SCC(SZ:002916) KAIYUAN SECURITIES·2024-03-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a quarterly performance improvement in Q4 2023, with steady progress in the FC-BGA project [6] - The company reported a full-year revenue of 13.526 billion yuan in 2023, a year-on-year decrease of 3.33%, and a net profit attributable to shareholders of 1.398 billion yuan, down 14.81% year-on-year [6] - The projected net profit for 2024-2026 is 1.636 billion yuan, 1.956 billion yuan, and 2.298 billion yuan respectively, with corresponding EPS of 3.19 yuan, 3.81 yuan, and 4.48 yuan [6] - The company is focusing on high-end PCB products, which are expected to drive steady growth in performance [6] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 4.065 billion yuan, a year-on-year increase of 15.91% and a quarter-on-quarter increase of 18.59% [6] - The gross profit margin for Q4 2023 was 24.18%, up 0.42 percentage points year-on-year and 0.75 percentage points quarter-on-quarter [6] - The company’s revenue is expected to grow by 19.9% in 2024, followed by 15.4% in 2025 and 13.1% in 2026 [8] Market and Product Insights - The automotive product segment maintained high growth, with orders increasing by over 50% year-on-year in 2023, driven by new customer projects and demand for high-end ADAS products [6] - The data center business is benefiting from new generation server platforms and AI products, with slight growth in 2023 [6] - The demand for BT substrates is gradually recovering, and the FC-BGA products are progressing smoothly in terms of capacity [7]