CCTC(SZ:300408) EBSCN·2025-04-24 10:20Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][14]. Core Insights - The company reported a revenue of 7.375 billion yuan for 2024, representing a year-on-year growth of 28.78%, and a net profit attributable to shareholders of 2.190 billion yuan, up 38.55% year-on-year [1]. - The recovery in downstream demand, particularly in consumer electronics, automotive, and optical communication sectors, is driving growth in the company's main business products [2]. - The company has made significant advancements in MLCC technology, enhancing its market share and product competitiveness, particularly in high-capacity and small-size MLCCs [2][3]. - The company is positioned as a leader in the Chinese electronic ceramics industry, with multiple products achieving global sales leadership and benefiting from the demand growth driven by 5G and automotive electronics [3]. Financial Performance Summary - Revenue and profit forecasts have been adjusted upwards, with the net profit for 2025 projected at 2.724 billion yuan, reflecting a 24.36% growth [3][5]. - The company’s revenue is expected to grow from 7.375 billion yuan in 2024 to 9.087 billion yuan in 2025, with a growth rate of 23.21% [5]. - The projected earnings per share (EPS) for 2025 is 1.42 yuan, with a price-to-earnings (P/E) ratio of 25x [5][12]. Market Position and Product Development - The company focuses on a "materials+" strategy, diversifying its product range from resistors to communication components, electronic components, semiconductor parts, and ceramic fuel cell components [3]. - The company’s ceramic insert products and MLCCs are positioned to benefit from the accelerated global data center construction [2][3]. - The company has achieved significant technological breakthroughs in MLCC production, enhancing its core competitiveness and market share [2][3].