CCTC(SZ:300408) Xin Lang Cai Jing·2025-04-29 02:44Core Insights - The company reported significant revenue and profit growth for 2024, with revenue reaching 7.375 billion yuan, up 28.78% year-on-year, and net profit attributable to shareholders at 2.190 billion yuan, up 38.55% year-on-year [1] - The first quarter of 2025 also showed positive results, with revenue of 1.833 billion yuan, up 17.24% year-on-year, and net profit of 533 million yuan, up 23.02% year-on-year [1] Financial Performance - The company's gross margin improved to 42.98% in 2024, an increase of 3.15 percentage points year-on-year, while the gross margin for Q1 2025 was 41.01%, up 0.87 percentage points year-on-year [3] - The operating expense ratio decreased to 12.20% in 2024, down 3.31 percentage points year-on-year, with specific reductions in sales, management, and R&D expenses [3] - R&D expenses increased to 583 million yuan in 2024, up 6.83% year-on-year, indicating a commitment to innovation [3] Product Development and Market Expansion - The company is focusing on a diversified product structure, including communication components, electronic components, and ceramic fuel cell components, with a strategic direction of "materials + structure + function" [4] - Continuous investment in MLCC (Multi-Layer Ceramic Capacitors) R&D has led to improved product quality and stable delivery, with a comprehensive product matrix catering to various customer needs [4] - The company is also innovating in core products like MT inserts and ceramic packaging tubes, responding to the demands of emerging technologies such as artificial intelligence [4] Investment Outlook - Revenue forecasts for 2025 and 2026 have been adjusted to 9.385 billion yuan and 11.921 billion yuan, respectively, with a projected net profit of 2.861 billion yuan and 3.859 billion yuan for the same years [5] - The expected EPS for 2025 and 2026 is 1.49 yuan and 2.01 yuan, respectively, with a projected EPS of 2.55 yuan for 2027 [5] - As of April 28, 2025, the stock price was 35.36 yuan, corresponding to a PE ratio of 23.69 for 2025, indicating a "buy" rating [5]