Core Viewpoint - The company reported significant growth in revenue and net profit for the year 2025, driven by strategic market opportunities in AI computing power, storage market demand, and automotive electrification [2][5]. Financial Performance - The company achieved total revenue of 23.65 billion yuan, a year-on-year increase of 32.05% [3]. - The net profit attributable to shareholders reached 3.28 billion yuan, up 74.47% compared to the previous year [3]. - Basic earnings per share were 4.91 yuan, reflecting a 34.15% increase [3]. - The company proposed a cash dividend of 24 yuan per 10 shares (tax included) [2]. Business Segments - The printed circuit board (PCB) business generated 14.36 billion yuan in revenue, a 36.84% increase, accounting for 60.73% of total revenue with a gross margin of 35.53% [5]. - The packaging substrate business reported revenue of 4.15 billion yuan, up 30.80%, representing 17.54% of total revenue with a gross margin of 22.58% [5]. - The electronic assembly business achieved revenue of 3.08 billion yuan, an 8.93% increase, making up 13.00% of total revenue with a gross margin of 15.00% [5]. Capacity Utilization and Production - The company maintains a high overall capacity utilization rate, with significant improvements in the packaging substrate business due to increased demand in the storage market [6]. - The company operates PCB factories in Shenzhen, Wuxi, Nantong, and Thailand, focusing on technological upgrades to enhance capacity [6]. - New factories in Thailand and Nantong are in the early stages of ramping up production, which may temporarily impact profit margins due to high fixed costs per unit [6]. Market Trends - The demand for high-performance PCB products is increasing, driven by advancements in AI technology and the need for high-speed networks [7]. - The company's PCB products are benefiting from trends in high-speed switches, optical modules, AI accelerator cards, and servers [7].

Group 1: Industry Research Highlights - The most focused industries for institutional research from March 9 to March 13, 2026, are machinery, electronics, and power equipment, with electronics and computers gaining significant attention recently [10][12] - Over the past 30 days, the top industries by institutional research frequency are machinery, electronics, pharmaceuticals, and basic chemicals, with electronics and power equipment also seeing high interest [13][14] Group 2: Popular Companies in Institutional Research - The companies with the highest number of institutional research visits in the past 5 days, with more than 10 ratings, include Desay SV Automotive and Huadian Technology [19][20] - In the last 30 days, the companies with the most institutional research visits and more than 10 ratings include Sunlord Electronics, Wens Foodstuffs, and Huadian Technology [22][24] Group 3: Key Company Research Insights 1. **Desay SV Automotive** - The company expects steady growth in 2025, driven by its intelligent driving business, with projected revenue of 32.557 billion yuan, a 17.88% increase year-on-year, and a net profit of 2.454 billion yuan, up 22.38% [26][27] - The overseas business gross margin is significantly higher than domestic by approximately 9 percentage points, with annualized sales orders exceeding 35 billion yuan [26][27] - The company has made breakthroughs in embodied intelligence, with related products planned for mass production in 2026 [27] 2. **Tianqi Materials** - The core business of electrolyte materials is expected to see significant growth, with projected revenue of 16.650 billion yuan in 2025, a 33% year-on-year increase, and a net profit of 1.362 billion yuan, a dramatic rise of 181.43% [30][31] - The company sold over 720,000 tons of electrolytes, a 44% increase year-on-year, indicating strong demand in the new energy sector [30][31] - The company is actively pursuing diversified lithium resource layouts and has plans for new production capacity in the second half of 2026 [31] 3. **Shennan Circuit** - The company anticipates a revenue of 23.647 billion yuan in 2025, a 32.05% increase, with a net profit of 3.276 billion yuan, up 74.47% [33] - The PCB business gross margin has improved to 35.53%, benefiting from increased demand in AI servers and automotive electronics [33] - The company is expanding its production capacity, with new projects in Thailand and Nantong expected to come online in the second half of 2025 [33]

