FAST PRINT(SZ:002436) Soochow Securities·2024-08-29 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is driven by the recovery in PCB demand, although profitability is under short-term pressure due to increased competition and investment costs in advanced packaging [3][4] - The semiconductor business is progressing steadily, with significant growth in BT substrate revenue driven by the recovery in the storage chip market [3] - The company is focusing on enhancing IC packaging substrate technology, which has substantial growth potential due to the increasing demand for high-performance packaging driven by advancements in AI technology [3] Financial Performance Summary - Total revenue for H1 2024 was 2.9 billion yuan, a year-on-year increase of 12%, while net profit attributable to the parent company was 20 million yuan, up 8% year-on-year [3] - PCB business revenue reached 2.17 billion yuan, a year-on-year increase of 7.48%, while semiconductor business revenue was 600 million yuan, up 27.79% [3] - The company's gross margin for H1 2024 was 16.6%, a decrease of 8.6% year-on-year, reflecting short-term profitability pressure [3] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is 200 million, 400 million, and 720 million yuan respectively, indicating sufficient long-term growth potential despite short-term profit disruptions [4] - The company is expected to maintain a P/E ratio of 63.68 in 2024, decreasing to 20.75 by 2026, reflecting anticipated growth in earnings [2][10]