Suntak(SZ:002815) China Post Securities·2025-09-02 02:34Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is enhancing its product structure, with high-end PCB revenue accounting for over 60% of total revenue. Its product range includes high-layer boards, HDI boards, high-frequency boards, thick copper boards, backplanes, and rigid-flex boards, catering to diverse applications in communication, servers, mobile phones, computers, and automotive sectors. The high-end PCB market has high entry barriers due to technology, craftsmanship, capital, and scale [4]. - The company is ramping up production capacity with new factories coming online, which will drive revenue growth. The Shenzhen facility focuses on high-layer PCBs for 5G communication and aerospace, while the Jiangmen plants produce various PCBs for industrial control and automotive applications. The Zhuhai facilities are set to enhance production capabilities significantly by 2025, supporting the company's strategic growth and international market expansion [5]. - The company is committed to R&D, with a 8.35% year-on-year increase in R&D expenditure, amounting to 180 million yuan in the first half of 2025. Key technology developments include advanced packaging substrates and high-precision circuit boards for AI chips and automotive applications [6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 73.1 billion yuan, 83.4 billion yuan, and 92.9 billion yuan, respectively. The net profit attributable to the parent company is forecasted to be 5.7 billion yuan, 6.9 billion yuan, and 7.9 billion yuan for the same years [7]. - The company is expected to see a revenue growth rate of 16.37% in 2025, followed by 14.23% in 2026 and 11.34% in 2027. The net profit growth rates are projected at 120.96% for 2025, 21.43% for 2026, and 13.60% for 2027 [11][14].