SCC(SZ:002916) ZHONGTAI SECURITIES·2026-03-14 10:20Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit significantly from the AI computing cycle, with projected revenue growth rates of 32% in 2024 and 33% in 2025, leading to a forecasted revenue of 31,461 million yuan in 2026 [4][11] - The company's net profit is projected to reach 5,701 million yuan in 2026, with a year-on-year growth rate of 74% [4][11] - The report highlights the company's strong performance in the PCB business, driven by increased demand in the AI server and related products sector [7][8] Financial Performance Summary - In 2025, the company achieved a revenue of 23,647 million yuan, representing a year-on-year increase of 32.05%, and a net profit of 3,276 million yuan, up 74.47% year-on-year [6] - The gross margin for 2025 was reported at 28.32%, an increase of 3.49 percentage points year-on-year [6] - The company’s PCB revenue for 2025 was 14,359 million yuan, with a gross margin of 35.53%, reflecting a year-on-year growth of 36.84% [8] Business Segment Insights - The PCB business is experiencing significant growth due to the AI computing infrastructure wave, with a notable increase in orders for AI servers and related products [7][8] - The packaging substrate business also shows strong demand, with revenue of 4,148 million yuan in 2025, a year-on-year increase of 30.8% [10] - The company is enhancing its production capabilities in high-end DRAM products and FC-BGA substrates, which are expected to be key growth drivers in the future [10] Valuation Metrics - The report provides a projected P/E ratio of 30.2 for 2026, decreasing to 15.2 by 2028, indicating a favorable valuation trend as earnings grow [4][11] - The projected P/B ratio is expected to decline from 10.0 in 2026 to 4.1 in 2028, reflecting improved asset efficiency [4][11]