证券代码：002436 证券简称： 兴森科技 公告编号：2025-03-005 深圳市兴森快捷电路科技股份有限公司 第七届董事会第六次会议决议公告 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"）第七届董事会第六 次会议的会议通知于 2025 年 3 月 6 日以电子邮件的方式发出。 2、本次董事会于 2025 年 3 月 14 日 10:00 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。 其中刘新华先生、臧启楠女士、朱宁先生、徐顽强先生、丁亭亭先生通讯表决。 3、本次董事会应出席董事 7 名，实际出席董事 7 名。 4、公司监事、高级管理人员列席了本次董事会。 5、本次董事会由董事长邱醒亚先生主持。 为支持子公司融资需要，同意公司为子公司提供合计不超过 51.00 亿元人民币（或 等值外币）的担保额度，具体如下： 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to incur a net loss of 170 to 200 million yuan in 2024, primarily due to expenses related to the FCBGA packaging substrate business and losses from subsidiaries [4] - The overall investment in the FCBGA packaging substrate project has exceeded 3.5 billion yuan, with small-scale production currently underway [5] - The CSP packaging substrate business is showing signs of recovery, with an increase in value driven by improved market share from major storage clients [6] - The company aims to enhance its product structure and profitability by expanding its product lines and optimizing its operations [7] - The company is strategically investing in AI server and high-end PCB markets, with plans to increase production capacity for related products [8] Financial Projections - The company is projected to achieve revenues of 6 billion, 7 billion, and 8.1 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be -200 million, 60 million, and 400 million yuan for the same years [9] - The current stock price corresponds to a PE ratio of 56 times for 2026 [9] - The company’s revenue growth rates are forecasted at 12.31%, 17.02%, and 15.68% for the years 2024, 2025, and 2026 respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to incur a net loss of 170 to 200 million yuan in 2024, primarily due to expenses related to the FCBGA packaging substrate business and losses from subsidiaries [4] - The overall investment in the FCBGA packaging substrate project has exceeded 3.5 billion yuan, with small-scale production currently underway [5] - The CSP packaging substrate business is showing signs of recovery, with an expected increase in revenue driven by improved market share and product structure [6] - The company aims to enhance its product offerings in the AI server and high-end PCB markets, focusing on expanding production capacity for high-value products [8] Financial Summary - The company is projected to achieve revenues of 6 billion, 7 billion, and 8.1 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be -200 million, 60 million, and 400 million yuan for the same years [9] - The current price-to-earnings ratio (PE) for 2026 is estimated at 56 times [9] - The company’s total assets are expected to grow from 149.35 billion yuan in 2023 to 174.50 billion yuan by 2026 [14]

证券代码：002436 证券简称：兴森科技 公告编号：2025-02-004 深圳市兴森快捷电路科技股份有限公司 关于 2021 年员工持股计划存续期即将届满的提示性公告 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。 根据《深圳市兴森快捷电路科技股份有限公司 2021 年员工持股计划》（修订稿）的规定， 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）2021 年员工持股计划（以下简称 "本持股计划"）存续期为四年，自股东大会审议通过且公司公告最后一笔标的股票过户至本 持股计划名下之日起算，即本持股计划存续期将于 2025 年 8 月 17 日届满，根据中国证监会 《关于上市公司实施员工持股计划试点的指导意见》《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》等相关规定，公司应当在员工持股计划存续期限届满前六 个月披露提示性公告，现将有关情况公告如下： 一、本持股计划的持股情况 根据《深圳市兴森快捷电路科技股份有限公司 2021 年员工持股计划》（修订稿）的规定， 本持股计划股票来源为公司回购专用账户已回购的股份。公司于 202 ...

Financial Performance Expectations - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. expects a net loss of RMB 170 million to 200 million for 2024, compared to a profit of RMB 211.21 million in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is also projected to be a loss of RMB 170 million to 200 million, down from a profit of RMB 47.76 million in the previous year [2]. Factors Contributing to Losses - The anticipated losses are primarily due to high costs in the FCBGA packaging substrate business, which is still in small-batch production [3]. - Low capacity utilization rates at subsidiaries Yixing Silicon Valley Electronics Technology Co., Ltd. and Guangzhou Xinkai Semiconductor Co., Ltd. are contributing to the expected losses [3]. - The company is facing ongoing losses from its equity investment in Shenzhen Ruijun Semiconductor Co., Ltd. due to intense market competition [3]. Business Outlook and Strategy - The company plans to maintain its AA credit rating and stable outlook, reflecting its position as a leading player in the PCB sample and small-batch board segment [3]. - The PCB business, which is a major source of revenue and gross profit, is expected to show resilience as industry demand gradually recovers [3]. - The company will closely monitor the development of the FCBGA business and its impact on credit ratings and outlook [3].

