【行业研究报告】兴森科技-收购北京揖斐电，强化产品、技术与产能优势

Keywords：#CapacityExpansion#MergersandAcquisitions
InvestmentThesis
◼Event:OnDecember16,2022,Fastprintannouncedtheacquisitionof100%
equityofIbiden(Beijing)atabasepurchasepriceof17.6bnyen.
◼FastprintacquiredIbiden(Beijing)tofurtherstrengthenthelayoutof
high-endproducts:Ibiden(Beijing)wasestablishedinDecember2000.It
high-endproducts:Ibiden(Beijing)wasestablishedinDecember2000.It
mainlyfocusesonordinaryHDIandAnylayerHDI.Itismainlyusedin
consumerterminalelectronicproductssuchassmartphones,wearabledevices
andtablets,andhasestablishedstablecooperativerelationswithmainstream
mobilephonemanufacturersathomeandabroad.Inrecentyears,ithasmass
producedtheclasscarrier(SLP)andmodulepackagingsubstrateproductsof
msapprocess.Afterthecompletionofthetransaction,Fastprintwillrealizein-
depthdockinginproducts,customers,technicallevelswithIbiden(Beijing):
(1)Products:Fastprintwillrealizedthelayoutoffullproductlines,andwill
strengthenthecompany'sproductioncapacityandtechnicaladvantagesinhigh-
endproductfields.(2)Customers:ThetargetcompanywillhelpFastprintenter
thehigh-endsmartphonemarket,andisexpectedtoopenupthecompany'sCSP
packagingsubstrateandFCBGApackagingsubstratebusinesstocooperate
withcustomersintheheadconsumerelectronicsindustry.(3)Technicallevel:
Thecompanyhascompletedthewholefieldproductlayout,realizingthe
comprehensivecoverageofalltechnicalfields.Itcanstablymass-produce
high-endfinelineproductsfrom50μmto8μm.
◼Thecompanycontinuestofocusonthesemiconductorstrategy,witha
forward-lookinglayoutofFCBGAhigh-endcarrierboards:Thecompany’s
ZhuhaiprojectandGuangzhouprojectareprogressingsteadily.Fastprint,asa
leadingICcarrierboardmanufacturerinChina,adherestothehigh-endproduct
lineandforward-lookinglayoutofhigh-endcarrierboardtechnology,soweare
optimisticaboutthecompany'sfuture.
◼Forecast&Rating:Consideringtheshort-termpressureondemand,expenses
relatedtoproductionandsharepaymentexpenseswillaffectthecompany's
profits,werevisedownthecompany's2022-2024netprofitfrom
RMB0.72/0.92/1.16bntoRMB0.63/0.79/0.99bn,correspondingtoPEof
31x/25x/20x.Wemaintainthe"Buy"rating.
◼Risks:Lower-than-expectedBTcarrierboardexpansionprogress;lower-than-
expectedFCBGAproject;lower-than-expectedindustrydemand;thepriceof
rawmaterialsfluctuates.
PriceMovement
MarketData