Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term profits are under pressure due to significant investments in FCBGA packaging substrates, while long-term benefits from domestic substitution are expected to continue to grow [2][4] - The semiconductor business is progressing steadily, with rapid revenue growth in BT substrates driven by the recovery of the storage chip industry and increased market share from major storage clients [3] - The company is focusing on enhancing IC packaging substrate technology, which has substantial growth potential, particularly in the context of AI chip development [4] Financial Performance Summary - For the first three quarters, the company achieved total revenue of 4.35 billion yuan, a year-on-year increase of 9%, but reported a net profit attributable to shareholders of -30 million yuan, a year-on-year decrease of 117% [2] - The revenue for Q3 alone was 1.47 billion yuan, with a year-on-year increase of 3%, while the net profit attributable to shareholders was -50 million yuan, a year-on-year decrease of 130% [2] - The forecast for total revenue is expected to grow from 5.36 billion yuan in 2023 to 6.06 billion yuan in 2024, with a projected growth rate of 13.09% [1][10] - The net profit attributable to shareholders is forecasted to decline significantly from 211 million yuan in 2023 to 32 million yuan in 2024, before rebounding to 456 million yuan in 2026 [1][10] Valuation Metrics - The current market valuation corresponds to a P/E ratio of 467.10 for 2024, which is expected to decrease to 32.75 by 2026 [1][11] - The company’s market capitalization is approximately 17.71 billion yuan, with a price-to-book ratio of 3.49 [6][11]

Investment Rating - Buy (Maintained) [1] Core Views - FCBGA investment has put short-term pressure on profits, but long-term benefits from domestic substitution are expected to drive growth [2] - Semiconductor business is progressing steadily, with BT substrate revenue growing rapidly due to the recovery of the memory chip market [3] - Focus on IC packaging substrate technology improvement, with significant development potential [4] - Despite short-term profit fluctuations, the company's leading position in ABF substrates and strategic customer relationships support long-term growth [4] Financial Performance Summary - Revenue for the first three quarters of 2024 was 4.35 billion yuan, up 9% YoY, with a net loss of 30 million yuan, down 117% YoY [2] - Q3 revenue was 1.47 billion yuan, up 3% YoY, with a net loss of 50 million yuan, down 130% YoY [2] - 2024E revenue is projected at 6.062 billion yuan, up 13.09% YoY, with net profit expected to be 31.98 million yuan, down 84.86% YoY [1] - 2025E revenue is projected at 7.162 billion yuan, up 18.15% YoY, with net profit expected to be 311.93 million yuan, up 875.51% YoY [1] - 2026E revenue is projected at 8.817 billion yuan, up 23.11% YoY, with net profit expected to be 456.02 million yuan, up 46.19% YoY [1] Business Highlights - BT substrate business has seen rapid growth due to increased market share with major memory customers and optimization of product structure [3] - ABF substrate is in the market expansion phase, with low-layer board yield exceeding 92% and high-layer board yield stable above 85% [3] - The company has made significant achievements in thin-board processing and fine-line manufacturing since entering the CSP packaging substrate field in 2012 [4] - The company expanded into the ABF substrate field in 2022, further enhancing its advanced packaging substrate industry layout [4] Valuation and Financial Metrics - Current P/E ratio is 467.10x for 2024E, 47.88x for 2025E, and 32.75x for 2026E [1] - Current market price is 10.48 yuan, with a one-year low/high of 8.05/17.85 yuan [6] - Market capitalization is 17.70698 billion yuan, with a P/B ratio of 3.49x [6] - ROE is projected at 0.61% for 2024E, 5.66% for 2025E, and 7.64% for 2026E [11] Industry and Market Context - The IC packaging substrate is a critical component in the semiconductor industry, with strong demand driven by AI technology advancements [4] - The company is expected to continue leading the domestic substitution process in advanced packaging, contributing to strong growth in the semiconductor business [3][4]

Company and Industry Conference Call Summary Company Overview - The company reported Q3 revenue of 1.47 billion, a year-on-year increase of 3.36% [1] - Year-to-date revenue reached 4.35 billion, up 9% year-on-year [1] - The company faced operational losses primarily due to high costs associated with ADF substrates and ongoing losses from Yixing Silicon Valley and BT substrates projects [1][2] Financial Performance - Q3 operating loss was 51.1 million, with a total loss of 316 million for the first three quarters [1] - Significant expenses included 205 million for ADF substrates in Q3 and 530 million for the entire year [2] - The company reported a total impairment of 20.08 million for semiconductor project investments in Q3 [2] Project Losses - ADF substrates project incurred a loss of 393.5 million in Q3, totaling 890 million for the first three quarters [2] - BT substrates project reported a loss of 2.1 million in Q3 and 5.518 million for the year [2] - The company acknowledged that the overall demand in the industry was weak, affecting capacity utilization rates [2][3] Industry Insights - The PCB industry is experiencing weak growth, with a projected single-digit increase according to Prismark's report [3] - AI-related sectors, particularly server and data center computing, are showing strong growth, with a 24% increase in the first half of the year [3] - The communication sector is facing declines, with wired and wireless infrastructure down by 3% and 7% respectively [4] Future Outlook - The company plans to focus on the AI trend, particularly in server and storage