Group 1: Company Operations and Performance - The company's recent business operations and factory capacity utilization remain high due to ongoing demand in the computing power and automotive electronics markets [1] - The utilization rate for the packaging substrate business has improved compared to Q4 2024, driven by a relative recovery in the storage sector [1] - The overall capacity utilization rate remains at a relatively high level, with normal order intake across various business segments [1] Group 2: Investment and Expansion - The total investment in the Thailand factory amounts to 1.274 billion RMB, with construction progressing on schedule [2] - The establishment of the Thailand factory is aimed at expanding overseas markets and enhancing the company's global supply capabilities [2] Group 3: Market Impact and Strategy - Direct sales revenue from the U.S. accounts for less than 6% of the company's total revenue, indicating a limited impact from U.S. tariff policies [1] - The company is closely monitoring changes in the international trade environment and is in continuous communication with industry stakeholders to develop flexible responses [1] - The PCB industry is expected to evolve towards higher frequency, speed, precision, and integration, driven by advancements in generative AI, next-generation communications, and smart driving technologies [2] - In 2025, the company will continue to implement its "3-In-One" strategy, focusing on seizing market opportunities presented by rapid AI development while enhancing operational management for high-quality growth [2] Group 4: Compliance and Disclosure - The company adhered to the "Information Disclosure Management System" during the research process, ensuring no significant undisclosed information was leaked [2]

Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has experienced a decline, reflecting the overall performance of selected central enterprise listed companies in manufacturing, technology, and modern services sectors [1][2] Group 1: Index Performance - The index opened lower and fluctuated, closing down 0.23% at 1593.32 points with a trading volume of 17.177 billion yuan [1] - Over the past month, the index has decreased by 0.93%, and it has fallen by 2.38% over the last three months and year-to-date [1] Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on R&D investment, profitability, and industry cross-integration [1] - The top ten weighted stocks in the index are Hikvision (10.25%), Guodian NARI (9.28%), Changan Automobile (8.8%), AVIC Optoelectronics (7.12%), China Merchants Highway (3.75%), AVIC On-board (3.65%), Shenzhen South Road (3.58%), China Software (3.51%), Baoxin Software (3.4%), and AVIC High-Tech (2.74%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.81%), followed by the Shanghai Stock Exchange (40.91%) and the Beijing Stock Exchange (0.28%) [1] - The industry distribution of the index holdings shows that industrials account for 47.74%, information technology for 34.27%, consumer discretionary for 9.20%, financials for 4.14%, communication services for 3.83%, and materials for 0.83% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

关于深南电路股份有限公司 法律意见书 北京市嘉源律师事务所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：深南电路股份有限公司 北京市嘉源律师事务所 关于深南电路股份有限公司 法律意见书 嘉源(2025)-04-181 北京市嘉源律师事务所（以下简称"本所"）接受深南电路股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效 的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《深 南电路股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本 所律师对公司2024年年度股东大会（以下简称"本次股东大会"）进行见证，并 依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和 ...

2、 本次股东大会不涉及变更以往股东大会已通过的决议。 证券代码：002916 证券简称：深南电路 公告编号：2025-014 深南电路股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、 本次股东大会不存在否决议案的情形。 一、会议召开情况 1、会议召开时间： （1）现场会议时间：2025 年 4 月 2 日（星期三）15:00 （2）网络投票时间：2025 年 4 月 2 日。其中，通过深圳证券交易所交易系 统进行投票的时间为 2025 年 4 月 2 日 9:15-9:25、9:30-11:30、13:00-15:00；通过 深圳证券交易所互联网投票系统进行投票的时间为 2025 年 4 月 2 日 9:15-15:00 的任意时间。 （3）会议召开和表决方式： 本次股东大会采取现场与网络投票结合的方式。 2、召集人：深南电路股份有限公司（以下简称"公司"）董事会 3、现场会议召开地点：深圳市南山区侨城东路 99 号公司 5 楼会议室 4、现场会议主持人：董事长杨之诚先生 5、本次股东大会的召开 ...

