Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

转自：前瞻产业研究院 行业主要上市公司：鹏鼎控股(002938.SZ)、东山精密(002384.SZ)、深南电路(002916.SZ)、景旺电子 (603228.SH)、沪电股份(002463.SZ)、兴森科技(002436.SZ)、世运电路(603920.SH)等 本文核心数据：印制电路板政策汇总;政策解读;发展目标汇总等 1、 政策历程图 印制电路板(PCB)是电子产品的关键电子互联件，被誉为"电子产品之母"。近年来我国印制电路板行业 在政策支持下有了较快的发展，从"十二五"规划中的提高基础专用材料自给保障能力和制备技术水平， 到"十三五"规划中的形成产业集群、加强印制电路板技术创新和成果应用，再到"十四五"规划中的发展 高性能印制电路板(PCB)产品，研发新型印刷电路板及覆铜板材料，印制电路板(PCB)行业朝着高端 化、规模化、绿色化方向不断发展。 2、 国家层面政策汇总及解读 ——国家层面印制电路板(PCB)行业政策汇总 近年来，国家发布一系列政策重点发展高性能、高频高速印制电路板(PCB)产品，同时鼓励行业创新发 展，研发新型印刷电路板及覆铜板材料。截至2025年2月，我国印制电路板行业相关政策汇总 ...

Core Viewpoint - The company reported a decline in net profit for 2024, with a significant loss attributed to high expenses and specific project challenges, but showed signs of recovery in Q1 2025 with a return to profitability [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.817 billion yuan, a year-on-year increase of 8.53%, but reported a net loss of 198 million yuan [1] - For Q4 2024, revenue was 1.466 billion yuan, a year-on-year increase of 6.88%, but the net loss widened to 167 million yuan [1] - In Q1 2025, revenue reached 1.58 billion yuan, a year-on-year increase of 13.77%, with a net profit of 9 million yuan, indicating a turnaround [2] Business Segments - PCB Business: In 2024, PCB revenue was 4.3 billion yuan, a year-on-year increase of 5.11%, with a gross margin of 26.96% [3] - Semiconductor Business: Revenue for the semiconductor segment was 1.285 billion yuan, a year-on-year increase of 18.27%, but with a negative gross margin of -33.16% due to high costs and low production volume [3] Challenges and Adjustments - The company faced significant losses in 2024 due to high expenses related to the FCBGA packaging substrate project, which incurred costs of approximately 734 million yuan, and losses from subsidiaries [2][3] - Adjustments are being made to the Yixing Silicon Valley subsidiary to improve production processes and reduce losses [3] Future Outlook - The company expects net profits of 211 million yuan, 460 million yuan, and 630 million yuan for 2025, 2026, and 2027 respectively, reflecting a cautious but optimistic outlook [4] - The company is focusing on expanding production capacity and improving yield rates in the FCBGA project, aiming to break the overseas monopoly in the future [3]

Core Viewpoint - The company reported a revenue increase for 2024 but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1] Financial Performance - In 2024, the company achieved a revenue of 5.817 billion yuan, a year-on-year increase of 8.53%, but reported a net profit of -0.198 billion yuan, a year-on-year decline of 193.88% [1] - For Q1 2025, the company reported a revenue of 1.580 billion yuan, a year-on-year increase of 13.77%, with a net profit of 0.009 billion yuan, a year-on-year decline of 62.24% [1] Business Segments - The PCB sample business is stable, with an optimized customer and product structure; revenue from the HDI board and SLP business grew due to strategic customer recovery in high-end mobile phones, generating 860.7646 million yuan in revenue and 136.1930 million yuan in net profit [2] - The FCBGA packaging substrate business faced high costs and losses from subsidiaries, with total expenses of 734.0358 million yuan for the FCBGA project, and losses of 131.7017 million yuan from Yixing Silicon Valley and 70.7008 million yuan from Guangzhou Xingke due to underutilization [2] Strategic Focus - The company is committed to high-end packaging substrate business, with semiconductor business revenue reaching 1.2848648 billion yuan, a year-on-year growth of 18.27%; the CSP packaging substrate business is expanding into storage and RF markets, benefiting from the recovery in the storage chip industry [3] - The FCBGA project is prepared for mass production, with ongoing customer certification and sample order deliveries, leading to improved yield rates [3] Investment Outlook - Revenue projections for 2025 to 2027 are 7.307 billion yuan, 9.206 billion yuan, and 11.784 billion yuan, with net profits of 0.154 billion yuan, 0.415 billion yuan, and 0.857 billion yuan respectively; the company is positioned as a key player in the domestic FCBGA substrate market amid a backdrop of domestic substitution [4] - The company is expected to reach a target price of 13.75 yuan based on a 56 times price-to-earnings ratio for 2026, maintaining a "Buy-A" investment rating [4]

电子/元件 2025Q1 归母净利润扭亏，FCBGA 处于业务放量关键时期 ——公司信息更新报告 2025 年 04 月 28 日 投资评级：买入（维持） 日期 2025/4/28 当前股价(元) 11.40 一年最高最低(元) 15.02/8.05 总市值(亿元) 192.61 流通市值(亿元) 171.05 总股本(亿股) 16.90 流通股本(亿股) 15.00 近 3 个月换手率(%) 339.76 司 信 息 更 新 报 告 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 兴森科技 沪深300 相关研究报告 《2024Q3 营收同比增长，半导体业务 订单进展顺利—公司信息更新报告》 -2024.10.28 陈蓉芳（分析师） 刘琦（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 liuqi1@kysec.cn 证书编号：S0790525020001 2024 年多因素导致亏损，2025Q1 归母净利润扭亏，维持"买入"评级 2024 年公司实现营收 58.17 亿元，yoy+8 ...

