2025 年 7 月 1 日 公司研究 营收持续增长，成长空间广阔 ——兴森科技（002436.SZ）跟踪报告之五 要点 兴森科技专注于先进电子电路方案产业， PCB 和半导体两大业务助力成长。公 司传统 PCB 业务聚焦于样板快件及批量板的研发、设计、生产、销售和表面贴 装，公司深化推进 PCB 工厂的数字化变革，实现从工程设计、制造、供应链等 全流程数字化改造，持续提升客户满意度和经营效率；高阶 PCB 领域，公司完 善 Anylayer HDI 板和类载板（SLP）业务布局，在坚守高端智能手机主赛道的 基础上，全力拓展高端光模块、毫米波通信市场；公司半导体业务聚焦于 IC 封 装基板（含 CSP 封装基板和 FCBGA 封装基板）领域，立足于芯片封装测试环节 的关键材料自主配套。公司产品广泛应用于通信设备、消费电子、工业控制、医 疗电子、服务器、轨道交通、计算机应用、半导体等多个行业领域。 兴森科技持续保持 PCB 行业领先地位。兴森科技通过持续的研发投入提升技术 能力，以数字化改造提升工厂的经营管理效率，以稳定的交付和质量表现提升客 户满意度。根据公司年报援引 CPCA 发布的第二十三届中国电子电路行 ...

Core Viewpoint - The credit rating report indicates that Shenzhen Xingsen Quick Circuit Technology Co., Ltd. (referred to as "Xingsen Technology") maintains a stable credit rating of AA, reflecting its leading position in the domestic PCB prototype and small batch board sector, despite facing significant financial challenges due to high upfront costs in semiconductor projects and slow order integration [2][4][5]. Company Overview - Xingsen Technology is recognized as one of the few domestic manufacturers capable of mass production of FCBGA packaging substrates, maintaining a technological edge in the industry [2][17]. - The company has a diversified product application across various sectors, including communication, industrial control, medical electronics, and consumer electronics, with a stable customer base [4][17]. Financial Performance - The company reported total assets of 145.69 billion and total liabilities of 59.44 billion as of March 2025, with operating revenue of 15.80 billion for the year [2]. - The net profit for 2024 was a loss of 5.31 billion, reflecting the impact of high costs associated with semiconductor projects and insufficient order volume [3][5]. - The company's debt-to-equity ratio increased, indicating rising financial leverage and debt repayment pressure [5][19]. Industry Environment - The PCB market is expected to recover in 2024, driven by demand from AI servers and consumer electronics, with a projected global market value of 73.6 billion, representing a 5.8% year-on-year growth [11][12]. - The domestic PCB market in China is anticipated to grow from 41.2 billion to 50.8 billion from 2024 to 2029, with a compound annual growth rate of 4.3% [11][12]. - The industry faces challenges such as high raw material costs and competitive pressures, which may impact profit margins [15][19]. Competitive Position - Xingsen Technology ranks seventh among domestic PCB manufacturers according to the CPCA, showcasing its competitive strength [17]. - The company has invested significantly in R&D, with 4.42 billion allocated in 2024, and has received national awards for its technological advancements [18][19]. - Despite the competitive landscape, Xingsen Technology's PCB business saw a revenue increase of 5.11% in 2024, primarily due to recovery in the consumer electronics sector [19].

兴森科技（002436）6月11日晚间公告，同意公司以挂牌底价3.2亿元参与购买广州兴科半导体有限公司 (以下简称"广州兴科")的24%股权。兴森科技表示，广州兴科原为公司控股子公司，若顺利取得标的股 权，能进一步加强公司对其管控力度。 广州兴科主要从事CSP封装业务，由兴森科技在2020年1月联合科学城集团、大基金、兴森众城(兴森科 技的关联方)投资成立。成立之初，广州兴科注册资本10亿元，其中兴森科技出资4.1亿元，占注册资本 的比例为41%，其余三方分别持股25%、24%、10%。 本次计划出让广州兴科24%股权的股东方，正是参与初创广州兴科的大基金。早在2023年9月26日，兴 森科技即曾公告分别收到科学城集团及大基金管理方华芯投资的函告，有意选择由公司现金回购广州兴 科股权的方式实现退出。本次大基金的退出，应系对退出权的最终行使。 在2023年11月，科学城集团已经先于大基金推动退出，彼时兴森科技以挂牌底价约3亿元进场参与购买 广州兴科由科学城集团所持有的25%股权，并在次年2月完成过户，兴森科技将对广州兴科的直接持股 比例提升至当下的66%。 根据业绩承诺，兴森科技目标合资公司2021年、2022 ...

002436.SZ 增持 原评级：增持 市场价格:人民币 11.37 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.2 (8.6) 2.4 (0.7) 相对深圳成指 8.9 (1.7) 6.1 (7.7) (29%) (18%) (7%) 4% 15% 25% Apr-24 May-24 Jun-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 兴森科技 深圳成指 | 发行股数 (百万) | 1,689.60 | | --- | --- | | 流通股 (百万) | 1,500.42 | | 总市值 (人民币 百万) | 19,210.75 | | 3 个月日均交易额 (人民币 百万) | 1,119.83 | | 主要股东(%) | | | 邱醒亚 | 14.46 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 25 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 28 日 《兴森科技》20240903 《兴森 ...

Group 1 - The well-known private equity firm Tongben Investment recently conducted research on three listed companies [1][2][3] - The first company, Haixiangni, aims to promote its brand culture through the IP image of "Feini and Xiangzai," targeting younger demographics [1] - The second company, Xingsen Technology, specializes in PCB products for industrial control and robotics, with target clients including chip design companies and packaging factories [2] - The third company, Ruilite, has launched an AI health toilet featuring the Deepseek model, introducing AI technology into the bathroom industry [3] Group 2 - Tongben Investment was established in January 2014 with a registered capital of 10 million, and it is recognized for its unique approach as a sunshine private equity firm [3] - The firm is notable for being founded by award-winning analysts, with its general manager and investment director, Mr. Tong Xun, having a strong background in the food and beverage sector [3]

个股亮点：公司旗下教育品牌希沃全系列产品自2月8日起有序接入DeepSeek大模型，公司正在对 DeepSeek大模型与公司其他业务领域相关产品的适配开展深入评估；公司并购深圳掌锐，进入汽车电 子部件领域；公司推出的希沃教学大模型可以赋能希沃学习机绘本阅读，通过AI技术实现分级阅读计 划、互动绘本精读、AI陪伴共读等功能。 机构简介： 根据市场公开信息及4月25日披露的机构调研信息，知名私募重阳投资近期对2家上市公司进行了调研， 相关名单如下： 1）兴森科技 （上海重阳投资参与公司线上会议） 个股亮点：公司的PCB产品有应用于工业控制和机器人领域，IC封装基板业务的目标客户包括芯片设计 公司和封装厂，应用于CPU、GPU、FPGA、ASIC、存储芯片、射频芯片等领域。；上海泽丰主营业务 为SOC芯片、存储芯片等领域的晶圆级测试和成品测试解决方案提供商，其主要客户包括芯片设计公司 和封装厂。 2）视源股份 （重阳投资参与公司特定对象调研&电话会议） 上海重阳投资管理有限公司（简称重阳投资）是在成立于2001年的上海重阳投资有限公司的基础上于 2009年设立的采用合伙经营模式的有限责任公司。重阳投资运用各种规范的 ...