FAST PRINT(002436)2024-10-27 08:24Financial Performance - 2024 Q3 revenue: 1.47 billion yuan, up 3% YoY, net profit: -51.1 million yuan, down 130% YoY [2] - 2024 Jan-Sep revenue: 4.35 billion yuan, up 9% YoY, net profit: -31.6 million yuan, down 117% YoY, marking the first loss since 2010 IPO [2] - Total assets: 14.8 billion yuan, down 1% YoY, shareholders' equity: 5.1 billion yuan, down 4% YoY [2] Business Segment Performance - FCBGA substrate project: cumulative investment over 3.3 billion yuan, still in market expansion phase with small-scale production, 2024 Jan-Sep expenses: 530.47 million yuan [2] - Yixing Silicon Valley (high-layer PCB): Jan-Sep loss of 89.14 million yuan due to intense competition and delayed capacity release [2] - Guangzhou Xingke (CSP substrate): Jan-Sep loss of 55.18 million yuan, capacity utilization around 50% [2] - CSP substrate business: Jan-Sep output value of 830 million yuan, up 48% YoY, Korean storage clients account for over 30% of revenue [4] - Semiconductor test board business: Jan-Sep output value of 140 million yuan, capacity utilization and high-end product (30+ layers) ratio increasing [5] - Beijing Xingfei (HDI PCB): Jan-Sep revenue of 621.39 million yuan, net profit of 81.3 million yuan, benefiting from recovery in high-end smartphone business [5] - PCB business: Jan-Sep output value over 3.2 billion yuan, up 5% YoY, with stable performance in sample board business [6] Industry Outlook - 2024 global PCB industry: estimated output value of 73.346 billion USD, up 5.5% YoY, with AI-related sectors performing best [3] - Long-term outlook: 2028 global PCB market size expected to reach 90.413 billion USD, with 5.4% CAGR from 2023-2028 [3] - High-layer high-speed boards (18+ layers), advanced HDI, and substrate sectors expected to outperform industry growth [3] Strategic Initiatives - FCBGA substrate project: focusing on technology improvement, yield enhancement, and market expansion, with low-layer products in small-scale production and high-layer products under development [4] - CSP substrate business: aiming to optimize product structure and increase high-value products, with expected profitability improvement in 2025 [5] - Beijing Xingfei: upgrading production lines to capture AI server and high-end optical module opportunities [5] - Yixing Silicon Valley: implementing digital management systems and cost reduction measures, targeting break-even in Q4 2024 [6]