关于使用部分闲置募集资金进行现金管理的进展公告 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。 深南电路股份有限公司（以下简称"公司"）第三届董事会第二十次会议和 第三届监事会第十五次会议审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，同意公司在不影响募集资金投资计划正常进行的情况下，将总额不 超过 10 亿元（含本数）的闲置募集资金购买期限不超过 12 个月（含）的保本型 产品，使用期限自董事会审议通过之日起 24 个月内有效，在上述额度内资金可 滚动使用。独立董事、监事会及保荐机构就该事项已发表同意的意见。 证券代码：002916 证券简称：深南电路 公告编号：2024-049 深南电路股份有限公司 具体公告详见公司于 2022 年 12 月 30 日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于使用部分闲置募集资金进行现金管理 的公告》（公告编号：2022-087）。 一、关于使用部分闲置募集资金进行现金管理的情况 本次购买的产品属于低风险投资品种，但金融市场受宏观经济的影响较大， 不排除该项投资 ...

Group 1 - The core viewpoint of the article indicates that ShenNan Circuit (002916) reported stable PCB factory utilization rates for Q3 2024, maintaining high levels, while the packaging substrate factory utilization slightly declined due to fluctuations in demand from certain downstream sectors [1] - The company highlighted that there are differences in material properties and production processes between glass substrates and PCB, as well as organic packaging substrates, which leads to distinct characteristics in their respective application fields [1] Group 2 - The company is closely monitoring and researching glass substrate technology, although it currently does not engage in the production of glass substrates [2]

Group 1: Company Overview and Business Strategy - The company focuses on electronic assembly business as a downstream segment of PCB manufacturing, targeting communication, data centers, medical, and automotive electronics sectors [2][4] - The electronic assembly business aims to leverage interconnectivity, enhancing customer loyalty through a one-stop solution platform [2][4] Group 2: Customer Base and Market Expansion - The electronic assembly services are not limited to existing PCB clients, allowing for efficient collaboration and expansion in respective fields [2][4] - The PCB business is primarily centered on communication devices, with significant growth in data centers and automotive electronics, while the communication sector has seen a decline in revenue share [4] Group 3: Production Capacity and Future Plans - The company has factories in Shenzhen, Wuxi, Nantong, and plans for a project in Thailand, with ongoing upgrades to enhance production efficiency [4] - Nantong's fourth phase project is progressing, aimed at establishing a PCB technology platform with HDI capabilities [4] Group 4: Market Demand and Product Adjustments - In Q3 2024, the demand for packaging substrates has slowed, leading to adjustments in product structure according to market needs [4] - The factory utilization rates for PCB remained stable at high levels, while packaging substrate rates slightly decreased due to fluctuations in demand [4] Group 5: Compliance and Information Disclosure - The company adhered to information disclosure regulations during the investor relations activity, ensuring no significant undisclosed information was leaked [4]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 147.79 RMB based on a 2025 PE of 30x, reflecting a 42% increase from the previous target price of 104.14 RMB [4][14]. Core Insights - The company reported a revenue of 13.05 billion RMB for the first three quarters, representing a year-on-year increase of 37.92%. The net profit attributable to shareholders was 1.49 billion RMB, up 63.86% year-on-year, with a gross profit margin of 25.91% [9][10]. - In Q3 2024, the revenue was 4.73 billion RMB, a 37.95% increase year-on-year and an 8.45% increase quarter-on-quarter. The net profit attributable to shareholders was 501 million RMB, reflecting a 15.33% year-on-year increase but a 17.60% decrease quarter-on-quarter [10][11]. - The demand for PCB in data centers and automotive electronics has increased, while the communication sector has seen a decline in revenue due to stagnant demand for wireless communication base station products [12][13]. Financial Performance Summary - For the first three quarters, the company achieved a revenue of 13.05 billion RMB, with a net profit of 1.49 billion RMB, and a gross profit margin of 25.91% [9]. - The projected revenues for 2024, 2025, and 2026 are 17.89 billion RMB, 21.11 billion RMB, and 24.44 billion RMB, respectively, with corresponding net profits of 2.05 billion RMB, 2.53 billion RMB, and 2.98 billion RMB [4][14]. - The company’s gross profit margin is expected to improve from 25.7% in 2024 to 26.3% in 2026, indicating a positive trend in profitability [8].

