SCC(002916) 平安证券·2025-03-17 04:49Investment 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 [15]. 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 year-on-year) and 10.49% (up 0.16 percentage points year-on-year), respectively [5]. - The company is capitalizing on opportunities arising from the growth in AI technology, the demand for high-speed network communication, and the ongoing trends in automotive electrification and intelligence [5]. - The company is focusing on digitalization and smart manufacturing to enhance operational efficiency and reduce costs [5]. Financial Performance Summary - In 2024, the PCB business generated revenue of 10.494 billion yuan, a 29.99% increase year-on-year, accounting for 58.60% of total revenue, with a gross margin of 31.62% [5]. - The IC substrate business reported revenue of 3.171 billion yuan, a 37.49% increase year-on-year, representing 17.71% of total revenue, with a gross margin of 18.15% [5]. - The electronic assembly business achieved revenue of 2.823 billion yuan, a 33.20% increase year-on-year, contributing 15.76% to total revenue, with a gross margin of 14.40% [5]. - The company’s operating expenses showed effective cost control, with sales, management, R&D, and financial expense ratios remaining within 1 percentage point of the previous year [5]. Future Projections - Revenue is projected to grow to 22.205 billion yuan in 2025, with a year-on-year growth rate of 24.0% [7]. - Net profit is expected to reach 2.609 billion yuan in 2025, reflecting a year-on-year increase of 38.9% [7]. - The gross margin is anticipated to improve to 25.5% in 2025, while the net margin is expected to rise to 11.7% [7]. Market Position and Strategy - The company is recognized as a leading domestic IC substrate enterprise, benefiting from domestic substitution trends [11]. - The company is actively expanding its production capabilities, including projects in Thailand and Nantong, to support future business growth [11]. - The company is focusing on enhancing its product offerings in the automotive electronics sector, with orders growing over 50% for three consecutive years [9].