Sytech(SH:600183) HUAXI Securities·2025-04-30 07:52Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, driven by both cyclical and growth products [1][2][3] - The demand for traditional consumer electronics and AI-related products is expected to continue driving growth, supported by government policies and market trends [2][3] - The company has made substantial investments in R&D to enhance product quality and meet market demands, particularly in high-end materials and technologies [2] Financial Performance Summary - For 2024, the company achieved a revenue of 20.388 billion yuan, a year-on-year increase of 22.92%, and a net profit of 1.739 billion yuan, up 49.37% [1][11] - In Q1 2025, the company reported a revenue of 5.611 billion yuan, a 26.86% increase year-on-year, and a net profit of 564 million yuan, up 43.76% [1][11] - The company expects to produce and sell various products in 2024, including 14.371 million square meters of copper-clad laminates, 18.903 million meters of bonding sheets, and 1.4716 million square meters of printed circuit boards, with respective year-on-year growth rates of 17.03%, 12.28%, and 15.10% [4] Earnings Forecast and Valuation - The earnings forecast for 2025-2026 estimates revenues of 24.221 billion yuan and 27.988 billion yuan, with year-on-year growth rates of 18.8% and 15.6% respectively [9][11] - The expected EPS for 2025 and 2026 is 1.07 yuan and 1.31 yuan, with corresponding P/E ratios of 22.62 and 18.37 [9][11] - The company is projected to maintain a gross margin of around 23% in the coming years, indicating strong profitability [11]