FAST PRINT(SZ:002436) KAIYUAN SECURITIES·2024-08-31 03:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a new growth phase with the upcoming mass production of the FCBGA project, despite facing short-term pressure on performance due to capacity ramp-up [4][7] - The company's revenue for Q2 2024 showed a year-on-year increase of 13.59%, while the net profit was slightly negative, indicating short-term profitability challenges [7][8] - The focus on FCBGA and CSP packaging substrates is anticipated to drive significant revenue growth in the future as production capacity is released [7] Financial Summary - For 2024, the company is projected to achieve a revenue of 59.56 billion yuan, representing an 11.1% year-on-year growth, with net profit expected to reach 236 million yuan, an increase of 11.6% [6][10] - The company's gross margin is forecasted to stabilize around 23.2% in 2024, with a gradual improvement to 24.2% by 2026 [6][10] - The earnings per share (EPS) is expected to grow from 0.14 yuan in 2024 to 0.47 yuan in 2026, reflecting a positive outlook on profitability [6][10] Business Performance - In H1 2024, the company reported a revenue of 28.81 billion yuan, a 12.29% increase year-on-year, while the net profit was 20 million yuan, up 7.99% [7] - The PCB business generated 21.70 billion yuan in revenue in H1 2024, with a gross margin of 27.09%, indicating stable performance [8] - The semiconductor business saw a revenue increase of 27.79% year-on-year, driven by strong contributions from CSP packaging substrates [8]