solutions [7] - There is an expectation of a gradual recovery in the semiconductor industry by 2025, with potential supply-demand imbalances [11] - The company aims to improve operational efficiency and reduce costs through digital system integration and quality enhancements [6] Product Development - The company is working on expanding its product offerings in high-layer HDI and high-speed boards, which are currently the fastest-growing segments [5] - The company has begun small-scale production of ADF substrates, with expectations for further growth in 2025 [10][22] Challenges and Strategies - The company faces challenges from increased competition and price pressures in the domestic market [5][12] - Strategies include focusing on high-value products and improving production yields to maintain profitability [26] - The company is also exploring partnerships with major clients in both domestic and international markets to enhance its market position [21][23] Key Metrics - The company reported a significant increase in order volumes, with over 30,000 orders in September, marking a new high since Q3 2022 [8] - The average selling price for products remains stable, with no significant declines compared to the previous year [8][25] Conclusion - The company is navigating a challenging market environment but is optimistic about future growth driven by AI and high-tech applications. The focus on improving operational efficiency and product quality is expected to support recovery and profitability in the coming years.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [14]. Core Insights - The company achieved a revenue of 4.351 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.10%. However, the net profit attributable to shareholders was -32 million yuan, a significant decrease of 116.59% year-on-year, primarily due to high expenses in the FCBGA packaging substrate business and losses from subsidiaries [2][3]. - The gross profit margin for the first three quarters was 15.97%, a decrease of 9.56 percentage points year-on-year, while the expense ratio improved by 3.30 percentage points to 21.77% [2]. - The FCBGA packaging substrate project has seen cumulative investments exceeding 3.3 billion yuan, with production capacity utilization rates expected to improve significantly as the company prepares for mass production of new products [3]. Financial Summary - For 2024, the company is projected to have a revenue of 6.014 billion yuan, with a year-on-year growth rate of 12.2%. The net profit is expected to be 16 million yuan, reflecting a substantial recovery from the previous year's losses [1][4]. - The company's operating cash flow is projected to be -445 million yuan in 2024, with a gradual recovery expected in subsequent years [7]. - The company's total assets are expected to grow from 14.935 billion yuan in 2023 to 19.297 billion yuan by 2026, indicating a strong growth trajectory [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to enter a new growth phase with the upcoming mass production of the FCBGA project, despite short-term profit pressures due to capacity ramp-up and significant expenses [4][5] - The semiconductor business is showing promising order progress, with expectations for substantial profit growth from 2025 onwards as production capacity is released [4][5] Financial Summary - Revenue for 2024 is projected to be 6,009 million yuan, reflecting a year-on-year growth of 12.1% [1] - The net profit attributable to the parent company is expected to decline significantly to 17 million yuan in 2024, with a year-on-year decrease of 91.9% [1] - Gross margin is forecasted to be 22.0% in 2024, down from 23.3% in 2023 [1] - The company reported a revenue of 4,351 million yuan for the first three quarters of 2024, representing a year-on-year increase of 9.10% [4] - The net profit for the same period was -32 million yuan, a year-on-year decrease of 116.59% [4] - The projected earnings per share (EPS) for 2024 is 0.01 yuan, with a significant increase expected in subsequent years [4][1] Business Performance - The PCB business achieved a production value exceeding 3.2 billion yuan in the first three quarters of 2024, with a year-on-year growth of 5% [5] - The FCBGA packaging substrate project has entered small-batch production, with expectations for full-scale production in Q4 2024 [5] - CSP packaging substrate orders reached a record high in September 2024, indicating a positive trend for future profitability [5]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 4.351 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.1%, but incurred a net loss of 32 million yuan, marking a significant decline from profitability [2]. - The revenue for Q3 2024 was 1.47 billion yuan, showing a year-on-year growth of 3.36% but a quarter-on-quarter decline of 1.49% [2]. - The company's gross margin for the first three quarters of 2024 was 15.97%, down 9.56 percentage points year-on-year, with Q3 gross margin at 14.82%, down 11.34 percentage points year-on-year [2]. - High investments in advanced packaging substrates have pressured short-term profitability, leading to the first net loss since the company went public in 2011 [2]. - The company is focusing on enhancing its IC packaging substrate business, which is expected to drive long-term growth despite short-term challenges [2]. Financial Summary - Revenue projections for 2024-2026 are 5.974 billion yuan, 7.061 billion yuan, and 8.504 billion yuan, respectively, with growth rates of 11.5%, 18.2%, and 20.4% [3][5]. - The net profit attributable to shareholders is projected to be -41 million yuan in 2024, 22 million yuan in 2025, and 372 million yuan in 2026, reflecting a significant recovery [3][5]. - The company's PE ratio is expected to be 794 in 2025 and 47 in 2026, indicating a potential recovery in profitability [3][5].

