FAST PRINT(SZ:002436) Dongxing Securities·2026-02-13 09:52Core Insights - The report highlights the expected recovery in the semiconductor industry, with specific companies poised to benefit from this trend, particularly in the IC substrate market driven by AI demand [7][9][10]. Company Summaries - 兴森科技 (Xingsen Technology): The company is projected to achieve a net profit of between 132 million to 140 million yuan in 2025, marking a significant turnaround from previous losses. This improvement is attributed to stable revenue growth and the recovery of its main business segments [8]. - 江丰电子 (Jiangfeng Electronics): The company is noted for its strategic positioning in both BT and ABF substrates, which are critical for AI applications. The demand for IC substrates is expected to surge, with the global market projected to grow from 16.69 billion USD in 2025 to 18.44 billion USD in 2026, and further to 45.34 billion USD by 2035, indicating a robust CAGR of 10.51% from 2026 to 2035 [10][11]. Industry Insights - The IC substrate market is experiencing a significant demand increase due to the rise of AI applications, with supply constraints leading to price increases. The supply-demand gap for ABF substrates is particularly pronounced, with a reported shortfall of 21% and prices rising by 38% over the past year [9][10]. - The report emphasizes the critical role of IC substrates in supporting AI computing power upgrades, with the technology's evolution being driven by the increasing density and performance requirements of AI chips [10].