CCTC(SZ:300408) Guotou Securities·2025-12-02 14:33Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 56.87 CNY per share, reflecting a 39 times PE valuation for 2025 [4][5]. Core Insights - The company is advancing its H-share listing process, which is expected to enhance its global strategic layout and financing channels, thereby strengthening its core competitiveness [1]. - The company has shown robust revenue growth in the first three quarters of 2025, with a 20.96% year-on-year increase in operating income, reaching 6.508 billion CNY [2]. - The MLCC (Multi-Layer Ceramic Capacitor) business is steadily growing, supported by increasing demand from AI servers and data centers, while the SOFC (Solid Oxide Fuel Cell) business is anticipated to provide a new growth point [3]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a net profit of 1.959 billion CNY, marking a 22.16% year-on-year increase, with stable expense ratios across various categories [2][3]. - The projected revenues for 2025, 2026, and 2027 are 9.170 billion CNY, 11.177 billion CNY, and 13.597 billion CNY, respectively, with net profits expected to be 2.795 billion CNY, 3.448 billion CNY, and 4.254 billion CNY [4][9]. Business Segments - The MLCC product line has expanded to include various series, and the demand is expected to continue rising due to the growing computational needs in the AI and data center sectors [3]. - The SOFC project, a collaboration with Shenzhen Gas Group, is the first commercial demonstration project of its kind in China, which is expected to contribute significantly to future growth [3]. Financial Metrics - The company’s financial forecasts indicate a consistent increase in net profit margins, projected to reach 30.5% in 2025 and 31.3% in 2027 [9][10]. - The company’s market capitalization is approximately 81.3 billion CNY, with a circulating market value of about 79.3 billion CNY [5].