FAST PRINT(002436) 东兴证券·2025-03-17 04:35Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company is a leading player in the PCB industry, benefiting from the dual drivers of AI development and domestic substitution of storage chips, with significant growth potential in its IC substrate business [4][49] - The company has a stable shareholding structure and clear division of labor among its subsidiaries, enhancing operational efficiency [1][16] - The revenue growth forecast for the company is projected at 16.32%, 23.34%, and 25.66% for the years 2024 to 2026, respectively [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 [1][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 [1][23] - The PCB business maintains over 75% of total revenue, with a stable gross margin historically [27][29] Market Trends - The rapid growth of the AI chip market and the acceleration of domestic storage chip substitution are expected 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] - The storage chip market is also expected to grow significantly, with China's market projected to reach $27.65 billion by 2034, growing at a rate of 12.4% [3][44] 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% year-on-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 project [2][33] Future Outlook - The company is expected to achieve a turnaround in profitability by 2025, with projected net profits of 141 million yuan and 401 million yuan in 2026 [4][49] - The IC substrate business is anticipated to make significant breakthroughs, supported by ongoing investments and market demand [4][49]