兴森科技（002436.SZ）2023年年报&2024年一季报点评 2023 年平稳过渡，高端 IC 封装基板打造成长第二极 2024年04月25日 ➢ 事件：兴森科技 4 月 24 日晚发布 2023 年年报及 2024 年一季报，2023 推荐 维持评级 年，公司实现收入53.6亿元（YoY+0.11%），实现归母净利润2.11亿元（YoY- 当前价格： 11.45元 59.82%），实现扣非归母净利润0.48亿元（YoY-87.92%）。对应4Q23单季 度，公司实现收入13.71亿元（YoY+14.06%，QoQ-3.59%），归母净利润0.21 [Table_Author] 亿元（YoY+187.83%，QoQ-87.96%），扣非归母净利润 0.24 亿元 （YoY+419.8%，QoQ-47.15%）。 2024 年一季度，公司实现收入 13.88 亿元（YoY+10.92%，QoQ+1.24%）， 归母净利润0.25亿元（YoY+230.82%，QoQ+19.6%），扣非归母净利润0.24 亿元（YoY+2500.78%，QoQ+67.09%）。 ➢ 2023 年营收平稳过渡，高端封装载板高投 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 13.54 CNY, maintaining the rating [4][7]. Core Views - The company reported a revenue of 5.36 billion CNY in 2023, a slight increase of 0.11% year-on-year, while the net profit attributable to shareholders was 211 million CNY, reflecting a significant decline of 59.82% [1][2]. - In Q1 2024, the company achieved a revenue of 1.39 billion CNY, up 10.92% year-on-year, and a net profit of 25 million CNY, marking a substantial increase of 230.82% [1][2]. - The company is focusing on high-end products amidst a challenging PCB industry environment, characterized by weak downstream demand and intense price competition [2][3]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 5.36 billion CNY, with a net profit of 211 million CNY [1][9]. - Projected revenues for 2024 to 2026 are 6.62 billion CNY, 8.21 billion CNY, and 10.68 billion CNY respectively, with net profits expected to be 353 million CNY, 609 million CNY, and 1.29 billion CNY [7][9]. Product Development - The company is advancing in the FCBGA packaging substrate sector, with production expected to commence in Q2 2024 for the Zhuhai facility and in Q3 2024 for the Guangzhou facility [3][4]. - The yield rates for FCBGA substrates have improved significantly, with low-layer board yields reaching 90% and high-layer board yields exceeding 85% [3][4]. Market Position - The company has positioned itself as a key supplier for high-end flagship models of major domestic and international smartphone brands through strategic acquisitions and product development [2][3]. - The company is also expanding into high-end optical modules and millimeter-wave communication markets, enhancing its competitive edge [2][3].

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 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 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 ...

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 独立董事候选人声明与承诺 声明人 朱宁 ，作为深圳市兴森快捷电路科技股份有限公司第七届董事会 独立董事候选人，已充分了解并同意由提名人深圳市兴森快捷电路科技股份有 限公司董事会提名为深圳市兴森快捷电路科技股份有限公司第七届董事会独 立董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独 立性的关系，且符合相关法律、行政法规、部门规章、规范性文件和深圳证券 交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺 如下事项： 一、本人已经通过深圳市兴森快捷电路科技股份有限公司第六届董事会提 名委员会资格审查，提名人与本人不存在利害关系或者其他可能影响独立履职 情形的密切关系。 是 □ 否 是 □ 否 如否，请详细说明：_____________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 是 □ 否 如否，请详细说明：_____________________________ 四、本人符合该公司章程规定的独立董事任职条件。 是 □ 否 如否，请详细说明：_ ...

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 非公开发行股票之保荐总结报告书 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"）非公开发行股票的保荐机构， 持续督导期截至2023年12月31日。目前，持续督导期已经届满，民生证券根据《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》等相关规定，出具本保荐总结 报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性陈述或重 大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本保荐机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监会"） 对保荐总结报告书相关事项进行的任何质询和调查。 3、本保荐机构及本人自愿接受依据中国证监会《证券发行上市保荐业务管理办法》的 有关规定采取的监管措施。 三、上市公司基本情况 | | | | 股票简称 | 兴森科技 | | --- | --- | | 股票代码 | 002436 | | 注册资本 | 168,954.6248 万元人民币 ...

深圳市兴森快捷电路科技股份有限公司 关于独立董事 2023 年度独立性自查情况的专项报告 二○二四年四月二十四日 根据《上市公司独立董事管理办法》《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》等要求，深圳市兴 森快捷电路科技股份有限公司（以下简称"公司"）董事会就在任独立董事刘瑞林先生、 王明强先生、朱宁先生 2023 年度独立性情况进行评估并出具如下意见： 经核查独立董事刘瑞林先生、王明强先生、朱宁先生的任职经历以及签署的相关自 查文件，2023 年度，上述人员或其直系亲属均未直接或间接持有公司 1%以上股份；除 在公司担任独立董事外，本人或其直系亲属、主要社会关系均未在公司或附属企业任 职；本人及其直系亲属均未在公司控股股东、实际控制人的附属企业任职，亦均未在主 要股东（持有公司百分之五以上股份的股东或前五名股东）处任职；均未为控股股东、 实际控制人或其附属企业提供财务、法律、咨询、保荐等服务或与前述主体有重大业务 往来；与公司控股股东、实际控制人以及主要股东之间不存在其他利害关系或可能妨碍 其进行独立客观判断的关系，不存在影响独立董事独立性的情况 ...