Core Viewpoint - The stock price of ShenNan Circuit (002916.SZ) continues to rise, nearing the 200 yuan mark, with a significant increase of over 20% in the past three trading days, reflecting strong market confidence and positive business fundamentals [2][3][5]. Financial Performance - In the first half of 2025, ShenNan Circuit achieved operating revenue of 10.453 billion yuan, a year-on-year increase of over 25%, and a net profit attributable to shareholders of 1.360 billion yuan, up nearly 38% [3][9]. - The company's revenue and net profit have shown consistent growth, with the operating revenue and net profit in the first half of 2025 increasing 2.83 times and 4.4 times, respectively, compared to the same period in 2017 [10]. Stock Market Activity - ShenNan Circuit's stock price has increased significantly since its IPO on December 13, 2017, with a cumulative increase of 22 times when adjusted for stock splits [6]. - As of the end of the second quarter of 2025, funds held a total of 75.39 million shares of ShenNan Circuit, marking a net increase of 45.44 million shares from the previous quarter, the highest level since the company's listing [7][8]. Research and Development - The company invested 672 million yuan in R&D in the first half of 2025, accounting for 6.43% of its operating revenue, with ongoing progress in various R&D projects [3][10]. - ShenNan Circuit is focusing on next-generation communication, data center, and automotive electronics PCB technology development, as well as expanding its production capacity in both existing and new facilities [10][11]. Expansion Plans - ShenNan Circuit is advancing its expansion plans, including a factory in Thailand that has begun trial production, with an investment of 1.274 billion yuan [4][11].

深南电路涨1.04%，报200.06元/股，股价再创新高，总市值突破1333.88亿元，成交额达1.46亿元。 ...

西部证券股份有限公司给予深南电路股份有限公司买进的初始评级。目标价243.83元人民币，即上涨 23%。深南电路股份有限公司在8月27日公布的季度盈利和营收超过预期。 ...

深南电路8月31日发布公告，连续三个交易日内（2025年8月27日至2025年8月29日）日收盘价涨幅偏离 值累计超过20%，根据《深圳证券交易所交易规则》的相关规定，属于股票交易异常波动情形。 经核 实，近期公司经营情况正常，内外部经营环境未发生重大变化。公司、控股股东和实际控制人不存在关 于本公司的应披露而未披露的重大事项，或处于筹划阶段的重大事项。 ...

Group 1 - The company announced that its stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days, indicating abnormal trading fluctuations [2] - The company's operational situation remains normal, and there have been no significant changes in the internal and external operating environment [2] - There are no undisclosed significant matters related to the company by the company, its controlling shareholders, or actual controllers, nor are there any significant matters in the planning stage [2]

深南电路发布异动公告称，公司股票连续三个交易日内日收盘价涨幅偏离值累计超过20%，属于股票交 易异常波动情形。近期公司经营情况正常，内外部经营环境未发生重大变化。公司、控股股东和实际控 制人不存在关于本公司的应披露而未披露的重大事项，或处于筹划阶段的重大事项。股票交易异常波动 期间控股股东、实际控制人不存在买卖公司股票的情形。 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-031 深南电路股份有限公司 大事项，或处于筹划阶段的重大事项。 形。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据深圳证券交易所《股票上市规 则》等有关规定应予以披露而未披露的事项；董事会也未获悉本公司有根据深圳 证券交易所《股票上市规则》等有关规定应予以披露而未披露的、对本公司股票 及其衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更 正、补充之处。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 深南电路股份有限公司（以下简称"公司"）（证券代码：002916；证券简称： 深南电路）连续三个交易日内（2025年8月27日至2025年8月29日）日收盘价涨幅 偏离值累计超过20%，根据《深圳证券交易所交易规则》的相关规定，属于股票 交易异常波动情形。 二、股票交易异常波动的核实情况说明 针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就 相关事项进行了核实，现就有关情况说明如下： 较大影响的未公 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by the demand for AI acceleration cards and growth in various sectors including data centers and automotive intelligence [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 10.453 billion yuan, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, up 37.75% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.265 billion yuan, reflecting a growth of 39.98% year-on-year [1] Group 2: Business Segments - The printed circuit board (PCB) business generated revenue of 6.274 billion yuan, a 29.21% increase year-on-year, accounting for 60.02% of total revenue [1] - The gross margin for the PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [1] - The packaging substrate business reported revenue of 1.740 billion yuan, a 9.03% increase year-on-year, representing 16.64% of total revenue [2] - The gross margin for the packaging substrate business decreased to 15.15%, down 10.31 percentage points year-on-year due to rising costs and ongoing capacity ramp-up [2] Group 3: Market Opportunities - The company capitalized on three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles [1] - The demand for AI acceleration cards significantly boosted orders, becoming a core driver of growth in the PCB business [1] - The company is actively advancing the construction of new projects, including a factory in Thailand and the fourth phase project in Nantong, to support future business expansion [1] Group 4: Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.540 billion yuan, 3.100 billion yuan, and 3.691 billion yuan for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to price-to-earnings ratios of 49, 40, and 34 times for the respective years [3] - The company maintains a positive outlook on future performance due to gradual capacity release and ongoing client project advancements [3]

Summary of Key Points Core Viewpoint - On August 29, a total of 34 stocks were involved with institutional investors, with 19 showing net buying and 15 showing net selling [1] Institutional Buying - The top three stocks with the highest net buying by institutions were: - Shenzhen South Circuit (深南电路) with a net buying amount of 363 million [1] - Wancheng Group (万辰集团) with a net buying amount of 308 million [1] - Longyang Electronics (隆扬电子) with a net buying amount of 92.27 million [1] Institutional Selling - The top three stocks with the highest net selling by institutions were: - China National Materials (中材科技) with a net outflow amount of 194 million [1] - Changfei Optical Fiber (长飞光纤) with a net outflow amount of 127 million [1] - Chuanrun Co., Ltd. (川润股份) with a net outflow amount of 86.67 million [1]

Summary of Key Points Core Viewpoint - On August 29, a total of 34 stocks were identified with institutional activity, with 19 showing net buying and 15 showing net selling by institutions [2]. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Shenzhen South Circuit (深南电路) with a net buying amount of 363 million yuan, representing a price increase of 6.19% [3][2]. - Wancheng Group (万辰集团) with a net buying amount of 308 million yuan, showing a significant price increase of 20.00% [3][2]. - Longyang Electronics (隆扬电子) with a net buying amount of 92.27 million yuan, reflecting a price increase of 5.13% [3][2]. Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - China National Materials (中材科技) with a net outflow of 194 million yuan, experiencing a price decrease of 2.58% [5][2]. - Changfei Optical Fiber (长飞光纤) with a net outflow of 127 million yuan, with a price increase of 10.01% [5][2]. - Chuanrun Co., Ltd. (川润股份) with a net outflow of 86.67 million yuan, showing a price decrease of 9.99% [5][2].