SCC(002916) 平安证券·2025-03-17 04:25Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [12]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 17.907 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.878 billion yuan, up 34.29% year-on-year [4][5]. - The overall gross margin and net margin for 2024 were 24.83% (up 1.40 percentage points YoY) and 10.49% (up 0.16 percentage points YoY), respectively [5]. - The company is capitalizing on opportunities arising from the growth in AI technology, electric vehicle trends, and the recovery of the general server market [5]. - The company is focusing on digitalization and smart manufacturing to enhance competitiveness and control costs [5]. Financial Performance Summary - Revenue Breakdown: - PCB business: Revenue of 10.494 billion yuan, up 29.99% YoY, accounting for 58.60% of total revenue with a gross margin of 31.62% [5]. - IC substrate business: Revenue of 3.171 billion yuan, up 37.49% YoY, accounting for 17.71% of total revenue with a gross margin of 18.15% [5]. - Electronic assembly business: Revenue of 2.823 billion yuan, up 33.20% YoY, accounting for 15.76% of total revenue with a gross margin of 14.40% [5]. - Cost Control: The company maintained stable expense ratios across sales, management, R&D, and financial expenses, all within a 1 percentage point change [5]. - Future Projections: The company expects continued revenue growth, with projected revenues of 22.205 billion yuan in 2025, 27.534 billion yuan in 2026, and 34.143 billion yuan in 2027, reflecting a compound annual growth rate of 24% [6][10]. Financial Ratios - Profitability: The projected gross margin is expected to improve to 25.5% in 2025 and 26.0% in 2026, with net margin reaching 11.7% and 12.5% respectively [10]. - Return on Equity (ROE): Expected to increase from 12.8% in 2024 to 15.7% in 2025 and further to 18.8% by 2027 [10]. - Valuation Metrics: The price-to-earnings (P/E) ratio is projected to decrease from 37.9 in 2024 to 27.3 in 2025, indicating improving valuation as earnings grow [10].