SCC(SZ:002916) Caixin Securities·2024-11-01 02:46Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 130.49 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.92%, with a net profit attributable to shareholders of 14.88 billion yuan, up 63.86% year-on-year [4][5] - The gross margin for the first three quarters was 25.91%, an increase of 2.79 percentage points year-on-year, while the net margin was 11.40%, up 1.80 percentage points year-on-year [4] - The third quarter revenue was 47.28 billion yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [4] - The company is experiencing strong revenue growth driven by its PCB, packaging substrate, and electronic assembly businesses, with respective year-on-year growth rates of 25.1%, 94.3%, and 42.4% in the first half of 2024 [4] Financial Summary - The company’s total revenue for 2022 was 139.92 billion yuan, which decreased to 135.26 billion yuan in 2023, with projections of 172.72 billion yuan for 2024, 203.93 billion yuan for 2025, and 233.61 billion yuan for 2026 [6] - The net profit attributable to shareholders was 16.40 billion yuan in 2022, dropping to 13.98 billion yuan in 2023, with forecasts of 20.54 billion yuan for 2024, 24.77 billion yuan for 2025, and 30.50 billion yuan for 2026 [6] - The earnings per share (EPS) were 3.20 yuan in 2022, 2.73 yuan in 2023, and are expected to rise to 4.00 yuan in 2024, 4.83 yuan in 2025, and 5.95 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is projected to be 26.52 for 2024, 21.99 for 2025, and 17.86 for 2026 [5][6]