SCC(002916) 中国银河·2024-08-29 13:32Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported record high revenue and net profit for the second quarter of 2024, driven by trends in AI, automotive electrification, and demand recovery in certain sectors [1]. - In H1 2024, the company achieved revenue of 8.321 billion yuan, a year-on-year increase of 37.91%, and a net profit attributable to shareholders of 0.987 billion yuan, up 108.32% year-on-year [1]. - The PCB business capitalized on structural opportunities, leading to improved performance, with revenue of 4.855 billion yuan in H1 2024, a 25.09% increase year-on-year [1]. - The packaging substrate business saw a significant revenue increase of 94.31% year-on-year, reaching 1.596 billion yuan in H1 2024 [1]. Financial Performance Summary - The company forecasts revenues of 16.419 billion yuan, 19.399 billion yuan, and 22.733 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21%, 18%, and 17% [2]. - The net profit attributable to shareholders is projected to be 2.180 billion yuan, 2.467 billion yuan, and 2.869 billion yuan for the same years, with growth rates of 56%, 13%, and 16% respectively [2]. - The company's EPS is expected to be 4.25 yuan, 4.81 yuan, and 5.59 yuan for 2024, 2025, and 2026, with corresponding PE ratios of 25, 22, and 19 [2]. Business Segment Performance - The company's PCB business benefited from increased demand in the communication sector, particularly for high-speed switches and optical module products [1]. - In the data center sector, demand for AI-related products has significantly increased, leading to a notable rise in orders [1]. - The automotive electronics sector has seen steady growth in demand for high-end products related to intelligent driving, supported by new customer projects [1].