Sytech(600183) 国海证券·2025-04-02 07:04Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company achieved significant revenue and profit growth in 2024, with operating revenue reaching 20.388 billion yuan, a year-on-year increase of 22.92%, and net profit attributable to shareholders of 1.739 billion yuan, up 49.37% year-on-year [6][7]. - The demand for the company's products is driven by the growth in AI computing power needs, recovery in consumer electronics, and high demand in automotive electronics [7][8]. - The company is focusing on high-end product development to enhance its core competitiveness, with R&D expenses increasing by 37.57% to 1.157 billion yuan in 2024 [7][10]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 20.388 billion yuan, with a year-on-year growth of 22.92%. The revenue from copper-clad laminates and bonding sheets increased by 17.09%, accounting for 72.55% of total revenue, while the printed circuit board business saw a 43.04% increase, making up 21.99% of total revenue [6][7]. - The company sold 1.43 million square meters of copper-clad laminates, a year-on-year increase of 19.40%, and 1.88 billion meters of bonding sheets, up 11.50% year-on-year [7]. Profitability - The gross profit margin for 2024 was 22.04%, an increase of 2.80 percentage points year-on-year. The gross profit margin for copper-clad laminates and bonding sheets was 21.52%, up 1.41 percentage points, while the printed circuit board business saw a gross profit margin of 19.43%, an increase of 8.58 percentage points [7][10]. Future Outlook - The company has set ambitious sales targets for 2025, aiming to sell 12.6 million square meters of hard copper-clad laminates and 19.3 billion meters of bonding sheets, indicating a stable growth outlook [8][10]. - Revenue forecasts for 2025-2027 are projected at 22.718 billion yuan, 27.682 billion yuan, and 31.830 billion yuan, with year-on-year growth rates of 11%, 22%, and 15% respectively [9][10].