2024 年 08 月 29 日 评级变动 调高 交易数据 当前价格（元） 99.38 52 周价格区间（元） 49.27-130.50 总市值（百万） 50969.80 流通市值（百万） 50764.51 总股本（万股） 51287.80 流通股（万股） 51081.30 主营收入(亿元) 139.92 135.26 172.72 203.93 229.19 归母净利润(亿元) 16.40 13.98 21.79 26.67 30.92 每股收益（元） 3.20 2.73 4.25 5.20 6.03 每股净资产（元） 23.88 25.71 28.58 32.29 36.75 P/E 31.08 36.46 23.40 19.11 16.48 P/B 4.16 3.87 3.48 3.08 2.70 资料来源：iFinD，财信证券 投资要点： 事件：公司发布 2024 年半年报。2024 年上半年，公司实现营收 83.21 亿元，同比增长 37.91%；归母净利润 9.87 亿元，同比增长 108.32%。 毛利率 26.20%，同比+3.27pct；净利率 11.86%，同比+4.01pct。第二 季度 ...

Financial Performance - In the first half of 2024, the company achieved total revenue of 1.2 billion yuan, representing a year-on-year growth of 108.32% [2] - The net profit attributable to shareholders reached 83.21 million yuan, an increase of 37.91% compared to the previous year [2] - The growth was driven by structural opportunities in the industry, increased market expansion efforts, and a significant rise in orders [2] PCB Business Overview - The PCB business focuses on high-end products, with applications primarily in communication equipment, data centers, and automotive electronics [2] - In the data center sector, orders increased significantly due to rising demand for AI-related products and server upgrades [3] - The automotive electronics segment is a key growth area, with a focus on new energy and ADAS, leading to an increase in business share [3] Market Trends and Demand - The communication market showed varied demand, with wireless communication products not seeing significant improvement, while wired products, especially 400G and above, experienced growth [3] - The company is actively developing next-generation platform products in collaboration with downstream clients [3] Packaging Substrate Business - The packaging substrate business saw a notable increase in orders due to market demand recovery and the introduction of new products [4] - The company has achieved mass production capabilities for 16-layer and below FC-BGA products, with ongoing efforts to enhance technical capabilities [4] Operational Efficiency - The PCB factory's operating rate remained stable at a high level, while the packaging substrate factory experienced slight fluctuations due to demand changes [4] - The company is closely monitoring raw material price fluctuations, with no significant impact on operations in the first half of 2024 [4]

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：2024-52 | --- | --- | --- | |--------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | √特定对象调研 □分析师会议 □现场参观 | | 投资者关系 活动类别 | | □媒体采访 □业绩说明会 □新闻发布会 | | | □路演活动 √其他 | （ 券商策略会 ） | | 活动参与人 员（排名不 分先后） | | 中信证券、光大证券、财通证券、富国基金、安信基金、信达澳亚基金、传奇投资、鹏华 基金、长城基金、中欧基金、永赢基金、中银基金、万家基金 | | 上市公司 接待人员 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation in the coming months [3]. Core Insights - The company has achieved record performance, significantly benefiting from the surge in AI demand. In the first half of 2024, it reported a revenue of 8.32 billion yuan, a year-on-year increase of 37.91%, and a net profit of 0.987 billion yuan, up 108.32% year-on-year [1][3]. - The company is positioned to capitalize on structural opportunities in the industry, with all business orders showing year-on-year growth. The trends of electrification and intelligence in the automotive sector, along with demand recovery in certain areas, are expected to continue [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 8.32 billion yuan, with a net profit of 0.987 billion yuan. The second quarter saw revenues of 4.36 billion yuan, a year-on-year growth of 34.19% and a quarter-on-quarter increase of 10.07% [1]. - The PCB business generated 4.855 billion yuan, accounting for 58.35% of total revenue, with a year-on-year growth of 25.09%. This growth is attributed to increased demand in the communication sector and data centers [1]. - The packaging substrate business reported revenues of 1.596 billion yuan, representing 19.18% of total revenue, with a significant year-on-year growth of 94.31% [1]. - The electronic assembly business generated 1.211 billion yuan, accounting for 14.55% of total revenue, with a year-on-year increase of 42.39% [1]. Earnings Forecast - The company is expected to achieve EPS of 4.13, 5.03, and 6.00 for the years 2024, 2025, and 2026, respectively. The corresponding P/E ratios are projected to be 24.4, 20.0, and 16.8 [3][5]. Strategic Positioning - The company has established a unique "3-In-One" business layout, focusing on interconnectivity while enhancing its leading position in the PCB sector and developing its packaging substrate and electronic assembly businesses [1][2]. - The ongoing development of high-end products in the packaging substrate sector and the introduction of new customers are expected to bolster profitability as production capacity ramps up in new factories [2]. Market Outlook - The report highlights that the company is well-positioned to benefit from the strong demand in AI, communication, and data center sectors, which are expected to drive sustained high growth in its future performance [3].

