证券研究报告 公司点评 深南电路(002916.SZ) 电子｜ 元件 淡季不淡，公司盈利能力改善 2024年 04月 16日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 139.92 135.26 161.72 183.96 207.28 归母净利润(亿元) 16.40 13.98 17.28 19.65 23.46 评级变动 维持 每股收益（元） 3.20 2.73 3.37 3.83 4.57 交易数据 每股净资产（元） 23.88 25.71 28.35 31.37 34.96 当前价格（元） 88.96 P/E 27.83 32.63 26.41 23.22 19.45 52周价格区间（元） 49.27-98.70 P/B 3.72 3.46 3.14 2.84 2.54 总市值（百万） 45625.60 资料来源：iFinD，财信证券 流通市值（百万） 45443.85 总股本（万股） 51287.80 投资要点： 流通股（万股） 51083.50  事件：4月 15日晚，深南电路发布2024年一季度报告。2024年一季 度，公司实现营收 3 ...

[Table_Title] 证券研究报告 高分红绩优个股，多元发展潜力较大 公司研究 [Table_ReportDate] 2024年04月21日 [Table_ReportType] 公司点评报告 [T事ab件le：_深Su南mm电ar路y]发 布2024年一季报，2024Q1实现营业总收入39.61亿元， [深Ta南bl电e_路Sto(c0k0A2n9d1R6an)k ] yoy+42.24%；归母净利润 3.80 亿元，yoy+83.88%。24Q1 单季实现毛利 率25.19%，yoy+2.14pct；单季实现净利率9.58%，yoy+2.18pct。 投资评级 点评： 上次评级 ➢ 公司数据中心、汽车、封装基板等领域需求改善明显，多元发展渐入佳 [莫Ta文b宇le _电Au子th行o业r] 首席分析师 境。数据中心方面，2023年下半年来公司部分客户Eagle Stream平台 执业编号：S1500522090001 产品逐步起量，同时公司在新客户及部分新产品（如 AI 加速卡等）开 邮 箱：mowenyu@cindasc.com 发上取得一定突破。汽车方面，公司2023年来借力电动化及智能驾驶 联 ...

上 市 公 司 电子 2024 年04月 19 日 深南电路 (002916) 公 司 研 究 ——1Q24 归母净利同比高增 84%，盈利能力大幅回升 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  2024一季报：深南电路 1Q24 营收 39.61亿元，同比增长 42.24%，环比微降 2.56%， 表明淡季不淡；归母净利润3.8亿元，同比增长83.88%；扣非归母净利润3.36亿元，同 证 市场数据： 2024年04月19日 比增长87%，环比高增29%，盈利能力修复显著。 券 收盘价（元） 85.6 研 一年内最高/最低（元） 98.8/46.78  高多层技术优势保持领先，封装基板技术多品类突破。高多层PCB方面，2019年以来公 究 市净率 3.2 报 息率（分红/股价） - 司背板样品最高达120层，批量生产68层。据2023年报，FC-CSP产品在MSAP和ETS 告 流通A股市值（百万元） 43727 工艺的样品能力已达到行业内领先水平；RF产品成功导入部分高阶产品；FC-BGA 14层 上证指数/深证成指 3065.26/9279.46 及以下产品现已具备 ...

