FAST PRINT(SZ:002436) Minsheng Securities·2024-10-28 11:45Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 4.351 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.1%, but incurred a net loss of 32 million yuan, marking a significant decline from profitability [2]. - The revenue for Q3 2024 was 1.47 billion yuan, showing a year-on-year growth of 3.36% but a quarter-on-quarter decline of 1.49% [2]. - The company's gross margin for the first three quarters of 2024 was 15.97%, down 9.56 percentage points year-on-year, with Q3 gross margin at 14.82%, down 11.34 percentage points year-on-year [2]. - High investments in advanced packaging substrates have pressured short-term profitability, leading to the first net loss since the company went public in 2011 [2]. - The company is focusing on enhancing its IC packaging substrate business, which is expected to drive long-term growth despite short-term challenges [2]. Financial Summary - Revenue projections for 2024-2026 are 5.974 billion yuan, 7.061 billion yuan, and 8.504 billion yuan, respectively, with growth rates of 11.5%, 18.2%, and 20.4% [3][5]. - The net profit attributable to shareholders is projected to be -41 million yuan in 2024, 22 million yuan in 2025, and 372 million yuan in 2026, reflecting a significant recovery [3][5]. - The company's PE ratio is expected to be 794 in 2025 and 47 in 2026, indicating a potential recovery in profitability [3][5].