兴森科技公告，第三季度营收为19.47亿元，同比增长32.42%；净利润为1.03亿元，同比增长300.88%。 前三季度营收为53.73亿元，同比增长23.48%；净利润为1.31亿元，同比增长516.08%。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-10-29 | 002436 | 兴森科技 | 19.33 | 13.00 | | 251.29 财通证券股份有限 | 国信证券股份有限 | | | | | | | | 公司杭州文二西路 | 公司杭州体育场路 | | | | | | | | 证券营业部 | 证券营业部 | 10月29日，兴森科技大宗交易成交13万股，成交额251.29万元，占当日总成交额的0.14%，成交价19.33元，较市场收盘价 21.8元折价11.33%。 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a potential upside of over 15% relative to the benchmark index [4][5]. Core Insights - The report highlights a significant shortage of upstream materials affecting high-end substrates, with expectations that the supply issues will persist for about a year [1]. - The demand for high-end substrates is projected to grow alongside the increasing need for computing power driven by AI developments, creating a favorable investment landscape [3]. - Companies like Xingsen Technology are focusing on enhancing their IC packaging substrate business, achieving a revenue increase of 36.04% year-on-year in the first half of 2025 [2]. Summary by Sections Upstream Material Shortage - The shortage of materials such as T-Glass and quartz fabric is expected to impact high-end substrate shipments, with a peak shortage anticipated in the next six months [1]. - The chairman of Xinxing noted that the supply gap for high-end copper-clad laminates (CCL) is challenging, but improvements are expected starting from Q3 2026 [1]. Company Performance - Xingsen Technology's IC packaging substrate business generated revenue of 722 million yuan in the first half of 2025, with a focus on high-value products and expansion into the automotive market [2]. - The company is also seeing a significant increase in sample orders for FCBGA substrates, indicating potential for mass production opportunities [2]. Investment Opportunities - The report suggests continued attention to investment opportunities in companies such as Xingsen Technology, Shennan Circuit, Shengyi Technology, and Nanya New Materials due to the expected growth in high-end substrate demand and domestic substitution potential [3].

Core Viewpoint - The company, Xingsen Technology, has clarified that its downstream customers include Zhongji Xuchuang and Xinyi Sheng, highlighting the diverse applications of its products across various industries [1] Group 1: Company Information - Xingsen Technology's products are widely used in communication equipment, industrial control, medical electronics, consumer electronics, servers, rail transportation, computer applications, and semiconductors [1] - The company emphasizes that its products and those of its competitors have different focuses, indicating a competitive landscape in the technology sector [1]

Core Viewpoint - The company is experiencing a decline in net profit primarily due to high costs associated with its FCBGA packaging substrate business, which is currently in the small-scale production phase [1]. Group 1: Financial Performance - The company's net profit attributable to shareholders has been decreasing for consecutive years, leading to losses [1]. - The decline in profitability is significantly impacted by the expenses related to the FCBGA packaging substrate business [1]. Group 2: Strategic Initiatives - The company plans to optimize production processes and improve yield levels and delivery capabilities [1]. - There will be adjustments in customer and product structures to enhance operational efficiency and profitability [1]. - The company aims to increase efforts in expanding overseas markets to create value for shareholders [1].

Core Viewpoint - The company has confirmed its capability to manufacture large-size, high-layer count ultra-fine line FCBGA packaging substrates that meet automotive-grade product requirements [1] Company Summary - The company, Xingsen Technology (002436.SZ), responded to an investor inquiry on October 27, indicating its ability to produce packaging substrates suitable for automotive applications [1]

Group 1 - On October 24, Xingsen Technology executed a block trade of 300,000 shares, with a transaction amount of 5.505 million yuan, accounting for 0.31% of the total trading volume for the day [1][2] - The transaction price was 18.35 yuan, which represents a discount of 9.61% compared to the market closing price of 20.3 yuan [1][2]

Core Insights - On October 24, Xingsen Technology's stock rose by 5.3%, reaching a price of 20.05 CNY per share, with a trading volume of 620 million CNY and a turnover rate of 2.09%, resulting in a total market capitalization of 34.078 billion CNY [1] Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on March 18, 1999, with its IPO on June 18, 2010 [1] - The company's main business includes PCB (Printed Circuit Board) and semiconductor operations, with revenue composition as follows: PCB business 71.45%, IC packaging substrate 21.09%, other 4.29%, and semiconductor testing board 3.17% [1] Shareholder Analysis - Among the top ten circulating shareholders of Xingsen Technology, a fund under Everbright Pramerica Asset Management holds a significant position. The Everbright Pramerica Credit Enhancing Bond A Class Fund (360013) reduced its holdings by 10.646 million shares in Q2, retaining 11.2931 million shares, which accounts for 0.75% of the circulating shares [2] - The fund has achieved a year-to-date return of 20.86%, ranking 57 out of 6231 in its category, and a one-year return of 28.41%, ranking 22 out of 6005 [2] Fund Management - The fund manager of Everbright Pramerica Credit Enhancing Bond A Class Fund is Huang Bo, who has been in the position for 6 years and 18 days. The fund's total asset size is 14.614 billion CNY, with the best return during his tenure being 89.13% and the worst being 10.02% [3]

Core Viewpoint - The company, Xingsen Technology, provides IC packaging substrates as raw materials for chip packaging, serving clients in various sectors including CPU, GPU, FPGA, ASIC, storage chips, and RF chips [1] Group 1: Product and Market Overview - The company's CSP packaging substrates primarily serve the storage chip and RF chip markets, with nearly two-thirds of the shipments directed towards the storage chip industry, focusing on major clients from South Korea and domestic storage chip manufacturers [1] - The FCBGA packaging substrates offered by the company are applicable for HBM product packaging [1]

证券日报网讯兴森科技10月22日在互动平台回答投资者提问时表示，截至2025年10月20日，公司股东总 户数为十一万八千余户。 （文章来源：证券日报） ...