Core Viewpoint - Deep South Circuit (002916.SZ) reported that the overall capacity utilization rate of its PCB business remains high in Q3 2025, while the packaging substrate business has seen a significant month-on-month increase in capacity utilization due to rising demand in the storage market and application processor chip products [1] Group 1 - The PCB business is maintaining a high overall capacity utilization rate as of Q3 2025 [1] - The packaging substrate business has experienced a noticeable month-on-month increase in capacity utilization [1] - Increased demand in the storage market and application processor chip products is driving the growth in the packaging substrate business [1]

Core Insights - The company disclosed an investor relations activity record highlighting the capabilities of HDI as a platform technology for high-density wiring in PCB boards [1] - The company's PCB business possesses HDI process capabilities, primarily applied in mid-to-high-end products across various downstream sectors including communication, data centers, industrial control medical, and automotive electronics [1] Summary by Categories Technology - HDI is identified as a platform technology that enables high-density wiring for PCB boards [1] Business Application - The company's PCB business utilizes HDI technology in several mid-to-high-end products [1] - Key downstream sectors for the application of HDI technology include communication, data centers, industrial control medical, and automotive electronics [1]

Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 135.07%, despite a slight decline of 0.41% in the last five trading days [1] Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39%, and a net profit attributable to shareholders of 2.326 billion yuan, which is a 56.30% increase year-on-year [2] Stock Market Activity - As of November 4, ShenNan Circuit's stock price was 223.32 yuan per share, with a market capitalization of approximately 148.9 billion yuan. The stock has seen a trading volume of 2.59 billion yuan and a turnover rate of 0.18% [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 24, where it recorded a net purchase of 380 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period. The average circulating shares per person increased by 34.75% to 16,847 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable changes in their holdings [3] Dividend Distribution - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed in the last three years [3] Industry Position - ShenNan Circuit operates within the electronic components sector, specifically in printed circuit boards, and is involved in various concept sectors including chips, semiconductors, and automotive electronics [2]

Core Viewpoint - The "Shennan Circuit Cup" aviation model competition, held in Shenzhen for 21 consecutive years, showcases the integration of technology and youth aspirations, with over 650 students from 200 schools participating in this educational event [1][3]. Group 1: Event Overview - The competition features impressive aerial performances, including helicopter stunts, fixed-wing aerial combat, and a mixed four-person aerial duel, captivating the audience with high-difficulty maneuvers [1]. - The event emphasizes the concept of "learning through play," aiming to popularize aviation science among youth and foster innovative talent development [3]. Group 2: Educational Impact - The event is hosted at Longcheng High School, a designated aviation and aerospace science education institution in Guangdong, which has nurtured over a thousand outstanding students in various technology competitions [5]. - The experience of adjusting model aircraft and accumulating flight parameters is seen as a potential source of innovation in the aerospace sector, contributing to the vitality of the low-altitude economy and commercial space endeavors [3].

Core Points - The 21st "Shennan Circuit Cup" Aviation Model Competition took place in Shenzhen, attracting over 650 students from nearly 200 schools and institutions [1][3] - The event aims to popularize aviation science among youth and foster innovation talent development [3] - The competition features various events such as rotor racing, fixed-wing flying, and rocket gliding, aligning with educational philosophies in technology [3][4] Group 1 - The competition has been successfully held since 2005, emphasizing the importance of youth engagement in aviation and aerospace fields [3] - The event is guided by the China Aeronautics Society and organized by the Guangdong Aerospace Society, showcasing a collaborative effort in promoting aviation education [3] - The opening ceremony highlighted the potential for students' experiences in model aircraft to translate into future innovations in the aerospace sector [3] Group 2 - The event included impressive aerial performances, such as helicopter stunts and fixed-wing aerial combat, captivating the audience [4] - An interactive experience area allowed youth to engage in hands-on activities, such as building model airplanes and VR flight simulations, enhancing their understanding of aviation technology [4] - The competition serves as a platform for exploring future talent cultivation models, integrating technology education with practical experiences [3][4]

