SCC(SZ:002916) Xinda Securities·2024-04-21 23:30Investment Rating - The investment rating for 深南电路 (002916) is not explicitly stated in the provided documents, but the report suggests a positive outlook based on performance and market conditions [2]. Core Views - 深南电路 reported a total revenue of 39.61 billion yuan for Q1 2024, representing a year-over-year increase of 42.24%. The net profit attributable to shareholders was 3.80 billion yuan, up 83.88% year-over-year [2]. - The company has a strong focus on shareholder returns, with a dividend payout ratio of 31.25% in 2022, maintaining over 30% in previous years. This aligns with the new regulatory emphasis on cash dividends in the capital market [2]. - The report anticipates revenue growth for 2024E/2025E/2026E at 154.51 billion yuan, 180.16 billion yuan, and 210.10 billion yuan respectively, with corresponding net profits of 15.91 billion yuan, 19.49 billion yuan, and 23.05 billion yuan [2][3]. Financial Summary - Total revenue (in million yuan): - 2022A: 13,992 - 2023A: 13,526 - 2024E: 15,451 - 2025E: 18,016 - 2026E: 21,010 - Year-over-year growth rates: - 2024E: +14.2% - 2025E: +16.6% - 2026E: +16.6% [3] - Net profit attributable to shareholders (in million yuan): - 2022A: 1,641 - 2023A: 1,398 - 2024E: 1,591 - 2025E: 1,949 - 2026E: 2,305 - Gross margin for Q1 2024 was 25.19%, an increase of 2.14 percentage points year-over-year [2][3]. Market and Demand Insights - Demand in data centers, automotive, and packaging substrates has shown significant improvement. The company has seen growth in orders related to electric vehicles and smart driving technologies [4]. - The report highlights that the AI sector is expected to drive demand for high-layer PCBs, benefiting 深南电路 as a leading manufacturer in the industry [4].