Summary of Shennan Circuit (002916.SZ) Analyst Call Company Overview - **Company Name**: Shennan Circuit - **Ticker**: 002916.SZ - **Industry**: PCB (Printed Circuit Board) manufacturing, focusing on telecom and aeronautics sectors - **Founded**: 1984 - **Revenue Composition (2024)**: PCB (59%), PCB assembly (16%), IC substrate packaging (18%), other products (8) [18] Key Financial Highlights - **2025 Results**: - Net profit increased by 75% to RMB3.276 billion, exceeding guidance of RMB3.248 billion [1] - Revenue grew by 32% to RMB23.647 billion, surpassing consensus forecast of RMB23.356 billion [10] - Gross margin expanded by 3.9 percentage points to 34.4% due to higher exposure to AI business [10] - **Earnings Estimates**: - 2026E net profit projected at RMB5.095 billion, with a 52.3% growth [8] - 3-year EPS CAGR expected at 30% through 2028E [2][20] Growth Drivers - **AI Infrastructure Investment**: Strong order outlook for 2026-27E driven by AI infrastructure investments in China and overseas [2] - **Capacity Expansion**: - New plants in Thailand and Nantong expected to contribute significantly to revenue, with estimates of RMB1.0 billion+ and RMB1.5 billion, respectively [3] - High utilization rate of over 95% for PCB plants [2] - **BT Substrate Segment**: - Gross margin recovery from 15.2% in 1H25 to 22.6% by end-2025, with expectations to reach 25.6% in 2026E and 29.1% in 2027E [9] Market Position and Strategy - **Unique Position**: Shennan is noted for its unique BT substrate business among PCB suppliers, with a forecasted recovery in gross margin during 2026-27 [1] - **Investment Strategy**: Rated as a "Buy" due to its proxy status for AI-PCB and BT substrate in the China A-share market, with a target price raised to RMB320 [1][19] Risks and Challenges - **Market Risks**: - Slower-than-expected growth in foreign AI server demand [21] - Weaker demand for automotive and ADAS systems [21] - Potential profit issues from new plants [21] - Inflation in laminate costs [21] Valuation Metrics - **Target Price**: RMB320, based on a forward PE of 43x for 2026E [20] - **Market Capitalization**: RMB172.069 billion (approximately US$25.060 billion) [4] Additional Insights - **Revenue Mix**: The revenue mix is shifting towards AI-related business, expected to account for 40-45% of PCB revenue in 2025 [10] - **Domestic vs. Overseas GM**: Domestic gross margin surged by 6.4 percentage points to 29.5%, while overseas contracted by 1.3 percentage points to 30.1% [11] This summary encapsulates the key points from the analyst call regarding Shennan Circuit, highlighting its financial performance, growth prospects, market position, and associated risks.

Group 1: Financial Performance - In 2025, the company achieved total revenue of CNY 23.647 billion, representing a year-on-year growth of 32.05% [2] - Net profit attributable to shareholders reached CNY 3.276 billion, with a significant increase of 74.47% [2] - PCB business generated revenue of CNY 14.359 billion, up 36.84%, accounting for 60.73% of total revenue [2] - The gross margin for PCB business improved to 35.53%, an increase of 3.91 percentage points [2] - The packaging substrate business reported revenue of CNY 4.148 billion, a growth of 30.80%, contributing 17.54% to total revenue [2] - The gross margin for packaging substrate business rose to 22.58%, up 4.43 percentage points [2] - Electronic assembly business revenue was CNY 3.075 billion, increasing by 8.93%, and accounted for 13.00% of total revenue [4] Group 2: Market and Operational Insights - The PCB business benefited from increased demand for AI server-related products, leading to a significant rise in orders [2] - The company capitalized on growth opportunities in automotive electronics, particularly in ADAS and new energy vehicles [2] - The packaging substrate business saw rapid growth due to advancements in technology and increased orders from storage and processor chip substrates [3] - The electronic assembly business focused on communication, data centers, and automotive electronics, enhancing strategic collaborations with key clients [4] Group 3: Capacity and Investment - The company maintained high capacity utilization rates in PCB and packaging substrate businesses due to strong market demand [5] - PCB production bases are located in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing capacity expansion and technological upgrades [6] - The Guangzhou packaging substrate project is progressing well, with production capabilities steadily improving [7] - R&D investment for 2025 amounted to CNY 1.591 billion, representing 6.73% of total revenue, focusing on next-generation communication and automotive electronics technologies [8] Group 4: Raw Material and Market Conditions - The company faced rising prices for key raw materials such as copper foil and gold salt, impacting profitability [9] - Continuous monitoring of international commodity prices and proactive communication with suppliers and customers are essential for managing cost pressures [9]

