SCC(002916) 开源证券·2025-03-19 02:06Investment 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 [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 [4][3] Financial Summary - The company achieved a revenue of 135.26 billion yuan in 2023, with a decline of 3.3%. In 2024, revenue is expected to increase to 179.07 billion yuan, a growth of 32.4% [6][11] - The net profit attributable to shareholders is projected to grow from 1.398 billion yuan in 2023 to 1.878 billion yuan in 2024, reflecting a year-over-year increase of 34.3% [6][11] - 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 at around 10.5% [6][11] - Earnings per share (EPS) are forecasted to rise from 2.73 yuan in 2023 to 3.66 yuan in 2024, with further increases to 5.08 yuan in 2025 and 6.39 yuan in 2026 [6][11] Business Segments - In 2024, the company’s PCB, packaging substrates, and electronic assembly segments are expected to generate revenues of 104.94 billion yuan, 31.71 billion yuan, and 28.23 billion yuan, respectively, with year-over-year growth rates of 29.99%, 37.49%, and 33.20% [4][3] - The PCB business is experiencing significant demand growth driven by data centers and automotive applications, while the packaging substrate segment is facing pressure due to capacity ramp-up issues [4][3]