FAST PRINT(002436) 东兴证券·2025-03-17 03:25Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4]. Core Insights - The company is a leading player in the PCB industry, benefiting from the dual drivers of AI development and domestic substitution in the storage chip market [4][49]. - The company's revenue growth is projected to be 16.32%, 23.34%, and 25.66% for the years 2024, 2025, and 2026 respectively, with net profits expected to improve significantly after a loss in 2024 [4][49]. Summary by Sections Company Overview - The company, Shenzhen Xingsen Quick Circuit Technology Co., Ltd., specializes in the PCB industry and semiconductor testing boards, recognized as a national high-tech enterprise [5][14]. - It ranks 29th among the top 40 global PCB suppliers according to Prismark [14]. Business Segments - The company focuses on two core areas: PCB and semiconductor, with a growing revenue share from IC packaging substrates, which accounted for 15.32% of total revenue by 2023 [23][4]. - The PCB business maintains over 75% of total revenue, while the IC packaging substrate segment is expected to achieve breakthroughs due to increased investment [2][4]. Market Trends - The rapid growth of the AI chip market and the acceleration of domestic storage chip substitution are anticipated to drive demand for IC substrates [3][41]. - The global AI chip market is projected to grow from 238.67 billion by 2033, with a compound annual growth rate (CAGR) of 36.6% [3][41]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.351 billion yuan, a year-on-year increase of 9.1%, but a net loss of 32 million yuan, a decrease of 116.59% compared to the previous year [2][29]. - R&D expenses have been increasing, reaching 492 million yuan in 2023, up 28.46% year-on-year, primarily to support the IC packaging substrate projects [2][33]. Future Outlook - The company is expected to see significant revenue growth driven by the AI sector and domestic market demands, with a forecasted recovery in net profits starting in 2025 [4][49]. - The investment in R&D and the expansion of production capacity are crucial for the company's future success in the competitive PCB and semiconductor markets [33][41].