Investment Rating - The report maintains a "Buy-A" investment rating for Shennan Circuits with a 6-month target price of 102.05 RMB [4][5] Core Views - Shennan Circuits achieved a 42.24% YoY increase in Q1 2024 revenue to 3.961 billion RMB, with net profit attributable to shareholders rising 83.88% YoY to 380 million RMB [1] - The company optimized its product structure, focusing on high-value-added areas such as data centers and automotive sectors, mitigating the impact of weak communication market demand [2] - In the automotive sector, orders grew by 50% YoY, supported by the ramp-up of the Nantong Phase III factory and successful development of overseas Tier 1 customers [2] - The company's FC-BGA packaging substrate products have completed sample certification and are in the production line verification stage, with 14-layer and below products already in mass production [3] Financial Performance and Projections - Revenue is projected to grow from 16.123 billion RMB in 2024 to 22.185 billion RMB in 2026, with net profit expected to increase from 1.745 billion RMB to 2.656 billion RMB over the same period [4] - The company's EPS is forecasted to rise from 3.40 RMB in 2024 to 5.18 RMB in 2026, with ROE improving from 11.9% to 14.0% [7] - Gross margin is expected to remain stable around 25-26% from 2024 to 2026, with operating margin improving from 11.4% to 12.5% [7] Business Development - In the data center sector, the company has made progress in the EGS platform and entered the AI accelerator card market [2] - The packaging substrate business maintained stable revenue through deepening existing markets and developing new clients, with storage and RF products achieving YoY order growth [3] - The Wuxi Phase II factory continues to improve capabilities and accelerate customer certification, while the Guangzhou packaging substrate project completed its first phase in Q4 2023 [3] Valuation Metrics - The company is trading at 28.8x 2024E PE and 3.4x 2024E PB, with a dividend yield of 0.4% [7] - EV/EBITDA is projected to decline from 14.2x in 2024 to 9.5x in 2026, indicating improving valuation attractiveness [7]

