Sytech(SH:600183) ZHONGTAI SECURITIES·2024-04-30 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.83 CNY per share [1]. Core Views - The report highlights that the company has shown significant growth in Q1 2024, with revenue reaching 4.423 billion CNY, representing a year-over-year increase of 17.77% and a quarter-over-quarter increase of 4.34%. The net profit attributable to the parent company was 392 million CNY, up 58.25% year-over-year and 47.92% quarter-over-quarter [1]. - The company is expected to continue optimizing its product structure, leading to improved profitability. The report anticipates a recovery in the overall copper-clad laminate prices, which, combined with the company's growth attributes, could lead to a dual recovery in performance and valuation [1][2]. Summary by Relevant Sections Financial Performance - Revenue (in million CNY): - 2022A: 18,014 - 2023A: 16,586 - 2024E: 18,840 - 2025E: 21,100 - 2026E: 23,533 - Year-over-year growth rates: - 2023A: -11% - 2024E: 13.6% - 2025E: 12.0% - 2026E: 11.5% [1]. Profitability Metrics - Net Profit (in million CNY): - 2022A: 1,531 - 2023A: 1,164 - 2024E: 1,820 - 2025E: 2,226 - 2026E: 2,658 - Year-over-year growth rates: - 2023A: -46% - 2024E: 56.4% - 2025E: 22.3% - 2026E: 19.4% [1]. Market Outlook - The company is expected to maintain a high level of operational capacity in Q2, with continued strong demand from downstream markets. The report suggests that the company will further enhance its product structure and continue to develop high-growth new products, laying a solid foundation for future growth [1][2].