证券代码：002436 证券简称：兴森科技 公告编号：2024-05-038 深圳市兴森快捷电路科技股份有限公司 第七届监事会第一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、深圳市兴森快捷电路科技股份有限公司（以下简称"公司"） 于 2023 年 5 月 16 日召开的 2023 年年度股东大会选举产生第七届监事会非职工代表监事，与 第七届监事会职工代表监事共同组成第七届监事会。第七届监事会第一次会议经 全体监事一致同意，豁免本次会议通知时间的要求，于 2024 年 5 月 16 日以口头 方式向全体监事发出会议通知。 二、监事会会议审议情况 1、会议以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于选举 公司第七届监事会主席的议案》 同意选举王燕女士（简历详见附件）为公司第七届监事会主席，任期三年， 自本次监事会审议通过之日起至第七届监事会届满之日止。 三、备查文件 1、经与会监事签字并加盖公司监事会印章的第七届监事会第一次会议决议。 特此公告。 深圳市兴森快捷电路科技股份有限公司 监事会 2、本 ...

证券代码：002436 证券简称：兴森科技 公告编号：2024-05-035 深圳市兴森快捷电路科技股份有限公司 关于召开2023年年度股东大会的提示性公告 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 《 证 券 时 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《关于召开2023年年度股东大会通知的公告》 （2024-04-030）。本次股东大会将于2024年5月16日以现场和网络投票相结合的方式召 开。为进一步保护投资者的合法权益，方便股东行使股东大会表决权，现发布《关于召 开2023年年度股东大会的提示性公告》。 一、召开会议的基本情况 1、股东大会届次：2023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：2024年4月23日召开的第六届董事会第三十三次会议 审议通过了《关于提请召开公司2023年年度股东大会的议案》。本次 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The report indicates that the industry demand is recovering, and the semiconductor business is expected to accelerate [5]. - In 2023, the company achieved revenue of 5.36 billion yuan, a year-on-year increase of 0.11%, while the net profit attributable to shareholders was 211 million yuan, a year-on-year decrease of 59.82% [5][6]. - The first quarter of 2024 showed a revenue of 1.39 billion yuan, a year-on-year increase of 10.92%, and a net profit attributable to shareholders of 25 million yuan, a year-on-year increase of 230.82% [5][6]. Financial Performance Summary - In 2023, the company's revenue was 5.36 billion yuan, with a gross profit margin of 23.32%, down 5.34 percentage points year-on-year [5][6]. - The net profit margin for 2023 was 3.94%, down 5.88 percentage points year-on-year [5][6]. - For Q1 2024, the gross profit margin was 17.07%, down 7.08 percentage points year-on-year, while the net profit margin increased to 1.79%, up 1.19 percentage points year-on-year [5][6]. Business Segment Analysis - The PCB business saw slight growth, with revenues of 4.09 billion yuan, a year-on-year increase of 1.50% [6]. - The semiconductor testing board and IC packaging substrate revenues were 1.09 billion yuan and 180 million yuan, with year-on-year changes of -5.45% and 4.78%, respectively [6]. - The report highlights that the company is investing continuously in the packaging substrate business, particularly in CSP packaging substrates, which contributed significantly to revenue [6]. Future Outlook - The company expects to benefit from the recovery of strategic customers in the high-end mobile phone business, with a projected net profit of 326 million yuan in 2024, 514 million yuan in 2025, and 728 million yuan in 2026 [6][11]. - The FCBGA packaging substrate project is anticipated to start small-scale production in the second quarter of 2024, with expectations to reach product yield levels comparable to leading overseas companies by the end of 2024 [6].

