SCC(SZ:002916) China Post Securities·2025-11-11 00:58Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company's packaging substrate business has shown significant growth, particularly in storage packaging substrates, driven by increased demand and improved capacity utilization [5] - The company is expanding its PCB production capacity with new facilities in Nantong and Thailand, which will enhance its capabilities in high-layer and HDI PCB technologies [6] - There is a notable increase in demand for optical modules, particularly in the communication and data center sectors, which is expected to optimize the product structure of the PCB business [6] Financial Projections - The projected revenues for the company are 233.2 billion, 290.2 billion, and 360.6 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 33.3 billion, 44.1 billion, and 55.0 billion yuan for the same years [7] - The expected growth rates for revenue are 30.22% in 2025, 24.45% in 2026, and 24.27% in 2027 [9] - The earnings per share (EPS) are projected to be 4.99 yuan, 6.61 yuan, and 8.25 yuan for the years 2025, 2026, and 2027 respectively [11]