SCC(SZ:002916) KAIYUAN SECURITIES·2024-10-29 16:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 37.92% for the first three quarters of 2024, reaching 13.049 billion yuan, driven by increased business orders [4] - The net profit attributable to shareholders for the same period was 1.488 billion yuan, reflecting a year-on-year increase of 63.86% [4] - The company maintains its profit forecast, expecting net profits of 2.029 billion yuan, 2.489 billion yuan, and 2.978 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.96 yuan, 4.85 yuan, and 5.81 yuan [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.728 billion yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [4] - The gross profit margin for Q3 2024 was 25.40%, up 1.96 percentage points year-on-year, but down 1.72 percentage points quarter-on-quarter [4] - The company’s total market capitalization is approximately 54.468 billion yuan, with a current stock price of 106.20 yuan [2] Business Development - The PCB business is expanding successfully in various sectors, with significant growth in data center orders driven by the demand for AI acceleration cards and EGS platform products [5] - The automotive electronics sector is focusing on new energy and ADAS, with increasing demand for high-end products related to intelligent driving [5] - The company is progressing well with new product certifications in the packaging substrate business, particularly for BT products and FC-BGA packaging substrates [5] Capacity Expansion - The company’s new factory in Wuxi has reached breakeven on a monthly basis, and the Guangzhou packaging substrate project is expected to ramp up production capacity quickly in the first half of 2024 [6] - The company has land reserves in Nantong for future factory construction, with the Nantong Phase IV project recently commenced [6]