Investment Rating - The report maintains a "Recommended" rating for the company [2][7] Core Views - The company is gradually recovering its performance, particularly in the IC substrate layout, with a revenue of 13.526 billion yuan in 2023, down 3.33% year-on-year, and a net profit of 1.398 billion yuan, down 14.81% year-on-year [4][5] - The fourth quarter of 2023 showed signs of recovery, with revenue reaching 4.065 billion yuan, an increase of 15.91% year-on-year, and a net profit of 490 million yuan, up 6.73% year-on-year [5][7] - The company is positioned as a domestic leader in IC substrates, benefiting from domestic substitution opportunities and advancements in technology, particularly in high-performance packaging substrates [7] Financial Summary - In 2023, the company's total revenue was 135.26 billion yuan, with a gross margin of 23.43% and a net margin of 10.33% [5][6] - The PCB business generated 80.73 billion yuan in revenue, accounting for 59.68% of total revenue, while the IC substrate business contributed 23.06 billion yuan, representing 17.05% of total revenue [5][6] - The company expects a revenue increase to 16.016 billion yuan in 2024, with a projected net profit of 1.775 billion yuan, reflecting a year-on-year growth of 27% [6][10] Business Segments - PCB business revenue decreased by 8.52% year-on-year, while the electronic assembly business saw a growth of 21.50% year-on-year [5][7] - The company has made significant progress in R&D, with 95 new patents granted and advancements in various PCB technologies [5][7] Market Outlook - The demand for high-performance packaging substrates is expected to grow significantly, with the total market value projected to reach 19.549 billion USD by 2025, growing at a compound annual growth rate of 13.92% from 2020 to 2025 [7] - The company is well-positioned to benefit from the ongoing domestic substitution trend in the IC substrate market, which currently has a market share of less than 5% in mainland China [7]

Financial Performance - The company's operating revenue for 2023 was CNY 13,526,425,962, a decrease of 3.33% compared to CNY 13,992,454,035 in 2022 [23]. - The net profit attributable to shareholders for 2023 was CNY 1,398,114,737, reflecting a decline of 14.81% from CNY 1,639,730,777 in 2022 [23]. - The net cash flow from operating activities decreased by 18.57% to CNY 2,589,283,004 in 2023 from CNY 3,179,833,339 in 2022 [23]. - Basic earnings per share for 2023 were CNY 2.73, down 15.22% from CNY 3.22 in 2022 [23]. - The company achieved total revenue of 13.526 billion yuan in 2023, a year-on-year decrease of 3.33% [47]. - Net profit attributable to shareholders was 1.398 billion yuan, down 14.81% year-on-year, primarily due to declining downstream market demand and increased costs from new project construction [47]. - The PCB business generated 8.073 billion yuan in revenue, a decline of 8.52%, accounting for 59.68% of total revenue [48]. - The packaging substrate business reported revenue of 2.306 billion yuan, down 8.47%, with a gross margin of 23.87%, a decrease of 3.11 percentage points [51]. - The electronic assembly business saw revenue growth of 21.19 billion yuan, up 21.50% year-on-year, with a gross margin of 14.66%, an increase of 1.51 percentage points [53]. Dividend Distribution - The company plans to distribute a cash dividend of 9.00 CNY per 10 shares (including tax) to all shareholders, with no bonus shares issued [5]. - The company plans to distribute a cash dividend of RMB 9.00 per 10 shares, totaling approximately RMB 461,589,781.50, which represents 33.02% of the net profit attributable to shareholders for 2023 [192]. - The total distributable profit for the company is RMB 6,178,510,167.44, with the cash dividend accounting for 100% of the profit distribution [192]. - The company distributed a cash dividend of RMB 10.00 per 10 shares, totaling RMB 512,877,535, which represents 31.28% of the net profit attributable to shareholders of the parent company for 2022 [190]. Investment and Expansion - The company is expanding its production capacity with a new project for high-end IC carrier boards, funded through a non-public stock issuance [16]. - The company has established a unique "3-In-One" business layout, integrating PCB, electronic assembly, and packaging substrate services [39]. - The company is investing in a factory in Thailand to enhance its overseas presence, facing potential challenges in legal compliance, market expansion, and supply chain management [123]. - The cumulative investment in the high-end flip chip IC substrate project was 1,799.3 million CNY, with a progress rate of 89.26% [89]. - The total investment during the reporting period was ¥3,698,085,227.32, a 9.68% increase from the previous year [87]. Research and Development - The company increased its R&D investment to 7.93% of revenue, up 2.07 percentage points year-on-year, with 95 new patents granted and 6 new PCT patents applied for during the reporting period [56]. - The company is investing CNY 500 million in R&D for new technologies, focusing on sustainable materials and advanced manufacturing processes [131]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency [135]. - The company has invested 50 million RMB in R&D for advanced technology applications, aiming to lead in innovation within the industry [170]. Market Trends and Outlook - The global PCB industry value decreased by 15.0% in 2023, with the Chinese mainland's PCB market value dropping by 13.2% to 37,794 million USD [34]. - The projected compound annual growth rate (CAGR) for the global PCB industry from 2023 to 2028 is estimated at 5.4%, with the Chinese mainland expected to grow at a CAGR of 4.1% [34]. - The demand for advanced packaging substrates is expected to grow significantly due to technological upgrades in AI, cloud computing, and smart driving, driving the global packaging substrate industry [36]. - The company anticipates a recovery in the semiconductor supply environment as inventory levels normalize, with a projected 13.1% growth in the global semiconductor market in 2024 [34]. - The company provided a future outlook with a revenue guidance of CNY 12 billion for the full year 2023, representing a 10% increase from previous estimates [132]. Risk Factors - The company acknowledges potential risks including macroeconomic fluctuations, US-China trade tensions, and market competition, which may impact future performance [5]. - The global semiconductor sales are projected to decline by nearly 11% in 2023, impacting the packaging substrate business, but the company is focusing on market opportunities and new customer development [51]. - The company will continue to monitor exchange rate fluctuations, particularly with USD settlements, to manage potential impacts on financial results [127]. Corporate Governance and Management - The company has established independent financial management systems, including independent bank accounts and tax compliance, ensuring no interference from the controlling shareholder in financial decisions [151]. - The company has appointed new senior management, including Chen Li and Miao Hua as vice presidents, effective June 13, 2023 [158]. - The company has established a three-tier training system focused on strategic direction, enhancing employee skills and management capabilities [189]. - The company emphasizes a performance evaluation mechanism for senior management, aligning incentives with long-term strategic goals [200]. Employee and Workforce Management - The total number of employees at the end of the reporting period was 15,445, with 4,966 in the parent company and 10,479 in major subsidiaries [186]. - The company has a total of 4,109 technical personnel, 360 sales personnel, and 10,260 production personnel [187]. - The educational background of employees includes 629 with master's degrees or above, 2,998 with bachelor's degrees, and 3,216 with associate degrees [187]. - The company has no retired employees requiring financial support, indicating a focus on workforce stability [186].

