SCC(002916) 新浪财经·2025-04-26 10:32Core Viewpoint - The company reported a steady growth in Q1 2025, with a total revenue of 4.783 billion yuan, a year-on-year increase of 20.75% and a quarter-on-quarter decrease of 1.54% [1] - The company is optimistic about Q2 2025, expecting continued order fulfillment and further optimization of its business structure, particularly in high-end substrates [1][2] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 491 million yuan, a year-on-year increase of 29.47% and a quarter-on-quarter increase of 26.17% [1] - The company's gross margin was 24.74%, down 0.45 percentage points year-on-year but up 2.79 percentage points quarter-on-quarter, while the net profit margin was 10.29%, up 0.71 percentage points year-on-year and 2.25 percentage points quarter-on-quarter [1] - The company expects revenue for 2025-2027 to be 21.53 billion, 25.44 billion, and 29.28 billion yuan, respectively, with net profits of 2.49 billion, 3.07 billion, and 3.63 billion yuan, leading to EPS of 4.85, 5.98, and 7.07 yuan [2] Business Outlook - The company is positioned to benefit from the increasing domestic demand for computing power and the acceleration of advanced packaging substrates for domestic chips [2] - The company is actively expanding its high-end capacity and has a strong order visibility for PCB, particularly with AI-related orders continuing to rise [1][2] - The company is also seeing a positive trend in the ramp-up of its FC-BGA high-end substrate production line, which is expected to reduce losses [2]