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].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - In 2023, the company achieved revenue of 5.36 billion yuan, a year-on-year increase of 0.11%, and a net profit attributable to shareholders of 211 million yuan, a year-on-year decrease of 59.82% [1][2]. - The company's high-end IC packaging substrate business is positioned as a second growth driver, with revenue from IC packaging substrates reaching 821 million yuan, a year-on-year increase of 19.09% [1][2]. - The company is expected to see net profits of 395 million yuan, 608 million yuan, and 1.13 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 49, 32, and 17 times [1][2]. Financial Performance Summary - In Q4 2023, the company reported revenue of 1.371 billion yuan, a year-on-year increase of 14.06%, and a net profit of 21 million yuan, a year-on-year increase of 187.83% [1][2]. - The overall gross margin for 2023 decreased by 5.34 percentage points to 23.32%, primarily due to high costs associated with the FCBGA packaging substrate project and losses from the Zhuhai project [1][2]. - The traditional PCB business generated revenue of 4.091 billion yuan, with a gross margin of 28.72%, reflecting a year-on-year decrease of 1.57 percentage points [1][2]. Future Outlook - The company is focusing on its IC packaging substrate business, with expectations for the FCBGA packaging substrate project to begin mass production in Q2 2024 [1][2]. - The report anticipates that the company's FCBGA substrate production capacity will gradually come online, opening up long-term growth potential [1][2].

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 ...