FAST PRINT(002436) 长江证券·2024-11-19 11:54Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 1.47 billion yuan in Q3 2024, a year-on-year increase of 3.36%, but a net profit attributable to shareholders of -51 million yuan, a decrease of 129.64% year-on-year [5][6] - The gross margin for Q3 2024 was 14.82%, down 11.34 percentage points year-on-year [5][6] - For the first three quarters of 2024, the company achieved a revenue of 4.35 billion yuan, an increase of 9.10% year-on-year, but a net profit attributable to shareholders of -32 million yuan, a decrease of 116.59% year-on-year [5][6] - The company is facing short-term performance pressure, particularly in its PCB and CSP packaging substrate businesses, while the FCBGA project is in a phase of investment and small-scale production [6][7] Financial Performance Summary - In Q3 2024, the company’s PCB business generated over 3.2 billion yuan in output value, a 5% year-on-year increase, but faced challenges in profitability due to weak demand in the European market [6] - The CSP packaging substrate business saw an output value of 830 million yuan in the first three quarters of 2024, a year-on-year increase of 48%, but faced order shortages and a capacity utilization rate of approximately 50% [6][7] - The FCBGA substrate business incurred expenses of 530 million yuan in the first three quarters of 2024, surpassing the total expenses of the previous year, and has entered small-batch production [6][7] Industry Outlook - The global PCB industry is expected to show a weak recovery in 2024, with an estimated output value of 73.35 billion USD, a year-on-year increase of 5.5% [7] - The semiconductor packaging substrate business is anticipated to become a new growth driver for the company, with expected net profits attributable to shareholders of 0.07 billion yuan, 1.70 billion yuan, and 3.82 billion yuan for 2024, 2025, and 2026 respectively [7]