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 ...

Investment Rating - The report maintains a HOLD rating on Shennan Circuit with a target price adjusted to RMB115, reflecting a 27x 2025E P/E, close to its 3-year average historical forward P/E [2][4]. Core Insights - Shennan Circuit reported a 37.9% year-over-year revenue growth in 3Q24, reaching RMB4.73 billion, which exceeded Bloomberg consensus by 19.7%. However, net profit increased by only 15.3% YoY but declined 17.6% QoQ [2]. - The gross profit margin (GPM) decreased to 25.4% in 3Q24 from 27.1% in 2Q24, attributed to higher sales from lower-margin PCBA business, ramp-up of the Guangzhou factory, and high copper prices [2]. - The company expects PCB revenue to grow by 11% in 2025E, while substrate revenue is projected to grow by 7% in the same year [2]. Financial Summary - Revenue for FY24E is estimated at RMB17,574 million, with a year-over-year growth of 29.9%. For FY25E, revenue is projected to be RMB18,765 million, reflecting a 6.8% growth [3][9]. - The net profit for FY24E is expected to be RMB1,878 million, with a YoY growth of 34.3%, and for FY25E, it is projected to reach RMB2,178 million, indicating a 16.0% growth [3][9]. - The earnings per share (EPS) for FY24E is estimated at RMB3.68, increasing to RMB4.27 in FY25E [3][9]. Market Segmentation - By end market, telecom remains the largest segment, contributing approximately 40% of PCB sales in 3Q24. Other segments include datacom (20%), auto (13%), industrial & medical (10%), and energy (5%) [2]. - The report highlights a strong utilization rate of around 90% for AI-related PCB production, while non-AI production utilization remains between 85-90% [2].

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 公 司 研 究 深南电路（002916.SZ） 2024 年 10 月 29 日 投资评级：买入（维持） ——公司信息更新报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 106.20 | | 一年最高最低 ( 元 ) | 130.62/46.78 | | 总市值 ( 亿元 ) | 544.68 | | 流通市值 ( 亿元 ) | 542.48 | | 总股本 ( 亿股 ) | 5.13 | | 流通股本 ( 亿股 ) | 5.11 | | 近 3 个月换手率 (%) | 89.97 | 股价走势图 -60% -30% 0% 30% 60% 90% 120% 2023-10 2024-02 2024-06 深南电路 沪深300 数据来源：聚源 相关研究报告 《公司业绩同环比高增，AI PCB 及封 装基板快速放量—公司信息更新报 告》-2024.8.30 《2024Q1 业绩同比大幅改善，各业务 条线稳中向好—公司 ...

