证券代码：002916 证券简称：深南电路 公告编号：2025-016 （一）《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 与会监事以同意 3 票、反对 0 票、弃权 0 票的结果通过。 深南电路股份有限公司 第四届监事会第六次会议决议 本公司及监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、监事会会议召开情况 深南电路股份有限公司（以下简称"公司"）第四届监事会第六次会议于 2025 年 4 月 23 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 4 月 18 日以电子邮件等方式向全体监事发出。本次应参与表决监事 3 人，实际表决 3 人。本次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、监事会会议审议情况 本次会议审议并通过了以下议案： 三、 备查文件 1、公司第四届监事会第六次会议决议。 特此公告。 深南电路股份有 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-015 深南电路股份有限公司 第四届董事会第六次会议决议 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、董事会会议召开情况 1、公司第四届董事会第六次会议决议； 2、审计委员会会议决议。 特此公告。 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 年第一季度报告》 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 年第一季度报告》（公告编号：2025-017）。 该议案已经审计委员会以 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。 本次会议的召开与表决符合《公司法》和《公司章程》的有关规定，表决结 果真实、合法、有效。 三、备查文件 深南电路股份有限公司（以下简称"公司"）第四届董事会第六次会议于 2025 年 4 月 23 日在公司会议室以现场结合通讯方式召开。通知于 2025 年 4 月 18 日 以电子邮件等方式向全体董事发出，本次会议应参加表决董事 9 人， ...

Financial Performance - The company's revenue for Q1 2025 reached ¥4,782,896,546.25, representing a 20.75% increase compared to ¥3,961,013,853.78 in the same period last year[5] - Net profit attributable to shareholders was ¥491,448,182.06, up 29.47% from ¥379,571,805.82 year-on-year[5] - Basic and diluted earnings per share rose to ¥0.96, reflecting a 29.73% increase from ¥0.74 in the previous year[5] - The net profit for the current period was ¥492,056,366.00, representing a 30% increase from ¥379,272,023.84 in the previous period[20] Cash Flow - The net cash flow from operating activities increased by 8.87% to ¥612,758,707.92, compared to ¥562,835,154.99 in Q1 2024[5] - Operating cash flow for the current period is ¥612,758,707.92, an increase of 8.5% compared to ¥562,835,154.99 in the previous period[22] - Total cash inflow from operating activities reached ¥4,756,558,679.56, up from ¥3,798,501,202.27, reflecting a growth of 25.3%[22] - Cash outflow for purchasing goods and services was ¥2,756,052,668.43, compared to ¥2,044,231,467.43 in the previous period, marking a 34.8% increase[22] - Cash received from government subsidies increased by 128.34% to ¥130,365,646.30, compared to ¥57,093,002.65 in Q1 2024[10] - The company received tax refunds amounting to ¥254,970,909.09, up from ¥127,159,630.00, representing a 100% increase[22] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥26,162,389,146.31, a 3.40% increase from ¥25,302,247,864.46 at the end of 2024[5] - The total liabilities rose to ¥11,024,486,457.20, up from ¥10,656,346,384.27, indicating a 3.5% increase[18] - The equity attributable to shareholders of the parent company increased to ¥15,108,302,251.99, compared to ¥14,617,020,314.27, marking a growth of 3.4%[18] - The company experienced a 100.51% increase in tax refunds received, totaling ¥254,970,909.09, compared to ¥127,159,630.00 in the same period last year[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 58,762[13] - The largest shareholder, AVIC International Holdings, holds 63.97% of shares, totaling 328,068,670 shares[13] - The top ten shareholders hold a significant portion of shares, with the first three shareholders alone accounting for over 66% of total shares[14] - The company has no preferred shareholders as indicated in the report[15] Expenses - Management expenses rose by 44.87% to ¥208,787,948.15, primarily due to increased salaries[9] - Research and development expenses were reported at ¥329,051,821.23, slightly down from ¥337,678,460.65 in the previous period[19] Investment Income - The company reported a significant increase in investment income, which surged by 1565.25% to ¥3,015,909.75, compared to ¥181,108.14 in Q1 2024[9] Other Financial Metrics - The company's cash and cash equivalents at the end of the period amounted to ¥1,708,385,364, an increase from ¥1,553,318,757.56 at the beginning of the period[16] - Accounts receivable increased to ¥4,103,298,521.22 from ¥3,805,722,762.79, reflecting a growth of approximately 7.8%[16] - Inventory at the end of the period was ¥3,670,933,256.02, up from ¥3,394,998,926.68, indicating an increase of about 8.1%[16] - Total current assets reached ¥11,640,474,252.84, compared to ¥10,854,167,568.48 at the beginning of the period, showing a growth of approximately 7.2%[16] Financial Activities - Cash inflow from financing activities totaled ¥212,386,282.78, compared to ¥106,025,959.20 in the previous period, indicating a 100% increase[23] - The net increase in cash and cash equivalents for the current period was ¥155,066,120.91, compared to ¥478,697.68 in the previous period[23] - The ending balance of cash and cash equivalents is ¥1,706,442,782.50, significantly higher than ¥851,224,877.92 from the previous period[23] Audit Status - The company has not yet audited the first quarter report for 2025[24]

