编号：2024-67 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 | --- | --- | --- | |--------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | □路演活动 √其他 | □特定对象调研 □分析师会议 □现场参观 \n□媒体采访 □业绩说明会 □新闻发布会 \n （ 券商策略会 ） | | 活动参与人 员（排名不 分先后） | | 永赢基金、长信基金、鹏华基金、东方红、五地投资、兴银基金、华富基金、华泰柏瑞、 合远投资、国君资管、国泰基 ...

编号：2024-66 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 | --- | --- | --- | |--------------------------------|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | □现场参观 | | 投资者 ...

证券代码：002916 证券简称：深南电路 编号：2024-65 深南电路股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |--------------------------------|----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 √ ...

编号：2024-64 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 | --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|-------|------------------|--------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | | \n \n（ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 景顺长城基金、中泰证券 | | | | | 上市公司 接待人员 | 战略发展部总监、证券事务代表：谢丹 | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 130.49 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.92%, with a net profit attributable to shareholders of 14.88 billion yuan, up 63.86% year-on-year [4][5] - The gross margin for the first three quarters was 25.91%, an increase of 2.79 percentage points year-on-year, while the net margin was 11.40%, up 1.80 percentage points year-on-year [4] - The third quarter revenue was 47.28 billion yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [4] - The company is experiencing strong revenue growth driven by its PCB, packaging substrate, and electronic assembly businesses, with respective year-on-year growth rates of 25.1%, 94.3%, and 42.4% in the first half of 2024 [4] Financial Summary - The company’s total revenue for 2022 was 139.92 billion yuan, which decreased to 135.26 billion yuan in 2023, with projections of 172.72 billion yuan for 2024, 203.93 billion yuan for 2025, and 233.61 billion yuan for 2026 [6] - The net profit attributable to shareholders was 16.40 billion yuan in 2022, dropping to 13.98 billion yuan in 2023, with forecasts of 20.54 billion yuan for 2024, 24.77 billion yuan for 2025, and 30.50 billion yuan for 2026 [6] - The earnings per share (EPS) were 3.20 yuan in 2022, 2.73 yuan in 2023, and are expected to rise to 4.00 yuan in 2024, 4.83 yuan in 2025, and 5.95 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is projected to be 26.52 for 2024, 21.99 for 2025, and 17.86 for 2026 [5][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Views - The company reported a revenue of 13.049 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.488 billion yuan, up 63.86% year-on-year [3]. - In the third quarter alone, the company achieved a revenue of 4.728 billion yuan, reflecting a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45%. The net profit for the same period was 501 million yuan, which is a year-on-year increase of 15.33% but a quarter-on-quarter decrease of 17.60% [3]. - The gross margin for the first three quarters was 25.91%, an increase of 2.80 percentage points year-on-year, while the net margin was 11.40%, up 1.80 percentage points year-on-year [3]. - The company has significantly increased its R&D investment, with R&D expenses reaching 924 million yuan in the first three quarters, a year-on-year increase of 45.45% [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 25.91% and a net margin of 11.40% [3]. - The company experienced a foreign exchange loss of approximately 63 million yuan in the third quarter, which negatively impacted profitability [3]. - The company expects net profits of 1.923 billion yuan, 2.474 billion yuan, and 2.962 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28.32, 22.01, and 18.39 [5]. Market Demand and Growth Drivers - The demand for AI-related products has positively impacted the company's growth, particularly in the communication sector with increased orders for high-speed switches and optical modules [4]. - The company has seen significant growth in its data center orders, driven by the demand for AI accelerator cards and the Eagle Stream platform products [4]. - The company has made progress in the packaging substrate sector, with the FC-BGA packaging substrate achieving mass production capabilities for products with 16 layers and below [4]. R&D and Product Development - The company has focused on R&D investments, with a notable increase in expenses aimed at enhancing its packaging substrate business [3][5]. - The company is actively collaborating with downstream clients for the development and prototyping of next-generation platform products [4].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 13.049 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 37.92%. The net profit attributable to shareholders reached 1.488 billion yuan, up 63.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.376 billion yuan, reflecting an 86.67% increase year-on-year [1]. - In Q3, the company achieved a record quarterly revenue of 4.728 billion yuan, marking a 37.95% year-on-year increase and an 8.45% quarter-on-quarter growth. The gross profit margin was 25.40%, an increase of 1.97 percentage points year-on-year but a decrease of 1.71 percentage points quarter-on-quarter [1]. - The PCB business maintained a high operating rate, with revenue primarily coming from the communication, data center, automotive electronics, and industrial control medical sectors. The demand for server PCBs is driven by upgrades in general server platforms and increased AI investments [1]. Financial Summary - The company is expected to achieve revenues of 18.082 billion yuan, 21.922 billion yuan, and 26.599 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 21%, and 21%. The net profit attributable to shareholders is projected to be 2.032 billion yuan, 2.384 billion yuan, and 2.811 billion yuan for the same years, with corresponding growth rates of 45%, 17%, and 18% [1]. - The earnings per share (EPS) are forecasted to be 3.96 yuan, 4.65 yuan, and 5.48 yuan for 2024, 2025, and 2026, respectively, with current price-to-earnings (PE) ratios of 26, 23, and 19 times [1][5].

电子 | 证券研究报告 — 调整盈利预测 2024 年 10 月 31 日 002916.SZ 买入 原评级：买入 市场价格:人民币 106.20 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (29%) (6%) 18% 42% 65% 89% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 深南电路 深圳成指 至今 个月 个月 个月 绝对 51.1 5.3 (4.7) 54.6 相对深圳成指 38.9 (5.5) (28.5) 46.7 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 512.88 | | 流通股 ( 百万 ) | | 510.81 | | 总市值 ( 人民币 百万 ) | | 54,467.59 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 790.12 | | 主要股东 | | | | 中航国际控股有限公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable performance in Q3, with revenue growth driven by increased project settlements in electronic assembly business. The gross margin slightly decreased due to the growth of lower-margin electronic assembly business and changes in packaging substrate structure [1] - The company is expected to benefit significantly from the AI cycle, particularly in the PCB sector, with improvements in product structure and demand from data centers and automotive electronics [1] Financial Performance Summary - Revenue for 2022 was 13,992 million, with a forecast of 13,526 million for 2023, and expected growth to 17,420 million in 2024, representing a year-on-year growth rate of 29% [1] - Net profit attributable to the parent company was 1,640 million in 2022, projected to decrease to 1,398 million in 2023, but expected to rebound to 2,088 million in 2024, reflecting a 49% growth [1] - Earnings per share (EPS) is expected to increase from 2.73 in 2023 to 4.07 in 2024 [1] Business Overview - The company has a total share capital of 512.88 million shares, with a market price of 104.31 yuan as of October 30, 2024 [1] - The company achieved a revenue of 130.49 billion in the first three quarters of 2024, a year-on-year increase of 37.92%, with a net profit of 14.88 billion, up 63.86% year-on-year [1] - The gross margin for Q3 was reported at 25.91%, with a year-on-year increase of 2.8 percentage points [1] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits of 2,088 million, 2,747 million, and 3,240 million for 2024, 2025, and 2026 respectively [1] - The report anticipates a continued improvement in the PCB business structure, driven by demand in the data center and automotive electronics sectors [1]

编号：2024-63 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 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | \n \n （ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 券、财通证券 | | 建信基金、泓德基金、中邮基金、摩根士丹利基金、宝盈基金、国投瑞银基金、德邦证 | | 上市公司 ...