plans to distribute a cash dividend of 15 yuan per 10 shares and increase capital by 3 shares for every 10 shares held [1] Financial Performance - The company's PCB business generated 10.49 billion, a year-on-year increase of 30%, accounting for 58.6% of total revenue, with a gross margin of 31.6% [5] - The substrate business achieved 3.17 billion, a year-on-year increase of 37.5%, accounting for 17.7% of total revenue, but experienced a decline in profitability due to rising raw material costs [5] - The PCBA business reported 2.82 billion, a year-on-year increase of 33.2%, accounting for 15.8% of total revenue [5] Quarterly Performance - In Q4, the company reported revenue of 4.86 billion, a year-on-year increase of 19.5%, but a net profit of 390 million, down 20.5% year-on-year [5] - The decline in Q4 net profit was primarily due to increased losses in the ABF substrate business and a shift in business structure [5] Future Outlook - The company is expected to see rapid growth in high-end capacity due to the rising domestic demand for computing power and advanced packaging substrates [5] - Revenue forecasts for 2025-2027 are projected at 21.53 billion, 25.44 billion, and 29.28 billion respectively, with net profits of 2.49 billion, 3.07 billion, and 3.63 billion [5]

Group 1: Company Performance Overview - In 2024, the company achieved total revenue of 17.907 billion CNY, a year-on-year increase of 32.39% [1] - Net profit attributable to shareholders reached 1.878 billion CNY, up 34.29% year-on-year [1] - Non-recurring net profit was 1.740 billion CNY, showing a significant growth of 74.34% [1] Group 2: PCB Business Insights - PCB business revenue was 10.494 billion CNY, a growth of 29.99%, accounting for 58.60% of total revenue [1] - PCB gross margin improved to 31.62%, an increase of 5.07 percentage points [2] - Key growth drivers included demand from high-speed communication (400G and above), AI servers, and automotive electronics [2] Group 3: Packaging Substrate Business - The packaging substrate business generated revenue of 3.171 billion CNY, a 37.49% increase, representing 17.71% of total revenue [1] - Gross margin for this segment decreased to 18.15%, down 5.72 percentage points due to rising raw material costs and fluctuating market demand [3] Group 4: R&D and Capacity Utilization - R&D investment for 2024 was 1.272 billion CNY, constituting 7.10% of total revenue [7] - PCB business capacity utilization remains high due to sustained demand in computing and automotive electronics [8] - The company is expanding production capacity in Shenzhen, Wuxi, Nantong, and Thailand to meet market needs [9] Group 5: Product Development and Market Trends - The company has developed FC-BGA packaging substrates with production capabilities for up to 16 layers and sample production for 18 and 20 layers [4] - The Guangzhou packaging substrate project is in the early stages of ramp-up, focusing on capacity building [5] - PTFE materials are being explored for high-frequency PCB applications, with existing products in communication and automotive ADAS sectors [10]

—— 2024 年年报点评 维持评级 高峰 钱德胜 | 市场数据 | 2025-03-13 | | --- | --- | | 股票代码 | 002916.SZ | | A 股收盘价(元) | 128.00 | | 上证指数 | 3358.73 | | 总股本(万股) | 51,287.75 | | 实际流通 A 股(万股) | 51,155.43 | | 流通 A 股市值(亿元) | 655 | -20% 0% 20% 40% 60% 80% 100% 300 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ · 电子行业 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 17907.45 | 21921.86 | 26598.97 | 29835.03 | | 收入增长率% | 32.39 | 22.42 | 21.34 | 12.17 | | 归母净利润(百万元) | 1877.57 | 2372.82 | 2801.21 | 3232.48 | | 利润增速% | 34.29 | 26.38 | 18.05 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is projected to experience significant revenue growth, with expected revenues of 17,907.45 million yuan in 2024, increasing to 29,835.03 million yuan by 2027, representing a compound annual growth rate (CAGR) of approximately 21.34% from 2025 to 2027 [5][7] - Net profit is forecasted to grow from 1,877.57 million yuan in 2024 to 3,232.48 million yuan in 2027, indicating a strong profit growth trajectory [5][7] - The gross margin is expected to improve slightly from 24.83% in 2024 to 26.13% in 2027, reflecting operational efficiency [5][7] Financial Summary Income Statement - Revenue is projected to grow