兴森科技：FCGBA封装基板持续投入-20250310

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to incur a net loss of 170 to 200 million yuan in 2024, primarily due to expenses related to the FCBGA packaging substrate business and losses from subsidiaries [4] - The overall investment in the FCBGA packaging substrate project has exceeded 3.5 billion yuan, with small-scale production currently underway [5] - The CSP packaging substrate business is showing signs of recovery, with an expected increase in revenue driven by improved market share and product structure [6] - The company aims to enhance its product offerings in the AI server and high-end PCB markets, focusing on expanding production capacity for high-value products [8] Financial Summary - The company is projected to achieve revenues of 6 billion, 7 billion, and 8.1 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be -200 million, 60 million, and 400 million yuan for the same years [9] - The current price-to-earnings ratio (PE) for 2026 is estimated at 56 times [9] - The company’s total assets are expected to grow from 149.35 billion yuan in 2023 to 174.50 billion yuan by 2026 [14]