Sytech(SH:600183) INDUSTRIAL SECURITIES·2024-03-30 16:00Investment Rating - The report maintains an "Accumulate" rating for the company Shengyi Technology (600183) [5] Core Views - The industry is at a low point, with expectations for recovery driven by growth in AI, automotive, and packaging sectors [5] - The company achieved a revenue of 16.586 billion yuan in 2023, a year-on-year decline of 7.93%, and a net profit attributable to shareholders of 1.164 billion yuan, down 23.96% [4][7] - The company has received certification from a well-known global AI server client for its high-speed CCL products, indicating a significant breakthrough in the AI GPU field [6] Financial Summary - In 2023, the company's gross margin was 19.24%, a decrease of 2.79 percentage points year-on-year [2] - The revenue from copper-clad laminates (CCL) was 12,016.91 million square meters, a year-on-year increase of 7.49%, while the revenue from PCB was 31.35 billion yuan, a decrease of 7.90% [2][4] - The company forecasts revenues of 18.991 billion yuan, 21.593 billion yuan, and 24.443 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.627 billion yuan, 1.968 billion yuan, and 2.344 billion yuan [7][8] Market Outlook - The report highlights that the traditional CCL sector is currently facing low profitability and inventory levels, but prices and margins are expected to recover as demand improves [6] - The company is actively investing in the research and development of packaging substrates, with applications in various high-end electronic circuit materials [6]