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for Q1 2025 was 4.783 billion, representing a year-on-year growth of 20.75% [1] - The net profit attributable to shareholders for the same period was 491 million, showing a year-on-year increase of 29.47% [1]

Core Insights - The report highlights a selection of stocks for April, including 中远海特 (600428.SH), 极兔速递-W (1519.HK), and 宁德时代 (300750.SZ) among others, indicating potential investment opportunities in these companies [1] - The macroeconomic analysis indicates a strong support for China's trade surplus from Europe, the US, and ASEAN, with a year-on-year GDP growth of 5.4% in Q1 2025, surpassing expectations [2][9] - The report emphasizes the resilience of the Chinese economy despite external pressures, with significant contributions from manufacturing and infrastructure investments [9][12] Industry Performance - The communication sector showed a positive growth of 1.59%, while the beauty care and social services sectors experienced declines of 2.46% and 2.45% respectively, indicating varied performance across industries [2] - The report notes that the telecommunications industry may benefit from Germany's policy changes, which could allow more Chinese companies to participate in European infrastructure projects [3][16] Macroeconomic Analysis - In Q1 2025, the actual GDP growth was 5.4%, with industrial output and retail sales also exceeding expectations, driven by export demand and consumer subsidies [9][11] - The report discusses the impact of the US's "reciprocal tariff" policy, which is expected to affect China's exports throughout 2025, necessitating a shift towards non-US markets [12][9] Company-Specific Insights - 万华化学 (Wanhua Chemical) reported a revenue of 182.07 billion yuan for 2024, a 3.83% increase year-on-year, but faced a 22.49% decline in net profit [4][19] - The company is focusing on expanding its polyurethane and fine chemicals segments, with significant production increases expected in the coming years [20][21] - Wanhua Chemical is also investing in technological innovations, particularly in battery materials, to enhance its competitive edge [22] Investment Recommendations - The report suggests monitoring companies in the telecommunications sector due to potential growth from policy changes in Europe, particularly for Chinese firms [16][17] - It also highlights the importance of focusing on high-tech industries and consumer goods to stimulate domestic demand and support economic growth [15][12]

