FAST PRINT(002436) 中邮证券·2024-12-02 10:23Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is strategically investing in FCBGA packaging substrates to support domestic high-end chips, currently in the market expansion and small-batch production phase, but still facing losses due to small order sizes [9]. - The CSP packaging substrate business is expected to recover as the semiconductor industry stabilizes, with a significant increase in order volume noted in September [9][12]. - The high-density PCB segment is poised for growth, particularly in AI server and optical module applications, with production capacity upgrades underway [9][11]. Financial Overview - The company is projected to achieve revenues of 6 billion, 7 billion, and 8 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be 20 million, 201 million, and 403 million yuan [12]. - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are forecasted at 1024, 100, and 50 respectively [12]. - The company reported a total revenue of 5.36 billion yuan in 2023, with a growth rate of 0.11%, and is expected to grow at rates of 12.31%, 17.02%, and 14.26% in the following years [14].