本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 25 日 兴 森科技(002436.SZ) 证券研究报告 坚守高端产品战略，FCBGA 良率快速提 PCB 投资评级 买入-A 升 维持评级 6个月目标价 13.54元 事件： 股价 (2024-04-24) 11.38元 4 月24 日公司发布 2023 年报以及 2024年一季报，2023 年营业收入 53.6 亿，同比增长 0.11%，归母净利润 2.11亿，同比增长-59.82%。 交易数据 2024 年一季度营业收入 13.88 亿元，同比增长 10.92%，归母净利润 总市值(百万元) 19,227.61 0.25 亿元，同比增长 230.82%。 流通市值(百万元) 17,074.71 总股本(百万股) 1,689.60 行业短期承压，公司不断突破高端产品： 流通股本(百万股) 1,500.41 2023 年 PCB 行业短期承压，下游需求不振、行业供过于求，行业内 12个月价格区间 8.72/17.08元 产能利用率下降、价格竞争激烈。公司围绕既定战略方向，坚持布局 高端产品，高阶PCB领域，公司通过收购北 ...

Financial Performance - The company's operating revenue for 2023 was ¥5,359,923,893.28, representing a slight increase of 0.11% compared to ¥5,353,854,994.29 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥211,212,047.25, a significant decrease of 59.82% from ¥525,633,105.29 in 2022[14]. - The net cash flow from operating activities for 2023 was ¥125,467,202.79, down 82.75% from ¥727,441,912.21 in 2022[14]. - The basic earnings per share for 2023 was ¥0.13, a decline of 60.61% compared to ¥0.33 in 2022[14]. - The total assets at the end of 2023 were ¥14,935,398,718.36, an increase of 25.55% from ¥11,888,295,338.85 in 2022[15]. - The net assets attributable to shareholders decreased by 18.42% to ¥5,333,940,140.88 in 2023 from ¥6,538,557,557.62 in 2022[15]. - The company's overall gross margin declined by 5.34 percentage points, with the expense ratio increasing by 2.10 percentage points[36]. - The company achieved a total revenue of 5,359,923,893.28 CNY, a year-on-year increase of 0.11%[36]. - Net profit attributable to shareholders decreased by 59.82% to 21,121.20 CNY, while net profit excluding non-recurring items fell by 87.92% to 4,776.35 CNY[36]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares to all shareholders, based on a total share base of 1,689,594,682 shares[3]. - The company will not issue bonus shares or convert reserves into share capital in the profit distribution plan[3]. - The company reported a net profit available for distribution to shareholders of CNY 111,276,982.63, with a cash dividend of CNY 84,359,734.10, representing 100% of the profit distribution[133]. - The cash dividend per 10 shares is CNY 0.50, with a total share capital of 1,689,594,682 shares as of December 31, 2023[133]. - The company has implemented a cash dividend policy to provide stable returns to investors, adhering to regulatory guidelines[132]. Research and Development - R&D expenses amounted to CNY 49,150.27 million, a year-on-year increase of 28.40%, representing 9.17% of total revenue, up 2.02 percentage points[28]. - The company applied for 51 patents during the reporting period, including 33 invention patents, and has a total of 611 valid patents as of December 31, 2023[28]. - The company has established three provincial-level R&D institutions and has undertaken a national major science and technology project, enhancing its capability for national-level projects[28]. - The company is investing 100 million RMB in R&D for new technologies, aiming to innovate and stay competitive in the industry[111]. - The management team emphasizes the importance of innovation and is committed to ongoing research and development efforts[108]. Market and Industry Outlook - The global PCB industry value in 2023 was $69.517 billion, a year-on-year decline of 15.0%[24]. - The global PCB industry is projected to recover in 2024, reaching a value of $72.971 billion, a year-on-year growth of 4.97%[23]. - The compound annual growth rate (CAGR) for the global PCB industry from 2023 to 2028 is estimated at 5.4%[25]. - The Chinese market's CAGR from 2023 to 2028 is projected at 4.1%, lower than the global average due to supply chain shifts[25]. - The PCB industry faced significant challenges in 2023, with declining downstream demand and intense price competition impacting overall performance[33]. Environmental Compliance and Sustainability - The company is committed to complying with environmental protection laws and regulations, ensuring sustainable operations[146]. - The company has achieved ISO14001 environmental management system certification and ISO45001 occupational health and safety management system certification, enhancing its environmental management capabilities[196]. - The company has implemented measures for energy conservation, emission reduction, and clean production, receiving multiple awards for its environmental efforts[196]. - The company has established a dedicated EHS (Environment, Health, and Safety) team to monitor and ensure compliance with environmental policies[164]. - The company is focused on reducing its environmental impact, as evidenced by the reported values for total phosphorus emissions at 3.19, which exceed the standard of 1.4506[162]. Corporate Governance - The company has maintained a strict governance structure in compliance with relevant laws and regulations, ensuring no administrative regulatory measures were taken against it during the reporting period[95]. - The board of directors consists of seven members, including three independent directors, ensuring compliance with regulatory requirements[95]. - The company has established a comprehensive supplier management system to ensure fair and transparent procurement processes[196]. - The company is committed to maintaining compliance and protecting the rights of all shareholders[123]. - The company has established a standardized and independent financial accounting system, with a dedicated financial department and personnel[97]. Strategic Initiatives and Acquisitions - The company completed the acquisition of Beijing Xingfei in July 2023, contributing 38,920.89 CNY in revenue and 6,098.17 CNY in net profit during the consolidation period[35]. - A strategic acquisition in Beijing is underway, aimed at enhancing the company's market position and technological capabilities[90]. - The company is actively pursuing market expansion strategies, including a recent acquisition project in Beijing, which is anticipated to enhance operational efficiency[91]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[111]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[91]. Employee Engagement and Workforce Management - The total number of employees at the end of the reporting period is 7,736, with 4,637 in production, 286 in sales, 1,690 in technology, 133 in finance, and 990 in administration[128]. - The company has implemented an employee stock ownership plan to enhance employee engagement and retention[129]. - The company focuses on talent development through a structured training system that includes career progression paths, qualification systems, and an online learning platform[130]. - The company has a comprehensive compensation management policy that links individual performance to organizational performance, encouraging employees to create value[129]. - The company has a complete and independent employee team with established labor and personnel management systems[97]. Risk Management - The company has outlined potential risks and corresponding countermeasures in the section discussing future development prospects[3]. - The company faces risks from geopolitical conflicts, inflation pressures, and trade frictions, which may impact its strategic and operational management[86]. - The company is actively monitoring raw material price fluctuations, which are influenced by international commodity prices, to mitigate cost pressures[87]. - The company plans to optimize its customer structure to build a resilient client base and reduce the risk of bad debts[86]. - The company has established a risk management system for derivative trading, including measures to prevent market, liquidity, credit, operational, and legal risks[68].

