兴森科技：FCGBA封装基板持续投入-20250311

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - 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 increase in value driven by improved market share from major storage clients [6] - The company aims to enhance its product structure and profitability by expanding its product lines and optimizing its operations [7] - The company is strategically investing in AI server and high-end PCB markets, with plans to increase production capacity for related products [8] Financial Projections - 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 stock price corresponds to a PE ratio of 56 times for 2026 [9] - The company’s revenue growth rates are forecasted at 12.31%, 17.02%, and 15.68% for the years 2024, 2025, and 2026 respectively [11]