FAST PRINT(002436) Great Wall Securities·2024-11-01 02:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [14]. Core Insights - The company achieved a revenue of 4.351 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.10%. However, the net profit attributable to shareholders was -32 million yuan, a significant decrease of 116.59% year-on-year, primarily due to high expenses in the FCBGA packaging substrate business and losses from subsidiaries [2][3]. - The gross profit margin for the first three quarters was 15.97%, a decrease of 9.56 percentage points year-on-year, while the expense ratio improved by 3.30 percentage points to 21.77% [2]. - The FCBGA packaging substrate project has seen cumulative investments exceeding 3.3 billion yuan, with production capacity utilization rates expected to improve significantly as the company prepares for mass production of new products [3]. Financial Summary - For 2024, the company is projected to have a revenue of 6.014 billion yuan, with a year-on-year growth rate of 12.2%. The net profit is expected to be 16 million yuan, reflecting a substantial recovery from the previous year's losses [1][4]. - The company's operating cash flow is projected to be -445 million yuan in 2024, with a gradual recovery expected in subsequent years [7]. - The company's total assets are expected to grow from 14.935 billion yuan in 2023 to 19.297 billion yuan by 2026, indicating a strong growth trajectory [8].