证券之星消息，9月11日元件板块较上一交易日上涨10.18%，四会富仕领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。元件板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日元件板块主力资金净流入66.81亿元，游资资金净流出38.27亿元，散户资金净流 出28.54亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300476 胜宏科技 | | | 12.05 Z | 4.13% | -7.75 Z | -2.66% | -4.29 Z | -1.47% | | 002463 沪电股份 | | | 7.31 Z | 12.80% | -4.00 Z | -7.01% | -3.31 Z | -5 ...

Core Viewpoint - The report from Zheshang Securities highlights that Shenzhen South Circuit has effectively seized three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles, resulting in significant revenue and profit growth in the first half of the year [1] Financial Performance - Revenue reached 10.45 billion yuan, representing a year-over-year increase of 26% [1] - Net profit attributable to the parent company was 1.36 billion yuan, with a year-over-year growth of 38% [1] Market Opportunities - There is a rapid increase in global demand for AI-related products such as GPU/ASIC, servers, 800G switches, and optical modules [1] - The storage market is showing signs of recovery, which is beneficial for the company [1] Strategic Positioning - The company is positioned as a leading domestic PCB manufacturer, a major player in BT substrates, and a frontrunner in ABF substrates [1] - The company is actively promoting the construction of relevant production capacity projects and technological research and development layouts [1] Future Outlook - The company is expected to continue benefiting from the industrial upgrade opportunities brought about by the current wave of AI innovation [1] - The investment rating is maintained at "Buy" [1]

成份股方面，海光信息20CM涨停，生益科技、工业富联、沪电股份、立讯精密、鹏鼎控股、深南电 路、中科曙光、东山精密10CM涨停！截至发稿，合计9股涨停！ 甲骨文业绩亮眼点燃全球AI热情，A股苹果产业链最先引爆！ 今日（9月11日）果链含量42%的电子ETF（515260）场内价格暴拉6．87%，实时成交额超3300万元， 场内溢价交易，买盘资金更为强势。 电子ETF基金经理蒋俊阳、曹旭辰认为，苹果发布会符合预期，且售价并未上调，亮点在全新超薄手 机、整体手机外观大改和耳机手表新品。由于端侧AI发展的相对缓慢，今年电子ETF在AI板块中呈现 出补涨状态，预期苹果在AI领域的进一步发力和小模型的持续迭代，端侧AI有望迎来爆品、实现估值 提升。 【创"芯"科技，硬核崛起】 覆盖半导体+苹果产业链的电子ETF（515260）及其联接基金（A类：012550 / C类：012551）被动跟踪 电子50指数，重仓半导体、消费电子行业，在计算机设备、光学光电子、元件等领域亦有布局；全面覆 盖AI芯片、汽车电子、5G、云计算、印制电路板（PCB）等热门产业；一键布局A股电子核心资产， 如立讯精密、中芯国际、海光信息、寒武纪- ...

水晶光电 三花智控 迈瑞医疗 联影医疗 德赛西威 三花智控 分时图 日K线 周K线 月K线 26.48 0.71 2.76% 2.79% 1.86% 0.93% 0.00% 0.93% 1.86% 2.79% 25.05 25.29 25.53 25.77 26.01 26.25 26.49 09:30 10:30 11:30/13:00 14:00 15:00 5万 48万 91万 134万 华夏时报记者 谢碧鹭 北京报道 值得关注的是，在此轮调研热潮中，8月以来有4家公司接待机构数量突破300家，成为市场焦点。具体 来看，迈瑞医疗（300760）、德赛西威（002920）、水晶光电（002273）、联影医疗分别接待397家、 351家、330家、306家机构调研，其高关注度不仅体现企业自身吸引力，也折射出机构对相关赛道投资 价值的重点审视。 在具体业务方面，迈瑞医疗主要从事医疗器械的研发、制造、营销及服务，致力于为全球医疗机构提供 优质产品和服务，2022年至2024年，其营业收入分别为303.66亿元、349.32亿元和367.26亿元。德赛西 威是国际领先的移动出行科技公司之一，致力于实现智慧出行的全 ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

