兴森科技(002436.SZ)：预计2025年净利润1.32亿元–1.4亿元 同比扭亏为盈

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 132 million to 140 million yuan in 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 138 million and 146 million yuan, also indicating a return to profitability year-on-year [1] - The company’s revenue is experiencing stable growth due to industry recovery [1] Business Segments - The FCBGA packaging substrate business of Guangzhou Xingsen Semiconductor Co., Ltd. has not yet achieved mass production, which continues to drag on profitability, with total expenses for the year amounting to approximately 660 million yuan [1] - The sample order quantity for the FCBGA business has seen significant year-on-year growth [1] - The high-layer PCB business of Yixing Silicon Valley Electronic Technology Co., Ltd. suffered a loss of about 100 million yuan for the year due to suboptimal product structure, although quarterly losses have been narrowing, with the fourth quarter nearing breakeven [1]