FAST PRINT(SZ:002436) Dongxing Securities·2026-02-09 08:50Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from the AI wave and the dual drive of PCB and semiconductor business growth [2][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 132 million and 140 million yuan in 2025, marking a significant turnaround from losses [3][4]. - The recovery in the company's main business profitability is attributed to industry recovery and stable revenue growth, with notable contributions from FCBGA packaging substrate and high-layer PCB businesses [4][5]. - The demand for IC substrates is driven by the explosion in AI server demand, leading to a price surge in packaging substrate products, particularly BT and ABF substrates, with a supply-demand gap reaching 21% and prices increasing by 38% over the past year [5][6]. - The global IC substrate market is projected to grow from 16.69 billion USD in 2025 to 18.44 billion USD in 2026, with a compound annual growth rate (CAGR) of 10.51% expected from 2026 to 2035 [6]. Financial Performance Summary - The company forecasts revenues of 6.86 billion yuan in 2025, with a growth rate of 17.96%, and net profits are expected to increase significantly to 432.7 million yuan in 2026 [14][15]. - The company's earnings per share (EPS) are projected to be 0.08 yuan in 2025, 0.25 yuan in 2026, and 0.40 yuan in 2027, reflecting a strong recovery trajectory [12][14]. - The net profit margin is expected to improve from 1.83% in 2025 to 4.84% in 2026, indicating enhanced profitability [15].