电子/元件 公 司 研 兴森科技（002436.SZ） FCBGA 项目量产在即，公司有望迈入新一轮成长 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 董邦宜（联系人） luotong@kysec.cn dongbangyi@kysec.cn 日期 2024/4/26 证 书编号：S0790522070002 证书编号：S0790123100019 当前股价(元) 11.92  2023年短期业绩承压，静待载板项目产能释放，维持“买入”评级 公 一年最高最低(元) 17.85/8.38 公司2023年全年实现营收53.60亿元，同比+0.11%；归母净利润2.11亿元，同 司 信 总市值(亿元) 201.40 比-59.82%；扣非净利润0.48亿元，同比-87.92%；毛利率23.32%，同比-5.34pcts。 息 流通市值(亿元) 178.85 2023Q4单季度实现营收13.71亿元，同比+14.06%，环比-3.59%；归母净利润0.21 更 总股本(亿股) 16.90 亿元，同比+187.83%，环比-87.96%；扣非净利润0.14亿元，同比+419 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company is advancing its FCBGA packaging substrate while upgrading traditional PCB products, with a positive outlook for performance recovery as production capacity is released and industry conditions improve [2][4] - The company faced pressure on its performance in 2023, but reported significant profit growth in Q1 2024, driven by investments in FCBGA projects [2][4] Financial Summary - In 2023, the company achieved revenue of RMB 5.36 billion, a year-on-year increase of 0.11%, but net profit attributable to shareholders dropped by 59.82% to RMB 211 million [4][5] - For Q1 2024, revenue reached RMB 1.39 billion, up 10.92% year-on-year, with net profit attributable to shareholders soaring by 230.82% to RMB 25 million [4][5] - The company’s gross margin for 2023 was 23.32%, down 5.34 percentage points, while Q1 2024 gross margin was 17.07%, reflecting a year-on-year decrease of 7.08 percentage points [4][5] Business Development - The FCBGA packaging substrate business is progressing steadily, with the Zhuhai project expected to start mass production in Q2 2024 and the Guangzhou project in Q3 2024 [4][5] - The company has expanded its capabilities into high-end PCB products through acquisitions, enhancing its product offerings in advanced mobile phones and communication modules [4][5] Production Efficiency - The average production cycle for high-end PCB samples has been reduced to 5 days, with yield rates exceeding 98% [4][5] - The yield rates for FCBGA substrates have improved significantly, with low-layer boards reaching 90% and high-layer boards at over 85% [4][5] Valuation - Despite short-term profitability challenges due to FCBGA project investments, the company is expected to strengthen its market competitiveness, with projected revenues of RMB 6.34 billion, RMB 8.67 billion, and RMB 10.44 billion for 2024, 2025, and 2026 respectively [4][5]

兴森科技：23年受费用端拖累业绩承压，坚定看好公司FCBGA业务 兴森科技（002436.SZ）/电子 证券研究报告/公司点评 2024年4月25日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：11.38元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 5,354 5,360 6,747 7,881 9,135 增长率yoy% 6% 0% 26% 17% 16% 执业证书编号：S0740521120002 净利润（百万元） 526 211 308 510 766 Email：wangfang02@zts.com.cn 增长率yoy% -15% -60% 46% 65% 50% 每股收益（元） 0.31 0.13 0.18 0.30 0.45 每股现金流量 0.43 0.07 0.37 0.12 1.11 分析师：刘博文 净资产收益率 7% 3% 5% 9% 12% 执业证书编号：S0740524030001 P/E 36.6 91.0 62.3 37.7 25.1 P/B 2.9 3.6 4.0 3.8 3.5 Email：liubw@zts ...

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 [12]. Core Views - The company has faced challenges in 2023 due to weak downstream demand and intense price competition in the PCB industry, resulting in a slight revenue increase of 0.11% year-on-year, but a significant decline in net profit by 59.82% [2][6]. - In Q1 2024, the company showed signs of recovery with a revenue increase of 10.92% year-on-year and a remarkable net profit growth of 230.82% [2][6]. - The company is advancing its FCBGA packaging substrate project, with cumulative investments exceeding 2.6 billion yuan, and is expected to enter mass production in Q2 2024 [2][6]. - The company is focusing on two main business lines: traditional PCB and semiconductor sectors, enhancing its R&D investments to maintain a competitive edge [2][6]. Financial Summary - In 2023, the company reported revenues of 5.36 billion yuan and a net profit of 211 million yuan, with projections for 2024 showing revenues of 6.38 billion yuan and a net profit of 328 million yuan [1][6]. - The company's return on equity (ROE) is projected to improve from 2.0% in 2023 to 4.2% in 2024, with earnings per share (EPS) expected to rise from 0.13 yuan to 0.19 yuan [1][8]. - The report forecasts net profits for 2024-2026 to be 328 million, 509 million, and 738 million yuan respectively, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 26 [6][8].

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 ...