Suntak(SZ:002815) Great Wall Securities·2025-08-25 12:06Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing steady revenue growth, with a 20.73% year-on-year increase in revenue for the first half of 2025, reaching 3.533 billion yuan. However, the net profit attributable to shareholders decreased by 6.19% to 222 million yuan [2][3] - The company is actively enhancing its production capacity through a non-public stock issuance to raise 2 billion yuan for the construction of the Zhuhai Chuangda Phase II project, which focuses on high-end PCB production [2] - The product structure is continuously optimized, with high-end PCB products accounting for over 60% of total revenue, significantly enhancing market competitiveness [3] Financial Summary - Revenue is projected to grow from 5.772 billion yuan in 2023 to 9.007 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [1] - The net profit attributable to shareholders is expected to increase from 409 million yuan in 2023 to 766 million yuan in 2027, reflecting a significant recovery after a decline in the previous years [1] - The company's return on equity (ROE) is forecasted to improve from 5.6% in 2023 to 9.0% in 2027, indicating enhanced profitability [1] Market Position and Strategy - The company is focusing on key industries such as telecommunications, servers, automotive electronics, and consumer electronics, establishing strategic partnerships with major players in these sectors [3] - The ongoing construction of the Thailand production base aims to meet international customer demands, further solidifying the company's global production capacity [2]