FAST PRINT(SZ:002436) Minsheng Securities·2024-04-25 11:02Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - In 2023, the company achieved revenue of 5.36 billion yuan, a year-on-year increase of 0.11%, and a net profit attributable to shareholders of 211 million yuan, a year-on-year decrease of 59.82% [1][2]. - The company's high-end IC packaging substrate business is positioned as a second growth driver, with revenue from IC packaging substrates reaching 821 million yuan, a year-on-year increase of 19.09% [1][2]. - The company is expected to see net profits of 395 million yuan, 608 million yuan, and 1.13 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 49, 32, and 17 times [1][2]. Financial Performance Summary - In Q4 2023, the company reported revenue of 1.371 billion yuan, a year-on-year increase of 14.06%, and a net profit of 21 million yuan, a year-on-year increase of 187.83% [1][2]. - The overall gross margin for 2023 decreased by 5.34 percentage points to 23.32%, primarily due to high costs associated with the FCBGA packaging substrate project and losses from the Zhuhai project [1][2]. - The traditional PCB business generated revenue of 4.091 billion yuan, with a gross margin of 28.72%, reflecting a year-on-year decrease of 1.57 percentage points [1][2]. Future Outlook - The company is focusing on its IC packaging substrate business, with expectations for the FCBGA packaging substrate project to begin mass production in Q2 2024 [1][2]. - The report anticipates that the company's FCBGA substrate production capacity will gradually come online, opening up long-term growth potential [1][2].