中银证券：中银晨会聚焦-20250314

Core Insights - The report highlights a strong performance forecast for the company in 2024, with expected revenue growth of 32.39% year-on-year, reaching 17.907 billion yuan, and a net profit increase of 34.29%, amounting to 1.878 billion yuan [6][5][7] - The PCB business is positioned to capitalize on structural opportunities, particularly in the AI computing and automotive electronics markets, with a revenue increase of 29.99% year-on-year, totaling 10.494 billion yuan [7][8] - The packaging substrate business is also expected to grow, with a revenue increase of 37.49% year-on-year, reaching 3.171 billion yuan, despite facing challenges such as rising raw material costs and fluctuating market demand [8][6] Summary by Sections Stock Recommendations - The report lists a selection of stocks to focus on, including Jitu Express (1519.HK), China Petroleum (601857.SH), and others, indicating a diversified investment strategy [1] Market Performance - The report provides an overview of market indices, noting a decline in major indices such as the Shanghai Composite Index, which closed at 3358.73, down 0.39% [3] Company Financials - The company is projected to achieve a gross margin of 24.83% in 2024, an increase of 1.40 percentage points year-on-year, and a net profit margin of 10.48%, up 0.15 percentage points [6][7] - In Q4 2024, the company is expected to report a revenue of 4.858 billion yuan, reflecting a year-on-year increase of 19.51% [6] Business Segments - The PCB segment is expected to see significant growth driven by demand in telecommunications and data centers, with a gross margin of 31.62% [7] - The packaging substrate segment is focusing on capability building and market development, with ongoing projects aimed at enhancing production capacity [8]