FAST PRINT(SZ:002436) EBSCN·2025-07-01 02:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term growth potential [4][6]. Core Insights - The company, Xingsen Technology, focuses on advanced electronic circuit solutions, with its PCB and semiconductor businesses driving growth. The traditional PCB business emphasizes rapid prototyping and mass production, while the semiconductor segment concentrates on IC packaging substrates [2][3]. - The company has achieved continuous revenue growth, with a reported revenue of 5.817 billion yuan in 2024, representing an 8.53% year-on-year increase. However, it faced a net loss of 198 million yuan [4]. Summary by Sections Business Overview - Xingsen Technology specializes in advanced electronic circuit solutions, with a focus on PCB and semiconductor sectors. The company is enhancing its PCB factory's digital transformation to improve operational efficiency and customer satisfaction [2]. - The company is expanding its high-end PCB offerings, including Anylayer HDI boards and SLP products, while also targeting high-end optical modules and millimeter-wave communication markets [2][3]. Market Position - Xingsen Technology maintains a leading position in the PCB industry, ranking 14th among comprehensive PCB companies in China and 7th among domestic firms according to CPCA. It is also ranked 30th among the top 40 global PCB suppliers by Prismark [3]. Financial Performance - In 2024, the company reported a revenue of 5.817 billion yuan, an increase of 8.53% from the previous year. The first quarter of 2025 saw a revenue of 1.580 billion yuan, reflecting a 13.77% year-on-year growth [4]. - The forecast for net profit has been adjusted downward for 2025 and 2026 due to industry demand issues, with projected net profits of 112 million yuan and 271 million yuan, respectively [4]. Growth Potential - The CSP packaging substrate business is expected to have significant growth potential, focusing on storage and RF markets while expanding into the automotive sector. The company aims to enhance profitability through a shift towards high-value products [3][4].