CCTC(300408) 财通证券·2024-09-05 06:23Investment Rating - Maintain "Overweight" rating [1] Core Views - MLCC high-capacity products are accelerating domestic substitution [1] - Q2 revenue reached a historical high of 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ, with net profit attributable to the parent company of 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - MLCC capacity expansion continues, with increasing proportion of high-capacity products, leading to improved gross margin [2] - Optical communication products like ferrules and diaphragm plates benefit from AI computing power demand growth [2] - PKG, substrates, and slurry businesses recover with the consumer electronics industry [2] - Expected revenue for 2024-2026 is 7.395/8.835/10.390 billion yuan, with net profit attributable to the parent company of 2.142/2.527/2.999 billion yuan, corresponding to PE ratios of 27.17/23.04/19.41x [2] Financial Performance and Projections - Q2 2024 revenue: 1.864 billion yuan, up 29.42% YoY and 19.20% QoQ [2] - Q2 2024 net profit: 593 million yuan, up 44.12% YoY and 36.86% QoQ [2] - 2024E revenue: 7.395 billion yuan, up 29.14% YoY [3] - 2024E net profit: 2.142 billion yuan, up 35.49% YoY [3] - 2025E revenue: 8.835 billion yuan, up 19.47% YoY [3] - 2025E net profit: 2.527 billion yuan, up 17.96% YoY [3] - 2026E revenue: 10.390 billion yuan, up 17.60% YoY [3] - 2026E net profit: 2.999 billion yuan, up 18.69% YoY [3] Business Segments - MLCC: High-capacity products are expanding, with improved gross margin [2] - Optical communication products: Ferrules and diaphragm plates benefit from AI computing power demand [2] - PKG, substrates, and slurry: Recovery driven by the consumer electronics industry [2] Valuation Metrics - 2024E PE: 27.17x [2] - 2025E PE: 23.04x [2] - 2026E PE: 19.41x [2] - 2024E PB: 2.97x [3] - 2025E PB: 2.73x [3] - 2026E PB: 2.50x [3]