from 17,907.45 million yuan in 2024 to 29,835.03 million yuan in 2027, with a revenue growth rate of 32.39% in 2024 and declining to 12.17% by 2027 [5][7] - Operating profit is expected to increase from 2,028.25 million yuan in 2024 to 3,499.67 million yuan in 2027, with a notable operating profit margin improvement [7] - Net profit attributable to the parent company is forecasted to rise from 1,877.57 million yuan in 2024 to 3,232.48 million yuan in 2027, with a net profit margin of approximately 10.83% by 2027 [7] Balance Sheet - Total assets are projected to grow from 25,302.25 million yuan in 2024 to 38,458.48 million yuan in 2027, indicating a robust asset base [6] - The company's total liabilities are expected to increase from 10,656.35 million yuan in 2024 to 15,368.81 million yuan in 2027, maintaining a manageable debt level [6] Cash Flow Statement - Operating cash flow is anticipated to rise from 2,982.22 million yuan in 2024 to 4,560.58 million yuan in 2027, reflecting strong cash generation capabilities [6] - The net increase in cash is projected to be 700.63 million yuan in 2024, growing to 4,424.20 million yuan by 2027, indicating improved liquidity [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is projected to experience significant revenue growth, with expected revenues of 17,907.45 million in 2024, increasing to 29,835.03 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.34% from 2025 to 2027 [5][7] - Net profit is forecasted to grow from 1,877.57 million in 2024 to 3,232.48 million in 2027, indicating a strong profit growth trajectory [5][7] - The gross margin is expected to improve slightly from 24.83% in 2024 to 26.13% in 2027, suggesting enhanced operational efficiency [5][7] Financial Summary Income Statement - Revenue is projected to grow from 17,907.45 million in 2024 to 29,835.03 million in 2027, with a revenue growth rate of 32.39% in 2024, tapering to 12.17% by 2027 [5][7] - Operating profit is expected to increase from 2,028.25 million in 2024 to 3,499.67 million in 2027, with a notable operating profit margin improvement [7] - Net profit attributable to the parent company is forecasted to rise from 1,877.57 million in 2024 to 3,232.48 million in 2027, with a net profit margin of approximately 10.83% by 2027 [7] Balance Sheet - Total assets are projected to grow from 25,302.25 million in 2024 to 38,458.48 million in 2027, indicating a robust asset base expansion [6] - The company's equity attributable to shareholders is expected to increase from 14,617.02 million in 2024 to 23,055.74 million in 2027, reflecting strong retained earnings and capital growth [6] Cash Flow Statement - Operating cash flow is anticipated to rise from 2,982.22 million in 2024 to 4,560.58 million in 2027, indicating improved cash generation capabilities [6] - The net increase in cash is projected to be 700.63 million in 2024, growing significantly to 4,424.20 million by 2027, showcasing strong liquidity management [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][15] Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 179.07 billion yuan, representing a year-over-year increase of 32.39%. The net profit attributable to shareholders is expected to reach 18.78 billion yuan, up 34.29% year-over-year [3][4] - The report highlights the successful introduction of AI clients and the ramp-up of ABF substrate production as key drivers for profit growth in 2025 and beyond, with net profit forecasts for 2025, 2026, and 2027 set at 26.08 billion yuan, 32.76 billion yuan, and 38.49 billion yuan respectively [3][4] - The company is focusing on the demand for "AI PCB," the ramp-up of ABF substrates, and the recovery of BT substrate demand in 2025, particularly in the AI and automotive sectors [4] Financial Summary - The company achieved a revenue of 135.26 billion yuan in 2023, with a decline of 3.3%, followed by a projected revenue of 179.07 billion yuan in 2024, marking a growth of 32.4% [6] - The net profit attributable to shareholders for 2023 was 1.398 billion yuan, down 14.8%, with an expected increase to 1.878 billion yuan in 2024, reflecting a growth of 34.3% [6] - The gross margin is expected to improve from 23.4% in 2023 to 24.8% in 2024, while the net margin is projected to remain stable around 10.5% [6][11]