SCC(002916) 中银证券·2025-03-13 06:59Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company is expected to achieve high growth in its PCB business by leveraging structural opportunities, while its packaging substrate business is accelerating the introduction of high-end products [3][5]. - The company is projected to generate revenues of RMB 21.33 billion, RMB 24.96 billion, and RMB 29.04 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.73 billion, RMB 3.20 billion, and RMB 3.58 billion [5][7]. Financial Summary - The company reported a revenue of RMB 17.91 billion in 2024, representing a year-on-year growth of 32.39%, and a net profit of RMB 1.88 billion, up 34.29% year-on-year [8]. - The projected EPS for 2025 is RMB 5.33, with a PE ratio of 23.9 times [5][7]. - The EBITDA for 2025 is expected to be RMB 4.16 billion, reflecting a significant increase from previous years [7][8]. Business Performance - The PCB segment achieved a revenue of RMB 10.49 billion in 2024, growing by 29.99% year-on-year, driven by demand in the communication and automotive electronics sectors [8]. - The packaging substrate business generated RMB 3.17 billion in revenue, with a year-on-year growth of 37.49%, despite facing challenges such as rising raw material costs [8]. Market Outlook - The report highlights the potential recovery in the packaging substrate market and the continuous optimization of the company's project capabilities, driven by AI and automotive electronics [5][8].