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 ...

北京观韬中茂（深圳）律师事务所 法律意见书 观韬律师事务所 GUANTAO LAW FIRM Tel：8675525980899 Fax：8675525980259 E-mail：guantaosz@guantao.com http://www.guantao.com 1 北京观韬中茂（深圳）律师事务所 法律意见书 深圳市福田区金田路皇岗商务中心 1 号楼 56 楼 邮编：518048 56/Floor, Tower 1, Excellence Century Center, Jintian Road, Futian District, Shenzhen 518048， P.R.China 北京观韬中茂（深圳）律师事务所 关于深圳市兴森快捷电路科技股份有限公司 2024年第三次临时股东大会的法律意见书 观意字2024第006941号 致：深圳市兴森快捷电路科技股份有限公司 北京观韬中茂（深圳）律师事务所（以下简称"本所"）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"或"公司"）的委托，指派律 师列席兴森科技于2024年9月12日召开的2024年第三次临时股东大会（以下简称 "本次股东大会"） ...

证券代码：002436 证券简称： 兴森科技 公告编号：2024-09-061 深圳市兴森快捷电路科技股份有限公司 2024 年第三次临时股东大会决议公告 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： 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1、审议通过了《关于<未来三年（2024-2026年）股东回报规划>的议案》 表决结果：同意 287,244,894 股，占出席会议所有股东所持有效表决权股份 的 99.1771％；反对 2,191,100 股，占出席会议所有股东所持有效表决权股份的 0.7565％；弃权 192,200 股（其中，因未投票默认弃权 0 股），占出席会议所有 股东所持有效表决权股份的 0.0664％。 其中，出席会议的中小投资者表决结果：同意 39,620,842 股，占出席会议 中小股东所持有效表决权股份的 94.3260％；反对 2,191,100 股，占出席会议中 小股东所持有效表决权股份的 5.2164％；弃权 192,200 股（其中，因未 ...

证券代码：002436 证券简称： 兴森科技 公告编号：2024-09-058 深圳市兴森快捷电路科技股份有限公司 第七届董事会第四次会议决议公告 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、董事会会议召开情况 1、深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）第七届董事会第四次 会议的会议通知于 2024 年 8 月 28 日以电子邮件的方式发出。 2、本次董事会于 2024 年 9 月 6 日 13:30 在广州市黄埔区科学城光谱中路 33 号子公 司广州兴森快捷电路科技有限公司四楼会议室以现场会议结合通讯表决的方式召开。其 中董事陈岚女士、臧启楠女士通讯表决。 3、本次董事会应出席董事 7 名，实际出席董事 7 名。 4、监事、高级管理人员列席了本次会议。 5、本次董事会由董事长邱醒亚先生主持。 6、本次董事会的召集、召开符合《中华人民共和国公司法》《公司章程》等有关法律 法规和内部制度的规定。 三、备查文件 二、董事会会议审议情况 1、以7票同意，0票反对，0票弃权的表决结果审议通过了《关于使用部分闲置募集 资金暂时补充流动资金的议案》 ...

证券代码：002436 证券简称： 兴森科技 公告编号：2024-09-060 关于使用部分闲置募集资金暂时补充流动资金的公告 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"或"兴森科技") 在保证募投项目资金需求及在募集资金投资计划正常进行的前提下，拟使用不超 过人民币 4.75 亿元的闲置募集资金暂时补充流动资金，用于主营业务相关的日 常生产经营活动，使用期限为自董事会审议通过之日起不超过 12 个月，公司可 根据实际情况分批补充流动资金，到期将归还至募集资金专户。具体情况如下： 一、募集资金基本情况 公司经中国证券监督管理委员会证监许可[2021]3305号文核准，向特定对 象发行人民币普通股201,612,903股，并已于2022年9月6日在深圳证券交易所上 市。本次募集资金总额为人民币1,999,999,997.76元，扣除各项发行费用（不含 税）人民币21,508,363.08元后，实际募集资金净额为人民币1,978,491,634.68 元。上述募集资金总额1,999,999,997.76元扣 ...

深圳市兴森快捷电路科技股份有限公司 独立董事：朱宁、徐顽强、丁亭亭 2024年9月6日 第七届董事会第二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")独立董事就公司第七届董事会第四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、关于使用部分闲置募集资金暂时补充流动资金事项的意见 公司本次使用部分闲置募集资金暂时补充流动资金事项，审议程序符合相关 法律、法规的要求以及公司《公司章程》的相关规定，决策程序合法有效。 在保证募集资金投资项目的资金需求以及在募集资金使用计划正常进行的 情况下，公司使用部分闲置募集资金暂时补充流动资金，可以进一步降低公司财 务成本、提高募集资金的使用效率。同时，上述事项不存在变相改变募集资金用 途的行为，单次补充流动资金的时间未超过 12 个月，符合《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》《深圳证券交易所 ...