北京市嘉源律师事务所 关于深南电路股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：深南电路股份有限公司 北京市嘉源律师事务所 关于深南电路股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-181 北京市嘉源律师事务所（以下简称"本所"）接受深南电路股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效 的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《深 南电路股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本 所律师对公司2024年年度股东大会（以下简称"本次股东大会"）进行见证，并 依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [8]. Core Insights - The company achieved a revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%. The net profit attributable to shareholders was 1.878 billion yuan, with a growth of 34.29% [4][5]. - The PCB business showed strong performance with revenues of 10.494 billion yuan, up 29.99% year-on-year, driven by increased demand in communication products and data centers [5]. - The packaging substrate business generated revenues of 3.171 billion yuan, growing by 37.49% year-on-year, although its gross margin decreased due to rising raw material costs [5]. - The report highlights that AI computing power is driving PCB demand, with significant growth opportunities in the packaging substrate sector as major tech companies maintain high capital expenditures [3][5]. Financial Summary - The company’s total revenue is projected to reach 21.502 billion yuan in 2025, with a net profit of 2.561 billion yuan, reflecting a continued upward trend in earnings [6]. - The gross margin for the PCB business is expected to be 31.62%, significantly improved by 5.07 percentage points year-on-year, attributed to better capacity utilization and high-value orders [5]. - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 4.99 yuan and 6.17 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25 and 20 [5][6].

Group 1: PCB Business Performance - In 2024, PCB business achieved a revenue of 10.494 billion CNY, a year-on-year increase of 29.99%, with a gross margin of 31.62%, up by 5.07 percentage points [1] - Growth in PCB revenue is driven by demand in the communication sector, particularly for 400G and above high-speed switches and optical module products, as well as AI server-related products in data centers [1] - The increase in gross margin is attributed to higher production capacity utilization and optimization of product structure [1] Group 2: Packaging Substrate Business Performance - In 2024, the packaging substrate business generated a revenue of 3.171 billion CNY, a year-on-year increase of 37.49%, but with a gross margin of 18.15%, down by 5.72 percentage points [2] - The decline in gross margin is mainly due to the ramp-up of the Guangzhou packaging substrate project and rising raw material prices, alongside fluctuations in market demand [2] Group 3: Product Characteristics and Capabilities - FC-BGA packaging substrate features high multilayer and fine line characteristics, primarily used for CPU and GPU logic chips [3] - The company has achieved mass production capability for products with 16 layers and has sample manufacturing capabilities for 18 and 20-layer products [3] Group 4: Project Progress and Capacity Utilization - The Guangzhou packaging substrate project has commenced production in Q4 2023, with ongoing capacity ramp-up and batch orders being fulfilled, although it is still in the early stages of capacity ramp-up [4] - PCB business maintains high capacity utilization due to sustained demand in computing and automotive electronics markets [7] Group 5: Market Applications and Expansion Plans - PCB business focuses on high-end products with applications primarily in communication devices, data centers, and automotive electronics, with the data center market reaching a scale of 2 billion CNY in 2024 [5] - The company is expanding its PCB production capacity through technological upgrades and new projects in various locations, including Shenzhen, Wuxi, Nantong, and Thailand [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in revenue and profit, with a 34.3% year-on-year growth in net profit for 2024, driven by demand in optical communication and data center AI servers [7] - The company has achieved mass production of FC-BGA packaging substrates up to 16 layers, with capabilities for 18 and 20 layers in sample manufacturing [7] - The forecast for net profit has been raised due to continuous breakthroughs in computing power, optical communication, and automotive orders, with net profit estimates for 2025 and 2026 adjusted to 2.4 billion and 2.7 billion respectively [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 13,526 million in 2023 to 25,301 million by 2027, with a compound annual growth rate (CAGR) of approximately 13.8% [6] - The net profit is expected to increase from 1,398 million in 2023 to 3,391 million by 2027, reflecting a strong growth trajectory [9] - The gross margin is anticipated to improve from 23.4% in 2023 to 26.9% in 2027, indicating enhanced profitability [6] Business Segments Performance - PCB business revenue is expected to reach 104.94 billion in 2024, with a year-on-year growth of 29.99%, contributing 58.60% to total revenue [7] - The packaging substrate business is projected to generate 31.71 billion in revenue in 2024, with a year-on-year increase of 37.49% [7] - The electronic assembly business is forecasted to achieve 28.23 billion in revenue, reflecting a year-on-year growth of 33.20% [7]

