29 Oct 2024 CMB International Global Markets | Equity Research | Company Update Shengyi Tech (600183 CH) PCB outperformed CCL in 3Q; margin improved sequentially Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus. GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs. NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). Bottom line missed Bloomberg ...