SCC(002916) 申万宏源证券·2025-03-28 04:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in revenue and profit, with a 34.3% year-on-year growth in net profit for 2024, driven by demand in optical communication and data center AI servers [7] - The company has achieved mass production of FC-BGA packaging substrates up to 16 layers, with capabilities for 18 and 20 layers in sample manufacturing [7] - The forecast for net profit has been raised due to continuous breakthroughs in computing power, optical communication, and automotive orders, with net profit estimates for 2025 and 2026 adjusted to 2.4 billion and 2.7 billion respectively [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 13,526 million in 2023 to 25,301 million by 2027, with a compound annual growth rate (CAGR) of approximately 13.8% [6] - The net profit is expected to increase from 1,398 million in 2023 to 3,391 million by 2027, reflecting a strong growth trajectory [9] - The gross margin is anticipated to improve from 23.4% in 2023 to 26.9% in 2027, indicating enhanced profitability [6] Business Segments Performance - PCB business revenue is expected to reach 104.94 billion in 2024, with a year-on-year growth of 29.99%, contributing 58.60% to total revenue [7] - The packaging substrate business is projected to generate 31.71 billion in revenue in 2024, with a year-on-year increase of 37.49% [7] - The electronic assembly business is forecasted to achieve 28.23 billion in revenue, reflecting a year-on-year growth of 33.20% [7]