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 ...

事件：8 月27 日，公司发布2025 年半年报。2025 年上半年，公司实现营业收入104.53 亿元，同比增长 25.63%；实现归母净利润13.60 亿元，同比增长37.75%；实现扣非后归母净利润12.65 亿元，同比增长 39.98%。 风险提示：产能扩张后爬坡不及预期风险；市场竞争加剧风险；原材料价格波动风险；新产品开发风 险。 AI 加速卡需求不断释放，助力订单同比显著增长。2025 年上半年，公司精准把握AI 算力升级、存储市 场回暖和汽车电动智能化三大增长机遇，营收净利润实现双增长，实现营业收入104.53 亿元，同比增长 25.63%；实现归母净利润13.60 亿元，同比增长37.75%；实现扣非后归母净利润12.65 亿元，同比增长 39.98%。公司印制电路板业务实现收入62.74 亿元，同比增长29.21%，占公司营业总收入的60.02%；毛 利率为34.42%，同比增加3.05pct。 数据中心领域，公司受益于算力基础设施建设加速，AI 加速卡等产品需求释放，带动订单同比取得显 著增长，成为PCB 业务业绩增长的核心驱动力。新项目建设方面，公司积极推进泰国工厂以及南通四 期项目的基 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Viewpoints - The company achieved double growth in revenue and net profit in the first half of 2025, driven by the demand for AI acceleration cards and the recovery of the storage market [2][3]. - The printed circuit board (PCB) business generated revenue of 62.74 billion yuan, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue, with a gross margin of 34.42% [2]. - The packaging substrate business also showed steady growth, with revenue of 17.40 billion yuan, up 9.03% year-on-year, although the gross margin decreased due to rising costs during the capacity ramp-up phase [3]. Financial Summary - The company reported a revenue of 13,526 million yuan for 2023, with projections of 17,907 million yuan for 2024, and expected growth rates of 32.4% and 20.6% for the following years [1]. - The net profit attributable to the parent company is projected to grow from 1,398 million yuan in 2023 to 1,878 million yuan in 2024, with a year-on-year growth rate of 34.3% [1]. - The company's return on equity (ROE) is expected to increase from 10.6% in 2023 to 12.8% in 2024, reaching 17.0% by 2027 [1]. Revenue and Profit Growth - In the first half of 2025, the company achieved a revenue of 104.53 billion yuan, a year-on-year increase of 25.63%, and a net profit of 13.60 billion yuan, up 37.75% [2]. - The company is actively expanding its production capacity with ongoing projects in Thailand and Nantong, which are expected to support future business growth [2][3].

Summary of Key Points Core Viewpoint - On August 29, a total of 34 stocks were involved with institutional investors, with 19 showing net buying and 15 showing net selling [1] Institutional Buying - The top three stocks with the highest net buying by institutions were: - Shenzhen South Circuit (深南电路) with a net buying amount of 363 million [1] - Wancheng Group (万辰集团) with a net buying amount of 308 million [1] - Longyang Electronics (隆扬电子) with a net buying amount of 92.27 million [1] Institutional Selling - The top three stocks with the highest net selling by institutions were: - China National Materials (中材科技) with a net outflow amount of 194 million [1] - Changfei Optical Fiber (长飞光纤) with a net outflow amount of 127 million [1] - Chuanrun Co., Ltd. (川润股份) with a net outflow amount of 86.67 million [1]

Summary of Key Points Core Viewpoint - On August 29, a total of 34 stocks were identified with institutional activity, with 19 showing net buying and 15 showing net selling by institutions [2]. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Shenzhen South Circuit (深南电路) with a net buying amount of 363 million yuan, representing a price increase of 6.19% [3][2]. - Wancheng Group (万辰集团) with a net buying amount of 308 million yuan, showing a significant price increase of 20.00% [3][2]. - Longyang Electronics (隆扬电子) with a net buying amount of 92.27 million yuan, reflecting a price increase of 5.13% [3][2]. Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - China National Materials (中材科技) with a net outflow of 194 million yuan, experiencing a price decrease of 2.58% [5][2]. - Changfei Optical Fiber (长飞光纤) with a net outflow of 127 million yuan, with a price increase of 10.01% [5][2]. - Chuanrun Co., Ltd. (川润股份) with a net outflow of 86.67 million yuan, showing a price decrease of 9.99% [5][2].

Summary of Key Points Core Viewpoint - On August 29, a total of 34 stocks were involved with institutional investors, with 19 showing net buying and 15 showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Shenzhen South Circuit (深南电路) with a net buying amount of 363 million yuan and a price increase of 6.19% [1][2] - Wancheng Group (万辰集团) with a net buying amount of 308 million yuan and a price increase of 20.00% [1][2] - Longyang Electronics (隆扬电子) with a net buying amount of 92.27 million yuan and a price increase of 5.13% [1][2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - China National Materials (中材科技) with a net selling amount of 194 million yuan and a price decrease of 2.58% [1][4] - Changfei Fiber (长飞光纤) with a net selling amount of 127 million yuan and a price increase of 10.01% [1][4] - Chuanrun Co. (川润股份) with a net selling amount of 86.67 million yuan [1][4]

