Sytech(SH:600183) Guotou Securities·2024-08-28 15:00Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 20.42 CNY for the next six months [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 9.630 billion CNY, a year-on-year increase of 22.19%, and net profit of 932.5 million CNY, up 68.04% [2]. - The electronics industry is showing signs of recovery, with a projected global market value of 2.55 trillion USD in 2024, driven by demand in consumer electronics and AI technologies [3]. - The company's products are widely used in high-speed applications, AI servers, 5G antennas, and various high-end electronic products, contributing to a 26.22% year-on-year revenue growth in Q2 [3]. Financial Performance Summary - The company’s revenue projections for 2024 to 2026 are 19.572 billion CNY, 22.703 billion CNY, and 25.950 billion CNY, respectively, with net profits expected to be 1.984 billion CNY, 2.392 billion CNY, and 2.765 billion CNY [4]. - The company achieved a gross margin of 21.78% in Q2, compared to 18.88% in the same period last year [3]. - The production and sales of various products, including copper-clad laminates and printed circuit boards, have shown strong growth, with production increasing by 23.25% and sales by 14.83% in the first half of 2024 [4].