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 ...

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。 兴森科技使使用部分闲置募集资金暂时补充流动资金事项的具体情况如下： 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元扣除承销保荐费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）。 民生证券股份有 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 002436.SZ 兴森科技 24H1 业绩承压，封装基板稳步迈进静待花开 公司发布 2024 年半年报，上半年公司利润端整体承压，但伴随公司封装基板业务的 稳步发展，公司业绩或有望随高端品类放量转暖，维持增持评级。 支撑评级的要点 公司 24H1 营收增长，利润承压。公司 24H1 实现营收 28.81 亿元，同比+12.29%，实现归 母净利润 0.20 亿元，同比+7.99%，实现扣非归母净利润 0.29 亿元，同比+353.13%。盈利能 力来看，公司 24H1 实现毛利率 16.56%，同比-8.62pcts，实现归母净利率 0.68%，同比-0.03pct， 实现扣非归母净利率 1.00%，同比+0.75pct；单季度来看，公司 24Q2 实现营收 14.93 亿元， 同比+13.59%/环比+7.50%，实现归母净利润-0.05 亿元，同环比转亏，实现扣非归母净利润 0.05 亿元，同比-10.9%/环比-79.79%。公司 24Q2 实现毛利率 16.09%，同比-10.09pcts/环比 -0.98pct。上述变化主要系 ...

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 [2][14]. Core Views - The company achieved steady growth in H1 2024, with revenue reaching 2.881 billion yuan, a year-on-year increase of 12.29%. The net profit attributable to shareholders was 19.501 million yuan, up 7.99% year-on-year, and the net profit after deducting non-recurring items was 28.763 million yuan, a significant increase of 353.13% [3][4]. - The company is actively advancing its FCBGA project, with cumulative investments of approximately 3.3 billion yuan as of the end of May 2024. The Zhuhai factory has entered small-scale production, and the Guangzhou factory's first phase has been completed, with mass production expected to begin after product certification in Q3 2024 [3][4]. Financial Performance - Revenue (in million yuan): - 2022A: 5,354 - 2023A: 5,360 - 2024E: 6,137 - 2025E: 7,108 - 2026E: 8,348 - Year-on-year growth rates: - 2022: 6.2% - 2023: 0.1% - 2024E: 14.5% - 2025E: 15.8% - 2026E: 17.4% [2][10]. - Net profit (in million yuan): - 2022A: 526 - 2023A: 211 - 2024E: 246 - 2025E: 423 - 2026E: 831 - Year-on-year growth rates: - 2022: -15.4% - 2023: -59.8% - 2024E: 16.4% - 2025E: 72.0% - 2026E: 96.5% [2][10]. Business Segments - The company focuses on two main business lines: 1. **PCB Business**: Revenue reached 2.170 billion yuan, a year-on-year increase of 7.48%. The company is enhancing its Anylayer HDI and SLP business layouts while expanding into high-end optical modules and millimeter-wave communication markets [3]. 2. **Semiconductor Business**: Revenue was 600 million yuan, up 27.79%, with IC packaging substrate revenue at 531 million yuan, a significant increase of 83.50%, driven by the recovery in the storage chip industry [3]. Profitability and Financial Ratios - Gross margin for H1 2024 was 16.56%, a decrease of 8.62 percentage points year-on-year. The net profit margin was -3.07%, down 3.14 percentage points year-on-year, primarily due to expenses related to the FCBGA packaging substrate business and losses from subsidiaries [3]. - The report forecasts net profits for 2024-2026 to be 246 million, 423 million, and 831 million yuan, respectively, with corresponding P/E ratios of 60.8, 35.4, and 18.0 [4][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a new growth phase with the upcoming mass production of the FCBGA project, despite facing short-term pressure on performance due to capacity ramp-up [4][7] - The company's revenue for Q2 2024 showed a year-on-year increase of 13.59%, while the net profit was slightly negative, indicating short-term profitability challenges [7][8] - The focus on FCBGA and CSP packaging substrates is anticipated to drive significant revenue growth in the future as production capacity is released [7] Financial Summary - For 2024, the company is projected to achieve a revenue of 59.56 billion yuan, representing an 11.1% year-on-year growth, with net profit expected to reach 236 million yuan, an increase of 11.6% [6][10] - The company's gross margin is forecasted to stabilize around 23.2% in 2024, with a gradual improvement to 24.2% by 2026 [6][10] - The earnings per share (EPS) is expected to grow from 0.14 yuan in 2024 to 0.47 yuan in 2026, reflecting a positive outlook on profitability [6][10] Business Performance - In H1 2024, the company reported a revenue of 28.81 billion yuan, a 12.29% increase year-on-year, while the net profit was 20 million yuan, up 7.99% [7] - The PCB business generated 21.70 billion yuan in revenue in H1 2024, with a gross margin of 27.09%, indicating stable performance [8] - The semiconductor business saw a revenue increase of 27.79% year-on-year, driven by strong contributions from CSP packaging substrates [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is driven by the recovery in PCB demand, although profitability is under short-term pressure due to increased competition and investment costs in advanced packaging [3][4] - The semiconductor business is progressing steadily, with significant growth in BT substrate revenue driven by the recovery in the storage chip market [3] - The company is focusing on enhancing IC packaging substrate technology, which has substantial growth potential due to the increasing demand for high-performance packaging driven by advancements in AI technology [3] Financial Performance Summary - Total revenue for H1 2024 was 2.9 billion yuan, a year-on-year increase of 12%, while net profit attributable to the parent company was 20 million yuan, up 8% year-on-year [3] - PCB business revenue reached 2.17 billion yuan, a year-on-year increase of 7.48%, while semiconductor business revenue was 600 million yuan, up 27.79% [3] - The company's gross margin for H1 2024 was 16.6%, a decrease of 8.6% year-on-year, reflecting short-term profitability pressure [3] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is 200 million, 400 million, and 720 million yuan respectively, indicating sufficient long-term growth potential despite short-term profit disruptions [4] - The company is expected to maintain a P/E ratio of 63.68 in 2024, decreasing to 20.75 by 2026, reflecting anticipated growth in earnings [2][10]

