FAST PRINT(SZ:002436) Xin Lang Cai Jing·2025-04-29 02:43Core 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]