Sytech(SH:600183) Xin Lang Cai Jing·2025-04-12 00:30Core Viewpoint - The company reported strong financial performance for the year 2024, with significant growth in revenue and net profit driven by high demand for its products, particularly in the high-speed CCL segment [1][2]. Financial Performance - The total revenue for 2024 reached 20.388 billion yuan, representing a year-on-year increase of 22.92% - The net profit attributable to shareholders was 1.739 billion yuan, up 49.37% year-on-year - The net profit excluding non-recurring items was 1.675 billion yuan, reflecting a 53.42% year-on-year growth [1]. Quarterly Performance - In Q4 2024, the company achieved a revenue of 5.644 billion yuan, a year-on-year increase of 33.15% - The net profit for Q4 was 366 million yuan, up 38.24% year-on-year - The net profit excluding non-recurring items for Q4 was 362 million yuan, showing a year-on-year increase of 45.39% [1]. Product Segmentation - Revenue from the copper-clad laminate (CCL) and bonding sheet business was 14.791 billion yuan, with a growth rate of 17.09% - Revenue from the printed circuit board (PCB) business was 4.484 billion yuan, reflecting a growth rate of 43.04% - Revenue from waste resource utilization was 710 million yuan, with a growth rate of 37.22% - Gross margins for these segments were 21.52%, 19.43%, and 8.21% respectively, with year-on-year increases of 1.41 percentage points, 8.58 percentage points, and 3.61 percentage points [1]. Market Demand - The growth in performance is attributed to increased sales in traditional consumer electronics such as smartphones, home appliances, and wearable devices, stimulated by national subsidy policies - There is also a surge in demand from AI servers, communications, and related fields, driving the need for high-speed materials and high-end products [1]. Profitability Enhancement - The company's gross margin for 2024 was 22.04%, an increase of 2.80 percentage points year-on-year - The net profit margin was 9.16%, up 2.23 percentage points year-on-year - The company experienced a short-term disruption in Q4 due to rising raw material costs, but the shift towards high-end products and high-speed materials led to significant improvements in profitability [2]. Future Projections - Revenue forecasts for 2025-2027 are 23.744 billion, 27.338 billion, and 31.560 billion yuan, with year-on-year growth rates of 16.46%, 15.14%, and 15.44% respectively - Projected net profits for the same period are 2.593 billion, 3.160 billion, and 3.896 billion yuan, with year-on-year growth rates of 49.15%, 21.85%, and 23.32% respectively - The corresponding price-to-earnings ratios for 2025-2027 are expected to be 20X, 17X, and 14X [2].