电子 | 证券研究报告 — 调整盈利预测 2024年3月15日 002916.SZ 深南电路 买入 PCB 产品结构优化，封装基板稳步发力 原评级：买入 市场价格:人民币 83.58 公司发布 2023 年年报，受下游需求拖累公司业绩同比有所下滑，但公司 PCB 产品 板块评级:强于大市 结构优化，封装基板项目正稳步进入量产爬坡阶段，维持买入评级。 支撑评级的要点 股价表现  公司2023全年业绩同比下滑，23Q4同环比有所改善。公司2023全年实现收入 135.26亿元，同比下降3.33%，实现归母净利润13.98亿元，同比下降14.74%， 26% 实现扣非净利润9.98亿元，同比下降33.4%。单季度来看，公司23Q4实现营收 14% 40.65亿元，同比+15.91%/环比+18.59%，实现归母净利润4.90元，同比+6.99%/ 1% 环比+12.84%,实现扣非净利润 2.61 亿元，同比-34.85%/环比-16.29%。盈利能力 (11%) 方面，公司2023年毛利率23.43%，同比减少2.09pcts，归母净利率10.34%，同 比减少1.38pcts，扣非净利率7.38%，同比减少3 ...

（一）实际募集资金金额、资金到账时间 证券代码：002916 证券简称：深南电路 公告编号：2024-007 深南电路股份有限公司 2023 年度募集资金存放与使用情况的专项报告 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。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》和深圳证券交易所颁布的《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自 律监管指南第 2 号——公告格式》等有关规定，深南电路股份有限公司（以下 简称"公司"）就 2023 年募集资金存放与使用情况作如下专项报告。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准深南电路股份有限公司非公开发行股 票的批复》（证监许可〔2021〕4151 号）核准，非公开发行人民币普通股 23,694,480 股，共计募集资金总额 2,549,999,937.60 元，扣除与发行有关的费用人民币 20,335,154.66 元，实际募集资金净额为人民币 2,529,664,782.94 元。 上述募集资金 ...

深南电路股份有限公司 审计报告及财务报表 二〇二三年度 信会师报字[2024]第 ZI10029 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn】"进行查验 "进行查询"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn】"进行查验 。 深南电路股份有限公司 审计报告及财务报表 (2023年01月 01 日至 2023 年 12 月 31 日止) | 目录 | 页次 | | | --- | --- | --- | | 审计报告 | | 1-5 | | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | | 1-4 | | 合并利润表和母公司利润表 | | 5-6 | | 合并现金流量表和母公司现金流量表 | | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | | 9-12 | | 财务报表附注 | | 1-90 | 事务所执业证书 III t 信会计师事务所(特殊普通 SHU LUN PAN CERTIFIED PUBLIC ACCO 审计报告 信会师报字[2024]第 ZI10029 号 深南电路 ...