深圳市兴森快捷电路科技股份有限公司 对会计师事务所 2023 年度履职情况评估报告 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）聘任华兴会计 师事务所（特殊普通合伙）（以下简称"华兴所"）为 2023 年度审计机构。根据 《国有企业、上市公司选聘会计师事务所管理办法》的要求，公司对华兴所 2023 年度的履职情况进行了评估。经评估，公司认为：华兴所 2023 年度在资质条件 等方面合规有效，能够保持独立性，勤勉尽责，客观公允地表达意见，具体情况 如下： 一、会计师事务所资质条件 华兴所前身系福建华兴会计师事务所，创立于 1981 年，隶属福建省财政厅。 1998 年 12 月，与原主管单位福建省财政厅脱钩，改制为福建华兴有限责任会计 师事务所。2009 年 1 月，更名为福建华兴会计师事务所有限公司。2013 年 12 月， 转制为福建华兴会计师事务所(特殊普通合伙)。2019 年 7 月，更名为华兴会计 师事务所(特殊普通合伙)。注册地址为福建省福州市鼓楼区湖东路 152 号中山大 厦 B 座 7-9 楼，首席合伙人为童益恭先生。 截至 2023 年 12 月 31 日，华兴所共有合伙人 66 人 ...

深圳市兴森快捷电路科技股份有限公司 2023 年度财务决算报告 一、2023 年度财务报表的审计情况 公司 2023 年度财务报表已经华兴会计师事务所（特殊普通合伙）审计，出具了标准 无保留意见的审计报告。 二、主要会计数据及财务指标变动情况 报告期内，公司财务状况运行稳定，报告期末总资产 1,493,539.87 万元，较上年 末增长 25.55%；归属于上市公司股东的所有者权益 533,394.01 万元，较上年末下降 18.42%；资产负债率为 57.77%，较上年末上升 16.86 个百分点。 报告期内，公司实现营业收入 535,992.39 万元，较上年同期增长 0.11%，公司营 业收入基本持平，主要系行业整体下滑和竞争加剧导致需求不足。归属于上市公司股东 的净利润为 21,121.20 万元，较上年同期下降 59.82%，主要系 FCBGA 封装基板项目的费 用投入和珠海兴科 CSP 封装基板产能爬坡阶段的亏损，其中 FCBGA 封装基板业务（包括 珠海和广州工厂）全年费用投入 39,594.00 万元，珠海兴科项目全年亏损 6,625.30 万 元。 报告期内，公司经营活动产生的现金流量净额为 ...