Group 1: Market Overview - The report highlights strong domestic economic growth in Q1, with GDP growth reaching 5.4%, surpassing the expected 5.2% [5] - Investment in manufacturing and infrastructure remains steady, while real estate investment shows signs of slowing down [5] - Consumer spending is improving, particularly in online retail, indicating effective policies for upgrading consumer goods [5] Group 2: Company Performance - Weir Shares - Weir Shares reported a revenue of 25.731 billion yuan for 2024, a year-on-year increase of 22%, with a gross margin of 29.4%, up by 7.7 percentage points [9] - The company's net profit reached 3.323 billion yuan, reflecting a significant year-on-year increase of 498% [9] - The growth in revenue is primarily driven by the mobile and automotive CIS sectors, while DDIC revenue is under pressure [10][11] Group 3: Company Performance - Nanya Technology - Nanya Technology achieved a revenue of 3.362 billion yuan in 2024, marking a 12.7% year-on-year increase, and turned a profit with a net profit of 50 million yuan [13] - The company reported a gross margin of 8.65%, up by 4.49 percentage points, and a net profit margin of 1.5%, up by 5.84 percentage points [13] - In Q1 2025, Nanya's revenue surged by 45.04% year-on-year, indicating a strong start to the year [13] Group 4: Industry Trends - The report indicates a weak replenishment trend in the domestic inventory cycle, with various indicators showing steady recovery in consumer spending and business expectations [6] - The uncertainty surrounding tariffs is expected to impact asset prices, with gold likely to maintain its strength amid a weak dollar trend [6][7] - The report suggests that Chinese assets have a relative advantage, with A-shares entering an observation period, focusing on dividend and domestic demand as key investment themes [7]

Core Insights - The report highlights a significant acceleration in China's export growth in March, with a year-on-year increase of 12.4%, driven by favorable contributions from major trading partners and a strong performance in certain mechanical and electrical products [6][7][8] - The macroeconomic policy focus will continue to be on "expanding domestic demand" as a key strategy moving forward [6][9] Macroeconomic Overview - In Q1, China's exports grew by 5.8% year-on-year in USD terms, while imports fell by 7.0%, resulting in a trade surplus of $272.97 billion [6][7] - The trade surplus in RMB terms was 19,614.2 billion, with exports increasing by 6.9% and imports decreasing by 6.0% [6][7] - March's export growth was notably influenced by a 46.0% month-on-month increase, attributed to the end of the Spring Festival and active "export rush" by foreign trade enterprises [8] Industry Performance - The report emphasizes the performance of the electrical equipment sector, specifically highlighting the financial results of a key company, 大金重工, which reported a revenue of 3.78 billion yuan in 2024, a decrease of 12.61% year-on-year, but with a net profit increase of 11.46% to 474 million yuan [10][11] - The company's overseas shipments accounted for 45.58% of its revenue, indicating a strategic shift towards international markets [11] Trade Partner Contributions - In March, exports to ASEAN countries saw a year-on-year increase of 11.6%, with imports growing by 9.8%, marking the highest export share to ASEAN since 2008 [7] - Exports to the EU and the US also showed positive growth, with year-on-year increases of 10.3% and 9.1%, respectively, while imports from these regions declined [7] Future Growth Potential - The report suggests that the European offshore wind market is poised for rapid growth, which could benefit the company significantly as it has established itself as a key supplier in this sector [12][13] - The company is actively expanding its production capacity and seeking new growth avenues, including the development of floating wind power foundations and a global logistics system [13]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses a company in the PCB (Printed Circuit Board) and semiconductor industry, focusing on its financial performance, market opportunities, and challenges faced in the current economic environment. Key Points and Arguments Financial Performance - The company reported total revenue of 17.9 billion with a year-on-year growth of 32% and a net profit of 1.878 billion, reflecting a 34% increase. The adjusted net profit was 1.74 billion, showing a significant year-on-year growth of 74% [1] - The PCM (Power Control Module) business capitalized on opportunities in computing power and automotive electronics, achieving revenue of 10.5 billion, a nearly 30% increase, with a gross margin of 35.6%, up by 5.07% year-on-year [1] - The electronic assembly business generated 2.8 billion in revenue, a 33% increase, with a slight change in gross margin to 14.4% [3] Market Dynamics - The demand for automotive electronics continues to grow, driven by international projects and domestic electric vehicle systems, increasing its market share from under 12% to approximately 14% [6] - The company is expanding its FCBGA (Flip Chip Ball Grid Array) product capabilities, achieving mass production for products with less than 16 layers and developing capabilities for 18 and 20-layer products [2] - The company is focusing on high-end products and AI-related technologies, with R&D investment projected to account for 7.1% of revenue, exceeding 1.2 billion [3] Challenges and Risks - Gross margin decreased by 5.72 percentage points, primarily due to construction costs of the Guangzhou plant and rising raw material prices, alongside fluctuations in demand for EP-type substrates [2] - The Guangzhou project is still in the early stages of construction, leading to increased costs and expenses that negatively impact profits [2] - The company faces challenges in maintaining production efficiency and profitability due to the transition from R&D to mass production, particularly in the Guangzhou facility, which reported a loss of 400 million [16] Future Outlook - The company anticipates a recovery in demand, particularly in mature markets, driven by AI-related projects and increased domestic orders [18] - The overall PCB market is expected to see growth, with a focus on high-density interconnect (HDI) and multi-layer products, although the supply chain remains tight [30] - The company is preparing for future capacity expansions, particularly in its new facilities in Nantong and Thailand, with plans to ramp up production in the latter half of the year [11][38] Additional Insights - The company is actively exploring new markets, including automotive substrates, to mitigate the impact of weak demand in traditional sectors [8] - There is a notable shift in the competitive landscape, with increased interest in domestic suppliers as international clients tighten their purchasing [39] - The company is committed to maintaining a balance between production capacity and market demand, ensuring that it can respond effectively to fluctuations in order volumes [26] Conclusion The conference call highlights the company's robust financial performance amidst challenges in the PCB and semiconductor industry. It emphasizes the importance of innovation, market expansion, and strategic investments in R&D to sustain growth and profitability in a competitive landscape.

