FAST PRINT(SZ:002436) Dongxing Securities·2026-02-12 07:31Core Insights - The report highlights the significant recovery in the profitability of the company, with a projected net profit of between 132 million and 140 million yuan for 2025, marking a substantial turnaround from previous losses [8][9] - The demand for IC substrates is driven by the explosive growth in AI server requirements, leading to a price surge in the substrate industry, particularly for BT and ABF substrates, with a reported price increase of 38% over the past year [10][11] - The global IC substrate market is expected to grow from 16.69 billion USD in 2025 to 18.44 billion USD in 2026, with a robust compound annual growth rate (CAGR) of 10.51% projected from 2026 to 2035 [11] Company Analysis - The company is positioned as one of the few manufacturers with both BT and ABF substrate capabilities, making its production capacity and technological expertise particularly valuable in the current market context [10][12] - The anticipated earnings per share (EPS) for the company are projected to be 0.08 yuan in 2025, 0.25 yuan in 2026, and 0.40 yuan in 2027, maintaining a "recommend" rating for investment [12]