证券代码：002436 证券简称： 兴森科技 公告编号：2024-08-057 深圳市兴森快捷电路科技股份有限公司 关于提前归还用于暂时补充流动资金的募集资金的公告 2024 年 8 月 28 日，公司将上述用于暂时补充流动资金的募集资金 5.00 亿元归还至募集 资金专户，使用期限未超过 12 个月。公司已将上述募集资金的归还情况通知了保荐机构及保 荐代表人。 截至本公告披露日，公司已将总计 7.30 亿元的用于暂时补充流动资金的募集资金全部归 还至募集资金专户。 特此公告。 深圳市兴森快捷电路科技股份有限公司 董事会 二〇二四年八月二十八日 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 2023 年 9 月 11 日召开了 第六届董事会第二十七次会议、第六届监事会第二十次会议，均审议通过了《关于使用部分 闲置募集资金暂时补充流动资金的议案》，同意公司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，使用不超过人民币 7.30 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 ...

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 | --- | --- | |------------|------------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | | | | | | | 华夏基金、南方基金、九泰基金、汇丰晋信基金、长安基金、中欧基金、 | | | 交银施罗德基金、国投瑞银基金、长盛基金、国寿安保基金、汇泉基金、 | | | 金鹰基金、方正富邦基金、华杉瑞联基金、摩根士丹利基金、嘉合基金、 | | | 上海梵星私募基金、锐方（上海）私募基金、昭华（三亚）私募基金、深 | | | 圳富博领航私募证券投资基金、湖南源乘私募基金、招商证券私募投资基 | | | 金、上海理成资管、上海宁泉资管、北京橡果资管、上海敦颐资管、深圳 | | | 前海珞珈方圆资管、上海磐耀资管、深圳前海旭鑫资管、兴证资管、上海 | | | 明溪资管、摩根证券投资信托、粤科创业投资、启态易方投资、上海百济 | ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching CNY 1.2 billion, representing a year-on-year growth of 15%[8]. - The company's operating revenue for the reporting period was ¥2,881,093,078.63, representing a year-on-year increase of 12.29% compared to ¥2,565,826,147.83 in the same period last year[13]. - The total revenue for the first half of 2024 reached 28,267.25 million, reflecting a significant increase compared to previous periods[145]. - The net profit attributable to shareholders was ¥19,501,040.29, up 7.99% from ¥18,057,886.84 in the previous year[13]. - The net profit for the first half of 2024 was a loss of CNY 88,558,932.08, compared to a profit of CNY 1,682,279.76 in the first half of 2023[196]. - The company reported a significant increase in financial expenses, which rose to CNY 56,319,073.90 from CNY 43,505,780.82, an increase of 29.5%[196]. - The company experienced a comprehensive loss of CNY 129,110,321.90 in the first half of 2024, compared to a comprehensive income of CNY 149,675,446.28 in the same period of 2023[198]. Research and Development - The company has allocated CNY 100 million for R&D in new technologies, aiming to enhance product offerings and maintain competitive advantage[8]. - Research and development expenses for the reporting period amounted to ¥181,139,100, accounting for 6.29% of operating revenue[21]. - The company reported a significant decrease in R&D expenses, which were CNY 181,139,115.39, down from CNY 261,283,245.62, a decrease of 30.7%[196]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in sales from this region by the end of 2025[8]. - The company is exploring strategic acquisitions to enhance its technological capabilities and expand its product portfolio[8]. - Future guidance indicates a revenue target of CNY 2.5 billion for the full year 2024, reflecting a growth rate of 18%[8]. Risk Management - The management highlighted potential risks including supply chain disruptions and market competition, with strategies in place to mitigate these risks[2]. - The company is facing