Group 1 - The core viewpoint of the news is that 深南电路 (Shennan Circuit) has shown significant growth in its financial performance for the year 2024, with a total revenue of 17.907 billion yuan, representing a year-on-year increase of 32.39% [1] - The net profit attributable to shareholders reached 1.878 billion yuan, up 34.29% year-on-year, while the non-recurring net profit surged by 74.34% to 1.740 billion yuan [1] - The company's liquidity ratios are reported with a current ratio of 1.449 and a quick ratio of 0.996, indicating a stable financial position [1] Group 2 - 深南电路 has made investments in 10 companies and participated in 2,098 bidding projects, showcasing its active engagement in the market [2] - The company holds 8 trademark registrations and 1,595 patents, reflecting its strong focus on intellectual property [2] - Additionally, 深南电路 possesses 205 administrative licenses, indicating compliance and operational capabilities [2]

Core Insights - The report highlights the significant clinical progress of KC1036, an innovative drug developed by the company, which has successfully completed the first patient enrollment in a Phase II clinical trial for treating advanced Ewing sarcoma in adolescents aged 12 and above [3][6][7] - The potential market for KC1036 is substantial, with ongoing clinical studies for multiple indications, including esophageal cancer, where the first patient was enrolled in February 2024. The estimated number of esophageal cancer patients in China was 742,000 in 2022, indicating a large potential market [7] - The company is undergoing a marketing transformation in 2024, aiming to enhance its sales capabilities through a digital marketing team, which is expected to strengthen sales for existing products and lay the groundwork for future sales of KC1036 [7] Market Performance - The Shanghai Composite Index closed at 3145.55, up by 1.58%, while the Shenzhen Component Index rose by 0.64% to 9424.68. The CSI 300 Index increased by 1.71% to 3650.76, and the ChiNext Index saw a rise of 1.83% to 1840.31 [4] - In the industry performance, the Agriculture, Forestry, Animal Husbandry, and Fishery sector led with a 7.81% increase, followed by Retail with 3.44% and Food & Beverage with 3.37%. Conversely, the Electronics sector declined by 1.69% [5]