Core Viewpoint - The company, Shenzhen Sannuo Circuit (002916), reported a high overall capacity utilization rate during an institutional survey on October 29, 2023, indicating strong operational performance in its PCB and packaging substrate businesses [1]. Group 1: Company Performance - The overall capacity utilization rate for the PCB business remains at a relatively high level as of Q3 2025 [1]. - The packaging substrate business has seen a significant increase in capacity utilization due to rising demand in the storage market and for application processor chip products [1].

Company and Industry Summary Company: 深南电路 (Shennan Circuits) Key Financial Performance - Q3 revenue reached 6.3 billion RMB, a quarter-on-quarter increase of 11% and a year-on-year increase of 11% [2][3] - Year-to-date revenue for the first three quarters was 16.75 billion RMB, a year-on-year increase of 28% [3] - Net profit for Q3 was 966 million RMB, with a year-on-year growth of 11% [2][3] - Year-to-date net profit was 2.33 billion RMB, a year-on-year increase of 56% [3] Business Segments Performance - PCB business contributed approximately two-thirds of revenue growth, while substrate business contributed about one-third [2] - Electronic assembly business saw a slight decline in revenue [2] - Demand from data centers and AI-related devices was the main driver for PCB growth, while increased storage market demand boosted substrate business [2][5] Margin Analysis - PCB business contributed over 60% to gross margin, but substrate business showed more significant margin growth due to improved utilization rates and enhancements at the Guangzhou plant [2][6] - Substrate gross margin improved significantly in Q3 compared to the first half of the year, while PCB gross margin saw only slight growth [6][35] Raw Material and Pricing Dynamics - Rising raw material prices were the main factor driving up substrate prices [2][10] - The increase in gold prices significantly impacted narrow board gross margins [11][30] - The company anticipates that storage market price increases may continue to push upstream prices higher, but the specific impact will depend on market dynamics and supply chain conditions [10] Ongoing Projects and Capacity - Major ongoing projects include Nantong Phase IV and a project in Thailand, with an expected input-output ratio between 1:1 and 1:1.2 [2][6] - Automotive-related business saw a slight decrease in proportion but an absolute increase, constrained by capacity [7] - The company does not plan to shift automotive capacity to AI products due to differing product characteristics and customer supply chain stability requirements [8] R&D and Future Outlook - R&D expenses increased, primarily focused on data centers, communications, and new products [9] - The company is preparing for potential delivery pressures and bottlenecks due to expected growth in the optical module market [4][15] - AI remains a significant growth driver, with strong demand expected to continue in the coming years [36] Market Trends and Competitive Landscape - Domestic PCB growth outpaced international growth in Q3, with local demand showing an increase [19] - The company is focused on maintaining resource allocation to meet customer needs without adjusting for domestic and international market differences [38] Challenges and Risks - The shortage of glass fiber cloth is impacting raw material supply and costs, leading to potential pressure on gross margins in Q4 [34] - Management expenses are expected to rise due to increased salaries and personnel, which may affect overall profitability in the short term [20][33] Conclusion - 深南电路 is experiencing robust growth driven by demand in the PCB and substrate markets, particularly from AI and data center applications. The company is actively managing its projects and R&D investments to capitalize on these trends while navigating challenges related to raw material costs and capacity constraints.

Core Insights - The company reported a revenue of 16.754 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 28.39% [1] - The net profit attributable to shareholders reached 2.326 billion yuan, showing a year-on-year increase of 56.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.182 billion yuan, reflecting a year-on-year growth of 58.56% [1]

