Sytech(600183) 华安证券·2025-03-31 11:20Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company has become a leading core supplier of copper-clad laminates over more than 30 years, with a wide range of applications [5]. - The production capacity of copper-clad laminates has increased from 600,000 square meters at the beginning to 120 million square meters in 2023 [5]. - The company ranks second globally in terms of sales of rigid copper-clad laminates according to Prismark [5][34]. Summary by Sections 1. Company Overview - Founded in 1985, the company integrates R&D, production, sales, and service, becoming a core supplier of electronic circuit substrates globally [5]. - The company has established subsidiaries in various locations, employing over 10,000 people [18]. - The main products are used in high-performance applications such as AI servers, 5G antennas, and automotive electronics [18][19]. 2. Industry Growth Opportunities - The global PCB market is expected to grow from 90.4 billion in 2028, driven by 5G, AI, and automotive electrification [6]. - The demand for high-speed materials is increasing due to the rapid growth of AI applications and the automotive sector [6][8]. 3. Financial Performance - The company is projected to achieve revenues of 23.216 billion yuan, 26.481 billion yuan, and 29.456 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.370 billion yuan, 2.970 billion yuan, and 3.393 billion yuan [11]. - The company has shown steady revenue growth, with a revenue increase from 7.610 billion yuan in 2015 to 20.374 billion yuan in 2024 [30]. 4. Research and Development - The company has a strong focus on R&D, with 58 domestic patents and 5 overseas patents filed in 2024 [34]. - The company is recognized as a national-level engineering technology research center, focusing on key technologies in the electronic circuit substrate industry [39][43]. 5. Market Position - The company has maintained a solid market position, with a global market share of 14% in rigid copper-clad laminates as of 2023 [34]. - The company has established partnerships with major international brands, enhancing its competitive advantage [19].