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：2024-51 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported record high revenue and net profit for the second quarter of 2024, driven by trends in AI, automotive electrification, and demand recovery in certain sectors [1]. - In H1 2024, the company achieved revenue of 8.321 billion yuan, a year-on-year increase of 37.91%, and a net profit attributable to shareholders of 0.987 billion yuan, up 108.32% year-on-year [1]. - The PCB business capitalized on structural opportunities, leading to improved performance, with revenue of 4.855 billion yuan in H1 2024, a 25.09% increase year-on-year [1]. - The packaging substrate business saw a significant revenue increase of 94.31% year-on-year, reaching 1.596 billion yuan in H1 2024 [1]. Financial Performance Summary - The company forecasts revenues of 16.419 billion yuan, 19.399 billion yuan, and 22.733 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21%, 18%, and 17% [2]. - The net profit attributable to shareholders is projected to be 2.180 billion yuan, 2.467 billion yuan, and 2.869 billion yuan for the same years, with growth rates of 56%, 13%, and 16% respectively [2]. - The company's EPS is expected to be 4.25 yuan, 4.81 yuan, and 5.59 yuan for 2024, 2025, and 2026, with corresponding PE ratios of 25, 22, and 19 [2]. Business Segment Performance - The company's PCB business benefited from increased demand in the communication sector, particularly for high-speed switches and optical module products [1]. - In the data center sector, demand for AI-related products has significantly increased, leading to a notable rise in orders [1]. - The automotive electronics sector has seen steady growth in demand for high-end products related to intelligent driving, supported by new customer projects [1].

深南电路：24H1 业绩高增，PCB 龙头深度受益 AI 大周期 深南电路（002916.SZ）/电子 证券研究报告/公司点评 2024 年 8 月 28 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - In the first half of 2024, the company achieved total revenue of 83.21 billion RMB, a year-on-year increase of 37.91% [2] - The net profit attributable to shareholders reached 9.87 billion RMB, benefiting from structural opportunities in the industry and increased order volume [2] - The company's operating capacity maintained a good level, with all three main business segments showing year-on-year revenue growth [2] Business Segments - The PCB business is focused on high-end products, with significant applications in data centers and automotive electronics [2] - In the data center sector, orders increased significantly due to rising demand for AI-related products and server upgrades [3] - The automotive electronics segment saw a steady increase in demand for high-end products related to smart driving, enhancing its market share [3] Market Trends - The communication PCB market experienced varied demand, with wireless communication products showing no significant improvement, while wired products for high-speed switches saw growth [3] - The company is actively developing next-generation platform products in response to market needs [3] Production Capacity and Expansion - The second phase of the Wuxi substrate factory achieved breakeven in monthly operations, while the Guangzhou packaging substrate project is in the early stages of ramping up production [4] - The company plans to invest 1.274 billion RMB in a new factory in Thailand to expand its overseas market presence [4] Raw Material Prices - Key raw materials such as copper foil and prepreg saw price fluctuations, but overall costs did not significantly impact the company's operations in the first half of 2024 [4]

Investment Rating - The report maintains a "Hold" rating for the company with a target price of RMB 106.4, unchanged from previous assessments [2][3][6]. Core Insights - The company reported strong performance in the first half of 2024, with revenue increasing by 38% year-on-year to RMB 8.3 billion, and net profit rising by 108% to RMB 0.987 billion, driven by improved gross margins and cost optimization [2][3]. - The growth was attributed to robust demand in artificial intelligence, upgrades in Eagle Stream, stable automotive orders, inventory replenishment in consumer electronics, and expanded profit margins [2][3]. - However, a slowdown in consumer electronics demand is anticipated in the second half of 2024, with revenue and net profit for the first half expected to account for 52% and 56% of the full-year forecasts, respectively [2][3]. Revenue Summary - The company achieved a revenue of RMB 16.051 billion for FY24E, with a year-on-year growth of 19% [13]. - The gross profit is projected to be RMB 4.091 billion, with a gross margin of 25.5% [13]. - Net profit for FY24E is estimated at RMB 1.762 billion, reflecting a year-on-year increase of 26% [13]. Segment Performance - The PCB segment, which accounts for 58% of sales, grew by 25% year-on-year, while the substrate segment saw a remarkable 94% increase [2]. - The PCBA business also performed well, with a 42% year-on-year growth, benefiting from increased PCB sales [2]. Financial Projections - The report projects a revenue of RMB 18.216 billion for FY25E and RMB 20.813 billion for FY26E, indicating continued growth [13]. - The net profit is expected to rise to RMB 2.174 billion in FY25E and RMB 2.791 billion in FY26E [13]. Valuation Metrics - The current stock price corresponds to a forward P/E ratio of approximately 30 times for FY24, which is considered reasonable compared to the historical average of 32.5 times [2][3]. - The report highlights that the estimated gross margin for the second half of 2024 will return to around 25%, influenced by weakening demand and rising raw material costs [3].

CMB International Global Markets | Equity Research | Company Update MN Shennan Circuit (002916 CH) Earnings Summary SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY). NP increased by 108% YoY to RMB987mn, on higher GPM (26.2% in 1H24 vs. 22.9%/23.8% in 1H/2H23) and cost optimization. SCC delivered strong 1H24 results, driven by 1) strong AI demand, 2) Eagle Stream upgrades, 3) robust auto orders, 4) inventory ...