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 6.301 billion, representing a year-on-year growth of 33.25% [2] - The net profit attributable to shareholders reached CNY 966 million, with a year-on-year increase of 92.87% [2] - The net profit excluding non-recurring items totaled CNY 916 million, reflecting a growth of 94.16% year-on-year [2] Business Growth Drivers - The growth was primarily driven by opportunities in AI computing power upgrades, structural growth in the storage market, and the acceleration of automotive electronics [2] - Increased demand for AI chips, servers, and related products contributed to the rise in main business revenue [2] Gross Margin and Cost Management - The overall gross margin showed improvement in Q3 2025, aided by increased demand for storage packaging substrates and enhanced production capacity utilization [2] - The company’s PCB business maintained a high capacity utilization rate, with significant improvements in the packaging substrate business due to rising demand [5] Product Development and R&D Investment - R&D investment in Q3 2025 amounted to approximately CNY 464 million, accounting for 7.37% of total revenue [7] - The company is advancing various R&D projects, including next-generation communication and data center-related PCB technologies [7] Capacity Expansion and New Projects - The company is constructing new factories, including the Nantong Phase IV and a facility in Thailand, which are expected to enhance PCB production capacity [4] - The Thailand factory has commenced trial production, while Nantong Phase IV is set to start operations in Q4 2025 [4] Raw Material Price Trends - In Q3 2025, prices for key raw materials such as gold salt and copper increased due to fluctuations in commodity prices [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6] Packaging Substrate Business - The packaging substrate business saw a sequential revenue increase in Q3 2025, with notable growth in storage packaging substrates [3] - The company’s FC-BGA packaging substrates have achieved mass production capabilities for products with 20 layers and below [9]

Core Viewpoint - ShenNan Circuit (002916) announced the appointment of Mr. Yang Zhiqin as the new General Manager of the company [1] Group 1 - The company's board of directors approved the hiring of Mr. Yang Zhiqin [1]

格隆汇10月29日丨深南电路(002916.SZ)公布三季度报告，前三季营业收入167.54亿元，同比增长 28.39%，归属于上市公司股东的净利润23.26亿元，同比增长56.3%，归属于上市公司股东的扣除非经常 性损益的净利润21.8亿元，同比增长58.56%。 ...

Core Viewpoint - ShenNan Circuit (002916) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Q3 2025 revenue reached 6.301 billion yuan, representing a year-on-year increase of 33.25% [1] - Q3 2025 net profit was 966 million yuan, showing a remarkable year-on-year growth of 92.87% [1] - For the first three quarters of 2025, total revenue amounted to 16.754 billion yuan, up 28.39% compared to the same period last year [1] - Net profit for the first three quarters of 2025 was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [1] - Basic earnings per share for the first three quarters stood at 3.49 yuan [1]

证券代码：002916 证券简称：深南电路 公告编号：2025-034 深南电路股份有限公司 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。 关于公司董事、总经理辞职暨 聘任总经理并提名非独立董事候选人的公告 公司第四届董事会中兼任公司高级管理人员以及由职工代表担任的董事人 数总计未超过公司董事总数的二分之一，符合相关法律法规和规范性文件的规定。 三、备查文件 1、董事、总经理周进群的辞职报告； 一、董事、总经理离任情况 深南电路股份有限公司（以下简称"公司"）董事会于近日收到周进群先生 提交的书面辞职报告。周进群先生因工作调整原因申请辞去公司第四届董事会董 事、总经理及战略委员会委员职务，上述职务原定任职期间为 2024 年 4 月 18 日至 2027 年 4 月 17 日，周进群先生辞职后不再担任公司及控股子公司任何职务。 根据《中华人民共和国公司法》及《公司章程》的有关规定，周进群先生的 辞职不会导致公司董事会成员低于法定人数，其辞职报告自送达董事会时生效。 截至本公告披露日，周进群先生持有公司股票 818,727 股，不存在未履行完毕的 公开承诺。周 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-032 一、董事会会议召开情况 深南电路股份有限公司（以下简称"公司"）第四届董事会第九次会议于 2025 年 10 月 28 日在公司会议室以现场结合通讯方式召开，会议通知于 2025 年 10 月 17 日以电子邮件方式向全体董事发出，本次会议应参加表决董事 9 人，实际表 决董事 9 人。本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 二、董事会会议审议情况 本次会议审议通过了以下议案： （一）《2025 年第三季度报告》 具体内容详见披露于《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 的《2025 年第三季度报告》（公告编号：2025-033）。 深南电路股份有限公司 第四届董事会第九次会议决议公告 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。 该议案已经提名委员会以 3 票同意全票审议通过。与会董事以同意 9 票，反 对 0 票，弃权 0 票的结果通过。本议案尚需提交股东会审议。 三、备查文件 1、公司第四届董事 ...