编号：2024-62 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 | --- | --- | --- | --- | |--------------------------------|-------------------------------|--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company achieved a revenue of 13.05 billion yuan in the first three quarters, representing a year-on-year increase of 37.9%. The net profit attributable to shareholders reached 1.49 billion yuan, up 63.9% year-on-year, with a non-recurring net profit of 1.38 billion yuan, increasing by 86.7% year-on-year. In Q3 2024, the company reported a revenue of 4.73 billion yuan, a 38.0% year-on-year increase, and a net profit of 501 million yuan, up 15.3% year-on-year [2][3]. - The demand for AI and automotive electronics is driving improvements in the PCB business, with Q3 operating rates remaining high. In the communications sector, the demand for high-speed switches and optical modules is increasing due to AI needs, benefiting from the rise in single-machine value and high-speed PCB demand. The data center sector is seeing a recovery in server demand, supported by the growth of AI accelerator cards and ESG platform products. In the automotive sector, the focus is on new energy and ADAS, with steady growth in product demand as customer projects are released [2][3]. Financial Performance - The gross profit margin for Q1-Q3 2024 was 25.9%, an increase of 2.79 percentage points year-on-year, while the Q3 gross profit margin was 25.4%, up 1.96 percentage points year-on-year but down 1.72 percentage points quarter-on-quarter [2]. - The company's BT products are aligning with the recovery trend in the storage market, leading to an increase in orders for storage-related products. The processor chip products have achieved breakthroughs in large-size manufacturing capabilities, supporting the introduction of new customers and products. The ABF substrate business is expected to have significant growth potential, with the company achieving mass production capabilities for 16-layer and below FC-BGA packaging substrates [3]. Investment Recommendations and Profit Forecast - The target price for the company is set at 104.99 yuan with a target period of 6 months. The current price is expected to outperform the benchmark index by more than 15% [2][3]. - Revenue forecasts for 2024 and 2025 are 18.64 billion yuan and 21.73 billion yuan, respectively, with growth rates of 38% and 17% [6]. The net profit attributable to shareholders is projected to be 2.14 billion yuan in 2024 and 2.44 billion yuan in 2025, with growth rates of 53% and 14% [6].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][5] Core Views - The company achieved a revenue of 13.05 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 37.92%, with a net profit attributable to shareholders of 1.488 billion yuan, up 63.86% year-on-year [3] - The overall gross margin and net margin for the first three quarters of 2024 were 25.91% (up 2.8 percentage points YoY) and 11.40% (up 1.8 percentage points YoY), respectively [3] - The company is actively seizing opportunities in AI acceleration, automotive electrification/intelligence trends, and demand recovery in certain sectors, enhancing market development efforts and optimizing product structure [3] - The company is progressing well in various R&D projects, including PCB technology for communications, data centers, and automotive electronics, as well as capacity building for FC-BGA substrates [3][5] - The company is a leading domestic IC substrate enterprise benefiting from domestic substitution, with a projected global PCB market compound annual growth rate of 5.4% from 2023 to 2028 [4] Financial Summary - For 2024, the company expects net profits of 2.098 billion yuan, 2.537 billion yuan, and 3.076 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 26, 21, and 18 times [5] - The company’s revenue is projected to grow from 18.26 billion yuan in 2024 to 26.30 billion yuan in 2026, with a net profit growth from 2.10 billion yuan to 3.08 billion yuan during the same period [4][5] - The company’s cash flow from operating activities is expected to increase from 4.65 billion yuan in 2024 to 6.00 billion yuan in 2026 [8] Market Position and Strategy - The company is focusing on enhancing its capabilities in BT-type packaging substrates and has made steady progress in the development of storage products and processor chip products [5] - The new factory in Guangzhou has rapidly increased production capacity for FC-BGA packaging substrates, with 16-layer and below products now in mass production [5] - The company is well-positioned to benefit from the recovery in capital expenditures by major global cloud service providers, particularly in AI server-related demand [5]

