Sytech(600183) 长江证券·2025-04-01 02:49Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 20.388 billion yuan in 2024, representing a year-on-year growth of 22.92%. The net profit attributable to shareholders reached 1.739 billion yuan, up 49.37% year-on-year. The gross margin and net margin were 22.04% and 9.16%, respectively, with increases of 2.80 percentage points and 2.23 percentage points year-on-year [2][5]. - The company's performance is driven by significant sales structure optimization and the turnaround of its subsidiary into profitability. The sales volume of copper-clad laminates increased year-on-year, leading to higher revenue and gross margin for these products. The subsidiary, Shengyi Electronics, improved its product structure and regional business layout, resulting in substantial revenue growth and a return to profitability [11]. - The company is focusing on high-end research and development, particularly in the AI sector. It has conducted extensive research and development on low-loss resin, copper foil technology, and high-end printed circuit boards for AI servers, aiming to meet market demands for next-generation AI servers and high-speed transmission links [11]. - The company has a strong market position, ranking second globally in rigid copper-clad laminate sales with a market share of approximately 14%. It has developed a full range of high-frequency products and is well-positioned to benefit from the growing demand in the AI server segment [11]. Financial Summary - In 2024, the company is projected to achieve a net profit of 2.629 billion yuan in 2025, 3.394 billion yuan in 2026, and 4.032 billion yuan in 2027, with corresponding price-to-earnings ratios of 25.64, 19.86, and 16.72 [11][17].