risks from raw material price fluctuations, which are influenced by international commodity prices[62]. - The company has established risk control measures for its derivative trading activities to mitigate market, liquidity, and operational risks[47]. Environmental Compliance - The company strictly adheres to national and local environmental protection laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[75]. - The company has established a comprehensive environmental management system to comply with multiple environmental regulations and standards[75]. - The company has implemented various environmental protection standards, including the Water Pollutants Discharge Standards and the Air Quality Standards[76]. Employee and Shareholder Information - The company has 185 employees participating in the employee stock ownership plan, holding a total of 5,951,600 shares, representing 0.35% of the total share capital[70]. - The employee stock ownership plan (ESOP) unlocked 30% of the total shares held, amounting to 4.4637 million shares, on August 17, 2023, and the management committee sold all shares based on market conditions[71]. - The total number of common shareholders at the end of the reporting period is 86,996[174]. Financial Management and Liabilities - The company has ongoing financial guarantees and collateral arrangements, which may impact future financial stability and operational flexibility[145]. - The total approved guarantee amount at the end of the reporting period is CNY 186,140.96 million, while the actual guarantee balance is CNY 126,140.96 million[156]. - The company plans to enhance its financial management and increase cash inflows from operating activities to ensure future debt repayment[185]. Product and Revenue Segmentation - The company's PCB industry revenue was CNY 2.17 billion, accounting for 75.32% of total revenue, with a year-on-year growth of 7.48%[30]. - The semiconductor business, including IC packaging substrate and semiconductor test board, reported revenue of 60.05 million CNY, a year-on-year increase of 27.79%[25]. - The IC packaging substrate business achieved revenue of 53.11 million CNY, a significant year-on-year growth of 83.50%[25]. Corporate Governance - The company has not reported any changes in shareholder rights during the reporting period[72]. - The company has not faced any bankruptcy reorganization matters during the reporting period[126]. - The company reported no major litigation or arbitration matters during the reporting period[126].

深圳市兴森快捷电路科技股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）根据《深圳证券交易所上 市公司自律监管第1号——主板上市公司规范运作》和《深圳证券交易所上市公司再融资类第 2号——上市公司募集资金年度存放与使用情况公告格式》相关格式指引的规定，现将2024 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）2020年公开发行可转换公司债券募集资金基本情况 1、实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可【2020】1327号文核准，公司于2020年7月23日公 开发行了总额为268,900,000.00元的可转换公司债券，每张面值为100元人民币，共2,689,000 张，期限为5年。此次公开发行可转换公司债券扣除保荐及承销费用、发行登记费、信息披露 费及其他费用共计人民币6,280,084.91元（不含税）后，实际募集资金净额为人民币 262,619,915.09元。上述募集资金总额268,900,000.00元扣除保荐及承销费5,000,000.00元 （不含税）后余额为263,900,0 ...