Sytech(600183) 国金证券·2025-02-11 00:40Investment Rating - The report assigns a "Buy" rating to the company, with a target market value of 93.8 billion RMB and a target price of 38.61 RMB per share based on a projected PE of 32 times for 2025 [4][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.7 to 1.8 billion RMB in 2024, representing a year-on-year increase of 46% to 55% [1][12]. - The report highlights the dual nature of the copper-clad laminate (CCL) industry, which offers both cyclical and growth opportunities, positioning the company as a strong alpha player capable of generating consistent profits [2][15]. - The company is well-positioned to benefit from the recovery in CCL demand and the anticipated growth in high-end products driven by AI advancements [2][15]. Summary by Sections Company Overview - The company derives 75% of its revenue from CCL and 20% from PCB, demonstrating its ability to balance cyclical and growth aspects [1][12]. - The company has shown a strong historical performance, with 80% of the years from 2014 to 2023 witnessing growth in unit gross profit [1]. Investment Logic - The CCL market is experiencing a recovery, with revenue and profit growth in the A-share market, indicating a positive industry cycle [2]. - AI advancements are expected to drive upgrades in CCL products, breaking the current monopoly held by Taiwanese and Korean manufacturers, thus providing growth opportunities for the company [2][15]. Profit Forecast and Valuation - The projected net profits for 2024 to 2026 are 1.72 billion, 2.93 billion, and 4.02 billion RMB, respectively, with corresponding PE ratios of 41, 24, and 17 [4]. - The report anticipates a compound annual growth rate of 63% in net profit over the next three years [12].