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：2024-52 | --- | --- | --- | |--------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | √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 | （ 券商策略会 ） | | 活动参与人 员（排名不 分先后） | | 中信证券、光大证券、财通证券、富国基金、安信基金、信达澳亚基金、传奇投资、鹏华 基金、长城基金、中欧基金、永赢基金、中银基金、万家基金 | | 上市公司 接待人员 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation in the coming months [3]. Core Insights - The company has achieved record performance, significantly benefiting from the surge in AI demand. In the first half of 2024, it reported a revenue of 8.32 billion yuan, a year-on-year increase of 37.91%, and a net profit of 0.987 billion yuan, up 108.32% year-on-year [1][3]. - The company is positioned to capitalize on structural opportunities in the industry, with all business orders showing year-on-year growth. The trends of electrification and intelligence in the automotive sector, along with demand recovery in certain areas, are expected to continue [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 8.32 billion yuan, with a net profit of 0.987 billion yuan. The second quarter saw revenues of 4.36 billion yuan, a year-on-year growth of 34.19% and a quarter-on-quarter increase of 10.07% [1]. - The PCB business generated 4.855 billion yuan, accounting for 58.35% of total revenue, with a year-on-year growth of 25.09%. This growth is attributed to increased demand in the communication sector and data centers [1]. - The packaging substrate business reported revenues of 1.596 billion yuan, representing 19.18% of total revenue, with a significant year-on-year growth of 94.31% [1]. - The electronic assembly business generated 1.211 billion yuan, accounting for 14.55% of total revenue, with a year-on-year increase of 42.39% [1]. Earnings Forecast - The company is expected to achieve EPS of 4.13, 5.03, and 6.00 for the years 2024, 2025, and 2026, respectively. The corresponding P/E ratios are projected to be 24.4, 20.0, and 16.8 [3][5]. Strategic Positioning - The company has established a unique "3-In-One" business layout, focusing on interconnectivity while enhancing its leading position in the PCB sector and developing its packaging substrate and electronic assembly businesses [1][2]. - The ongoing development of high-end products in the packaging substrate sector and the introduction of new customers are expected to bolster profitability as production capacity ramps up in new factories [2]. Market Outlook - The report highlights that the company is well-positioned to benefit from the strong demand in AI, communication, and data center sectors, which are expected to drive sustained high growth in its future performance [3].

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：2024-51 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported record high revenue and net profit for the second quarter of 2024, driven by trends in AI, automotive electrification, and demand recovery in certain sectors [1]. - In H1 2024, the company achieved revenue of 8.321 billion yuan, a year-on-year increase of 37.91%, and a net profit attributable to shareholders of 0.987 billion yuan, up 108.32% year-on-year [1]. - The PCB business capitalized on structural opportunities, leading to improved performance, with revenue of 4.855 billion yuan in H1 2024, a 25.09% increase year-on-year [1]. - The packaging substrate business saw a significant revenue increase of 94.31% year-on-year, reaching 1.596 billion yuan in H1 2024 [1]. Financial Performance Summary - The company forecasts revenues of 16.419 billion yuan, 19.399 billion yuan, and 22.733 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21%, 18%, and 17% [2]. - The net profit attributable to shareholders is projected to be 2.180 billion yuan, 2.467 billion yuan, and 2.869 billion yuan for the same years, with growth rates of 56%, 13%, and 16% respectively [2]. - The company's EPS is expected to be 4.25 yuan, 4.81 yuan, and 5.59 yuan for 2024, 2025, and 2026, with corresponding PE ratios of 25, 22, and 19 [2]. Business Segment Performance - The company's PCB business benefited from increased demand in the communication sector, particularly for high-speed switches and optical module products [1]. - In the data center sector, demand for AI-related products has significantly increased, leading to a notable rise in orders [1]. - The automotive electronics sector has seen steady growth in demand for high-end products related to intelligent driving, supported by new customer projects [1].

