Sytech(SH:600183) Changjiang Securities·2024-05-13 02:32Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 4.423 billion yuan in Q1 2024, representing a year-on-year increase of 17.77% - The net profit attributable to shareholders reached 392 million yuan, up 58.25% year-on-year, while the net profit excluding non-recurring items was 386 million yuan, reflecting a 65.65% increase year-on-year [5] - High demand in the AI industry is driving structural upgrades in product offerings, leading to a steady increase in profitability [5] - The gross margin for Q1 2024 was 21.30%, an increase of 1.56 percentage points year-on-year, and the net margin was 9.13%, up 2.67 percentage points year-on-year [5] - The company is actively expanding into high-end markets, with steady progress in customer collaborations, particularly in the automotive and AI server sectors [5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 4.423 billion yuan, a 17.77% increase from the previous year - The net profit attributable to shareholders was 392 million yuan, marking a 58.25% year-on-year growth - The net profit excluding non-recurring items was 386 million yuan, up 65.65% year-on-year [5] Market Position and Strategy - The company has maintained a stable global market share of approximately 12% in the rigid copper-clad laminate sector from 2013 to 2022 - The company has developed a full range of high-frequency and high-speed products to meet the growing demand for next-generation servers and AI servers [6] - The company is focusing on obtaining market certifications and has made significant breakthroughs in the AI GPU field [5][6] Future Projections - The company is expected to achieve net profits of 1.691 billion yuan, 2.111 billion yuan, and 2.383 billion yuan for the years 2024, 2025, and 2026, respectively - Corresponding price-to-earnings ratios are projected to be 27.12, 21.72, and 19.24 [6]