| 2025 年 09 月 08 日 | | | --- | --- | | 评级 | 买入 | | 评级变动 | 首次 | | 交易数据 | | | 当前价格（元） | 182.25 | | 52 周价格区间（元） | 84.26-199.88 | | 总市值（百万） | 121513.51 | | 流通市值（百万） | 121200.01 | 流通股（万股） 66502.06 涨跌幅比较 % 1M 3M 12M 深南电路 33.78 106.70 152.53 元件 22.40 80.49 135.09 -5% 45% 95% 145% 195% 2024-09 2024-12 2025-03 2025-06 深南电路 元件 袁鑫 分析师 执业证书编号:S0530525080001 yuanxin@hnchasing.com 证券研究报告 相关报告 公司点评（R3） 深南电路(002916.SZ) 电子｜ 元件 AI PCB 驱动业绩增长，二季度毛利率环比上行 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China PCB (Printed Circuit Board) Sector - **Key Focus**: AI demand and its impact on PCB design and production Core Insights 1. **AI Demand**: AI remains the most significant driver of demand in the PCB sector, particularly for High Density Interconnect (HDI) and High Layer Count (HLC) PCBs, with strong order visibility extending into Q3 and Q425 [2][3] 2. **Midplane Adoption**: Discussions indicate a potential shift towards midplane designs replacing copper cables in future AI systems, with clearer visibility expected by Q425 [2] 3. **Material Trends**: M9-grade high-speed Copper Clad Laminate (CCL) is anticipated for midplane PCBs, while interest in PTFE is declining due to its thermal expansion issues and processing challenges [2] 4. **Capacity Expansion**: Chinese PCB manufacturers are experiencing extended lead times for critical equipment due to aggressive capacity expansions, which are on schedule as orders were placed in advance [2] Company-Specific Insights Shennan 1. **Growth Drivers**: AI has significantly contributed to Shennan's growth in both data and wire communication sectors [3] 2. **Capacity Management**: Shennan is cautious about capacity expansion, resolving bottlenecks through technology upgrades and planning new capacity in Nantong and Thailand for late 2026 [3] 3. **Order Visibility**: Demand from domestic memory customers has kept order visibility strong, although there are concerns about potential double bookings due to raw material shortages [3] Dongshan 1. **Earnings Pressure**: Dongshan anticipates pressure on earnings for 2025 due to limited growth in smartphone FPC content and losses from a disposal of a non-profitable LED business [4] 2. **Consolidation Benefits**: The upcoming consolidation with Source Photonics and GMD is expected to enhance profitability through debt restructuring and operational synergies, with benefits starting in 2026 [4] Victory Giant (VGT) 1. **Capacity Expansion**: VGT is aggressively expanding its capacity, adding 15,000 sqm/month for HDI and 50,000 sqm/month for HLC in Huizhou and Thailand [5] 2. **Demand-Driven Growth**: The expansion is backed by demand from a major North American AI customer for next-gen PCB designs [5] Risks and Considerations 1. **Global AI Deployment**: Risks include slower-than-expected AI deployment both globally and in China, which could impact demand [7] 2. **CAPEX Plans**: Weaker-than-expected capital expenditure plans from hyperscalers for data centers and servers could pose risks [7] 3. **Tariffs and Regulations**: Higher tariffs affecting consumer electronics and potential tightening of environmental regulations in China are additional risks [7] Valuation and Risk Statements - **Shennan**: Valuation based on a sum-of-the-parts method, with risks including slower server demand and pricing pressures [8] - **Dongshan**: Valuation based on target PE multiples, with risks from ASP cuts and iPhone procurement challenges [8] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics within the China PCB sector, company-specific developments, and associated risks.

