AI引领的PCB增长，基板潜力待释放

AI-led PCB growth with substrate upside ahead SCC’s FY25 revenue grew 32% YoY to RMB23.6bn, in line withBBGconsensusand 4% above our forecast. GPM improved significantly to 28.3% (0.3pptsaboveBBGconsensus and 1.4ppts above our estimate), up from 24.8% inFY24,driven by improved product mix,better cost efficiency and higherutilization. Net profit rose 75%YoY to RMB3.3bn, slightly belowBBGconsensus(-0.7%) but 8% ahead of our forecast. By quarter, 4Q revenue increased 42%YoY and 9% QoQ, while net profit grew 144% YoY but declined 1.6% QoQ. 4QGPM eased sequentially to 28.6% from 31.4% in 3Qmainly due to depreciationfrom the Nantong IV and Thailand facilities and higher raw material costs.Looking ahead, we expect SCC to continue benefiting from strong multilayer Target PriceRMB288.00(Previous TPRMB235.00)Up/Downside15.1%Current PriceRMB250.23 China Semiconductors Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Aaron GUO(852) 3916 3715aaronguo@cmbi.com.hk PCB revenue grew 37% YoY in FY25 with GPM at 35.5%.SCC continuedto benefit from strong AI data center demand (~25% of PCB revenue), whiletelecomwas~40% of PCB revenue, with utilization maintained at around95% across most fully ramped facilities. 4Q GPM softened slightly due toramp-up costs at Nantong IV and Thailand, higher raw material prices (e.g.,gold and CCL), and a higher contribution from lower-margin PCBA (revenueup 9% YoY, GPM at 15%). Looking ahead, we expect PCB revenue to Substrate revenue grew 31% YoY in FY25 with GPM improving to22.6% (vs. 18.2% in FY24),supported by stronger BT substrate shipmentsand improving utilization amid tight industry supply and relatively stablepricing.BT demand remained robust with long order visibility,andGuangzhou BT capacity operated at relatively high utilization. Meanwhile,ABF/FC-BGA substrates remained in the early volume ramp stage (ABFrevenuewas>RMB100mn in FY25), while the Guangzhou facility continued Reiterate BUY,with TP adjusted to RMB288(prev.RMB235),based on38x FY26E P/E(prev. 34x).We valuethe Company using a blended peeraverageof both PCB(33x 2026 P/E)and substrate players(42x 2026 P/E)aswe remain bullish on SCC’s continued PCB growth and the long-term Source: FactSet Source: Company data, CMBIGM estimates Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthatthe analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or tradedin the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates,shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does so entirely at their own risk. The information and contents contained in this report are based on the analyses and interpretations of information bel