西部证券股份有限公司给予深南电路股份有限公司买进的初始评级。目标价243.83元人民币，即上涨 23%。深南电路股份有限公司在8月27日公布的季度盈利和营收超过预期。 ...

Group 1 - The company announced that its stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days, indicating abnormal trading fluctuations [2] - The company's operational situation remains normal, and there have been no significant changes in the internal and external operating environment [2] - There are no undisclosed significant matters related to the company by the company, its controlling shareholders, or actual controllers, nor are there any significant matters in the planning stage [2]

深南电路发布异动公告称，公司股票连续三个交易日内日收盘价涨幅偏离值累计超过20%，属于股票交 易异常波动情形。近期公司经营情况正常，内外部经营环境未发生重大变化。公司、控股股东和实际控 制人不存在关于本公司的应披露而未披露的重大事项，或处于筹划阶段的重大事项。股票交易异常波动 期间控股股东、实际控制人不存在买卖公司股票的情形。 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-031 深南电路股份有限公司 大事项，或处于筹划阶段的重大事项。 形。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据深圳证券交易所《股票上市规 则》等有关规定应予以披露而未披露的事项；董事会也未获悉本公司有根据深圳 证券交易所《股票上市规则》等有关规定应予以披露而未披露的、对本公司股票 及其衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更 正、补充之处。 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、股票交易异常波动的具体情况 深南电路股份有限公司（以下简称"公司"）（证券代码：002916；证券简称： 深南电路）连续三个交易日内（2025年8月27日至2025年8月29日）日收盘价涨幅 偏离值累计超过20%，根据《深圳证券交易所交易规则》的相关规定，属于股票 交易异常波动情形。 二、股票交易异常波动的核实情况说明 针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就 相关事项进行了核实，现就有关情况说明如下： 较大影响的未公 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-031 深南电路股份有限公司 股票交易异常波动公告 二、股票交易异常波动的核实情况说明 针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就 相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 3、近期公司经营情况正常，内外部经营环境未发生重大变化。 4、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项，或处于筹划阶段的重大事项。 5、股票交易异常波动期间控股股东、实际控制人不存在买卖公司股票的情 形。 三、是否存在应披露而未披露信息的说明 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、股票交易异常波动的具体情况 深南电路股份有限公司（以下简称"公司"）（证券代码：002916；证券简称： 深南电路）连续三个交易日内（2025年8月27日至2025年8月29日）日收盘价涨幅 偏离值累计超过20%，根据《深圳证券交易所交易 ...

Group 1 - On the institutional leaderboard, 25 stocks were listed, with 14 seeing net purchases and 11 experiencing net sales [1] - The top three stocks with the highest institutional purchases were: Shenzhen South Circuit (3.81 billion), Wancheng Group (3.08 billion), and Xian Dao Intelligent (931.9 million) [1] - Wancheng Group reported a significant increase in revenue and net profit in its semi-annual report, achieving 22.583 billion in revenue, a year-on-year increase of 106.89%, and a net profit of 472 million, a year-on-year increase of 50358.8% [3] Group 2 - The Ministry of Industry and Information Technology issued guidelines to promote the satellite communication industry, supporting telecom operators in exploring high-orbit satellite applications [4] - Sanwei Communication disclosed its strategic cooperation with global satellite operators to enhance satellite network resources and accelerate the commercialization of satellite communication services [4]

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit exceeding market expectations, driven by growth in AI computing power, storage market recovery, and automotive electrification [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 10.453 billion, a year-on-year increase of 25.63%, and a net profit of 1.360 billion, up 37.75% year-on-year [2]. - Q2 2025 saw revenue reach 5.670 billion, representing a 30.1% year-on-year increase and an 18.6% quarter-on-quarter increase, with net profit of 870 million, up 42.9% year-on-year and 76.7% quarter-on-quarter [3]. - The gross margin for Q2 was 27.59%, an increase of 0.47 percentage points year-on-year, while the net margin was 15.33%, up 1.38 percentage points year-on-year [3]. Business Structure - PCB Business: Revenue of 6.270 billion, a year-on-year increase of 29.2%, accounting for 60% of total revenue, with a gross margin of 34.42% [4]. - Substrate Business: Revenue of 1.740 billion, a year-on-year increase of 9.0%, accounting for 16.6% of total revenue, with a gross margin of 15.2% [4]. - Electronic Assembly Business: Revenue of 1.480 billion, a year-on-year increase of 22.1%, accounting for 14.1% of total revenue, with a gross margin of 15.0% [4]. Future Outlook - In H2 2025 and the medium to long term, the company expects continued acceleration in AI computing power client acquisition and capacity expansion, with ongoing product structure optimization [5]. - The company is actively advancing new project construction, including the Thailand factory and the fourth phase project in Nantong, to support future capacity expansion [5].

