FAST PRINT(002436) KAIYUAN SECURITIES·2024-10-28 15:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to enter a new growth phase with the upcoming mass production of the FCBGA project, despite short-term profit pressures due to capacity ramp-up and significant expenses [4][5] - The semiconductor business is showing promising order progress, with expectations for substantial profit growth from 2025 onwards as production capacity is released [4][5] Financial Summary - Revenue for 2024 is projected to be 6,009 million yuan, reflecting a year-on-year growth of 12.1% [1] - The net profit attributable to the parent company is expected to decline significantly to 17 million yuan in 2024, with a year-on-year decrease of 91.9% [1] - Gross margin is forecasted to be 22.0% in 2024, down from 23.3% in 2023 [1] - The company reported a revenue of 4,351 million yuan for the first three quarters of 2024, representing a year-on-year increase of 9.10% [4] - The net profit for the same period was -32 million yuan, a year-on-year decrease of 116.59% [4] - The projected earnings per share (EPS) for 2024 is 0.01 yuan, with a significant increase expected in subsequent years [4][1] Business Performance - The PCB business achieved a production value exceeding 3.2 billion yuan in the first three quarters of 2024, with a year-on-year growth of 5% [5] - The FCBGA packaging substrate project has entered small-batch production, with expectations for full-scale production in Q4 2024 [5] - CSP packaging substrate orders reached a record high in September 2024, indicating a positive trend for future profitability [5]