Guohai Securities: First gave Xingsen Technology a "buy" rating, continued bullish on the packaging substrate business.

Guohai Securities research report pointed out that Xinsen Technology's performance has significantly improved, and they continue to have a positive outlook on the packaging substrate business. In 2025, the company achieved a net profit of 135 million yuan for its parent company, turning losses into profits. Benefiting from the industry's recovery, the company's operating income has continued to grow, net profit for the parent company has turned losses into profits, and operational efficiency has improved. In Q1 of 2026, the company achieved operating income of 1.818 billion yuan, an increase of 15.10% year-on-year; and achieved a net profit of 0.19 billion yuan for the parent company, an increase of 100.00% year-on-year. Based on the feasibility of applying "carrier board technology to high-end PCBs", the company is focusing on promoting core technologies such as FCBGA packaging substrates, UHD, embedded devices, and high-frequency high-speed PCBs, striving to achieve mass production breakthroughs with some benchmark customers in the AI core race track, and deepening sustainable cooperation with benchmark customers at home and abroad based on technological trust. First coverage, rated "Buy".