Sytech(600183) 长江证券·2024-10-30 01:45Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Insights - In the first three quarters of 2024, the company achieved operating revenue of 14.745 billion yuan, a year-on-year increase of 19.42%, and a net profit attributable to shareholders of 1.372 billion yuan, a year-on-year increase of 52.65% [4]. - The company’s gross margin and net margin for the first three quarters of 2024 were 22.02% and 9.84%, respectively, reflecting improvements of 2.49 percentage points and 2.65 percentage points year-on-year [4]. - The company is focusing on high-end products and optimizing its product structure, particularly in the AI sector, which is expected to drive growth in the coming years [5][6]. Summary by Sections Financial Performance - For Q3 2024, the company reported operating revenue of 5.115 billion yuan, a year-on-year increase of 14.52%, but a quarter-on-quarter decrease of 1.75%. The net profit for the same period was 440 million yuan, a year-on-year increase of 27.83% and a quarter-on-quarter decrease of 18.62% [4]. - The company’s gross margin for Q3 2024 was 22.87%, an increase of 2.91 percentage points year-on-year, while the net margin was 9.24%, an increase of 1.67 percentage points year-on-year [4]. Market Position and Strategy - The company has established itself as the second-largest seller of rigid copper-clad laminates globally, maintaining a market share of approximately 12% [6]. - The company is leveraging its technological expertise to develop a full range of high-speed products and is well-positioned to benefit from the recovery in demand for high-speed copper-clad laminates, particularly in the AI server segment [6]. Future Projections - The company is projected to achieve net profits of 1.823 billion yuan, 2.241 billion yuan, and 2.643 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 26.28, 21.38, and 18.13 [6].