FAST PRINT(SZ:002436) CAITONG SECURITIES·2025-11-05 11:35Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved rapid growth in performance, with a focus on high-end craftsmanship that establishes long-term competitiveness [1] - The company reported a revenue of 5.373 billion yuan for the first three quarters, representing a year-on-year increase of 23.48%, and a net profit of 131 million yuan, up 516.08% year-on-year [7] - The company is positioned well in the PCB, HDI, and IC substrate sectors, benefiting from technological advancements and market demand [7] - Revenue projections for 2025-2027 are 7.077 billion yuan, 8.808 billion yuan, and 10.916 billion yuan respectively, with corresponding net profits of 164 million yuan, 400 million yuan, and 839 million yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5.360 billion yuan, with a growth rate of 0.1%, and a net profit of 211 million yuan, reflecting a decline of 59.8% [6] - For 2024, revenue is expected to increase to 5.817 billion yuan (8.5% growth), with a net loss of 198 million yuan [6] - By 2025, revenue is forecasted to reach 7.077 billion yuan (21.6% growth), with a net profit of 164 million yuan [6] - The company’s EPS is projected to improve from 0.13 yuan in 2023 to 0.49 yuan by 2027 [6] Market Performance - The company’s stock has shown a performance of -17% over the last 12 months compared to the CSI 300 index [4]