民生证券股份有限公司 关于深圳市兴森快捷电路科技股份有限公司 2023 年度内部控制自我评价报告的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为深圳 市兴森快捷电路科技股份有限公司（以下简称"兴森科技"或"公司"）2021 年 非公开发行股票持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》等有关规定，对《深圳市兴森快捷电路科技股份有限公司 2023 年度内部控制自我评价报告》进行了核查，具体情况如下： 一、内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制 规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内 部控制 ...

深圳市兴森快捷电路科技股份有限公司 2023年度非经营性资金占用及其他关联资金往来 情况的专项说明 华兴专字[2024]23012410055号 深圳市兴森快捷电路科技股份有限公司全体股东： 我们接受深圳市兴森快捷电路科技股份有限公司（以下简称"兴森科 技"）委托，根据《中国注册会计师执业准则》审计了兴森科技2023年12月 31日的合并及母公司资产负债表，2023年度合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表和财务报表附注，并出具了 华兴审字[2024]23012410086号无保留意见审计报告。 根据《上市公司监管指引第8号——上市公司资金往来、对外担保的监 管要求》和《深圳证券交易所上市公司自律监管指南第1号——业务办理》 的规定，兴森科技编制了本专项说明所附的《深圳市兴森快捷电路科技股份 有限公司2023年度非经营性资金占用及其他关联资金往来情况汇总表》（以 下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性及完整性是兴森 科技管理层的责任。我们的责任是对上述汇总表进行审核，并出具专项说明。 我们对汇总表所载资料与我们审计兴森科技2023年度财务报表时 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥1,388,466,963.69, representing a 10.92% increase compared to ¥1,251,755,215.11 in the same period last year[5] - Net profit attributable to shareholders was ¥24,822,701.22, a significant increase of 230.82% from ¥7,503,469.11 year-on-year[5] - The net profit after deducting non-recurring gains and losses surged to ¥23,926,610.95, marking a 2,500.78% increase from ¥919,979.45 in the previous year[5] - Basic earnings per share rose to ¥0.01, reflecting a 127.27% increase from ¥0.0044 in the previous year[5] - The company reported a total comprehensive loss of ¥105,659,897.45 for the current period, contrasting with a comprehensive income of ¥24,673,943.08 in the previous period[24] - Net profit for the current period was a loss of ¥27,382,529.20, compared to a loss of ¥2,406,905.13 in the previous period, indicating a significant decline[23] Cash Flow - The net cash flow from operating activities improved to ¥73,613,626.84, a 363.55% increase compared to a negative cash flow of -¥27,932,002.33 in the same period last year[5] - Cash inflow from operating activities totaled ¥1,493,200,946.39, an increase from ¥1,255,981,716.00 in the previous period[25] - The cash outflow from operating activities totaled 1,419,587,319.55 CNY, compared to 1,283,913,718.33 CNY in the previous year[26] - The cash flow from financing activities decreased by 61.06% to ¥74,413,835.50 compared to ¥191,091,484.39 in the previous year[10] - The net cash flow from investment activities was -362,263,348.70 CNY, slightly improved from -379,051,603.16 CNY in the previous year[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥14,656,850,698.29, a decrease of 1.87% from ¥14,935,398,718.36 at the end of the previous year[5] - The company's equity attributable to shareholders decreased by 1.56% to ¥5,250,897,581.11 from ¥5,333,940,140.88 at the end of the previous year[5] - Total liabilities decreased from RMB 8.63 billion to RMB 8.49 billion, a reduction of approximately 1.6%[20] - The company's long-term borrowings increased from RMB 2.93 billion to RMB 3.33 billion, an increase of approximately 13.7%[20] - The company's total equity decreased from RMB 6.31 billion to RMB 6.17 billion, a decline of approximately 2.2%[21] Investments and Acquisitions - The company recognized a significant increase in estimated liabilities, rising 2,632.08% due to the acquisition of IBR Leiterplatten GmbH & Co.KG shares by its subsidiary Fineline Global PTE Ltd.[8] - The company acquired a stake in IBR Leiterplatten GmbH & Co.KG, resulting in cash payments of ¥79,327,166.84 for subsidiary acquisitions[10] - The company adjusted the use of RMB 295 million of raised funds, reallocating it from the "Yixing Silicon Valley Printed Circuit Board Phase II Project" to acquire a 24% stake in Guangzhou Xinke[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 71,233[11] - Major shareholder Qiu Xingya holds 14.46% of shares, totaling 244,376,552 shares, with 55,450,000 shares pledged[12] - The company repurchased 2,400,000 shares, accounting for 0.14% of the total share capital, at a total cost of approximately RMB 31.11 million, with a maximum price of RMB 16.84 per share[15] Research and Development - Research and development expenses for Q1 2024 were ¥90,502,469.35, a decrease of 30.48% from ¥130,186,918.19 in the same period last year[9] - Research and development expenses were ¥90,502,469.35, down from ¥130,186,918.19 in the previous period, reflecting a 30.5% decrease[22] Other Financial Metrics - The company reported an investment income of ¥2,521,766.87, a substantial increase of 1,358.57% compared to a loss of -¥200,368.25 in the previous year[9] - The investment income from joint ventures and associates was ¥2,333,712.13, compared to ¥1,221,817.52 in the previous period, showing an increase of 91.2%[23] - The company experienced a significant increase in tax expenses, which rose to ¥38,440,431.21 from ¥19,463,812.58 in the previous period[23]

