兴森科技(002436)：PCB稳健增长 IC载板海内外客户快速拓展

Core Insights - The company reported a revenue of 3.426 billion yuan for the first half of 2025, representing a year-on-year increase of 18.91% [1] - The net profit attributable to shareholders for the same period was 29 million yuan, up 47.85% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.846 billion yuan, a year-on-year increase of 23.69% and a quarter-on-quarter increase of 16.88% [1] PCB Business Performance - The PCB business generated a revenue of 2.448 billion yuan in the first half of 2025, reflecting a year-on-year growth of 12.80% [1] - Beijing Xingfei benefited from the recovery of high-end mobile phone business, achieving a revenue of 500 million yuan, which is a 25.50% increase year-on-year [1] - The net profit for Beijing Xingfei reached 85.5644 million yuan, marking a year-on-year increase of 46.86% [1] Semiconductor Business Expansion - The semiconductor business recorded a revenue of 831 million yuan in the first half of 2025, a year-on-year increase of 38.39% [2] - The gross margin for this segment was -16.78%, which is an improvement of 16.41 percentage points year-on-year [2] - The CSP packaging substrate business saw significant growth due to the recovery in the storage chip industry and increased market share from major storage clients [2] Future Projections - The company is expected to achieve revenues of 7.077 billion yuan, 8.780 billion yuan, and 10.820 billion yuan for the years 2025, 2026, and 2027 respectively [2] - The projected net profits for the same years are 106 million yuan, 331 million yuan, and 746 million yuan [2] - Corresponding price-to-earnings ratios are forecasted to be 293.2, 93.5, and 41.5 times [2]