Sytech(600183) 浙商证券·2024-12-16 08:23Investment Rating - The investment rating for the company is "Buy" [5][8]. Core Views - The company is a global leader in copper-clad laminates, with a stable market share of approximately 12% from 2013 to 2022, increasing to 14% in 2023 [3]. - The company has made significant advancements in high-frequency and high-speed packaging substrate technology, overcoming foreign technology barriers and achieving mass application in various fields [4]. - The company is actively expanding its product offerings in high-speed materials, particularly benefiting from the growing demand in AI and high-performance computing sectors [4]. Summary by Sections Company Overview - The company produces a range of high-end electronic materials, including copper-clad laminates, prepregs, insulation laminates, and metal-based copper foil boards, which are widely used in AI servers, 5G antennas, and various electronic products [3]. Innovation and Technology - Since 2005, the company has focused on overcoming technical challenges in high-frequency and high-speed packaging materials, resulting in a full series of high-speed products that meet diverse dielectric loss requirements [4]. - The company’s ultra-low-loss products have passed certification from multiple domestic and international clients, indicating strong market acceptance [4]. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are 198.19 billion, 226.49 billion, and 251.69 billion CNY, respectively, with year-on-year growth rates of 19.49%, 14.28%, and 11.13% [5][7]. - Projected net profits for the same years are 18.68 billion, 24.24 billion, and 29.05 billion CNY, with growth rates of 60.47%, 29.78%, and 19.85% [5][7]. - The current price-to-earnings (P/E) ratios are 28.99, 22.34, and 18.64 for the years 2024, 2025, and 2026, respectively [5][7].