SCC(002916) 中邮证券·2025-03-18 07:21Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a sales revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%, and a net profit attributable to shareholders of 1.878 billion yuan, up 34.29% year-on-year [5][6] - The global demand for packaging substrates is gradually recovering, driving the introduction of new products. The packaging substrate business achieved a revenue of 3.171 billion yuan, a year-on-year increase of 37.49%, accounting for 17.71% of total revenue [6] - The PCB business generated a revenue of 10.494 billion yuan in 2024, reflecting a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [7] - The company is capitalizing on opportunities in the computing power and automotive electronics markets, with automotive electronics orders growing over 50% for the third consecutive year [7] Financial Projections - The company is expected to achieve revenues of 21.511 billion yuan, 25.042 billion yuan, and 29.680 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 2.571 billion yuan, 3.091 billion yuan, and 3.684 billion yuan for the same years [8][10] - The projected growth rates for revenue are 20.13%, 16.41%, and 18.52% for the years 2025, 2026, and 2027 respectively [10] - The earnings per share (EPS) are forecasted to be 5.01 yuan, 6.03 yuan, and 7.18 yuan for 2025, 2026, and 2027 respectively [10] Company Overview - The latest closing price of the company's stock is 138.49 yuan, with a total market capitalization of 71 billion yuan [4] - The company has a debt-to-asset ratio of 41.7% and a price-to-earnings (P/E) ratio of 50.73 [4] - The largest shareholder is China Aviation International Holdings [4]