SCC(002916) 申万宏源证券·2025-04-26 03:12Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant year-on-year increase in net profit of 84% for Q1 2024, indicating a strong recovery in profitability [5] - The growth in revenue is driven by increasing demand in high-speed network communication, computing power, and server-related needs, with a notable performance in the PCB business [7] - The company is well-positioned to benefit from the domestic growth in computing power and the demand for optical communication and automotive electronics [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 17,907 million, with a year-on-year growth rate of 32.4% [6] - The net profit attributable to the parent company is expected to reach 2,357 million in 2025, reflecting a growth rate of 25.5% [6] - The company anticipates a steady increase in revenue and net profit over the next few years, with projections of 20,485 million in revenue and 2,357 million in net profit for 2025 [9] Business Segments Performance - PCB business revenue reached 10,494 million in 2024, with a year-on-year increase of 29.99%, driven by demand in communication devices and data centers [7] - The packaging substrate segment reported revenue of 3,171 million, showing a year-on-year growth of 37.49% despite a decline in gross margin due to rising raw material costs [7] - The electronic assembly business generated revenue of 2,823 million, with a year-on-year increase of 33.20% [7] Capacity Expansion and Strategic Developments - The company is progressing with the construction of its factories in Thailand and Nantong, aiming to enhance production capacity [7] - The second phase of the Wuxi factory has achieved monthly breakeven, and the Guangzhou packaging substrate project is receiving bulk orders [7] - The company maintains its profit forecast, expecting continued growth driven by breakthroughs in computing power, optical communication, and automotive orders [7]