一、独立董事的基本情况 深南电路股份有限公司 2023 年度独立董事述职报告 （张汉斌） 各位股东： 作为深南电路股份有限公司（以下简称 "公司"）董事会的独立董事，2023 年，本人根据《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律法 规和《公司章程》《独立董事工作制度》等有关规定，出席公司董事会和股东大 会会议，忠实、勤勉履行了独立董事的职责，维护了公司和股东特别是中小股东 的切身利益。现将本人2023年度的履职情况汇报如下： 本人为国际会计学硕士、中国注册会计师、高级会计师、香港华人会计师公 会境外会员。曾任深圳市财政局注册会计师调查委员会委员、深圳市行业协会商 会评估委员会评估专家、深圳市注册会计师协会第四届及第五届理事。现任深圳 铭鼎会计师事务所首席合伙人、深圳市注册会计师协会监督委员会委员、深圳市 创新科技委员会专家、深圳市发展和改革委员会专家及深圳市专家人才联合会发 起人，深圳市力合科创股份有限公司独立董事、深圳兆日科技股份有限公司独立 董事、深圳麦科田生物医疗技术股份有限公司独立董事，公司独立董事。 经自查，本人 ...

深南电路股份有限公司 募集资金年度存放与使用情况 专项报告的鉴证报告 信会师报字[2024]第ZI10032号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ace.mof.gov.cn）"进行查 "社行管 深南电路股份有限公司 募集资金年度存放与使用情况专项报告的鉴证报告 | 目 录 | 页 码 | | --- | --- | | 关于深南电路股份有限公司 2023 年度募集资金存放 | | | 与使用情况专项报告的鉴证报告 | 1-2 | | 深南电路股份有限公司 2023 年度募集资金存放与使 | | | 1 用情况专项报告 | 1-5 | 三、事务所及注册会计师执业资质证明 工信会计师事务师(宁宗晋道信 IA SHILLIN DAN CERTIFIED I 关于深南电路股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2024]第ZI10032号 深南电路股份有限公司全体股东: 我们接受委托,对后附的深南电路股份有限公司(以下简称"深 南电路公司") 2023年度募集资金存放与使用情况专项报告(以下简 称"募集资金专项报告"）执行了合理保证的鉴 ...

各位股东： 作为深南电路股份有限公司（以下简称 "公司"）董事会的独立董事，2023 年，本人按照《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律法 规和《公司章程》《独立董事工作制度》等有关规定，出席公司董事会和股东大 会会议，忠实、勤勉履行了独立董事的职责，维护了公司和股东特别是中小股东 的切身利益。现将本人2023年度的履职情况汇报如下： 一、独立董事的基本情况 本人为清华大学材料系学士、加拿大多伦多大学材料系硕士、新加坡国立大 学电机与计算机工程系博士。曾任新加坡国立大学电机系研发工程师，比利时鲁 汶 IMEC 资深研究员及项目负责人，新加坡南洋理工大学助理教授。现任南方科 技大学深港微电子学院院长、教授，广东省三维集成工程研究中心主任，深圳市 国电科技通信有限公司首席科学专家，未来通信集成电路教育部工程研究中心主 任，广东省 GaN 器件工程技术研究中心主任，深圳南湾通信科技有限公司董事， 湖南九山半导体科技有限公司董事，江苏鲁汶仪器股份有限公司独立董事，贝特 瑞新材料集团股份有限公司独立董事，欧菲光集团股份有限公司独立 ...

深南电路股份有限公司 非经营性资金占用及其他关联 资金往来情况的专项报告 信会师报字[2024]第ZI10033号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查验 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac_ 报告编码:.沪246067850 深南电路股份有限公司 非经营性资金占用及其他关联资金往来情况的专项报告 | 目 录 | 页 | 码 | | --- | --- | --- | | 关于深南电路股份有限公司非经营性资金占用及其 | | 1-2 | | 他关联资金往来情况的专项报告 | | | | 深南申略股份有限公司 2023 年度非经营性贷金百用 | | 1-3 | | 及其他关联资金往来情况汇总表 | | | 三、事务所及注册会计师执业资质证明 工信会计师事务所(特殊普通合 HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTA 关于深南电路股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZI10033 号 深南电路股份有限公司全 ...

二、会议召开方式 本次网上说明会将采用网络远程的方式召开。 证券代码：002916 证券简称：深南电路 公告编号：2024-016 深南电路股份有限公司 关于举办 2023 年度网上业绩说明会并征集相关问题的公告 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。 深南电路股份有限公司（以下简称"公司"）2023 年年度报告已于 2024 年 3 月 15 日披露，为使广大投资者进一步了解公司 2023 年年度报告和经营情况，公司 将举办 2023 年度网上业绩说明会。 一、会议召开日期和时间 2024 年 3 月 27 日（星期三）15:00 - 17:00 欢迎广大投资者参与！ 特此公告。 深南电路股份有限公司 董事会 二〇二四年三月十四日 三、公司出席人员 公司出席本次说明会的人员有：董事长杨之诚先生，董事、总经理周进群先生， 独立董事于洪宇先生，副总经理、董事会秘书张丽君女士，副总经理（财务负责人） 楼志勇先生。 四、投资者参与方式 投资者可通过网址 https://eseb.cn/1cRhuBOxT6U 或扫描以下小程序码，进入深 南电路年度业绩说明会交 ...