证券代码：002436 证券简称：兴森科技 公告编号：2024-04-031 深圳市兴森快捷电路科技股份有限公司 关于举行2023年度网上业绩说明会的公告 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"）已于2024年4月25日在 巨潮资讯网（http://www.cninfo.com.cn）披露了《2023年年度报告》全文及其摘要， 为便于广大投资者更全面地了解公司的经营情况，公司将通过网络远程方式召开公司 2023年度业绩说明会。 一、说明会召开时间、方式 会议时间：2024年5月8日（星期三）15：00～17：00 会议网址：价值在线（www.ir-online.cn） 二、参会人员 公司董事长、总经理邱醒亚先生，独立董事王明强先生，副总经理、董事会秘书蒋 威先生，副总经理、财务负责人王凯先生，保荐代表人曾文强先生（如遇特殊情况，参 会人员可能进行调整）。 三、投资者参与方式 特此公告。 深圳市兴森快捷电路科技股份有限公司 董事会 二〇二四年四月二十四日 投资者可登陆网址（https://eseb.c ...

民生证券股份有限公司 关于深圳市兴森快捷电路科技股份有限公司 2023 年度募集资金存放与使用情况的专项核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为深圳 市兴森快捷电路科技股份有限公司（以下简称"兴森科技"或"公司"）2021 年 非公开发行股票持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》等有关规定，对兴森科技 2023 年度募集资金存放和使用情况进行了 核查，并发表如下核查意见： 一、募集资金基本情况 （一）2020年公开发行可转换公司债券募集资金基本情况 1、实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可【2020】1327号文核准，公司于2020年 7月23日公开发行了总额为268,900,000.00元的可转换公司债券，每张面值为100 元人民币，共2,689,000张，期限为5年。此次公开发行可转换公司债券 ...

深圳市兴森快捷电路科技股份有限公司 第六届董事会第三次独立董事专门会议的书面审核意见 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》《上市公司独立董事管理办法》和《公 司章程》《独立董事制度》等有关规定，深圳市兴森快捷电路科技股份有限公司 (以下简称"公司")独立董事就公司第六届董事会第三十三次会议相关事项召开 了独立董事专门会议进行审查，并发表书面审核意见如下： 一、 关于 2023 年度利润分配预案的意见 公司 2023 年度利润分配预案的审议程序符合相关法律法规及《公司章程》 的规定，决策程序合法有效。 公司 2023 年度利润分配预案符合《中华人民共和国公司法》《关于进一步 落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号——上市公 司现金分红》及《公司章程》的相关规定和公司当前实际情况，兼顾了公司发展 需要和股东投资回报，分配预案合理，有利于公司的持续稳定发展，不存在损害 公司及全体股东利益的情形。 我们一致同意公司 2023 年度利润分配预案。 公司《2023 年度募集资金存放与使用情况的专项报告》真实、完整地反映 了公 ...