FASTPRINT(002436)：FASTPRINT ACQUIRES IBIDEN(BEIJING)TO STRENGTHEN ADVANTAGES IN PRODUCT TECHNOLOGY AND PRODUCTION CAPACITY

Event: On December 16, 2022, Fastprint announced the acquisition of 100% equity of Ibiden (Beijing) at a base purchase price of 17.6bn yen.
Fastprint acquired Ibiden (Beijing) to further strengthen the layout of high-end products: Ibiden (Beijing) was established in December 2000. It mainly focuses on ordinary HDI and Anylayer HDI. It is mainly used in consumer terminal electronic products such as smart phones, wearable devices and tablets, and has established stable cooperative relations with mainstream mobile phone manufacturers at home and abroad. In recent years, it has mass produced the class carrier (SLP) and module packaging substrate products of msap process. After the completion of the transaction, Fastprint will realize in- depth docking in products, customers, technical levels with Ibiden (Beijing): (1) Products: Fastprint will realized the layout of full product lines, and will strengthen the company's production capacity and technical advantages in high- end product fields. (2) Customers:The target company will help Fastprint enter the high-end smartphone market, and is expected to open up the company's CSP packaging substrate and FCBGA packaging substrate business to cooperate with customers in the head consumer electronics industry. (3) Technical level: The company has completed the whole field product layout, realizing the comprehensive coverage of all technical fields. It can stably mass-produce high-end fine line products from 50 μm to 8 μm.
The company continues to focus on the semiconductor strategy, with a forward-looking layout of FCBGA high-end carrier boards: The company’s Zhuhai project and Guangzhou project are progressing steadily. Fastprint, as a leading IC carrier board manufacturer in China, adheres to the high-end product line and forward-looking layout of high-end carrier board technology, so we are optimistic about the company's future.
Forecast & Rating: Considering the short-term pressure on demand, expenses related to production and share payment expenses will affect the company's profits, we revise down the company's 2022-2024 net profit from RMB0.72/0.92/1.16bn to RMB0.63/0.79/0.99bn, corresponding to PE of 31x/25x/20x. We maintain the "Buy" rating.
Risks: Lower-than-expected BT carrier board expansion progress; lower-than- expected FCBGA project; lower-than-expected industry demand; the price of raw materials fluctuates.
【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

   【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。