AI Demand Drives High-End PCB Boom, Shenzhen Fastprint Q1 Revenue Up 38% Year-on-Year, Net Profit Up 73% to 850 Million Yuan | Financial Report Insights

AI Demand Drives High-End PCB Boom, Shenzhen Fastprint Q1 Revenue Up 38% Year-on-Year, Net Profit Up 73% to 850 Million Yuan | Financial Report Insights

On April 23, Shengnan Circuit released its Q1 2026 report. The company achieved revenue of 6.596 billion yuan, up 37.90% year-on-year; net profit attributable to shareholders was 850 million yuan, up 73.01% year-on-year. This performance growth demonstrates the strong driving effect of AI computing infrastructure on high-end PCB.

On the profit side, net profit excluding non-recurring items was 849 million yuan, up 75.04% year-on-year, nearly equal to net profit attributable to shareholders. Nearly all of the performance growth comes from the main business. Basic earnings per share rose from 0.96 yuan to 1.28 yuan, and weighted average return on equity increased from 3.31% to 4.83%, indicating a significant enhancement in core profitability.

Notably, net cash flow from operating activities was 247 million yuan, down 59.62% year-on-year, in stark contrast to the high profit growth. The company explained this was mainly due to a significant rise in raw material procurement and staff compensation amid the capacity expansion cycle—a staged characteristic of proactive expansion enterprises.

Revenue and Profit Both Increase, Cash Flow Under Pressure

In the first quarter, revenue reached 6.596 billion yuan, up more than 1.8 billion yuan year-on-year, a growth rate of 37.90%. The company attributes this to increased business orders. Operating profit was 943 million yuan, up about 79% year-on-year; total profit was 941 million yuan, up about 80% year-on-year. Operating costs were 4.672 billion yuan, up about 30% year-on-year, lower than the income growth rate, with some improvement in gross margin.

R&D expenses were 399 million yuan, up 21.4% year-on-year; sales expenses were 103 million yuan, up roughly 23% year-on-year, showing the company continues to increase its investment in technology. Two changes on the expense side are noteworthy: management expenses were 301 million yuan, up 44.21% year-on-year, mainly due to equity incentive charges; financial expenses were 68.8 million yuan, up 556.70% year-on-year, affected by currency fluctuations.

Net cash flow from operating activities was 247 million yuan, down 59.62% year-on-year. Although cash received from selling goods rose 50.82% year-on-year, cash paid to purchase goods increased by 69.74%, payroll payments rose 35.77%, and tax payments surged 136.23%. The growth in various spending categories exceeded cash inflows from revenue, narrowing net cash flow. Credit impairment losses were 49.91 million yuan, up about 99% year-on-year, mainly due to increased accounts receivable.

Accelerated Capital Expenditure, Faster New Factory Construction

Capital expenditure accelerated significantly in the first quarter. Cash paid for acquisition and construction of fixed assets and other long-term assets reached 1.989 billion yuan, up 199.73% year-on-year. The company attributes this to investment in new factory construction.

On the balance sheet, the period-end balance of other non-current assets was 1.135 billion yuan, up 126.19% from the start of the year, mainly due to increased prepayments for projects and equipment; construction-in-progress balance was 2.258 billion yuan, up roughly 400 million yuan from the start of the year. Net cash flow from investing activities was -1.986 billion yuan, significantly higher than the previous year's -659 million yuan, indicating the company is in a period of intensive capacity investment.

In financing activities, the company received 1.655 billion yuan in cash from investments under its restricted stock incentive plan and added 488 million yuan in new bank loans. Net cash flow from financing activities reached 1.902 billion yuan, supporting capital expenditures. Long-term borrowings at the end of the period rose to 3.043 billion yuan, up about 364 million yuan from the start of the year.

Equity Incentives Implemented, Total Assets Steadily Expanding

In January 2026, the company completed its second phase of restricted stock incentive plan, granting 14.4258 million shares to 656 incentive recipients at a grant price of 114.72 yuan per share, with listing date of February 2. After the granting, total share capital increased from 667 million shares to 681 million shares. As a result, the period-end balance of treasury shares was 1.655 billion yuan, and other payables surged 90.44% year-on-year to 4.261 billion yuan, mainly due to obligations from restricted stock repurchase.

Total assets at period-end were 34.351 billion yuan, up 12.32% from the start of the year; equity attributable to parent shareholders was 18.09 billion yuan, up 5.49%. In terms of shareholder structure, Shenzhen Tian Technology Holdings Co., Ltd. holds 62.61% and is the largest shareholder; Hong Kong Securities Clearing Company Ltd. holds 3.75% and is second. At the end of the reporting period, there were 67,900 ordinary shareholders.

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