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].

Financial Performance - The company reported a total revenue of 1.58 billion yuan for Q1 2025, representing a year-on-year increase of 13.77% compared to 1.388 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was 9.37 million yuan, a significant decline of 62.24% from 24.82 million yuan in the same quarter last year [1] - The gross profit margin was 17.2%, showing a slight increase of 0.74% year-on-year, while the net profit margin decreased to -2.33%, down 18.01% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 216 million yuan, accounting for 13.7% of revenue, which is a slight increase of 0.2% year-on-year [1] - The company’s cash flow per share was 0.01 yuan, a decrease of 77.01% compared to 0.04 yuan in the previous year [1] Debt and Assets - The company’s interest-bearing liabilities increased to 4.903 billion yuan, up 8.72% from 4.51 billion yuan [1] - The cash and cash equivalents decreased to 1.038 billion yuan, down 38.68% from 1.692 billion yuan [1] - The asset-liability ratio for interest-bearing debt reached 33.65% [3] Market Position and Future Outlook - Analysts expect the company to achieve a net profit of 141 million yuan in 2025, with an average earnings per share of 0.08 yuan [3] - The company has been primarily relying on capital expenditures and equity financing for its performance, indicating a need for careful evaluation of its capital projects [3] Fund Holdings - The largest fund holding the company’s shares is the Everbright Credit Enhancement Bond A, which has increased its holdings to 21.9391 million shares [4] - Notable fund managers, including Yang Zongchang from E Fund, have recently increased their positions in the company [4]

证券代码：002436 证券简称：兴森科技 深圳市兴森快捷电路科技股份有限公司 投资者关系活动记录表 编号：2025-04-001 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（线上会议） 参与单位 汇丰晋信基金、创金合信基金、鹏华基金、长城基金、国融基金、国投瑞 银基金、国联基金、长盛基金、申万菱信基金、中信建投基金、诺安基金、 方正富邦基金、摩根士丹利基金、广东正圆私募、广州瑞民私募、上海保 银私募、锐方（上海）私募、上海翀云私募、上海理成资管、广东大兴华 旗资管、青岛朋元资管、深圳恒盈富达资管、浙江四叶草资管、循远资管、 北京玺悦资管、上海肇万资管、财通证券资管、百年保险资管、建信投资、 泓澄投资、宏道投资、五矿鑫扬投资、同犇投资、泾溪投资、点将台投资、 星石投资、耕霁(上海)投资、致顺投资、乐信投资、上海重阳投资、鲍尔 赛嘉(上海)投资、辰禾投资、沣京资本、摩根证券投资信托、中金公司、 深圳达昊控股、昆仑健康保险、华夏未来、纳弗斯信息科技、UBS AG、东 吴证券、国海证券、长城证券、山西证券、上海证券、华创证券、中银国 际 ...

一、主要会计数据和财务指标 10派0.3元(含税) | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1200 | 0.1300 | -192.31 | 0.3300 | | 每股净资产（元） | 2.9 | 3.14 | -7.64 | 3.85 | | 每股公积金(元) | 0.38 | 0.36 | 5.56 | 1.14 | | 每股未分配利润(元) | 1.32 | 1.46 | -9.59 | 1.42 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 58.17 | 53.6 | 8.53 | 53.54 | | 净利润(亿元) | -1.98 | 2.11 | -193.84 | 5.26 | | 净资产收益率(%) | -3.90 | 3.41 | -214.37 | 10.78 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 33700.24万 ...

报告期内，公司财务状况运行稳定，报告期末总资产 1,366,827.72 万元， 较上年末下降 8.48%；归属于上市公司股东的所有者权益 493,548.69 万元，较 上年末下降 7.47%；资产负债率为 59.20%，较上年末上升 1.43 个百分点。 报告期内，公司实现营业收入 581,732.42 万元，较上年同期增长 8.53%， 公司营业收入小幅增长，主要系 PCB 业务及半导体业务收入增长所致。归属于上 市公司股东的净利润为-19,828.98 万元，较上年同期下降 193.88%，主要受 FCBGA 封装基板业务费用投入高、子公司宜兴硅谷和广州兴科亏损影响，其中，FCBGA 封装基板项目整体费用投入 73,403.58 万元，宜兴硅谷因客户、产品结构不佳及 竞争激烈导致产能未能充分释放，亏损 13,170.17 万元，广州兴科 CSP 封装基板 项目因产能利用率不足导致亏损 7,070.08 万元。 深圳市兴森快捷电路科技股份有限公司 2024 年度财务决算报告 一、2024 年度财务报表的审计情况 公司 2024 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 ...

证券代码：002436 证券简称：兴森科技 公告编号：2025-04-022 深圳市兴森快捷电路科技股份有限公司 关于召开2024年年度股东大会通知的公告 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。 一、召开会议的基本情况 1、股东大会届次：2024年年度股东大会。 2、会议召集人：公司董事会。 3、会议召开的合法、合规性：2025年4月23日召开的第七届董事会第七次会议审议 通过了《关于提请召开公司2024年年度股东大会的议案》。本次股东大会会议的召集、 召开符合有关法律法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开方式：现场和网络投票相结合的方式。 5、会议召开日期和时间： (1)现场会议时间：2025年5月16日（星期五）14：00； (2)网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2025年5月 16日9:15～9:25，9:30～11:30，13:00～15:00；通过深圳证券交易所互联网投票系统进 行投票的时间为2025年5月16日9:15至2025年5月16日15:00的任意时间。 本次会议审议的具体提案如下 ...