SCC(002916) 中邮证券·2025-03-18 06:49Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a sales revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%, and a net profit attributable to shareholders of 1.878 billion yuan, which is a 34.29% increase year-on-year [5] - The global demand for packaging substrates is gradually recovering, driving the introduction of new products. The packaging substrate business achieved a revenue of 3.171 billion yuan, up 37.49% year-on-year, accounting for 17.71% of total revenue [6] - The PCB business generated a revenue of 10.494 billion yuan in 2024, reflecting a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [7] - The company is expected to achieve revenues of 21.511 billion yuan, 25.042 billion yuan, and 29.680 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 2.571 billion yuan, 3.091 billion yuan, and 3.684 billion yuan for the same years [8] Financial Summary - The company’s total market capitalization is 71 billion yuan, with a total share capital of 5.13 billion shares and a circulating share capital of 5.12 billion shares [4] - The company’s earnings per share (EPS) for 2024 is 3.66 yuan, with projected EPS of 5.01 yuan, 6.03 yuan, and 7.18 yuan for 2025, 2026, and 2027 respectively [10] - The company’s price-to-earnings (P/E) ratio is 50.73, with projected P/E ratios of 37.83, 27.63, 22.98, and 19.28 for the years 2025, 2026, and 2027 respectively [4][10]