Sytech(600183) 华创证券·2025-04-01 04:16Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [22]. Core Insights - The company is projected to achieve a revenue of 20.388 billion yuan in 2024, representing a year-over-year increase of 22.92%. The net profit attributable to the parent company is expected to reach 1.739 billion yuan, reflecting a growth of 49.37% [1]. - The report highlights a potential growth cycle driven by high-speed CCL (Copper Clad Laminate) and high-end PCB (Printed Circuit Board) products, alongside price increases in traditional business segments [7]. - The company’s Q4 2024 revenue is expected to be 5.644 billion yuan, showing a year-over-year growth of 33% and a quarter-over-quarter increase of 10% [1]. Financial Performance Summary - The company’s total revenue for 2024 is forecasted at 20.388 billion yuan, with a projected growth rate of 22.9% for the following years, reaching 26.017 billion yuan in 2025 and 32.884 billion yuan in 2026 [3]. - The net profit attributable to the parent company is expected to grow significantly, with projections of 1.739 billion yuan in 2024, 2.882 billion yuan in 2025, and 3.918 billion yuan in 2026, reflecting growth rates of 49.4%, 65.8%, and 35.9% respectively [3]. - The report anticipates an increase in earnings per share (EPS) from 0.72 yuan in 2024 to 1.19 yuan in 2025 and 1.61 yuan in 2026 [3]. Business Segment Insights - The high-speed CCL business is expected to experience rapid growth due to increasing demand from AI servers and related fields, with the company’s ultra-low loss products already certified by multiple domestic and overseas clients [7]. - The PCB business, primarily operated by the company’s subsidiary, is projected to turn profitable in 2024, driven by improved utilization rates and the ramp-up of high-end AI server production [7]. - The report suggests that the combination of high-speed CCL and PCB businesses will create a strong growth momentum, potentially leading to a revaluation of the company's worth [7].