FAST PRINT(002436) 华鑫证券·2024-07-25 10:30Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Viewpoints - The company is positioned as a leader in the PCB industry, with significant growth potential driven by AI, consumer electronics recovery, and smart driving technologies. The global PCB market is expected to grow from 90.413 billion by 2028, with a CAGR of 5.40% from 2023 to 2028 [3][30]. - The company's advanced packaging and IC substrate business are expected to benefit from the rapid development of high-performance computing (HPC) and AI chips, with the ABF market projected to grow at a CAGR of 5.56% from 2022 to 2028 [3][36]. - The company has made strategic investments in digital factories and high-end PCB production, enhancing its competitive edge in the market [4][16]. Summary by Sections PCB Industry Leadership - The company has over 30 years of experience in the PCB sector, focusing on chip packaging and testing, and has established a strong product matrix [10]. - It ranks 7th among domestic PCB manufacturers in China, with a monthly delivery capacity of approximately 25,000 varieties [12][16]. AI-Driven Growth - The demand for PCBs is expected to rise significantly due to the increasing adoption of AI in various sectors, including consumer electronics and smart driving [25][30]. - The global AI server market is projected to grow rapidly, with shipments expected to reach 2.37 million units by 2026, maintaining a CAGR of 25% [25][30]. Financial Performance - The company reported a revenue of 5.36 billion yuan in 2023, with a slight growth of 0.1%. However, net profit decreased by 59.8% due to increased costs associated with new projects [5][16]. - Revenue forecasts for 2024, 2025, and 2026 are 6.23 billion, 7.75 billion, and 9.30 billion yuan, respectively, with corresponding EPS of 0.14, 0.31, and 0.48 yuan [5][16]. Advanced Packaging and IC Substrate - The advanced packaging market is expected to grow significantly, with a projected CAGR of 10.02% from 2022 to 2028, driven by the demand for high-performance computing and AI chips [34][36]. - IC substrates are identified as the fastest-growing segment within the PCB industry, with a projected CAGR of 18.95% from 2018 to 2028 [36].