SCC(002916) 华西证券·2025-04-24 11:22Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company reported a significant increase in revenue and net profit for both the full year of 2024 and the first quarter of 2025, driven by strong demand in the PCB and automotive sectors [1][2]. - The PCB business achieved a revenue of 10.49 billion yuan in 2024, marking a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [3]. - The packaging substrate business also saw a revenue increase of 37.49% year-on-year, reaching 3.17 billion yuan in 2024 [4]. - The electronic assembly business reported a revenue of 2.82 billion yuan in 2024, with a year-on-year growth of 33.20% [4]. - The company is expected to continue its growth trajectory, with projected revenues of 20.68 billion yuan and 23.90 billion yuan for 2025 and 2026, respectively, reflecting a growth rate of 15.5% [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 17.91 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.88 billion yuan, up 34.29% [1]. - For Q1 2025, the company reported revenue of 4.78 billion yuan, a 20.75% increase year-on-year, and a net profit of 491 million yuan, up 29.47% [1][2]. Business Segments - The PCB segment is benefiting from the growth in AI server demand and the recovery of the industry cycle, with a notable increase in orders from data centers [3]. - The automotive electronics segment continues to grow, driven by the trends in electrification and intelligent driving, with order growth exceeding 50% for the third consecutive year [3]. Profitability and Valuation - The gross margin for the PCB business improved by 5.07 percentage points to 31.62% in 2024 [3]. - The company’s earnings per share (EPS) are projected to be 5.04 yuan and 6.15 yuan for 2025 and 2026, respectively, with a corresponding price-to-earnings (PE) ratio of 21.97 for 2025 [8][10].