Group 1: PCB Business Performance - In 2024, PCB business achieved a revenue of 10.494 billion RMB, a year-on-year increase of 29.99%, with a gross margin of 31.62%, up by 5.07 percentage points [2] - Growth in PCB revenue is primarily driven by demand in the communication sector for high-speed switches and optical module products, as well as increased demand in data centers and automotive electronics [2] - The increase in PCB gross margin is attributed to higher revenue scale, improved factory capacity utilization, and optimized product structure [2] Group 2: Packaging Substrate Business Performance - In 2024, the packaging substrate business generated a revenue of 3.171 billion RMB, a year-on-year increase of 37.49%, with a gross margin of 18.15%, down by 5.72 percentage points [3] - The decline in gross margin is mainly due to rising raw material costs and fluctuations in market demand for BT substrates [3] Group 3: Product Development and Capacity Expansion - The company has achieved mass production capability for FC-BGA substrates with up to 16 layers, and sample production for 18 and 20 layers is underway [4] - The Guangzhou packaging substrate project has commenced production, with ongoing capacity ramp-up, although it is still in the early stages [5] - PCB business is expanding in the automotive electronics sector, focusing on high-frequency and HDI products for both domestic and international Tier 1 customers [7] Group 4: Capacity Utilization and Future Plans - PCB business maintains high capacity utilization due to sustained demand in computing and automotive electronics [9] - The company plans to enhance production efficiency through technological upgrades at existing factories and is progressing with the construction of a new facility in Nantong [10] - The total investment for the Thailand factory is 1.274 billion RMB, aimed at expanding overseas market reach [11]

Group 1: PCB Business Performance - In 2024, PCB business achieved a revenue of 10.494 billion CNY, a year-on-year increase of 29.99%, with a gross margin of 31.62%, up by 5.07 percentage points [1] - Growth in PCB revenue is primarily driven by demand in the communication sector, particularly for 400G AI-related products, data center servers, and automotive electronics [1] - The company has implemented operational management improvements to enhance cost competitiveness, including optimizing raw material usage and energy management [1] Group 2: Packaging Substrate Business Performance - In 2024, the packaging substrate business generated a revenue of 3.171 billion CNY, a year-on-year increase of 37.49%, with a gross margin of 18.15%, down by 5.72 percentage points [2] - The decline in gross margin is attributed to rising raw material costs and fluctuations in market demand for BT substrates [2] Group 3: Product Development and Capacity Expansion - The company has achieved mass production capabilities for FC-BGA substrates with up to 16 layers and is progressing with sample production for 18 and 20-layer products [3] - The Guangzhou packaging substrate project is in the early stages of capacity ramp-up, focusing on building production capabilities while managing associated costs [4] - PCB business is expanding its production capacity through technological upgrades and new projects in Shenzhen, Wuxi, Nantong, and Thailand [8] Group 4: Market Applications and Trends - The PCB business focuses on high-end products for communication devices, with significant applications in data centers and automotive electronics, particularly in the new energy and ADAS sectors [5][6] - The automotive electronics segment is a key area of expansion, targeting both domestic and international Tier 1 customers [6] - Recent demand in the storage sector has led to a slight increase in capacity utilization for the packaging substrate business [7]