Group 1 - The company stated that its factory in Thailand does not involve the production of flexible printed circuit boards [1]

证券代码：002916 证券简称：深南电路 公告编号：2025-035 深南电路股份有限公司 关于参加 2025 年度深圳辖区上市公司 集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，深南电路股份有限公司（以下简称"公 司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会 与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网 上集体接待日活动" ，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，交流时间为 2025 年 11 月 20 日（周四）15:40-17:00。届时公 司高管将在线与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深南电路股份有限公司 董事会 二〇二五年十一月十四日 ...

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 63.01 billion yuan, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 9.66 billion yuan, with a year-on-year increase of 92.87% [1] - The non-recurring net profit totaled 9.16 billion yuan, reflecting a growth of 94.16% year-on-year [1] Group 2: Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with significant expansion in data centers and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Technological Capabilities and Project Progress - The company has achieved mass production capabilities for FC-BGA substrates with 20 layers or fewer, while R&D for 22-26 layer products is on schedule [5] - The Guangzhou packaging substrate project is gradually reducing losses as various orders enter production [5] Group 6: New Factory Developments - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [6] - These facilities will enhance PCB production capacity and capabilities [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to commodity price fluctuations [7] - The company is monitoring international commodity prices and maintaining communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related product storage, with phased investment planned based on business development and market conditions [8]

Group 1 - In the first three quarters of this year, Nantong signed 347 key domestic investment projects, with over 50% being expansions of existing enterprises [1] - A total of 425 manufacturing projects with investments exceeding 100 million yuan were initiated, with 48.5% being expansions of existing enterprises [1] - The focus on existing enterprises for investment expansion is seen as a "treasure mine" for attracting investment due to shorter construction cycles and stronger enterprise loyalty [1] Group 2 - Foreign investment reinvestment is also a significant source of projects, with 112 foreign reinvestment projects in the last three years, amounting to 1.62 billion USD, which is 35.4% of the total foreign investment in the same period [1] - The local government emphasizes the importance of a favorable business environment to encourage existing enterprises to reinvest, as demonstrated by ShenNan Circuit's continued investment in Nantong [2] - Nantong was recognized as one of the top ten innovative cities in the "2024-2025 Urban Business Environment Innovation Report," highlighting the city's commitment to improving its business services [2]

Group 1 - In the first three quarters of this year, Nantong signed 347 key domestic projects, with over 50% being expansions of existing enterprises [1] - Among the new manufacturing projects, 425 projects with investments over 100 million yuan were initiated, with 48.5% being expansions of existing enterprises [1] - The focus on existing enterprises for investment is due to their shorter construction cycles, lower resource demands, and stronger enterprise loyalty [1] Group 2 - In the past three years, Nantong has seen 112 projects funded by reinvested profits from foreign enterprises, amounting to 1.62 billion USD, which constitutes 35.4% of the city's total foreign investment [2] - The German pharmaceutical company Merck has invested in five projects in Nantong since 2014, totaling nearly 3.3 billion yuan, which represents over 50% of its investments in China [2] - By the end of September, all 38 planned provincial major projects and 224 planned municipal major projects in Nantong had commenced, marking an increase of 12 and 7 projects year-on-year, respectively [2] Group 3 - Nantong was recognized as one of the top ten innovative cities in the "2024-2025 Urban Business Environment Innovation Report" [3] - The local government emphasizes that serving existing enterprises is the best form of investment attraction [3] - Nantong's leadership aims to enhance the business service brand "Wan Shi Hao Tong" and stimulate competitive spirit to support the implementation of national policies and ensure a strong start for the next five-year plan [3]

Core Viewpoint - ShenNan Circuit experienced a stock price decline of 2.08% on November 11, with a trading price of 213.76 CNY per share and a market capitalization of 142.52 billion CNY [1] Company Overview - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, development, production, and sales of printed circuit boards (PCBs) [1] - The revenue composition of ShenNan Circuit includes: 60.01% from printed circuit boards, 16.64% from packaging substrates, 14.14% from electronic assembly, 5.80% from other supplementary products, and 3.40% from other products [1] Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved operating revenue of 16.754 billion CNY, representing a year-on-year growth of 28.39%. The net profit attributable to the parent company was 2.326 billion CNY, reflecting a year-on-year increase of 56.30% [2] - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion CNY in dividends, with 1.744 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders of ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period. The average number of circulating shares per person increased by 34.75% to 16,847 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 21.7066 million shares, an increase of 7.4697 million shares from the previous period. New shareholders include several funds, while some previously listed funds have exited the top ten circulating shareholders [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company's packaging substrate business has shown significant growth, particularly in storage packaging substrates, driven by increased demand and improved capacity utilization [5] - The company is expanding its PCB production capacity with new facilities in Nantong and Thailand, which will enhance its capabilities in high-layer and HDI PCB technologies [6] - There is a notable increase in demand for optical modules, particularly in the communication and data center sectors, which is expected to optimize the product structure of the PCB business [6] Financial Projections - The projected revenues for the company are 233.2 billion, 290.2 billion, and 360.6 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 33.3 billion, 44.1 billion, and 55.0 billion yuan for the same years [7] - The expected growth rates for revenue are 30.22% in 2025, 24.45% in 2026, and 24.27% in 2027 [9] - The earnings per share (EPS) are projected to be 4.99 yuan, 6.61 yuan, and 8.25 yuan for the years 2025, 2026, and 2027 respectively [11]