002436.SZ 增持 原评级：增持 市场价格:人民币 11.37 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.2 (8.6) 2.4 (0.7) 相对深圳成指 8.9 (1.7) 6.1 (7.7) (29%) (18%) (7%) 4% 15% 25% Apr-24 May-24 Jun-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 兴森科技 深圳成指 | 发行股数 (百万) | 1,689.60 | | --- | --- | | 流通股 (百万) | 1,500.42 | | 总市值 (人民币 百万) | 19,210.75 | | 3 个月日均交易额 (人民币 百万) | 1,119.83 | | 主要股东(%) | | | 邱醒亚 | 14.46 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 25 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 28 日 《兴森科技》20240903 《兴森 ...

Group 1 - The well-known private equity firm Tongben Investment recently conducted research on three listed companies [1][2][3] - The first company, Haixiangni, aims to promote its brand culture through the IP image of "Feini and Xiangzai," targeting younger demographics [1] - The second company, Xingsen Technology, specializes in PCB products for industrial control and robotics, with target clients including chip design companies and packaging factories [2] - The third company, Ruilite, has launched an AI health toilet featuring the Deepseek model, introducing AI technology into the bathroom industry [3] Group 2 - Tongben Investment was established in January 2014 with a registered capital of 10 million, and it is recognized for its unique approach as a sunshine private equity firm [3] - The firm is notable for being founded by award-winning analysts, with its general manager and investment director, Mr. Tong Xun, having a strong background in the food and beverage sector [3]

个股亮点：公司旗下教育品牌希沃全系列产品自2月8日起有序接入DeepSeek大模型，公司正在对 DeepSeek大模型与公司其他业务领域相关产品的适配开展深入评估；公司并购深圳掌锐，进入汽车电 子部件领域；公司推出的希沃教学大模型可以赋能希沃学习机绘本阅读，通过AI技术实现分级阅读计 划、互动绘本精读、AI陪伴共读等功能。 机构简介： 根据市场公开信息及4月25日披露的机构调研信息，知名私募重阳投资近期对2家上市公司进行了调研， 相关名单如下： 1）兴森科技 （上海重阳投资参与公司线上会议） 个股亮点：公司的PCB产品有应用于工业控制和机器人领域，IC封装基板业务的目标客户包括芯片设计 公司和封装厂，应用于CPU、GPU、FPGA、ASIC、存储芯片、射频芯片等领域。；上海泽丰主营业务 为SOC芯片、存储芯片等领域的晶圆级测试和成品测试解决方案提供商，其主要客户包括芯片设计公司 和封装厂。 2）视源股份 （重阳投资参与公司特定对象调研&电话会议） 上海重阳投资管理有限公司（简称重阳投资）是在成立于2001年的上海重阳投资有限公司的基础上于 2009年设立的采用合伙经营模式的有限责任公司。重阳投资运用各种规范的 ...

证券研究报告 兴森科技 (002436 CH) BT 载板盈利或将改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 电子元件 | 兴森科技公布2024年报&1Q25财报：2024年实现营收58亿元（yoy：+9%）； 毛利率 15.9%（yoy：-7.4pp，主要受 ABF 载板项目费用投入、BT 载板工 厂产能爬坡不及预期以及宜昌工厂经营状况变差的拖累）；归母净亏损 2.0 亿元。1Q25 实现营收 15.8 亿元（yoy：+14%）；毛利率 17.2%（yoy：+0.1pp， qoq：+1.6pp）；归母净利润 0.09 亿元（yoy：-62%，环比扭亏）。考虑在 关税冲突的影响下，投资者对公司 IC 载板国产替代的诉求比此前更强，因 此上调目标价至 15.00 元，维持"买入"评级。 1Q25 回顾：整体盈利受 ABF 载板投资以及原材料成本提升扰动 公司 1Q25 仅实现归母净利润 0.09 亿元（yoy：-62%），主要受到以下因素 影响：1）ABF 载板：因新工厂初期需要进行客户打样和产品认证 ...

据证券之星公开数据整理，近期兴森科技(002436)发布2025年一季报。根据财报显示，兴森科技增收不 增利。截至本报告期末，公司营业总收入15.8亿元，同比上升13.77%，归母净利润937.24万元，同比下 降62.24%。按单季度数据看，第一季度营业总收入15.8亿元，同比上升13.77%，第一季度归母净利润 937.24万元，同比下降62.24%。 本次财报公布的各项数据指标表现一般。其中，毛利率17.2%，同比增0.74%，净利率-2.33%，同比减 18.01%，销售费用、管理费用、财务费用总计2.16亿元，三费占营收比13.7%，同比增0.2%，每股净资 产2.96元，同比减4.28%，每股经营性现金流0.01元，同比减77.01%，每股收益0.01元 | 项目 | 2024年一季报 | 2025年一季报 | 同比増帽 | | --- | --- | --- | --- | | 营业总收入(元) | 13.88 亿 | 15.8亿 | 13.77% | | 归母净利润(元) | 2482.27万 | 937.24万 | -62.24% | | 扣非净利润(元) | 2392.66万 | 690万 ...