CCTC(SZ:300408) 光大证券研究·2025-04-24 09:00Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, indicating a recovery in downstream demand and a positive outlook for its core products [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 7.375 billion, a year-on-year increase of 28.78%, and a net profit attributable to shareholders of 2.190 billion, up 38.55% year-on-year [2]. - In Q4 2024, the company recorded operating revenue of 1.994 billion, reflecting a year-on-year growth of 23.03% and a quarter-on-quarter increase of 2.09%, with a net profit of 587 million, up 33.79% year-on-year and 1.63% quarter-on-quarter [2]. Group 2: Market Trends and Product Demand - The recovery in downstream sectors such as consumer electronics, automotive, and optical communications has led to a steady increase in customer demand, benefiting the company's core product offerings [3]. - The company's MLCC products have seen significant sales growth due to technological advancements and increased market competitiveness, while its chip and related products have benefited from the accelerated global data center construction [3][4]. Group 3: Product Development and Market Position - The company has made substantial progress in MLCC production technology, focusing on high-capacity and small-size developments, resulting in a diversified product range that meets various application scenarios [4]. - The company emphasizes a "materials+" strategy, with its main products now including communication components, electronic components, semiconductor components, and ceramic fuel cell components, achieving leading global sales in several categories [5].