Core Viewpoint - The article highlights the significant financial performance and dividend distribution plans of two companies, Cambricon (寒武纪) and Shenzhen South Circuit (深南电路), for the fiscal year 2025, showcasing their growth in revenue and net profit, along with their strategic focus on market opportunities and technological advancements [2][6]. Cambricon (寒武纪) - In the fiscal year 2025, Cambricon reported a revenue of 6.497 billion yuan, marking a year-on-year increase of 453.21% [2][4]. - The net profit attributable to shareholders was 2.059 billion yuan, indicating a turnaround from a loss in the previous year [2][4]. - The company plans to distribute a cash dividend of 15.00 yuan per 10 shares, totaling approximately 632 million yuan, which represents 30.71% of the net profit for the year [5]. Shenzhen South Circuit (深南电路) - Shenzhen South Circuit achieved a total revenue of 23.647 billion yuan in 2025, reflecting a year-on-year growth of 32.05% [6][8]. - The net profit attributable to shareholders was 3.276 billion yuan, up 74.47% compared to the previous year [6][8]. - The company intends to distribute a cash dividend of 24 yuan per 10 shares, with a total payout not exceeding 1.635 billion yuan, accounting for 49.91% of the net profit [8]. Business Segments and Market Focus - Cambricon specializes in the research, design, and sales of AI core chips for various applications, including cloud servers and edge computing devices [5]. - Shenzhen South Circuit's printed circuit board business generated 14.359 billion yuan in revenue, a 36.84% increase, and accounted for 60.73% of total revenue [7]. - The company is focusing on opportunities in AI computing power upgrades, storage market growth, and the electric vehicle sector, while also enhancing its digital transformation and sustainable development efforts [7].

关于深南电路股份有限公司 2025 年度募集资金存放、管理与使用的核查意见 国泰海通证券股份有限公司、中航证券有限公司 国泰海通证券股份有限公司、中航证券有限公司（以下简称"保荐机构"） 作为深南电路股份有限公司（以下简称"深南电路"、"公司"）持续督导的保荐 机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《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引第 13 号——保荐业务》及《上市公司 募集资金监管规则》等相关法律、法规及规范性文件的规定，对深南电路 2025 年度募集资金存放、管理与使用情况进行了核查，现将核查情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 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, ...

内部控制审计报告 深南电路股份有限公司 容诚审字[2026]510Z0009 号 容诚会计师事务所(特殊普通合伙) 中国·北京 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2026]510Z0009 号 深南电路股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深南电路股份有限公 ...

审计报告 深南电路股份有限公司 容诚审字[2026]510Z0008 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | | 页码 | | --- | --- | --- | --- | | 1 | 审计报告 | 1-7 | | | 2 | 合并资产负债表 | 1 | | | 3 | 合并利润表 | 2 | | | 4 | 合并现金流量表 | 3 | | | 5 | 合并所有者权益变动表 | 4 | | | 6 | 母公司资产负债表 | 5 | | | 7 | 母公司利润表 | 6 | | | 8 | 母公司现金流量表 | 7 | | | 9 | 母公司所有者权益变动表 | 8 | | | 10 | 财务报表附注 | 9 | - 108 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审 计 报 ...

本人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， 2025年内严格按照《中华人民共和国公司法》（以下简称《公司法》）、《上市 公司独立董事管理办法》等法律法规和《公司章程》《独立董事工作制度》等有 关规定，忠实、勤勉履行了独立董事的职责，发挥独立董事的独立性和专业性， 切实维护公司和股东特别是中小股东的合法利益。现就本人2025年度的履职情况 汇报如下： 深南电路股份有限公司 2025 年度独立董事述职报告 （于洪宇） 各位股东： 一、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、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、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。现 任深圳职业技术大学集成电路学院院长/二级教授、深圳市国电科技通信有限公 司首席科学专家、深圳南湾通信有限公司董事、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、 ...

深南电路股份有限公司 董事、高级管理人员薪酬管理办法 第一章 总则 第一条 为进一步规范深南电路股份有限公司（以下简称"深南电路"或 "公司"）董事、高级管理人员薪酬管理，建立科学有效的激励与约束机制，根 据《中华人民共和国公司法》《上市公司治理准则》等法律、行政法规、部门规 章、规范性文件以及《公司章程》的有关规定，结合公司战略发展和实际情况， 制定本办法。 第二条 本办法适用于《公司章程》规定的公司董事、高级管理人员，不在 公司领取薪酬的董事除外。主要包括： （一）独立董事，是指不在公司担任除董事外的其他职务，并与其所受聘的 公司及其主要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响 其进行独立客观判断关系的董事。 （二）非独立董事，是指除独立董事外，在董事会中任职的董事。 （三）职工董事，是指由公司职工代表大会等形式民主选举产生，进入公司 董事会，代表职工利益参与公司决策、管理和监督的董事。 （四）高级管理人员，是指公司总经理、副总经理、总会计师、总工程师、 总法律顾问和董事会秘书。 第三条 董事、高级管理人员薪酬管理遵循以下原则： （一）坚持目标导向。董事、高级管理人员薪酬分配与绩效考核结 ...