Sytech(SH:600183) Huachuang Securities·2025-09-03 07:14Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [22]. Core Views - The company achieved a revenue of 12.68 billion yuan in H1 2025, representing a year-on-year increase of 31.68%. The net profit attributable to shareholders was 1.43 billion yuan, up 52.98% year-on-year, with a gross margin of 25.86% [1]. - The growth is driven by the synergy between high-speed CCL (Copper Clad Laminate) and PCB (Printed Circuit Board) businesses, which are expected to enter a new growth phase [7]. - The company is well-positioned to benefit from the AI industry's expansion, with its high-speed CCL products already certified by domestic and international clients, indicating strong future growth potential [7]. Financial Performance Summary - For Q2 2025, the company reported a revenue of 7.07 billion yuan, a year-on-year increase of 35.77% and a quarter-on-quarter increase of 25.97%. The net profit for the same period was 863 million yuan, reflecting a year-on-year growth of 59.67% [1]. - The gross margin for Q2 2025 was 26.85%, up 5.07 percentage points year-on-year and 2.25 percentage points quarter-on-quarter [1]. - The company’s revenue projections for 2025-2027 are adjusted to 32.97 billion yuan, 50.02 billion yuan, and 65.33 billion yuan respectively, indicating robust growth expectations [7]. Market Position and Strategy - The company is expanding its high-speed CCL product line to meet the increasing demand for low-loss materials in AI servers and high-speed switches, which are critical for data transmission [7]. - The PCB business, primarily operated by its subsidiary, is also expected to see significant growth due to rising demand from AI-related applications [7]. - The report highlights the company's strategic adjustments in product pricing and inventory management to capitalize on market opportunities [7].