SCC(002916) 招商证券·2025-03-16 13:10Investment Rating - The investment rating for the company is "Strongly Recommended" [1] Core Views - The company reported a total revenue of 17.91 billion with a year-on-year increase of 32.4%, and a net profit attributable to shareholders of 1.88 billion, up 34.3% year-on-year [1] - The company is expected to benefit from the increasing demand for AI computing power and advanced packaging substrates, leading to high growth in its business [5] - The company plans to distribute a cash dividend of 15 yuan per 10 shares and increase capital by 3 shares for every 10 shares held [1] Financial Performance - The company's PCB business generated 10.49 billion, a year-on-year increase of 30%, accounting for 58.6% of total revenue, with a gross margin of 31.6% [5] - The substrate business achieved 3.17 billion, a year-on-year increase of 37.5%, accounting for 17.7% of total revenue, but experienced a decline in profitability due to rising raw material costs [5] - The PCBA business reported 2.82 billion, a year-on-year increase of 33.2%, accounting for 15.8% of total revenue [5] Quarterly Performance - In Q4, the company reported revenue of 4.86 billion, a year-on-year increase of 19.5%, but a net profit of 390 million, down 20.5% year-on-year [5] - The decline in Q4 net profit was primarily due to increased losses in the ABF substrate business and a shift in business structure [5] Future Outlook - The company is expected to see rapid growth in high-end capacity due to the rising domestic demand for computing power and advanced packaging substrates [5] - Revenue forecasts for 2025-2027 are projected at 21.53 billion, 25.44 billion, and 29.28 billion respectively, with net profits of 2.49 billion, 3.07 billion, and 3.63 billion [5]