Core Insights - A total of 72 stocks received buy ratings from institutions today, with notable upgrades for Ximai Food and first-time attention for 8 stocks [1][2] Group 1: Stock Ratings - 72 stocks received buy ratings, with Ximai Food's rating being upgraded and 8 stocks receiving first-time attention [1] - Among the stocks rated, 7 have an upside potential exceeding 20%, with Shennong Group having the highest potential at 49.71% based on a target price of 45.90 CNY [1] - Other stocks with significant upside potential include Great Wall Motors and Lens Technology, with potential increases of 41.85% and 36.05% respectively [1] Group 2: Market Performance - Stocks rated by institutions saw an average increase of 1.24%, outperforming the Shanghai Composite Index [1] - 43 stocks experienced price increases, with Shoulv Hotel hitting the daily limit up [1] - Top gainers included Haike Xinyuan, Puran Shares, and New Fengming, with increases of 14.33%, 13.47%, and 7.59% respectively [1] Group 3: Industry Focus - The electronics sector was the most favored, with 15 stocks including Shennan Circuit and Sunlord Electronics making the buy rating list [2] - Basic chemicals and pharmaceutical biology also attracted attention, with 8 and 6 stocks respectively on the buy rating list [2]

Core Viewpoint - Deep South Circuit achieved a net profit attributable to shareholders of 2.326 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 56.30% [1] - In Q3, the net profit attributable to shareholders was 966 million yuan, showing a year-on-year growth of 92.87% and a quarter-on-quarter increase of 11.16% [1] Group 1: Financial Performance - The strong demand for AI and significant growth in storage packaging substrates drove the record high performance in Q3 [1] - The company's PCB business benefited from the booming global computing infrastructure, leading to substantial growth in related demand [1] Group 2: Product and Business Growth - The company saw continuous growth in shipments of products related to high-speed switches, optical modules, and AI accelerator cards [1] - In the packaging substrate business, products include module packaging substrates, storage packaging substrates, and application processor chip packaging substrates, with notable growth in storage packaging substrates [1] Group 3: Operational Developments - Key customer projects for next-generation high-end DRAM products progressed significantly, driving revenue growth in the packaging substrate business [1] - The Guangzhou Guangxin factory is steadily ramping up production, alongside the expansion of PCB data center and wired communication businesses, optimizing product structure and enhancing overall gross margin [1] - The company maintains a "buy" rating [1]

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1916.43 points, down 0.1% with a trading volume of 135.68 billion yuan and a turnover rate of 0.7% [1] - Among the index constituents, 43 stocks rose while 56 fell, with Wanhua Chemical leading the gainers at a 5.79% increase and Shenzhen South Circuit leading the decliners at a 3.36% decrease [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Zijin Mining: 3.60% weight, latest price 30.17 yuan, market cap 801.84 billion yuan, sector: Non-ferrous metals [1] - Changjiang Electric Power: 2.90% weight, latest price 28.52 yuan, market cap 697.83 billion yuan, sector: Utilities [1] - CITIC Securities: 2.90% weight, latest price 29.00 yuan, market cap 429.80 billion yuan, sector: Non-banking financial [1] - Taihai Chemical: 2.89% weight, latest price 19.70 yuan, market cap 347.29 billion yuan, sector: Non-banking financial [1] - China Merchants Bank: 2.80% weight, latest price 42.51 yuan, market cap 1072.10 billion yuan, sector: Banking [1] - Xingye Bank: 2.74% weight, latest price 21.17 yuan, market cap 448.02 billion yuan, sector: Banking [1] - North Huachuang: 2.73% weight, latest price 413.75 yuan, market cap 299.71 billion yuan, sector: Electronics [1] - Wrigley: 2.68% weight, latest price 116.75 yuan, market cap 453.18 billion yuan, sector: Food and Beverage [1] - China Shipbuilding: 2.52% weight, latest price 35.81 yuan, market cap 269.49 billion yuan, sector: Defense and Military [1] - Zhongke: 2.42% weight, latest price 111.16 yuan, market cap 162.64 billion yuan, sector: Computer [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 4.52 billion yuan, while retail investors saw a net inflow of 2.98 billion yuan [1] - Notable net inflows from retail investors were observed in Wanhua Chemical, TCL Zhonghuan, and China Satellite, while significant outflows were noted in China Chemical and China Unicom [2]