Market Performance - The component sector increased by 2.69% on August 29, with Jianghai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers - Jianghai Co., Ltd. (002484) closed at 33.31, up 10.01% with a trading volume of 1.3678 million shares [1] - Xinsen Technology (002436) also rose by 10.01% to 21.00, with a trading volume of 2.5926 million shares [1] - Other notable gainers include: - Qiaohui Fushi (300852) up 9.16% to 39.55 [1] - Dongshan Precision (002384) up 8.34% to 66.02 [1] - Huhua Electric (002463) up 7.28% to 68.79 [1] Top Losers - Fangbang Co., Ltd. (688020) saw a decline of 9.16%, closing at 68.91 [2] - Huilun Crystal (300460) decreased by 7.54% to 10.54 [2] - Other significant declines include: - Zhongfu Circuit (300814) down 6.30% to 45.10 [2] - Zecheng Electronics (837821) down 5.72% to 34.29 [2] Capital Flow - The component sector experienced a net outflow of 748 million yuan from institutional investors, while retail investors saw a net outflow of 198 million yuan [2][3] - Conversely, speculative funds recorded a net inflow of 945 million yuan [2][3] Individual Stock Capital Flow - Xinsen Technology (002436) had a net inflow of 5.71 billion yuan from institutional investors, while it faced a net outflow of 2.15 billion yuan from speculative funds [3] - Other stocks with notable capital flows include: - Shiyun Circuit (603920) with a net inflow of 3.05 billion yuan from institutional investors [3] - Huhua Electric (002463) with a net inflow of 2.40 billion yuan from institutional investors [3]

Core Viewpoint - The PCB industry is experiencing significant growth driven by demand from AI computing, automotive electronics, and data centers, with many companies reporting substantial profit increases in the first half of the year [1][2][4]. Group 1: Industry Performance - Nearly 70% of PCB listed companies reported growth in net profit, with notable increases from companies like Shenghong Technology (up 367%), Junya Technology (up 333%), and Huazheng New Materials (up 328%) [2]. - The PCB market is projected to grow from $73.57 billion in 2024 to $94.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.2% [4]. Group 2: Product Upgrades - The industry is shifting towards high-end products, particularly in AI servers and automotive electronics, with high-frequency and high-speed copper-clad laminates seeing increased demand [2][3]. - Companies like Shenghong Technology are focusing on high-density interconnect (HDI) boards, which require advanced manufacturing processes and have seen supply tightness due to increased demand [3]. Group 3: Cost Pressures - Rising copper prices have led to increased operating costs for PCB manufacturers, with over half of the companies experiencing cost growth outpacing revenue growth [5][6]. - The copper price is expected to remain high, with analysts predicting further increases in the second half of the year, adding pressure on PCB companies to manage costs effectively [6]. Group 4: Capacity Expansion - Companies are actively expanding production capacities, particularly in Southeast Asia, to meet the growing demand for high-end multi-layer PCBs [7][9]. - Significant investments are being made by companies like Jingwang Electronics and Shenghong Technology in new facilities and technology upgrades to enhance their market share in high-end PCB products [7][9]. Group 5: Regional Developments - Southeast Asia is becoming a key region for PCB production, with countries like Thailand and Vietnam attracting investments from major PCB manufacturers [7][8]. - The region is expected to have the highest CAGR of 7.8% from 2024 to 2029, driven by the shift of production from China [7].

Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of 2025, representing a year-on-year growth of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, with a year-on-year increase of 37.75%, driven by opportunities in AI computing power upgrades, a recovery in the storage market, and the electrification and intelligence of automobiles [1] Business Performance - The PCB (Printed Circuit Board) segment, as the main revenue contributor, achieved an income of 6.274 billion yuan, reflecting a year-on-year growth of 29.21%, with a gross margin of 34.42%, up by 3.05 percentage points [1] - The packaging substrate business generated revenue of 1.740 billion yuan, marking a year-on-year increase of 9.03% [1] - The electronic assembly business reported revenue of 1.478 billion yuan, with a year-on-year growth of 22.06% [1] Capacity Utilization and Raw Materials - The PCB business benefited from high capacity utilization due to demand in AI computing and automotive electronics, which significantly supported revenue growth [1] - The company noted price increases in certain raw materials, such as gold salt, and will continue to monitor price changes while communicating with suppliers and customers [1] R&D Investment - The company placed a strong emphasis on R&D, investing approximately 672 million yuan in the first half of 2025, which accounts for 6.43% of total revenue [2] - Ongoing R&D projects include advancements in next-generation communication, data centers, and automotive electronics-related PCB technologies, as well as improvements in FC-BGA substrate product capabilities and RF substrate technology [2]

Market Performance - The advanced packaging concept rose by 3.93%, ranking 9th among concept sectors, with 126 stocks increasing in value [1] - Notable gainers included Tianfu Communication with a 20% limit up, and other stocks like Shenzhen South Circuit, Woge Optoelectronics, and Dagang Co., which also hit the limit up [1] - The top gainers in the sector were Hanwujing, Chipone Technology, and Shanghai Xinyang, with increases of 15.73%, 14.26%, and 13.10% respectively [1] Capital Inflow - The advanced packaging sector saw a net inflow of 4.723 billion yuan, with 68 stocks receiving net inflows, and 14 stocks exceeding 100 million yuan in net inflow [2] - The leading stock in terms of net inflow was Shanzi Gaoke, attracting 865 million yuan, followed by Tianfu Communication, Changdian Technology, and Huagong Technology with net inflows of 700 million yuan, 589 million yuan, and 515 million yuan respectively [2] Stock Performance Metrics - Stocks with the highest net inflow ratios included Woge Optoelectronics, Shanzi Gaoke, and Chongda Technology, with net inflow ratios of 22.87%, 20.90%, and 17.57% respectively [3] - The advanced packaging concept's top stocks by performance included Shanzi Gaoke with a 9.95% increase and a turnover rate of 19.13%, and Tianfu Communication with a 20% increase and a turnover rate of 8.58% [3][4]