SCC(SZ:002916) CAITONG SECURITIES·2026-03-15 07:25Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 23.65 billion yuan in 2025, representing a year-on-year growth of 32.05%, with a net profit of 3.28 billion yuan, up 74.47% year-on-year [8] - The AI PCB business has become the core growth engine, with revenue from printed circuit boards reaching 14.36 billion yuan, a 36.84% increase year-on-year, accounting for 60.73% of total revenue [8] - The packaging substrate business also saw significant growth, with revenue of 4.15 billion yuan, a 30.80% increase year-on-year, driven by demand for AI-related chips [8] - The company is expected to achieve revenues of 32.94 billion yuan, 43.36 billion yuan, and 52.77 billion yuan for the years 2026, 2027, and 2028 respectively, with corresponding net profits of 5.89 billion yuan, 8.76 billion yuan, and 11.54 billion yuan [8] Financial Performance - The company reported a gross margin of 35.53% for its PCB business, an increase of 3.91 percentage points year-on-year [8] - The projected earnings per share (EPS) for 2026 is 8.65 yuan, with a price-to-earnings (PE) ratio of 28.9 [7][9] - The return on equity (ROE) is expected to reach 29.3% in 2026, increasing to 38.1% by 2028 [7][9] Market Performance - The company's stock price closed at 250.23 yuan on March 13, 2026, with a circulating share capital of 6.65 billion shares [2] - The company has shown a market performance of -26% over the last 12 months compared to the CSI 300 index [4]