> **来源：[研报客](https://pc.yanbaoke.cn)** # Shengyi Tech (600183 CH) Summary ## Core Content Shengyi Tech (SYT) has reported robust financial results for the first half of 2026, with revenue increasing by 50% YoY to RMB19.0bn and net profit surging 130% YoY to RMB3.3bn. In the second quarter alone, revenue rose 54% YoY and 34% QoQ to RMB10.9bn, slightly below the Bloomberg consensus of RMB11.2bn, while net profit reached RMB2.13bn, a 147% YoY increase and 84% QoQ increase, significantly exceeding the consensus of RMB1.7bn. Gross margin (GPM) expanded to 32.6% from 28.1% in 1Q26, beating the 30.4% consensus estimate. The company's performance is driven by AI-driven growth in both CCL (Copper Clad Laminate) and PCB (Printed Circuit Board) segments. CCL & prepreg sales volumes increased 14.2% and 12.4% YoY, respectively, with segment revenue rising 47.7% to RMB12.4bn. Shengyi Electronics (688183 CH, NR), a subsidiary, reported revenue of RMB5.8bn, up 53.5% YoY, and net profit of RMB1.1bn, up 109% YoY. PCB shipments increased 23.1% YoY, with sales growth outpacing volume due to the ramp-up of high-layer-count and HDI products. SYT's exposure to the AI infrastructure value chain is broad, supported by its strong performance in both CCL and PCB. The company is forecasted to achieve revenue growth of 62% and 51% in FY26/27E, driven by the expansion of high-end CCL products. ## Main Points - **Strong Earnings Performance**: - 1H26 revenue increased 50% YoY to RMB19.0bn. - 1H26 net profit surged 130% YoY to RMB3.3bn. - 2Q26 revenue rose 54% YoY/34% QoY to RMB10.9bn. - 2Q26 net profit reached RMB2.13bn, up 147% YoY/84% QoQ. - GPM expanded to 32.6%, surpassing the 30.4% consensus. - **AI-Driven Growth**: - CCL & PCB segments show broad-based growth due to AI demand. - High-end product mix and ASP (Average Selling Price) increases are driving profit growth. - The company's revenue and net profit are expected to grow at CAGR of 47% and 68% respectively from 2025 to 2028, leading to a PEG of 0.58x. - **Capacity Expansion**: - Jiangxi Phase II reached full production in 1H26, adding 18mn sqm of CCL and 34mn meters of prepreg. - Thailand plant is set to begin trial production in 2H26. - The Songshan Lake project will add 48mn sqm of CCL and 100mn meters of prepreg. - Capex reached RMB1.88bn in 1H26. - **Target Price & Rating**: - Reiterate **BUY** with a raised target price to RMB190, based on a 40x FY27E P/E, which is approximately 2-SD above the company’s one-year historical mean. - The previous target price was RMB90, based on a 35x 2026E P/E. ## Key Financial Forecasts | Financial Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |-------------------------|------|------|------|------|------| | Revenue (RMB mn) | 20,388 | 28,431 | 45,930 | 69,545 | 90,640 | | YoY Growth (%) | 22.9 | 39.4 | 61.5 | 51.4 | 30.3 | | Gross Margin (%) | 22.0 | 26.5 | 30.6 | 31.7 | 32.8 | | Net Profit (RMB mn) | 1,738.7 | 3,334.0 | 7,223.3 | 11,538.9 | 15,919.7 | | YoY Growth (%) | 49.4 | 91.8 | 116.7 | 59.7 | 38.0 | | EPS (Reported) (RMB) | 0.74 | 1.39 | 2.97 | 4.75 | 6.55 | | P/E (x) | 193.5 | 103.0 | 48.2 | 30.1 | 21.9 | ## Earnings Revision | Metric | New (FY26E) | New (FY27E) | New (FY28E) | Old (FY26E) | Old (FY27E) | Old (FY28E) | Diff (%) | |-------------------------|------------|------------|------------|------------|------------|------------|----------| | Revenue (RMB mn) | 45,930 | 69,545 | 90,640 | 39,631 | 50,221 | N/A | 15.9% | | Gross Profit (RMB mn) | 14,052 | 22,039 | 29,761 | 12,087 | 16,221 | N/A | 16.3% | | Net Profit (RMB mn) | 7,223 | 11,539 | 15,920 | 6,272 | 8,786 | N/A | 15.2% | | EPS (RMB) | 2.97 | 4.75 | 6.55 | 2.58 | 3.62 | N/A | 15.3% | | GPM (%) | 30.6% | 31.7% | 32.8% | 30.5% | 32.3% | N/A | 0.1 ppt | | Net Margin (%) | 15.7% | 16.6% | 17.6% | 15.8% | 17.5% | N/A | -0.1 ppt | ## CMBIGM vs. Bloomberg Consensus | Metric | CMBI Estimates | Bloomberg Consensus | Diff (%) | |-------------------------|----------------|--------------------|---------| | Revenue (RMB mn) | 45,930 | 45,573 | 0.8% | | Gross Profit (RMB mn) | 14,052 | 13,349 | 5.3% | | Net Profit (RMB mn) | 7,223 | 7,296 | -1.0% | | EPS (RMB) | 2.97 | 3.24 | -8.1% | | GPM (%) | 30.6% | 29.3% | 1.3 ppt | | Net Margin (%) | 15.7% | 16.0% | -0.3 ppt | ## Analyst Rating - **BUY**: Stock with potential return of over 15% over next 12 months. - **HOLD**: Stock with potential return of +15% to -10% over next 12 months. - **SELL**: Stock with potential loss of over 10% over next 12 months. ## Analyst Certification - The analyst certifies that the views expressed in the report reflect their personal views. - No part of their compensation is directly or indirectly related to the specific views expressed. - The analyst has not traded in the stock covered in the report within 30 days prior to the report's issue and will not do so within 3 business days after. ## Key Risks - Slower capacity ramp-up. - Rising raw material costs. - Intensifying competition. ## Shareholding Structure - **Guangdong Guangxin Holdings Group**: 24.4% - **Dongguan Guohong Investment**: 13.3% ## Stock Performance | Period | Absolute (%) | Relative (%) | |------------|--------------|--------------| | 1-month | -3.2 | -2.2 | | 3-months | 53.5 | 63.3 | | 6-months | 122.9 | 131.7 | ## Market Cap and Cash Flow - **Market Cap (RMB mn)**: 336,514.9 - **Average 3 months turnover (RMB mn)**: 10,974.3 - **52-week High/Low (RMB)**: 187.20 / 44.42 - **Total Issued Shares (mn)**: 2349.8 ## Financial Highlights - **EBIT**: Expected to grow significantly across all years, with a CAGR of ~113.8%. - **ROE**: Projected to increase from 8.5% in 2023A to 53.5% in 2028E. - **Current Ratio**: Maintains a stable level with slight increases expected in 2026E and 2027E. - **Net Cash from Operations**: Expected to grow significantly in FY26E and FY27E. ## Valuation Metrics - **P/E**: Drops significantly from 286.4 in 2023A to 21.9 in 2028E. - **P/E (diluted)**: Also drops from 292.3 in 2023A to 21.9 in 2028E. ## Disclaimer - The report is for informational purposes only and not investment advice. - CMBIGM does not provide individually tailored investment advice. - The information is subject to change and may not be accurate or complete. - There may be conflicts of interest due to business relationships with the companies mentioned.