FAST PRINT(SZ:002436) Great Wall Securities·2024-04-26 06:32Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has faced challenges in 2023 due to weak downstream demand and intense price competition in the PCB industry, resulting in a slight revenue increase of 0.11% year-on-year, but a significant decline in net profit by 59.82% [2][6]. - In Q1 2024, the company showed signs of recovery with a revenue increase of 10.92% year-on-year and a remarkable net profit growth of 230.82% [2][6]. - The company is advancing its FCBGA packaging substrate project, with cumulative investments exceeding 2.6 billion yuan, and is expected to enter mass production in Q2 2024 [2][6]. - The company is focusing on two main business lines: traditional PCB and semiconductor sectors, enhancing its R&D investments to maintain a competitive edge [2][6]. Financial Summary - In 2023, the company reported revenues of 5.36 billion yuan and a net profit of 211 million yuan, with projections for 2024 showing revenues of 6.38 billion yuan and a net profit of 328 million yuan [1][6]. - The company's return on equity (ROE) is projected to improve from 2.0% in 2023 to 4.2% in 2024, with earnings per share (EPS) expected to rise from 0.13 yuan to 0.19 yuan [1][8]. - The report forecasts net profits for 2024-2026 to be 328 million, 509 million, and 738 million yuan respectively, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 26 [6][8].