Core Insights - The company reported a total revenue of 5.817 billion yuan for 2024, representing a year-on-year growth of 8.53%, but the net profit attributable to shareholders was -198 million yuan, a significant decline of 193.88% [1] - The company's strategic focus on "advanced electronic circuits" and "digital manufacturing" continues, but high investments in the FCBGA packaging substrate project and losses from certain subsidiaries severely impacted overall performance [1] PCB Business - The PCB segment generated revenue of 4.299 billion yuan in 2024, an increase of 5.11% year-on-year, but the gross margin decreased by 1.76 percentage points to 26.96% [4] - The subsidiary Yixing Silicon Valley reported a loss of 132 million yuan due to poor customer and product structure, leading to underutilization of capacity [4] - Despite benefiting from the recovery of high-end mobile phone business, the overall profitability of the PCB segment remains below that of major industry competitors [4] Semiconductor Business - The semiconductor segment achieved revenue of 1.285 billion yuan in 2024, a year-on-year increase of 18.27%, but the gross margin was -33.16%, a decline of 28.60 percentage points [4] - The CSP packaging substrate business saw a revenue increase of 35.87%, driven by a recovery in the memory chip industry and an increase in market share from key customers [4] - High costs associated with the FCBGA project, totaling 734 million yuan, significantly dragged down the company's overall net profit [4][5] Digital Transformation - The company is actively pursuing digital transformation to enhance production efficiency and customer satisfaction, achieving some progress in the digital overhaul of PCB factories [6] - Despite a decrease in the period expense ratio by 1.72 percentage points, the overall gross margin still fell by 7.45 percentage points year-on-year [6] - Balancing long-term investments in digital transformation with short-term financial returns remains a challenge for the company [6] Overall Performance - The company faced significant operational pressure in 2024, with revenue growth overshadowed by a dramatic drop in net profit and losses from high-investment projects [6] - Future strategies must focus on optimizing the structure of the PCB business, achieving mass production breakthroughs in the semiconductor segment, and deepening digital transformation efforts to identify new growth points [6]

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

转自：前瞻产业研究院 行业主要上市公司：鹏鼎控股(002938.SZ)、东山精密(002384.SZ)、深南电路(002916.SZ)、景旺电子 (603228.SH)、沪电股份(002463.SZ)、兴森科技(002436.SZ)、世运电路(603920.SH)等 本文核心数据：印制电路板政策汇总;政策解读;发展目标汇总等 1、 政策历程图 印制电路板(PCB)是电子产品的关键电子互联件，被誉为"电子产品之母"。近年来我国印制电路板行业 在政策支持下有了较快的发展，从"十二五"规划中的提高基础专用材料自给保障能力和制备技术水平， 到"十三五"规划中的形成产业集群、加强印制电路板技术创新和成果应用，再到"十四五"规划中的发展 高性能印制电路板(PCB)产品，研发新型印刷电路板及覆铜板材料，印制电路板(PCB)行业朝着高端 化、规模化、绿色化方向不断发展。 2、 国家层面政策汇总及解读 ——国家层面印制电路板(PCB)行业政策汇总 近年来，国家发布一系列政策重点发展高性能、高频高速印制电路板(PCB)产品，同时鼓励行业创新发 展，研发新型印刷电路板及覆铜板材料。截至2025年2月，我国印制电路板行业相关政策汇总 ...

Core Viewpoint - The company reported a decline in net profit for 2024, with a significant loss attributed to high expenses and specific project challenges, but showed signs of recovery in Q1 2025 with a return to profitability [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.817 billion yuan, a year-on-year increase of 8.53%, but reported a net loss of 198 million yuan [1] - For Q4 2024, revenue was 1.466 billion yuan, a year-on-year increase of 6.88%, but the net loss widened to 167 million yuan [1] - In Q1 2025, revenue reached 1.58 billion yuan, a year-on-year increase of 13.77%, with a net profit of 9 million yuan, indicating a turnaround [2] Business Segments - PCB Business: In 2024, PCB revenue was 4.3 billion yuan, a year-on-year increase of 5.11%, with a gross margin of 26.96% [3] - Semiconductor Business: Revenue for the semiconductor segment was 1.285 billion yuan, a year-on-year increase of 18.27%, but with a negative gross margin of -33.16% due to high costs and low production volume [3] Challenges and Adjustments - The company faced significant losses in 2024 due to high expenses related to the FCBGA packaging substrate project, which incurred costs of approximately 734 million yuan, and losses from subsidiaries [2][3] - Adjustments are being made to the Yixing Silicon Valley subsidiary to improve production processes and reduce losses [3] Future Outlook - The company expects net profits of 211 million yuan, 460 million yuan, and 630 million yuan for 2025, 2026, and 2027 respectively, reflecting a cautious but optimistic outlook [4] - The company is focusing on expanding production capacity and improving yield rates in the FCBGA project, aiming to break the overseas monopoly in the future [3]