Index Performance - The CSI A500 Index increased by 3.34% this week, marking four consecutive weeks of gains, closing at 5372.76 points on August 29 [4][5] - The average daily trading volume for the week was 10,436.75 billion yuan, with a week-on-week increase of 30.39% [4][5] Component Stock Performance - The top ten gainers this week included Tianfu Communication (61.54%), Yanshan Technology (34.86%), and Shenzhen South Circuit (32.07%) [3] - The top ten losers included Berteli (-11.09%), Giant Star Technology (-9.33%), and Weining Health (-7.78%) [3] Fund Performance - All 39 CSI A500 funds reported positive returns, with the highest increase from Guolian An at 4.72% [5] - The total scale of CSI A500 funds reached 1884.32 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale were Huatai-PB (210.84 billion yuan), E Fund (198.54 billion yuan), and Guotai Fund (195.83 billion yuan) [5] Market Outlook - Current market conditions support continued stock market growth, with reasonable valuations and emerging positive factors such as a potential interest rate cut cycle by the Federal Reserve [6] - The market is expected to experience a "rotation and rebound" characteristic, with short-term rebound opportunities being more noteworthy [7] - In September, basic factors may have a weaker impact on the market, but liquidity-driven trading is at historical highs, suggesting a potential shift in market dynamics [7]

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：2025-28 投资者关系 活动类别 √特定对象调研 □分析师会议 □现场参观 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □其他 （ ） 活动参与人 员（排名不 分先后） 易方达基金、交银施罗德、财通证券、国寿养老保险、富国基金、国投证券、中泰证券、 Millennium 上市公司 接待人员 副总经理、董事会秘书：张丽君；战略发展部总监、证券事务代表：谢丹； 时间 2025 年 8 月 28 日-29 日 地点 网络及电话会议、公司会议室 形式 网络及电话会议、实地调研 投资者关系 活动主要内 容介绍 交流主要内容： Q1、请介绍公司 2025 年半年度经营业绩情况。 公司把握 AI 算力升级、存储市场回暖和汽车电动智能化趋势深化的发展机遇。2025 年 上半年，公司实现营业总收入 104.53 亿元，同比增长 29.21%，归母净利润 13.60 亿元，同 比增长 37.75%。 其中，PCB 受益于 AI 加速卡、服务器等产品需求的释放，高速交换机、光模块需求的 显著增加，以及汽车电子和 ADAS 的增长 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by the demand for AI acceleration cards and growth in various sectors including data centers and automotive intelligence [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 10.453 billion yuan, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, up 37.75% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.265 billion yuan, reflecting a growth of 39.98% year-on-year [1] Group 2: Business Segments - The printed circuit board (PCB) business generated revenue of 6.274 billion yuan, a 29.21% increase year-on-year, accounting for 60.02% of total revenue [1] - The gross margin for the PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [1] - The packaging substrate business reported revenue of 1.740 billion yuan, a 9.03% increase year-on-year, representing 16.64% of total revenue [2] - The gross margin for the packaging substrate business decreased to 15.15%, down 10.31 percentage points year-on-year due to rising costs and ongoing capacity ramp-up [2] Group 3: Market Opportunities - The company capitalized on three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles [1] - The demand for AI acceleration cards significantly boosted orders, becoming a core driver of growth in the PCB business [1] - The company is actively advancing the construction of new projects, including a factory in Thailand and the fourth phase project in Nantong, to support future business expansion [1] Group 4: Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.540 billion yuan, 3.100 billion yuan, and 3.691 billion yuan for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to price-to-earnings ratios of 49, 40, and 34 times for the respective years [3] - The company maintains a positive outlook on future performance due to gradual capacity release and ongoing client project advancements [3]