深南电路：24H1 业绩高增，PCB 龙头深度受益 AI 大周期 深南电路（002916.SZ）/电子 证券研究报告/公司点评 2024 年 8 月 28 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

深南电路股份有限公司投资者关系活动记录表 编号：2024-50 | --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|----------------|--------------------------------------|----------------------------------------------------------------------------------------------------------------| | 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） | 招商证券、南方基金、信达澳亚基金、景顺长城基金、长城基金 | | | | | 上市公司 接待人员 | 副总经理、董事会秘书 ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of RMB 106.4, unchanged from previous assessments [2][3][6]. Core Insights - The company reported strong performance in the first half of 2024, with revenue increasing by 38% year-on-year to RMB 8.3 billion, and net profit rising by 108% to RMB 0.987 billion, driven by improved gross margins and cost optimization [2][3]. - The growth was attributed to robust demand in artificial intelligence, upgrades in Eagle Stream, stable automotive orders, inventory replenishment in consumer electronics, and expanded profit margins [2][3]. - However, a slowdown in consumer electronics demand is anticipated in the second half of 2024, with revenue and net profit for the first half expected to account for 52% and 56% of the full-year forecasts, respectively [2][3]. Revenue Summary - The company achieved a revenue of RMB 16.051 billion for FY24E, with a year-on-year growth of 19% [13]. - The gross profit is projected to be RMB 4.091 billion, with a gross margin of 25.5% [13]. - Net profit for FY24E is estimated at RMB 1.762 billion, reflecting a year-on-year increase of 26% [13]. Segment Performance - The PCB segment, which accounts for 58% of sales, grew by 25% year-on-year, while the substrate segment saw a remarkable 94% increase [2]. - The PCBA business also performed well, with a 42% year-on-year growth, benefiting from increased PCB sales [2]. Financial Projections - The report projects a revenue of RMB 18.216 billion for FY25E and RMB 20.813 billion for FY26E, indicating continued growth [13]. - The net profit is expected to rise to RMB 2.174 billion in FY25E and RMB 2.791 billion in FY26E [13]. Valuation Metrics - The current stock price corresponds to a forward P/E ratio of approximately 30 times for FY24, which is considered reasonable compared to the historical average of 32.5 times [2][3]. - The report highlights that the estimated gross margin for the second half of 2024 will return to around 25%, influenced by weakening demand and rising raw material costs [3].

CMB International Global Markets | Equity Research | Company Update MN Shennan Circuit (002916 CH) Earnings Summary SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY). NP increased by 108% YoY to RMB987mn, on higher GPM (26.2% in 1H24 vs. 22.9%/23.8% in 1H/2H23) and cost optimization. SCC delivered strong 1H24 results, driven by 1) strong AI demand, 2) Eagle Stream upgrades, 3) robust auto orders, 4) inventory ...

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 | （ | ） | | | | | 中泰证券、长江养老、人保资产、华泰资产、长安基金、中银基金、国泰基金、圆信永丰 | | | | | 基金、大家资产、方正富邦基金、中邮基金、勤辰基金、太保基金、财通资管、华安基 | | | | | 金、融通基金、南方基金、富国基金、泰信基金、万佳基金、汇添富基金、华泰柏瑞基 | | | | | 金、交银施罗德基金、民生加银基金、长信基金、太平养老、信银理财、西部证券、 ...

推荐 ( 维持) 事项： 股价:104.66元 行情走势图 主要数据 | --- | --- | |-------------------|------------------------------| | 行业 | 电子 | | 公司网址 | www.scc.com.cn | | 大股东/持股 | 中航国际控股有限公司/63.97% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 513 | | 流通A股(百万股) | 511 | | 流通B/H股(百万股) | | | 总市值(亿元) | 537 | | 流通A股市值(亿元) | 535 | | 每股净资产(元) | 26.73 | | 资产负债率(%) | 42.3 | | --- | |--------------------------| | 投资咨询资格编号 | | S1060519090004 | | XUYONG318@pingan.com.cn | | 投资咨询资格编号 | | S1060520070001 | | FUQIANG021@pingan.com.cn | | 投资咨询资格编号 | | S106 ...