Financial Performance - 2024 Q3 revenue: 1.47 billion yuan, up 3% YoY, net profit: -51.1 million yuan, down 130% YoY [2] - 2024 Jan-Sep revenue: 4.35 billion yuan, up 9% YoY, net profit: -31.6 million yuan, down 117% YoY, marking the first loss since 2010 IPO [2] - Total assets: 14.8 billion yuan, down 1% YoY, shareholders' equity: 5.1 billion yuan, down 4% YoY [2] Business Segment Performance - FCBGA substrate project: cumulative investment over 3.3 billion yuan, still in market expansion phase with small-scale production, 2024 Jan-Sep expenses: 530.47 million yuan [2] - Yixing Silicon Valley (high-layer PCB): Jan-Sep loss of 89.14 million yuan due to intense competition and delayed capacity release [2] - Guangzhou Xingke (CSP substrate): Jan-Sep loss of 55.18 million yuan, capacity utilization around 50% [2] - CSP substrate business: Jan-Sep output value of 830 million yuan, up 48% YoY, Korean storage clients account for over 30% of revenue [4] - Semiconductor test board business: Jan-Sep output value of 140 million yuan, capacity utilization and high-end product (30+ layers) ratio increasing [5] - Beijing Xingfei (HDI PCB): Jan-Sep revenue of 621.39 million yuan, net profit of 81.3 million yuan, benefiting from recovery in high-end smartphone business [5] - PCB business: Jan-Sep output value over 3.2 billion yuan, up 5% YoY, with stable performance in sample board business [6] Industry Outlook - 2024 global PCB industry: estimated output value of 73.346 billion USD, up 5.5% YoY, with AI-related sectors performing best [3] - Long-term outlook: 2028 global PCB market size expected to reach 90.413 billion USD, with 5.4% CAGR from 2023-2028 [3] - High-layer high-speed boards (18+ layers), advanced HDI, and substrate sectors expected to outperform industry growth [3] Strategic Initiatives - FCBGA substrate project: focusing on technology improvement, yield enhancement, and market expansion, with low-layer products in small-scale production and high-layer products under development [4] - CSP substrate business: aiming to optimize product structure and increase high-value products, with expected profitability improvement in 2025 [5] - Beijing Xingfei: upgrading production lines to capture AI server and high-end optical module opportunities [5] - Yixing Silicon Valley: implementing digital management systems and cost reduction measures, targeting break-even in Q4 2024 [6]

Revenue and Profitability - Revenue for Q3 2024 reached CNY 1,470,396,547.99, an increase of 3.36% year-over-year[3] - Net profit attributable to shareholders was a loss of CNY 51,103,115.83, a decline of 129.64% compared to the same period last year[3] - The company’s basic and diluted earnings per share were both -CNY 0.03, reflecting a decrease of 130.00% year-over-year[3] - Operating profit for the current period was -¥356,570,163.63, a significant decline from a profit of ¥104,899,775.79 in the previous period[20] - Net profit attributable to shareholders of the parent company was -¥31,602,075.54, compared to a profit of ¥190,457,718.73 in the previous period, indicating a shift to a loss[21] - The company’s total comprehensive income for the current period was -¥302,356,758.34, compared to ¥190,024,456.30 in the previous period, indicating a significant decline[21] Cash Flow and Investments - Cash flow from operating activities showed a significant increase of 306.31%, totaling CNY 129,278,209.68 year-to-date[3] - The company reported a net cash flow from operating activities of ¥129,278,209.68, an increase from ¥31,817,454.75 in the previous period[22] - Cash recovered from investments surged by 192.26% to RMB 701,037,450.25 as a result of increased redemption of