SCC(SZ:002916) KAIYUAN SECURITIES·2025-03-16 02:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][15] Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 179.07 billion yuan, representing a year-over-year increase of 32.39%. The net profit attributable to shareholders is expected to reach 18.78 billion yuan, up 34.29% year-over-year [3][4] - The report highlights the successful introduction of AI clients and the ramp-up of ABF substrate production as key drivers for profit growth in 2025 and beyond, with net profit forecasts for 2025, 2026, and 2027 set at 26.08 billion yuan, 32.76 billion yuan, and 38.49 billion yuan respectively [3][4] - The company is focusing on the demand for "AI PCB," the ramp-up of ABF substrates, and the recovery of BT substrate demand in 2025, particularly in the AI and automotive sectors [4] Financial Summary - The company achieved a revenue of 135.26 billion yuan in 2023, with a decline of 3.3%, followed by a projected revenue of 179.07 billion yuan in 2024, marking a growth of 32.4% [6] - The net profit attributable to shareholders for 2023 was 1.398 billion yuan, down 14.8%, with an expected increase to 1.878 billion yuan in 2024, reflecting a growth of 34.3% [6] - The gross margin is expected to improve from 23.4% in 2023 to 24.8% in 2024, while the net margin is projected to remain stable around 10.5% [6][11]