FAST PRINT(SZ:002436) Changjiang Securities·2025-09-14 14:42Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 3.426 billion yuan for the first half of 2025, representing an increase of 18.91% year-on-year. The net profit attributable to shareholders was 29 million yuan, up 47.85% year-on-year, while the net profit after deducting non-recurring items was 47 million yuan, an increase of 62.50% year-on-year. The gross margin was 18.45%, an increase of 1.9 percentage points year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 1.846 billion yuan, a year-on-year increase of 23.69%. The net profit attributable to shareholders was 19 million yuan, up 465.68% year-on-year, and the net profit after deducting non-recurring items was 40 million yuan, an increase of 723.80% year-on-year. The gross margin was 19.53%, an increase of 3.4 percentage points year-on-year [2][6]. Summary by Sections Financial Performance - In H1 2025, the PCB business generated revenue of 2.448 billion yuan, a year-on-year increase of 12.80%, with a gross margin of 26.32%, down 0.77 percentage points. The subsidiary Yixing Silicon Valley had revenue of 357 million yuan, up 17.45%, but incurred a loss of 82 million yuan. Fineline generated revenue of 839 million yuan, a year-on-year increase of 10.61%, with a net profit of 76 million yuan, down 13.50% due to exchange rate losses. Beijing Xingfei achieved revenue of 500 million yuan, up 25.50%, with a net profit of 86 million yuan, up 46.86% [10]. - The semiconductor business generated revenue of 831 million yuan, a year-on-year increase of 38.39%, with a gross margin of -16.78%, an increase of 16.41 percentage points. The IC packaging substrate business achieved revenue of 722 million yuan, up 36.04%, with a gross margin of -25.17%, an increase of 17.16 percentage points [10]. Business Outlook - The CSP packaging substrate business has shown improvement, with capacity utilization increasing quarter by quarter due to the recovery in the memory chip industry and increased market share from major clients. The overall revenue from this segment has grown rapidly. The FCBGA packaging substrate project has not yet reached mass production, but the company is actively expanding its domestic and overseas client base [10]. - The company is focused on upgrading PCB products and breaking into strategic large clients, which is expected to enhance product profitability. The semiconductor packaging substrate business is anticipated to become a new growth driver as new capacity comes online, benefiting from the industry's high prosperity [10]. Financial Projections - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 94 million yuan, 276 million yuan, and 536 million yuan, respectively [10].