Core Viewpoint - The company reported a revenue increase for 2024 but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1] Financial Performance - In 2024, the company achieved a revenue of 5.817 billion yuan, a year-on-year increase of 8.53%, but reported a net profit of -0.198 billion yuan, a year-on-year decline of 193.88% [1] - For Q1 2025, the company reported a revenue of 1.580 billion yuan, a year-on-year increase of 13.77%, with a net profit of 0.009 billion yuan, a year-on-year decline of 62.24% [1] Business Segments - The PCB sample business is stable, with an optimized customer and product structure; revenue from the HDI board and SLP business grew due to strategic customer recovery in high-end mobile phones, generating 860.7646 million yuan in revenue and 136.1930 million yuan in net profit [2] - The FCBGA packaging substrate business faced high costs and losses from subsidiaries, with total expenses of 734.0358 million yuan for the FCBGA project, and losses of 131.7017 million yuan from Yixing Silicon Valley and 70.7008 million yuan from Guangzhou Xingke due to underutilization [2] Strategic Focus - The company is committed to high-end packaging substrate business, with semiconductor business revenue reaching 1.2848648 billion yuan, a year-on-year growth of 18.27%; the CSP packaging substrate business is expanding into storage and RF markets, benefiting from the recovery in the storage chip industry [3] - The FCBGA project is prepared for mass production, with ongoing customer certification and sample order deliveries, leading to improved yield rates [3] Investment Outlook - Revenue projections for 2025 to 2027 are 7.307 billion yuan, 9.206 billion yuan, and 11.784 billion yuan, with net profits of 0.154 billion yuan, 0.415 billion yuan, and 0.857 billion yuan respectively; the company is positioned as a key player in the domestic FCBGA substrate market amid a backdrop of domestic substitution [4] - The company is expected to reach a target price of 13.75 yuan based on a 56 times price-to-earnings ratio for 2026, maintaining a "Buy-A" investment rating [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company turned a profit in Q1 2025 with a net profit attributable to shareholders of 0.09 billion yuan, marking a significant recovery from a loss of 1.98 billion yuan in 2024 [3] - Revenue for Q1 2025 reached 15.80 billion yuan, a year-on-year increase of 13.77% and a quarter-on-quarter increase of 7.76%, achieving the highest quarterly revenue since its listing [3] - The report anticipates a slight downward adjustment in profit expectations for 2025 due to market demand recovery, while profit expectations for 2026 and 2027 have been raised [3] Financial Performance Summary - In 2024, the company reported revenue of 58.17 billion yuan, a year-on-year increase of 8.53%, but incurred a net loss of 1.98 billion yuan, a decline of 193.88% year-on-year [3] - The projected net profits for 2025, 2026, and 2027 are 2.03 billion yuan, 4.39 billion yuan, and 5.83 billion yuan respectively, with corresponding EPS of 0.12, 0.26, and 0.35 yuan [3][6] - The company's revenue from PCB business in 2024 was 43.00 billion yuan, with a gross margin of 26.96%, while the packaging substrate business generated revenue of 11.16 billion yuan, reflecting a year-on-year growth of 35.87% [4][5] Business Segment Insights - The PCB business is undergoing structural adjustments to improve profitability, with a focus on optimizing production processes and expanding overseas markets [4] - The packaging substrate business is in a critical phase for order release and customer expansion, particularly for ABF boards, with plans to complete overseas product certifications in 2025 [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's profits are under pressure due to strategic investments and market conditions, but it continues to focus on technological improvements and market expansion in its semiconductor business [3][4][7] - The company is expected to achieve revenues of RMB 76.21 billion, RMB 92.79 billion, and RMB 109.86 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 1.08 billion, RMB 3.04 billion, and RMB 4.26 billion [4][6] Financial Summary - The company reported a revenue of RMB 58.17 billion in 2024, a year-on-year increase of 8.53%, but a net loss of RMB 1.98 billion [7] - For Q1 2025, the company achieved a revenue of RMB 15.80 billion, a year-on-year increase of 13.77%, but a net profit of RMB 0.09 billion, down 62.24% year-on-year [7] - The company's PCB business generated revenue of RMB 43.00 billion in 2024, with a gross margin of 26.96%, down 1.76 percentage points year-on-year [7] - The semiconductor business generated revenue of RMB 12.85 billion in 2024, with a gross margin of -33.16%, down 28.60 percentage points year-on-year [7] Revenue and Profit Forecast - The company is projected to have a revenue growth rate of 31.0% in 2025, followed by 21.7% in 2026 and 18.4% in 2027 [6][21] - The projected net profit for 2025 is RMB 108 million, with significant growth expected in subsequent years [6][21] Valuation Metrics - The company is expected to have a PE ratio of 177.6 in 2025, decreasing to 63.3 in 2026 and 45.1 in 2027 [4][6] - The projected EBITDA for 2025 is RMB 732 million, with a significant increase in the following years [6][21]

