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SCC reported FY25 revenue growth of 32% YoY to RMB23.6bn, with a GPM of 28.3%, up from 24.8% in FY24. Net profit increased 75% YoY to RMB3.3bn. In 4Q, revenue rose 42% YoY, while net profit grew 144% YoY.

PCB revenue grew 37% YoY, benefiting from strong demand from AI data centers, which account for approximately 25% of PCB revenue. Substrate revenue increased 31% YoY, with improved GPM of 22.6%. The company expects sustained PCB growth and gradual substrate improvement, maintaining a BUY rating and adjusting the TP to RMB288.