SCC(002916) 中泰证券·2025-04-24 06:43Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][15]. Core Views - The company is positioned to benefit significantly from the AI cycle, particularly in the PCB sector, with strong demand from computing and automotive electronics markets [6][8]. - The first quarter of 2025 showed a revenue of 4.783 billion yuan, a year-on-year increase of 20.75%, and a net profit of 491 million yuan, reflecting a year-on-year growth of 29.47% [5][6]. - The company is expected to achieve substantial growth in net profit, with projections of 2.538 billion yuan for 2025, 3.081 billion yuan for 2026, and 3.637 billion yuan for 2027 [11]. Financial Performance Summary - Revenue projections for the company are as follows: 13.526 billion yuan in 2023, 17.907 billion yuan in 2024, 21.547 billion yuan in 2025, 24.863 billion yuan in 2026, and 29.425 billion yuan in 2027, with respective growth rates of -3%, 32%, 20%, 15%, and 18% [4][11]. - The company's gross margin for Q1 2025 was 24.74%, with a slight year-on-year decrease of 0.45 percentage points, but an increase of 2.79 percentage points quarter-on-quarter [5][6]. - The net profit margin for Q1 2025 was 10.29%, showing a year-on-year increase of 0.71 percentage points and a quarter-on-quarter increase of 2.25 percentage points [5][6]. Business Segment Insights - The PCB business is expected to leverage opportunities in computing power and automotive electronics, maintaining high operational rates and benefiting from improved product structure [6][8]. - The company has made advancements in packaging substrates, with successful new product introductions and enhanced manufacturing capabilities, particularly in high-end DRAM and processor chip products [9][10].