Core Viewpoint - Deep South Circuit is a leading company in China's printed circuit board (PCB) industry, focusing on R&D, production, and sales, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Deep South Circuit achieved a revenue of 16.754 billion yuan, ranking 4th in the industry out of 44 companies, surpassing the industry average of 4.913 billion yuan and the median of 2.659 billion yuan [2] - The net profit for the same period was 2.328 billion yuan, ranking 5th in the industry, exceeding the industry average of 481 million yuan and the median of 101 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 43.65%, slightly up from 42.47% year-on-year, and lower than the industry average of 44.70% [3] - The gross profit margin for Q3 2025 was 28.20%, an increase from 25.91% year-on-year, and higher than the industry average of 20.58% [3] Group 3: Executive Compensation - The chairman, Yang Zhicheng, received a salary of 2.9874 million yuan in 2024, a decrease of 353,400 yuan from 2023 [4] - The general manager, Yang Zhiqin, earned 2.836 million yuan in 2024, down by 74,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 25.79% to 39,500 [5] - The average number of circulating A-shares held per shareholder increased by 34.75% to 16,800 [5] Group 5: Future Outlook - The company is expected to achieve revenues of 23.002 billion yuan, 32.110 billion yuan, and 41.923 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 3.341 billion yuan, 5.816 billion yuan, and 7.643 billion yuan [5] - The company is actively expanding high-end PCB capacity, with ongoing projects in Nantong and Thailand [6]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 16.754 billion yuan, a year-over-year increase of 28.39%, and a net profit attributable to shareholders of 2.326 billion yuan, up 56.3% year-over-year [1] - For Q2 2025, the company reported revenue of 6.301 billion yuan, a year-over-year increase of 33.25% and a quarter-over-quarter increase of 11.11%, with a net profit of 966 million yuan, reflecting a year-over-year growth of 92.87% [1] - Q3 2025 saw a record high in revenue and profit, with a gross margin of 31.39%, indicating successful product structure upgrades [1] Group 2: Business Segments - In the PCB business, demand for high-speed switches and optical modules has significantly increased due to the rising computational power needs in the communication sector [2] - The data center sector is experiencing growth driven by increased capital expenditures from major cloud service providers, particularly in AI computing investments, benefiting the company's PCB business [2] - In the packaging substrate business, the company has seen a notable increase in orders for storage products due to successful mass production of new high-end DRAM products for key clients [2] Group 3: Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 3.471 billion yuan, 5.255 billion yuan, and 6.921 billion yuan respectively, reflecting an upward revision from previous estimates [3] - Based on the closing price on October 29, 2025, the projected price-to-earnings ratios for 2025, 2026, and 2027 are 43.8, 28.9, and 21.9 times, respectively, maintaining a "buy" rating [3]

Core Insights - The company reported strong financial performance for Q3 2025, with total revenue of 16.754 billion and a net profit of 2.326 billion, reflecting year-on-year growth of 28.39% and 56.30% respectively [1] - In Q3 alone, the company achieved revenue of 6.301 billion, a 33.25% increase year-on-year, and a net profit of 966 million, marking a significant 92.87% growth [1] - The management attributed the performance to opportunities in AI computing power upgrades, structural growth in the storage market, and increased demand for automotive electronics [1] Financial Performance - Total revenue for the first three quarters reached 16.754 billion, with a year-on-year growth of 28.39% [1] - Net profit for the same period was 2.326 billion, showing a year-on-year increase of 56.30% [1] - Q3 revenue was 6.301 billion, up 33.25% year-on-year, while net profit was 966 million, reflecting a 92.87% increase [1] Market Opportunities - The company is capitalizing on the demand for AI accelerator cards, switches, optical modules, servers, and related products, which have seen sustained growth [1] - There is a structural growth opportunity in storage packaging substrate products, leading to increased order revenue [1] - The company is enhancing its market development efforts and optimizing product structure, which contributes to improved profit margins [1] Industry Context - Analysts note that the company's growth is supported by industry trends such as AI computing power upgrades and accelerated global data center construction [2] - Stable orders from key telecommunications equipment manufacturers like Huawei and ZTE provide strong certainty for the company's business growth [2] - The company's "3-In-One" business layout, which focuses on technology and customer synergy, positions it well to benefit from the accelerated development of AI in China [2]

Core Viewpoint - The company, Shenzhen Sannuo Circuit (002916), reported a high overall capacity utilization rate during an institutional survey on October 29, 2023, indicating strong operational performance in its PCB and packaging substrate businesses [1]. Group 1: Company Performance - The overall capacity utilization rate for the PCB business remains at a relatively high level as of Q3 2025 [1]. - The packaging substrate business has seen a significant increase in capacity utilization due to rising demand in the storage market and for application processor chip products [1].

Core Insights - The company reported a revenue of 16.754 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 28.39% [1] - The net profit attributable to shareholders reached 2.326 billion yuan, showing a year-on-year increase of 56.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.182 billion yuan, reflecting a year-on-year growth of 58.56% [1]