SCC Reports 32% Revenue Growth in FY25 Driven by AI PCB Demand
SCC's FY25 revenue increased 32% YoY to RMB23.6bn, with a GPM of 28.3%. Net profit rose 75% YoY to RMB3.3bn. PCB revenue grew 37% YoY, driven by AI data center demand, while substrate revenue increased 31% YoY. The company anticipates continued growth in PCB and gradual improvements in the substrate segment, maintaining a BUY rating with a TP of RMB288.
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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.
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