SCC(002916) 国投证券·2025-04-24 13:27Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 139.06 CNY [4][7]. Core Views - The company benefited from high demand in AI and automotive electronics, leading to significant revenue and profit growth in Q1 2025, with revenue reaching 4.783 billion CNY, a year-on-year increase of 20.75%, and net profit of 491 million CNY, up 29.47% year-on-year [1][2]. - The company is strategically positioned to capture opportunities in the computing power and automotive electronics markets, with a notable increase in orders for high-speed switches and optical modules driven by cloud service providers' demand for AI computing infrastructure [2]. - The company has increased its R&D investment, which accounted for 7.10% of revenue, focusing on next-generation communication, data center, and automotive electronics technologies, leading to advancements in product capabilities and the acquisition of new patents [3]. Financial Projections - Revenue projections for 2025 to 2027 are 21.346 billion CNY, 25.103 billion CNY, and 29.370 billion CNY, respectively, with net profits expected to be 2.378 billion CNY, 2.893 billion CNY, and 3.591 billion CNY [4][11]. - The company is expected to maintain a net profit margin of approximately 11.1% in 2025, increasing to 12.2% by 2027 [12].