Core Viewpoint - The company, Shenzhen South Circuit Technology Co., Ltd. (深南电路), reported strong performance in its PCB and packaging substrate businesses due to increased demand from computing power upgrades and the automotive electronics market [1] Group 1: Business Performance - The overall capacity utilization rate of the PCB business remained relatively high in the first half of the year [1] - The packaging substrate business saw a significant month-on-month increase in capacity utilization due to a recovery in the storage market [1] - The company's comprehensive capacity utilization is still at a relatively high level [1] Group 2: Project Developments - The first phase of the Guangzhou packaging substrate project is set to connect in the fourth quarter of 2023, with continuous improvements in product line capabilities [1] - The company is steadily ramping up production capacity and has secured bulk orders for BT and some FC-BGA products, although it is still in the capacity ramp-up phase [1] - The losses at Guangzhou Guangxin are expected to narrow on a quarter-on-quarter basis by the first half of 2025 [1] Group 3: Investment and Production - The total investment in the Thailand factory amounts to 1.274 billion RMB (approximately 127.4 million USD), and it has commenced trial production [1]

Core Viewpoint - The company, ShenNan Circuit (002916.SZ), reported strong performance in the first half of the year, driven by demand in the computing power upgrade and automotive electronics market, leading to high capacity utilization in its PCB business [1] Group 1: Business Performance - The overall capacity utilization rate of the PCB business remains relatively high due to increased demand [1] - The packaging substrate business has seen a significant increase in capacity utilization month-on-month due to the recovery in storage market demand [1] - The company's comprehensive capacity utilization is still at a relatively high level [1] Group 2: Project Developments - The first phase of the Guangzhou packaging substrate project is set to connect in the fourth quarter of 2023, with continuous improvement in product line capabilities [1] - The company is steadily ramping up production capacity and has secured bulk orders for BT and some FC-BGA products, although it is still in the capacity ramp-up phase [1] - The focus remains on capacity building and market development, with a reduction in losses for Guangzhou Guangxin expected in the first half of 2025 [1] Group 3: Investment and Production - The total investment in the Thailand factory amounts to 1.274 billion RMB (approximately 127.4 million USD), and it has commenced trial production [1]

Financial Performance - The company achieved total revenue of 10.453 billion RMB in the first half of 2025, a year-on-year increase of 25.63% [2] - Net profit attributable to shareholders was 1.360 billion RMB, up 37.75% year-on-year [2] - PCB business revenue reached 6.274 billion RMB, growing 29.21% year-on-year, accounting for 60.02% of total revenue [2] - The gross margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - The packaging substrate business generated 1.740 billion RMB in revenue, a 9.03% increase, with a gross margin of 15.15%, down 10.31 percentage points [5] - Electronic assembly business revenue was 1.478 billion RMB, up 22.06%, with a gross margin of 14.98%, an increase of 0.34 percentage points [2] Market Trends and Strategies - The company is focusing on three growth opportunities: AI computing power upgrades, recovery in the storage market, and electric vehicle intelligence [2] - PCB products are primarily applied in communication devices, data centers, and automotive electronics [3][4] - The company is expanding its PCB business in the automotive electronics sector, targeting both domestic and overseas Tier 1 customers [4] Production Capacity and Utilization - Overall capacity utilization for PCB business is at a relatively high level due to increased demand from AI and automotive electronics [6] - The packaging substrate business has seen a significant increase in capacity utilization due to the recovery in the storage market [6] - The Guangzhou packaging substrate project is in the ramp-up phase, with ongoing improvements in production capacity [7] Investment and Expansion - The total investment in the Thailand factory is 1.274 billion RMB, which is now in trial production [8] - The factory will enhance the company's capabilities in high-layer and HDI PCB technologies, facilitating expansion into international markets [8] - The company is also expanding production capacity through technological upgrades and new projects in Nantong and Thailand [9] Raw Material Costs - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, and gold salt, with prices affected by commodity market fluctuations [10] - The company is monitoring raw material price changes and maintaining communication with suppliers and customers [10] Technology and Innovation - The company has HDI technology capabilities, which are applied in high-end products across various sectors including communication and automotive electronics [11] - The demand for PCB products related to AI computing power is increasing, driven by the need for high-performance and high-speed networks [12]