SCC(002916) 东莞证券·2025-03-31 06:31Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [8]. Core Insights - The company achieved a revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%. The net profit attributable to shareholders was 1.878 billion yuan, with a growth of 34.29% [4][5]. - The PCB business showed strong performance with revenues of 10.494 billion yuan, up 29.99% year-on-year, driven by increased demand in communication products and data centers [5]. - The packaging substrate business generated revenues of 3.171 billion yuan, growing by 37.49% year-on-year, although its gross margin decreased due to rising raw material costs [5]. - The report highlights that AI computing power is driving PCB demand, with significant growth opportunities in the packaging substrate sector as major tech companies maintain high capital expenditures [3][5]. Financial Summary - The company’s total revenue is projected to reach 21.502 billion yuan in 2025, with a net profit of 2.561 billion yuan, reflecting a continued upward trend in earnings [6]. - The gross margin for the PCB business is expected to be 31.62%, significantly improved by 5.07 percentage points year-on-year, attributed to better capacity utilization and high-value orders [5]. - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 4.99 yuan and 6.17 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25 and 20 [5][6].