兴森科技：公司深度报告：PCB行业领航者，IC载板乘风而起

Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Viewpoints - The company is positioned as a leader in the PCB industry, with significant growth potential driven by AI, consumer electronics recovery, and smart driving technologies. The global PCB market is expected to grow from $69.517 billion in 2023 to $90.413 billion by 2028, with a CAGR of 5.40% from 2023 to 2028 [3][30]. - The company's advanced packaging and IC substrate business are expected to benefit from the rapid development of high-performance computing (HPC) and AI chips, with the ABF market projected to grow at a CAGR of 5.56% from 2022 to 2028 [3][36]. - The company has made strategic investments in digital factories and high-end PCB production, enhancing its competitive edge in the market [4][16]. Summary by Sections PCB Industry Leadership - The company has over 30 years of experience in the PCB sector, focusing on chip packaging and testing, and has established a strong product matrix [10]. - It ranks 7th among domestic PCB manufacturers in China, with a monthly delivery capacity of approximately 25,000 varieties [12][16]. AI-Driven Growth - The demand for PCBs is expected to rise significantly due to the increasing adoption of AI in various sectors, including consumer electronics and smart driving [25][30]. - The global AI server market is projected to grow rapidly, with shipments expected to reach 2.37 million units by 2026, maintaining a CAGR of 25% [25][30]. Financial Performance - The company reported a revenue of 5.36 billion yuan in 2023, with a slight growth of 0.1%. However, net profit decreased by 59.8% due to increased costs associated with new projects [5][16]. - Revenue forecasts for 2024, 2025, and 2026 are 6.23 billion, 7.75 billion, and 9.30 billion yuan, respectively, with corresponding EPS of 0.14, 0.31, and 0.48 yuan [5][16]. Advanced Packaging and IC Substrate - The advanced packaging market is expected to grow significantly, with a projected CAGR of 10.02% from 2022 to 2028, driven by the demand for high-performance computing and AI chips [34][36]. - IC substrates are identified as the fastest-growing segment within the PCB industry, with a projected CAGR of 18.95% from 2018 to 2028 [36].