Financial Performance - The company expects a net profit of -200 million to -170 million CNY for 2024, marking its first loss since its listing in 2010 [3] - The overall cost input for the FCBGA packaging substrate project is over 760 million CNY, an increase of over 364 million CNY year-on-year [3] - The combined expected losses for subsidiaries Yixing Silicon Valley and Guangzhou Xingke in 2024 are approximately 203 million CNY, an increase of about 77 million CNY [3] - The total impact on net profit after tax from various factors is approximately 180 million CNY [4] Industry Overview - The PCB industry is expected to grow by 5.8% in 2024 and 6.1% in 2025, with a projected market value increase from 73.6 billion USD to 91.1 billion USD from 2023 to 2028, reflecting a compound annual growth rate of 5.6% [5] - The best-performing sectors are AI and renewable energy, particularly in the server/data center market, which is expected to remain strong in 2025 [5] Project Updates - The FCBGA packaging substrate project has exceeded an investment of 3.5 billion CNY and is currently in small-batch production, focusing on market expansion and ramping up production [6] - The CSP packaging substrate business is expected to maintain steady growth in 2024, driven by increased market share from major storage clients [7] - The semiconductor test board business has seen continuous improvement in capacity utilization and product quality, contributing to revenue growth [8] Strategic Focus - The company is committed to digital transformation and high-end packaging substrate strategies, aiming to enhance competitiveness through quality and efficiency improvements [14] - Future investments will focus on expanding production capacity for CSP packaging substrates and advancing customer certification for FCBGA packaging substrates [14] AI Sector Engagement - The company is actively investing in AI-related PCB and semiconductor businesses, with a focus on enhancing production capacity for AI server applications [12]

Financial Performance Expectations - The company expects a net loss attributable to shareholders between 170 million and 200 million CNY for the year 2024, compared to a profit of 211.21 million CNY in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is also expected to be a loss between 170 million and 200 million CNY, down from a profit of 47.76 million CNY last year[3]. - Basic earnings per share are projected to be a loss of 0.10 to 0.12 CNY per share, compared to earnings of 0.13 CNY per share in the previous year[3]. Reasons for Loss - The main reasons for the loss include over 760 million CNY in expenses related to the FCBGA packaging substrate business and losses from subsidiaries, including approximately 133 million CNY from Yixing Silicon Valley and 70 million CNY from Guangzhou Xinke[5]. - The company anticipates recognizing a fair value loss of about 60 million CNY due to ongoing losses from its associate Shenzhen Ruijun Semiconductor Co., Ltd.[6]. - An estimated asset impairment of around 60 million CNY is expected due to changes in the operating conditions of certain subsidiaries[6]. - Cumulatively, these factors are expected to impact the net profit after tax by approximately 180 million CNY[6]. Audit and Forecast Accuracy - The company has communicated with its auditing firm regarding the earnings forecast, and there are no disagreements on the forecast[4]. - As of the announcement date, the company has not identified any significant uncertainties affecting the accuracy of the earnings forecast[7].

证券代码：002436 证券简称：兴森科技 公告编号：2025-01-001 深圳市兴森快捷电路科技股份有限公司 债券代码：128122 债券简称：兴森转债 关于 2024 年第四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》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》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"） ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is strategically investing in FCBGA packaging substrates to support domestic high-end chips, currently in the market expansion and small-batch production phase, but still facing losses due to small order sizes [9]. - The CSP packaging substrate business is expected to recover as the semiconductor industry stabilizes, with a significant increase in order volume noted in September [9][12]. - The high-density PCB segment is poised for growth, particularly in AI server and optical module applications, with production capacity upgrades underway [9][11]. Financial Overview - The company is projected to achieve revenues of 6 billion, 7 billion, and 8 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be 20 million, 201 million, and 403 million yuan [12]. - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are forecasted at 1024, 100, and 50 respectively [12]. - The company reported a total revenue of 5.36 billion yuan in 2023, with a growth rate of 0.11%, and is expected to grow at rates of 12.31%, 17.02%, and 14.26% in the following years [14].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 1.47 billion yuan in Q3 2024, a year-on-year increase of 3.36%, but a net profit attributable to shareholders of -51 million yuan, a decrease of 129.64% year-on-year [5][6] - The gross margin for Q3 2024 was 14.82%, down 11.34 percentage points year-on-year [5][6] - For the first three quarters of 2024, the company achieved a revenue of 4.35 billion yuan, an increase of 9.10% year-on-year, but a net profit attributable to shareholders of -32 million yuan, a decrease of 116.59% year-on-year [5][6] - The company is facing short-term performance pressure, particularly in its PCB and CSP packaging substrate businesses, while the FCBGA project is in a phase of investment and small-scale production [6][7] Financial Performance Summary - In Q3 2024, the company’s PCB business generated over 3.2 billion yuan in output value, a 5% year-on-year increase, but faced challenges in profitability due to weak demand in the European market [6] - The CSP packaging substrate business saw an output value of 830 million yuan in the first three quarters of 2024, a year-on-year increase of 48%, but faced order shortages and a capacity utilization rate of approximately 50% [6][7] - The FCBGA substrate business incurred expenses of 530 million yuan in the first three quarters of 2024, surpassing the total expenses of the previous year, and has entered small-batch production [6][7] Industry Outlook - The global PCB industry is expected to show a weak recovery in 2024, with an estimated output value of 73.35 billion USD, a year-on-year increase of 5.5% [7] - The semiconductor packaging substrate business is anticipated to become a new growth driver for the company, with expected net profits attributable to shareholders of 0.07 billion yuan, 1.70 billion yuan, and 3.82 billion yuan for 2024, 2025, and 2026 respectively [7]