坚守高端产品战略，FCBGA良率快速提升

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 13.54 CNY, maintaining the rating [4][7]. Core Views - The company reported a revenue of 5.36 billion CNY in 2023, a slight increase of 0.11% year-on-year, while the net profit attributable to shareholders was 211 million CNY, reflecting a significant decline of 59.82% [1][2]. - In Q1 2024, the company achieved a revenue of 1.39 billion CNY, up 10.92% year-on-year, and a net profit of 25 million CNY, marking a substantial increase of 230.82% [1][2]. - The company is focusing on high-end products amidst a challenging PCB industry environment, characterized by weak downstream demand and intense price competition [2][3]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 5.36 billion CNY, with a net profit of 211 million CNY [1][9]. - Projected revenues for 2024 to 2026 are 6.62 billion CNY, 8.21 billion CNY, and 10.68 billion CNY respectively, with net profits expected to be 353 million CNY, 609 million CNY, and 1.29 billion CNY [7][9]. Product Development - The company is advancing in the FCBGA packaging substrate sector, with production expected to commence in Q2 2024 for the Zhuhai facility and in Q3 2024 for the Guangzhou facility [3][4]. - The yield rates for FCBGA substrates have improved significantly, with low-layer board yields reaching 90% and high-layer board yields exceeding 85% [3][4]. Market Position - The company has positioned itself as a key supplier for high-end flagship models of major domestic and international smartphone brands through strategic acquisitions and product development [2][3]. - The company is also expanding into high-end optical modules and millimeter-wave communication markets, enhancing its competitive edge [2][3].