Financial Performance - Revenue for the first quarter of 2024 reached 3,961,013,853.78 yuan, a 42.24% increase compared to the same period last year[3] - Net profit attributable to shareholders of the listed company was 379,571,805.82 yuan, up 83.88% year-on-year[3] - Revenue for the first quarter of 2024 reached 3,961,013,853.78 RMB, a significant increase from 2,784,716,084.29 RMB in the same period last year[14] - Net profit attributable to the parent company's owners increased to 379.57 million yuan, up by 83.8% compared to the same period last year[15] - Sales revenue from goods and services reached 3.61 billion yuan, a 10.0% increase from the previous year[17] - Operating profit rose to 407.57 million yuan, marking a 94.5% growth compared to the same period last year[15] - Basic earnings per share increased to 0.74 yuan, up by 85.0% from the previous year[16] - Comprehensive income attributable to the parent company's owners reached 379.04 million yuan, an 83.8% increase from the previous year[16] R&D and Expenses - R&D expenses increased by 103.58% to 337,678,460.65 yuan, driven by higher salary expenses, material costs, and depreciation[7] - R&D expenses surged to 337.68 million yuan, a 103.6% increase year-over-year[15] - Payments to employees increased to 906.28 million yuan from 825.19 million yuan, a rise of 9.8%[18] Government Subsidies and Non-Recurring Gains - Government subsidies contributed 47,150,704.40 yuan to non-recurring gains, significantly impacting the company's financial performance[4] Assets and Liabilities - The company's total assets grew by 3.24% to 23,339,150,045.51 yuan compared to the end of the previous year[3] - Total assets for the company stood at 23,339,150,045.51 RMB, up from 22,606,867,760.88 RMB[13] - Total liabilities increased to 9,773,574,618.77 RMB from 9,419,958,394.54 RMB[14] - Shareholders' equity rose to 13,565,575,426.74 RMB from 13,186,909,366.34 RMB[14] - Long-term loans increased to 2,499,816,562.51 RMB from 2,406,626,682.10 RMB[14] - Other receivables grew to 40,489,390.72 RMB from 35,242,824.60 RMB[13] - Deferred tax assets increased to 280,128,827.70 RMB from 272,382,652.55 RMB[13] - Other non-current assets rose to 330,969,912.22 RMB from 205,136,023.84 RMB[13] Cash Flow and Financial Activities - Cash flow from operating activities decreased by 18.38% to 562,835,154.99 yuan, primarily due to changes in working capital[3] - Cash flow from operating activities totaled 3.80 billion yuan, reflecting a 10.3% increase year-over-year[17] - Operating cash flow decreased to 562.84 million yuan from 689.57 million yuan, a decline of 18.4%[18] - Investment cash outflow decreased to 724.57 million yuan from 2.38 billion yuan, a significant reduction of 69.5%[18] - Financing cash inflow decreased to 106.03 million yuan from 115.78 million yuan, a decline of 8.4%[18] - Net cash flow from financing activities improved to 81.85 million yuan from a negative 639.92 million yuan[18] - Cash and cash equivalents at the end of the period were 851.22 million yuan, down from 863.03 million yuan at the beginning of the period[18] - Net cash flow from investment activities improved to -653.21 million yuan from -1.09 billion yuan[18] Tax and Surcharges - Tax payments surged by 96.66% to 188,107,790.48 yuan, driven by higher corporate income tax and VAT payments[8] - Tax and surcharges amounted to 30.31 million yuan, a 78.1% increase compared to the same period last year[15] - Tax payments increased to 188.11 million yuan from 95.65 million yuan, a significant rise of 96.7%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 54,609[9] - AVIC International Holding Limited holds 63.97% of the shares, totaling 328,068,670 shares[9] - Hong Kong Securities Clearing Company Limited holds 1.89% of the shares, totaling 9,678,952 shares[9] - National Integrated Circuit Industry Investment Fund Phase II holds 0.54% of the shares, totaling 2,787,585 shares[9] - Li Xuehong, an individual domestic shareholder, holds 0.48% of the shares, totaling 2,483,609 shares[9] Financial Assets and Receivables - The company's equity financing receivables increased by 33.70% to 748,397,810.45 yuan, reflecting higher bank acceptance bills[6] - The monetary funds at the end of the period amount to RMB 853,164,583.33[12] - Accounts receivable at the end of the period amount to RMB 3,367,044,485.50[12] - The company's notes receivable at the end of the period amount to RMB 200,851,217.33[12] - The company's financial assets at the end of the period amount to RMB 748,397,810.45[12] - Prepayments at the end of the period amount to RMB 4,332,270.57[12] Other Financial Metrics - The company's prepayments for engineering projects increased by 61.34% to 330,969,912.22 yuan, reflecting ongoing expansion efforts[6] - The company's financial expenses turned negative at -12,979,051.35 yuan, a 171.31% decrease, mainly due to favorable exchange rate fluctuations[7] - Financial expenses showed a net benefit of 12.98 million yuan, compared to a cost of 18.20 million yuan in the previous year[15] - Other income increased to 65.38 million yuan, up by 61.8% year-over-year[15] - Inventory increased to 2,747,957,755.49 RMB from 2,686,348,293.78 RMB[13] - Cash outflow for purchasing fixed assets decreased to 653.75 million yuan from 780.21 million yuan, a decline of 16.2%[18] Audit and Reporting - The company's first-quarter report was not audited[19]

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 编号：2024-10 √特定对象调研 □分析师会议 □现场参观 投资者关系 □媒体采访 √业绩说明会 □新闻发布会 活动类别 □路演活动 □其他 （ ） 参与单位名称及 特定对象调研：华泰证券、华创证券、华夏基金、博时基金、国泰基金、平安资产、 人员姓名（排名 长江养老、信达澳亚基金、东方红资产管理 不分先后） 线上业绩说明会：网上投资者 时间 2024年3月27日 无锡深南电路会议室； 地点 网上业绩说明会平台：价值在线（https://www.ir-online.cn/） 特定对象调研： 副总经理、董事会秘书：张丽君 战略发展部总监、证券事务代表：谢丹 线上业绩说明会： 上市公司接待人 董事长：杨之诚 员姓名 董事、总经理：周进群 副总经理、董事会秘书：张丽君 副总经理、财务负责人：楼志勇 ...

