Core Viewpoint - Xingsen Technology's stock has shown significant growth this year, with a year-to-date increase of 96.57%, reflecting strong market interest and performance in the PCB and semiconductor sectors [1][2]. Financial Performance - For the period from January to September 2025, Xingsen Technology achieved a revenue of 5.373 billion yuan, representing a year-on-year growth of 23.48%. The net profit attributable to shareholders was 131 million yuan, marking a substantial increase of 516.08% [2]. - The company has distributed a total of 1.129 billion yuan in dividends since its A-share listing, with 270 million yuan distributed over the past three years [3]. Stock Market Activity - On November 4, Xingsen Technology's stock price rose by 2.11%, reaching 21.78 yuan per share, with a trading volume of 681 million yuan and a turnover rate of 2.11%. The total market capitalization stood at 37.019 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 15, where it recorded a net purchase of 113 million yuan [1]. Shareholder Information - As of October 20, 2025, the number of shareholders for Xingsen Technology was 118,000, an increase of 3.51% from the previous period. The average number of circulating shares per shareholder decreased by 3.39% to 12,800 shares [2]. - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with changes in their holdings noted [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 1.947 billion yuan, a year-on-year growth of 32.42%. The net profit attributable to shareholders was 103 million yuan, up 300.88% year-on-year, and the non-recurring net profit was 102 million yuan, reflecting a growth of 340.86% [2][6]. - For the first three quarters of 2025, the company achieved a total revenue of 5.373 billion yuan, representing a year-on-year increase of 23.48%. The net profit attributable to shareholders was 131 million yuan, a remarkable increase of 516.08% year-on-year, while the non-recurring net profit reached 149 million yuan, soaring by 1195.59% [2][6]. - The gross profit margin for Q3 2025 was 22.36%, an increase of 7.54 percentage points year-on-year, while the gross profit margin for the first three quarters of 2025 was 19.87%, up 3.90 percentage points year-on-year [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 1.947 billion yuan, with a year-on-year growth of 32.42%. The net profit attributable to shareholders was 103 million yuan, marking a 300.88% increase year-on-year. The non-recurring net profit was 102 million yuan, reflecting a growth of 340.86% [2][6]. - For the first three quarters of 2025, total revenue was 5.373 billion yuan, a 23.48% increase year-on-year. The net profit attributable to shareholders was 131 million yuan, up 516.08% year-on-year, and the non-recurring net profit was 149 million yuan, a staggering increase of 1195.59% [2][6]. Business Developments - The CSP packaging substrate business has shown improvement, with capacity utilization increasing quarter by quarter due to the recovery in the storage chip industry and the rise in prices of raw materials. The overall profitability of the CSP packaging substrate products has also improved [12]. - The company is actively expanding its customer base both domestically and internationally, focusing on securing future production opportunities [12]. - The FCBGA packaging substrate project has seen significant investment, exceeding 3.8 billion yuan, with sample orders surpassing the total for 2024, indicating a strong foundation for potential mass production [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 5.373 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.48%, and a net profit attributable to shareholders of 131 million yuan, marking a turnaround from losses [1] - The CSP packaging substrate's capacity utilization is expected to improve significantly due to the recovery in the storage chip industry, which is a key driver for the company's overall performance in the third quarter [2] - The company has a comprehensive coverage of advanced PCB processes, positioning it well for long-term growth in the AI server market [3] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.947 billion yuan, a year-on-year increase of 32.42%, and a net profit of 103 million yuan, indicating a successful turnaround [1] - The forecast for 2024 shows a revenue of 5.817 billion yuan, with a growth rate of 8.53%, while net profit is expected to be -198.29 million yuan [11] Business Segments - The PCB business is showing stable growth, with HDI and SLP segments performing well, although the multi-layer PCB segment has lagged behind competitors [2] - The CSP packaging substrate is benefiting from the recovery in the storage chip sector, leading to improved profitability [4] Market Outlook - The demand for AI servers is anticipated to drive rapid growth in HDI and SLP segments, with further potential for CSP substrate price increases as market conditions improve [2] - The company is actively expanding its production capacity and enhancing its product mix to capture opportunities in the automotive market and increase the share of RF products [4]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 25.25 CNY for the next six months [4][8]. Core Insights - The company reported a revenue of 5.373 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 23.48%, and a net profit of 131 million CNY, up 516.08% [1]. - In Q3 2025, the company achieved a revenue of 1.947 billion CNY, a year-on-year increase of 32.42%, with a gross margin of 22.36% [2]. - The PCB industry is experiencing a recovery driven by AI, a rebound in storage chips, and a revival in consumer electronics, leading to a more favorable market environment [2]. - The company is making progress in its ABF substrate business, with losses narrowing and both revenue and profit showing growth [2]. Financial Projections - Revenue projections for the company are 7.155 billion CNY, 8.944 billion CNY, and 11.270 billion CNY for 2025, 2026, and 2027 respectively, with net profits expected to be 185 million CNY, 438 million CNY, and 868 million CNY in the same years [4][14]. - The company’s FCBGA packaging substrate project has an investment scale exceeding 3.8 billion CNY, with significant improvements in technical capabilities and production yield [3]. Market Position and Strategy - The company is focusing on expanding its domestic customer base while also targeting overseas clients to secure future production opportunities [3]. - The FCBGA packaging substrate market is currently dominated by Taiwanese suppliers, indicating a significant opportunity for domestic alternatives [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant profit growth in Q3 2025, with a year-over-year revenue increase of 32.42% and a quarter-over-quarter increase of 5.47%. The net profit for Q3 reached 1.03 billion yuan, reflecting a year-over-year growth of 300.88% and a quarter-over-quarter growth of 427.52% [4] - The overall revenue for the first three quarters of 2025 was 5.373 billion yuan, representing a year-over-year increase of 23.48%, while the net profit attributable to the parent company was 1.31 billion yuan, showing a year-over-year increase of 516.08% [4] - The company has adjusted its profit expectations for 2025-2027, forecasting net profits of 2.51 billion yuan, 5.30 billion yuan, and 7.25 billion yuan respectively, with corresponding EPS of 0.15, 0.31, and 0.43 yuan [4] Financial Performance Summary - In Q3 2025, the company achieved a gross margin of 22.36%, up 7.54 percentage points year-over-year and 2.83 percentage points quarter-over-quarter. The net profit margin was 2.36%, an increase of 10.43 percentage points year-over-year and 5.08 percentage points quarter-over-quarter [4] - The company’s revenue projections for 2025-2027 are as follows: 7.463 billion yuan in 2025, 9.004 billion yuan in 2026, and 11.072 billion yuan in 2027, with year-over-year growth rates of 28.3%, 20.6%, and 23.0% respectively [7] - The projected net profit for 2025 is 251 million yuan, with a significant recovery expected in subsequent years, reaching 530 million yuan in 2026 and 725 million yuan in 2027 [7] Business Segment Insights - The company’s PCB business is experiencing accelerated growth in high-end products, particularly benefiting from strategic customer relationships in the high-end mobile phone sector and increased shipments of high-end optical module substrates [5] - The CSP packaging substrate business has seen a significant increase in profitability due to the recovery in the storage chip industry and rising demand from major storage clients, with production capacity utilization improving each quarter [6]

