FAST PRINT(SZ:002436) 光大证券研究·2025-07-01 13:47Core Viewpoint - The article highlights the growth and competitive positioning of the company, Xingsen Technology, in the advanced electronic circuit solutions industry, focusing on its PCB and semiconductor businesses [2][3]. Group 1: Business Overview - Xingsen Technology specializes in advanced electronic circuit solutions, with its PCB and semiconductor businesses driving growth [2]. - The traditional PCB business focuses on rapid prototyping and mass production, emphasizing digital transformation across the entire process from design to supply chain [2]. - In the high-end PCB sector, the company is expanding its offerings in Anylayer HDI boards and SLP products, targeting high-end smartphone and communication markets [2]. Group 2: Market Position - Xingsen Technology maintains a leading position in the PCB industry, ranking 14th among comprehensive PCB companies and 7th among domestic PCB companies according to CPCA [3]. - The company is ranked 30th among the top 40 global PCB suppliers as per Prismark's report for 2024 [3]. Group 3: Growth Potential - The CSP packaging substrate business is focusing on storage and RF markets, with plans to expand into the automotive sector, enhancing product structure towards high-value, high-price products [4]. - The company is experiencing a recovery in the storage chip industry, leading to improved capacity utilization in its CSP packaging substrate business [4]. Group 4: Financial Performance - In 2024, the company achieved revenue of 5.817 billion yuan, a year-on-year increase of 8.53%, while reporting a net loss of 198 million yuan [5]. - In Q1 2025, the company generated revenue of 1.580 billion yuan, reflecting a year-on-year growth of 13.77%, but the net profit decreased by 62.24% to 9 million yuan [5].