financial products[8] - Cash received from tax refunds increased by 118.74% to RMB 17,497,968.76 due to higher export tax rebates[8] - Total cash inflow from investment activities amounted to ¥773.16 million, compared to ¥748.52 million in the previous period, reflecting a slight increase[23] - Net cash flow from investment activities was negative at ¥1.13 billion, an improvement from a loss of ¥1.44 billion in the previous year[23] Assets and Liabilities - Total assets as of September 30, 2024, amounted to CNY 14,791,104,546.90, a decrease of 0.97% from the end of the previous year[3] - The company’s total assets decreased to ¥14,791,104,546.90 from ¥14,935,398,718.36, indicating a reduction in asset base[19] - Total liabilities increased from RMB 8,628,387,122.68 to RMB 8,881,874,804.65, representing an increase of approximately 3%[18] - The company’s total equity attributable to shareholders of the parent company decreased to ¥5,101,023,074.13 from ¥5,333,940,140.88 in the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 91,379[10] - The largest shareholder, Qiu Xingya, holds 14.46% of shares, totaling 244,376,552 shares[10] - Shareholder Wang Qinying holds a total of 50,585,615 shares, with 50,542,115 shares through a credit trading account and 43,500 shares through a regular account[12] Financial Management - The company’s short-term borrowings decreased by 67.59%, totaling CNY 142,550,170.38, due to capital structure optimization[6] - Cash received from borrowings decreased by 35.64% to RMB 2,004,442,884.53 due to fewer new borrowings in the current period[9] - Cash paid for debt repayment was ¥1.52 billion, slightly lower than ¥1.60 billion in the previous year[23] Expenses and Taxation - Tax and additional fees increased by 248.32% to RMB 69,027,449.40 due to higher urban maintenance and construction tax and education fees[7] - Financial expenses rose by 64.11% to RMB 108,554,470.94 primarily due to increased interest expenses[7] - Research and development expenses amounted to ¥320,908,889.18, down from ¥415,568,431.57 in the previous period, reflecting a decrease of 22.7%[20] Other Financial Metrics - The company recorded a loss of CNY 8,766,895.45 from non-recurring gains and losses in the current period[4] - The company’s goodwill increased from RMB 327,249,926.04 to RMB 407,717,251.84, reflecting an increase of approximately 25%[17] - The company decided not to adjust the conversion price of "Xingsen Convertible Bonds," despite triggering the downward adjustment clause[14] - The employee stock ownership plan's third lock-up period will expire on August 19, 2024, allowing for the release of 5,951,600 shares, which is 0.35% of the total share capital[12]

债券代码：128122 债券简称：兴森转债 证券代码：002436 证券简称：兴森科技 公告编号：2024-10-063 深圳市兴森快捷电路科技股份有限公司 关于 2024 年第三季度可转换公司债券转股情况的公告 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。 特别提示： | 股票代码：002436 | | | | | 股票简称：兴森科技 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128122 | | | | | 债券简称：兴森转债 | | | | | | | 转股价格：人民币 | | 13.38 | | 元/股 | | | | | | | | 转股期限：2021 | 年 | 1 月 | 29 | 日至 | 2025 | 年 | 7 | 月 | 22 | 日 | 根据《深圳证券交易所股票上市规则》《深圳证券交易所可转换公司债券业务实施细则》 的有关规定，深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）现将 2024 年第 三 ...

证券代码：002436 证券简称： 兴森科技 公告编号：2024-09-062 深圳市兴森快捷电路科技股份有限公司 关于部分募集资金专户销户的公告 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"）于近日完成了部分募 集资金专用账户销户工作，现将相关情况公告如下： 18,867,924.51 元后余额 1,981,132,073.25 元已汇入公司非公开发行募集资金专户中， 业经众华会计师事务所（特殊普通合伙）审验并出具了《验资报告》（众验字【2022】 第 07282 号）。 二、募集资金专户开立情况 公司依据《上市公司证券发行注册管理办法》《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》以及公司《募集资金管理办法》的有关规定，对募集资金 设立专用账户进行管理，专款专用。 （二）2021 年非公开发行 A 股股票募集资金基本情况 经中国证券监督管理委员会证监许可[2021]3305 号文核准，同意公司向特定对象 ...