Core Viewpoint - The company, Xingsen Technology, announced the appointment of Mr. Jiang Wei as the new financial officer, which indicates a strategic move to strengthen its financial management [1] Group 1 - The board of directors of Xingsen Technology approved the hiring of Mr. Jiang Wei as the financial officer [1]

Core Points - The company, Xingsen Technology, announced the appointment of Li Jianing as an independent director of the seventh board of directors [1] Company Summary - Xingsen Technology's board of directors approved the election of Li Jianing as an independent director [1]

智通财经APP讯，兴森科技(002436.SZ)发布2025年三季度报告，前三季度，公司实现营业收入53.73亿 元，同比增长23.48%。归属于上市公司股东的净利润1.31亿元，同比增长516.08%。归属于上市公司股 东的扣除非经常性损益的净利润1.49亿元，同比增长1195.59%。 ...

Core Viewpoint - The company is actively working on the localization of materials and equipment in response to the urgent need for domestic technology substitution in the industry [1] Group 1: Localization Efforts - The current localization rate of key materials for ABF and FC-BGA packaging substrates is being determined based on customer plans and supplier capabilities [1] - The company is collaborating with customers to validate domestic materials and equipment [1] Group 2: Production and Capacity - The FCBGA packaging substrate project is currently in the small batch production stage, with market expansion and customer certification progressing as planned [1] - The timeline for mass production largely depends on industry demand recovery, customer production progress, and supplier management strategies [1]

深圳市兴森快捷电路科技股份有限公司 关于补选公司第七届董事会独立董事及专门委员会委员的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开了第七届董事会第十次会议，审议通过了《关于补选公司第七届董 事会独立董事及专门委员会委员的议案》。为保证公司董事会及董事会专门委员 会平稳、规范运作，经董事会提名委员会提名，董事会同意补选李嘉宁女士（简 历见附件）为公司第七届董事会独立董事，并同意若李嘉宁女士经股东会审议通 过后当选公司独立董事，其同时担任公司董事会审计委员会召集人及委员、薪酬 和考核委员会委员职务，任期自 2025 年第三次临时股东会审议通过之日起，至 本届董事会任期届满之日止。 证券代码：002436 证券简称：兴森科技 公告编号：2025-10-060 深圳市兴森快捷电路科技股份有限公司 董事会 二〇二五年十月三十日 附件：李嘉宁简历 李嘉宁：女，中国国籍，无境外永久居留权，1986 年 9 月出生，北京大学 MPAcc，中国注册会计师。2010 年 7 月 ...