Sytech(600183) ZHONGTAI SECURITIES·2024-09-01 08:33Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 17.39 CNY per share [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 9.63 billion CNY, a year-over-year increase of 22.2%, and a net profit of 932 million CNY, up 68% year-over-year [3][4]. - The company is focusing on high-growth new products, including materials for next-generation servers and automotive electronics, which are expected to enhance its growth potential [5]. - The overall market conditions are improving, with expectations for a recovery in copper-clad laminate prices, which could lead to a dual recovery in performance and valuation for the company [5][6]. Financial Forecast and Valuation - The company's financial projections indicate a net profit of 1.82 billion CNY for 2024, 2.23 billion CNY for 2025, and 2.66 billion CNY for 2026, with corresponding P/E ratios of 23, 19, and 16 times [6]. - Revenue is expected to grow from 16.59 billion CNY in 2023 to 23.53 billion CNY by 2026, reflecting a compound annual growth rate of approximately 11.5% [1][6]. - The net profit margin is projected to improve, with net profit growth rates of 56.4%, 22.3%, and 19.4% for the years 2024, 2025, and 2026, respectively [1][6].