SCC(SZ:002916) Yin He Zheng Quan·2026-03-30 14:53Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company reported a revenue of 236.47 billion yuan for 2025, representing a year-on-year growth of 32.05%. The net profit attributable to shareholders was 32.76 billion yuan, up 74.47% year-on-year [8] - The demand for PCB driven by AI is accelerating, with the company's PCB business achieving a revenue of 143.59 billion yuan, a 36.84% increase year-on-year, and a gross margin of 35.53%, up 3.91 percentage points [8] - The company has a well-established "3-In-One" business layout, benefiting from the rapid growth in AI development in China, which is expected to drive product demand [8] Financial Forecasts - Revenue projections for 2026 to 2028 are as follows: 28.33 billion yuan in 2026 (19.8% growth), 31.58 billion yuan in 2027 (11.5% growth), and 37.90 billion yuan in 2028 (20.0% growth) [2] - Net profit forecasts for the same period are: 44.18 billion yuan in 2026 (35% growth), 51.67 billion yuan in 2027 (17% growth), and 60.11 billion yuan in 2028 (16% growth) [8] - The diluted EPS is expected to be 6.49 yuan in 2026, 7.59 yuan in 2027, and 8.82 yuan in 2028, with corresponding P/E ratios of 36, 31, and 26 [2][8] Business Performance - The company's packaging substrate business achieved a revenue of 41.48 billion yuan in 2025, a 30.80% increase year-on-year, with a gross margin of 22.58%, up 4.43 percentage points [8] - The production capacity utilization rate remains high, with new projects in Thailand and Nantong successfully commencing operations in the second half of 2025 [8]