证券代码：002916 证券简称：深南电路 公告编号：2024-046 深南电路股份有限公司 关于为子公司提供担保的公告 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。 一、担保情况概述 深南电路股份有限公司（以下简称"公司"）于2024年10月28日召开第四届董事 会第三次会议，审议通过了《关于为子公司提供担保的议案》。公司全资子公司泰兴 电路有限公司（以下简称"泰兴电路"）拟向银行申请人民币65,000万元借款，公司 拟为该笔借款提供连带责任担保。本担保事项在董事会权限范围之内，无需提交股东 大会审议，自董事会审议通过之日起一年内有效。 二、相关担保额度情况 单位：人民币万元 | 担保方 | 被担 | 担保方 持股比 | 被担保方最 近一期资产 | 截至目 前担保 | 本次新增 | 担保额度占 上市公司最 | 是否关 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 保方 | | | | 担保额度 | 近一期净资 | 联担保 | | | | 例 | 负债率 | 余额 | | | | | | | ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,728,481,534.30, representing a 37.95% increase compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥500,754,864.04, reflecting a 15.33% year-over-year growth[2]. - The net profit after deducting non-recurring gains and losses for the first nine months of 2024 was ¥1,376,081,635.78, an increase of 86.67% compared to the same period last year[2]. - The company's basic earnings per share for Q3 2024 were ¥0.98, a 15.29% increase from the same period last year[2]. - The company's operating profit for Q3 2024 reached ¥1,601,245,733.42, a significant increase from ¥886,571,471.46 in Q3 2023, representing an increase of approximately 80.6%[15]. - Net profit for Q3 2024 was ¥1,487,976,562.82, compared to ¥908,106,224.90 in the same period last year, marking an increase of about 63.8%[15]. - The company's total comprehensive income for Q3 2024 was ¥1,497,677,648.16, compared to ¥908,988,299.54 in Q3 2023, showing an increase of around 64.5%[16]. Assets and Liabilities - The company's total assets as of September 30, 2024, amounted to ¥24,775,001,306.33, a 9.59% increase from the end of the previous year[2]. - The company's inventory as of September 30, 2024, was ¥3,503,109,808.27, reflecting a 30.40% increase due to strong order conditions[5]. - The total liabilities increased by 9.59% compared to the end of the previous year, primarily due to an increase in contract liabilities and accounts payable[5]. - Total assets reached CNY 24,775,001,306.33, up from CNY 22,606,867,760.88, indicating a growth of 9.6%[14]. - Total liabilities increased to CNY 10,520,880,833.43 from CNY 9,419,958,394.54, reflecting a rise of 11.7%[14]. - The company's equity attributable to shareholders rose to CNY 14,226,368,439.56, compared to CNY 13,183,740,540.64, an increase of 7.9%[14]. Cash Flow - The cash flow from operating activities for the first nine months of 2024 was ¥1,664,019,386.23, showing a 7.36% increase compared to the same period last year[2]. - The total revenue from sales of goods and services for the period was ¥11,960,668,822.31, compared to ¥9,628,392,846.69 in the previous year, indicating a growth of about 24.1%[17]. - The net cash flow from operating activities for Q3 2024 was CNY 1,664,019,386.23, an increase from CNY 1,549,931,446.98 in Q3 2023, reflecting a growth of approximately 7.3%[18]. - The company reported a total cash outflow from operating activities of CNY 10,770,733,568.50, up from CNY 8,524,256,815.55 in Q3 2023, marking an increase of approximately 26.2%[18]. - The cash inflow from financing activities was CNY 583,611,427.53, a significant decrease from CNY 2,020,925,606.23 in the previous year, reflecting a decline of about 71.1%[18]. Research and Development - Research and development expenses for Q3 2024 were ¥924,024,241.08, up 45.45% year-over-year, driven by increased investment in packaging substrate projects[6]. - Research and development expenses increased to ¥924,024,241.08 in Q3 2024, up from ¥635,267,279.07 in Q3 2023, reflecting a growth of approximately 45.5%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 53,834[8]. - The largest shareholder, AVIC International Holding Co., Ltd., holds 63.97% of the shares, totaling 328,068,670 shares[8]. Tax and Other Financial Metrics - Tax refunds received increased by 30.99% to ¥296,243,900.78 compared to ¥226,160,987.89 in the same period last year[7]. - Taxes paid increased by 34.05% to ¥477,912,654.96, up from ¥356,527,357.24 in the previous year[7]. - The tax expenses for Q3 2024 amounted to ¥111,742,364.39, compared to a tax benefit of -¥19,931,700.29 in the same quarter last year[15]. - Other income for Q3 2024 was reported at ¥226,064,820.67, slightly up from ¥214,520,075.35 in Q3 2023, reflecting a growth of about 5.8%[15]. Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although specific details were not disclosed in the current report[14].

证券代码：002916 证券简称：深南电路 公告编号：2024-047 深南电路股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 深南电路股份有限公司（以下简称"公司"）2024 年 10 月 28 日召开第四届董 事会第三次会议，审议通过了《关于提请召开 2024 年第二次临时股东大会的议案》， 现将本次股东大会的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法合规性说明：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开时间和日期： （1）现场会议时间：2024 年 11 月 13 日（星期三）15:15 （2）网络投票时间：2024 年 11 月 13 日。其中，通过深圳证券交易所交易系 统进行投票的时间为 2024 年 11 月 13 日 9:15-9:25、9:30-11:30、13:00-15:00；通过 深圳证券交易所互联网投票系统进行投票的时间 ...

深南电路股份有限公司 关于变更会计师事务所的公告 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。 特别提示： 证券代码：002916 证券简称：深南电路 公告编号：2024-045 1、原聘任的会计师事务所：立信会计师事务所（特殊普通合伙）（以下简称 "立信事务所"）。 2、拟聘任的会计师事务所：容诚会计师事务所（特殊普通合伙）（以下简称 "容诚事务所"）。 3、变更会计师事务所的原因：公司于 2024 年 4 月 18 日召开了 2023 年年度 股东大会，续聘立信事务所为公司 2024 年度财务报表和内部控制审计机构。根 据《国有企业、上市公司选聘会计师事务所管理办法》相关规定，结合公司审计 工作的需要，公司拟变更容诚事务所为公司 2024 年度年审会计师事务所。 4、本次变更会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 一、拟变更会计师事务所的基本情况 （一）机构信息 1、基本信息 容诚事务所由原华普天健会计师事务所（特殊普通合伙）（以下简称"华普 天健"）更名而来， ...