Group 1 - The well-known private equity firm Tongben Investment recently conducted research on three listed companies [1][2][3] - The first company, Haixiangni, aims to promote its brand culture through the IP image of "Feini and Xiangzai," targeting younger demographics [1] - The second company, Xingsen Technology, specializes in PCB products for industrial control and robotics, with target clients including chip design companies and packaging factories [2] - The third company, Ruilite, has launched an AI health toilet featuring the Deepseek model, introducing AI technology into the bathroom industry [3] Group 2 - Tongben Investment was established in January 2014 with a registered capital of 10 million, and it is recognized for its unique approach as a sunshine private equity firm [3] - The firm is notable for being founded by award-winning analysts, with its general manager and investment director, Mr. Tong Xun, having a strong background in the food and beverage sector [3]

Group 1 - Renowned private equity firm Chongyang Investment recently conducted research on two listed companies [1] - The first company, Xingsen Technology, specializes in PCB products used in industrial control and robotics, with IC packaging substrate business targeting chip design companies and packaging plants [1] - The second company, Shiyuan Co., has integrated its education brand Xihuo with the DeepSeek large model, and is evaluating its adaptation across various business areas [2] Group 2 - Xingsen Technology's products are applicable in CPU, GPU, FPGA, ASIC, storage chips, and RF chips [1] - Shiyuan Co. has entered the automotive electronic components sector through the acquisition of Shenzhen Zhangrui [2] - The Xihuo teaching large model enables interactive reading experiences through AI technology, including graded reading plans and AI companionship [2] Group 3 - Chongyang Investment was established in 2001 and transitioned to a limited liability company in 2009, focusing on sustainable asset growth and effective risk control [3] - The firm emphasizes research-driven investment and a rigorous scientific investment process [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.00 [7][15]. Core Insights - The company reported a revenue of RMB 5.8 billion for 2024, representing a year-over-year increase of 9%. However, it faced a net loss of RMB 200 million due to high costs associated with the ABF substrate project and underperformance of the BT substrate factory [1][4]. - In Q1 2025, the company achieved a revenue of RMB 1.58 billion, a 14% year-over-year increase, with a gross margin of 17.2%, slightly improving from the previous quarter [1][2]. - The report highlights that the demand for domestic IC substrates has increased due to tariff conflicts, leading to an upward revision of the target price [1][4]. Summary by Sections Financial Performance - For 2024, the company reported a revenue of RMB 5.8 billion and a gross margin of 15.9%, down 7.4 percentage points year-over-year. The net loss attributable to shareholders was RMB 200 million [1][4]. - In Q1 2025, the company recorded a revenue of RMB 1.58 billion and a net profit of RMB 9 million, although this was a 62% decline year-over-year [2][3]. 2025 Outlook - The company plans to focus on new products and customer integration for ABF substrates, expecting a revenue contribution of RMB 58 million in 2025. The BT substrate segment is anticipated to improve profitability, with projected revenue of RMB 1.3 billion [3][4]. - The report indicates that the company is experiencing a ramp-up in production capacity, particularly in its Guangzhou and Zhuhai factories, which is expected to enhance profitability in the BT substrate segment [3][4]. Valuation Adjustments - The target price was raised to RMB 15.00, reflecting a more favorable outlook for the company's IC substrate business amid increased domestic demand. The valuation multiples for PCB and semiconductor businesses were adjusted to 25.0x PE and 8.0x PS, respectively [4][15]. - The report also notes a downward revision of net profit expectations for 2025 and 2026 due to ongoing adjustments in the PCB business and high initial costs for new ABF substrate lines [4][12].