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 编号：2024-09 √特定对象调研 □分析师会议 □现场参观 投资者关系 □媒体采访 □业绩说明会 □新闻发布会 活动类别 □路演活动 □其他 （ ） 参与单位名称及 人员姓名（排名 民生证券、华金证券、富国基金、华安基金 不分先后） 时间 2024年3月22日 地点 网络及电话会议；深南电路股份有限公司会议室 上市公司接待人 战略发展部总监、证券事务代表：谢丹；投资者关系经理：郭家旭 员姓名 交流主要内容： 投资者关系 活动主要内容 一、 主要交流内容 介绍 Q1、请介绍公司PCB业务2023年各主要下游领域经营拓展情况。 2023 年，PCB 业务通信领域订单整体规模同比有所下降，主要由于国内通信市场 需求未出现明显改善，海外市场下半年以来项目节奏有所放缓，导致相关需求后延。公 司主动优化产品结构，结合一系列成本优化举措，降低通信市场需求弱化带来的影响。 海外项目开发及产品导入工作取得进展，公司在海外客户处的订单份额保持稳定。 ...

公[T司abl深e_H度ea报der告] ●电子行业 2024年 03月22 日 [Table_Title] [Table_StockCode] 内资 PCB 领军企业，“需求回暖+国产 深南电路(002916.SZ) [Table_InvestRank] 化率提升”助发展 推荐 首次评级 核心观点： 分析师 [高Ta峰ble_Authors] [Table_Summary]  专注于电子互联领域，致力于“打造世界级电子电路技术与解决方案的集 ：010-80927671 成商”。公司拥有印制电路板、封装基板及电子装联三项业务，形成了业界 ：gaofeng_yj@chinastock.com.cn 独特的“3-In-One”业务布局。公司以互联为核心，不断强化印制电路板业务 分析师登记编码：S0130522040001 领先地位，同时大力发展与其“技术同根”的封装基板业务及“客户同源” 钱德胜 的电子装联业务，目前印制电路板是公司主要收入来源。2017-2023 年，公司 ：021-2025-2665 营收和归母净利润复合增速分别为 15.54%和 20.88%，增速高于全球 PCB 行业 ：qian ...

证券研究报告 公司点评 深南电路(002916.SZ) 电子｜ 元件 PCB\基板\电子装联协同发展，基板项目持续推进 2024年03月18日 预测指标 2022A 2023A 2024E 2025E 2026E 主营收入(亿元) 139.92 135.26 161.72 183.96 207.28 评级 增持 归母净利润(亿元) 16.40 13.98 17.28 19.65 23.46 评级变动 首次 每股收益（元） 3.20 2.73 3.37 3.83 4.57 交易数据 每股净资产（元） 23.88 25.71 28.35 31.37 34.96 当前价格（元） 91.75 P/E 28.70 33.66 27.24 23.95 20.06 52周价格区间（元） 49.27-98.86 P/B 3.84 3.57 3.24 2.93 2.62 总市值（百万） 47056.52 资料来源：iFinD，财信证券 流通市值（百万） 46869.07 总股本（万股） 51287.80 投资要点： 流通股（万股） 51083.50 ➢ 事件：3月14日晚间，深南电路发布2023年年报。2023年全年，公司实现 ...

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 编号：2024-08 √特定对象调研 □分析师会议 □现场参观 投资者关系 活动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □其他 （ ） 参与单位名称及 人员姓名（排名 汇添富基金 不分先后） 时间 2024年3月21日 地点 机构投资者所在地（北京） 上市公司接待人 副总经理、董事会秘书：张丽君 员姓名 交流主要内容： 投资者关系 活动主要内容 一、 主要交流内容 介绍 Q1、请介绍公司PCB业务2023年各主要下游领域经营拓展情况。 2023 年，PCB 业务通信领域订单整体规模同比有所下降，主要由于国内通信市场 需求未出现明显改善，海外市场下半年以来项目节奏有所放缓，导致相关需求后延。公 司主动优化产品结构，结合一系列成本优化举措，降低通信市场需求弱化带来的影响。 海外项目开发及产品导入工作取得进展，公司在海外客户处的订单份额保持稳定。 ...