CCTC(SZ:300408) Huaan Securities·2025-04-30 15:17Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a strong performance driven by AI, with a revenue of approximately 7.38 billion yuan in 2024, representing a year-on-year growth of about 28.8%. The net profit attributable to shareholders was approximately 2.19 billion yuan, up by about 38.6% year-on-year [6] - In Q1 2025, the company achieved a revenue of approximately 1.83 billion yuan, a year-on-year increase of about 17.24%, and a net profit of approximately 533 million yuan, reflecting a year-on-year growth of about 23.02% [6] - The company has made significant advancements in MLCC production technology, expanding its product applications in various fields, including automotive, industrial, and consumer electronics [7] - The company is expected to see net profits of 2.73 billion yuan, 3.26 billion yuan, and 3.88 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 24.32, 20.36, and 17.13 [8] Financial Performance Summary - In 2024, the company achieved a gross margin of approximately 43.0%, an increase of about 3.2 percentage points year-on-year [7] - The company maintained reasonable control over its operating expenses, with sales, management, and R&D expense ratios of 1.1%, 5.6%, and 7.9% respectively, all showing a year-on-year decline [7] - The company’s revenue is projected to grow to 9.04 billion yuan in 2025, with a year-on-year growth rate of 22.5% [13] - The net profit attributable to shareholders is expected to grow at a rate of 24.7% in 2025, reaching 2.73 billion yuan [13]