SCC(SZ:002916) Bank of China Securities·2025-08-28 06:32Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has demonstrated steady revenue growth in the first half of 2025, with a year-on-year increase of 25.63% in revenue and a 37.75% increase in net profit attributable to shareholders [8] - The report highlights the ongoing optimization of AI-driven structures and the recovery of substrate demand alongside the growth in storage market conditions [3][5] Financial Summary - The company is projected to achieve revenues of RMB 21.33 billion, RMB 25.58 billion, and RMB 31.21 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.85 billion, RMB 3.74 billion, and RMB 4.46 billion [5][7] - The earnings per share (EPS) are expected to be RMB 4.28, RMB 5.60, and RMB 6.69 for 2025, 2026, and 2027 respectively, with price-to-earnings (P/E) ratios of 39.6, 30.3, and 25.3 [5][7] - The company’s PCB business has seen a revenue increase of 29.21% year-on-year, driven by demand in the communication, data center, and automotive electronics sectors [8] Market Performance - The company’s stock has outperformed the Shenzhen Composite Index, with a relative performance of 17.7% year-to-date [2] - The total market capitalization of the company is approximately RMB 113.01 billion [2]