Group 1: Company Overview - The company focuses on the electronic interconnection field, with three main businesses: printed circuit boards (PCBs), electronic assembly, and packaging substrates, forming a unique "3-In-One" business layout [1] - The company provides comprehensive manufacturing capabilities from samples to small and large batch production, offering one-stop solutions through design, manufacturing, assembly, micro-assembly, and testing services [1] Group 2: Financial Performance - In Q3 2024, the company reported a revenue of CNY 4.728 billion, representing a quarter-on-quarter growth of 8.45%, primarily due to increased project settlements in the electronic assembly business [2] - The overall gross margin slightly decreased due to the lower gross margin of the electronic assembly business and the impact of rising raw material prices [2] Group 3: Business Expansion and Market Focus - The PCB business is primarily focused on communication equipment, with key layouts in data centers (including servers) and automotive electronics, showing revenue growth in these areas in Q3 2024 [2] - The company is expanding its production capacity in Thailand with a total investment of CNY 1.274 billion, with ongoing construction of the factory [2] Group 4: Technology and Product Development - The company has achieved batch production capabilities for FC-BGA packaging substrates with up to 16 layers, and is progressing with sample certification for 20-layer products [3] - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [3] Group 5: Currency Impact - The company faces currency risk primarily from export sales and import purchases settled in foreign currencies, with Q3 2024 showing a loss due to the appreciation of the RMB against the USD, impacting financial expenses [4]

证券代码：002916 证券简称：深南电路 公告编号：2024-048 深南电路股份有限公司 2024 年第二次临时股东大会决议公告 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。 2、 本次股东大会关于变更会计师事务所的议案，涉及变更以往股东大会已 通过的决议：深南电路股份有限公司（以下简称"公司"）于2024年4月18日召开 了2023年年度股东大会，续聘立信会计师事务所（特殊普通合伙）为公司2024年 度财务报表和内部控制审计机构。根据《国有企业、上市公司选聘会计师事务所 管理办法》相关规定，结合公司审计工作的需要，本次变更容诚会计师事务所（特 殊普通合伙）为公司2024年度年审会计师事务所。 一、会议召开情况 1、会议召开时间： （1）现场会议时间：2024 年 11 月 13 日（星期三）15:15 （2）网络投票时间：2024 年 11 月 13 日。其中，通过深圳证券交易所交易 系统进行投票的时间为 2024 年 11 月 13 日 9:15-9:25、9:30-11:30、13:00-15:0 ...

北京市嘉源律师事务所 关于深南电路股份有限公司 2024 年第二次临时股东大会的 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 年第二次临时股东大会的 法律意见书 嘉源(2024)-04-826 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》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）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年第二次临时股东大会（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 ...

Group 1: Company Overview - The company focuses on the electronic interconnection field, with three main businesses: printed circuit boards (PCBs), electronic assembly, and packaging substrates, forming a unique "3-In-One" business layout [1] - The company provides comprehensive manufacturing capabilities from samples to small and large batch production, offering one-stop solutions through design, manufacturing, assembly, micro-assembly, and testing services [1] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved a total revenue of CNY 13.049 billion, a year-on-year increase of 37.92%, and a net profit attributable to shareholders of CNY 1.488 billion, up 63.86% [1] - For Q3 2024, the company reported revenue of CNY 4.728 billion, a year-on-year increase of 37.95%, and a net profit of CNY 5.01 billion, reflecting a 15.33% growth [2] Group 3: Business Growth Drivers - The growth is attributed to the company's ability to seize structural opportunities in the industry, with a significant increase in orders and revenue across all three main businesses, driven by advancements in AI, the trend of automotive electrification/intelligence, and a recovery in server demand [2] - The company’s PCB business is expanding in key areas such as data centers and automotive electronics, while maintaining a strong presence in industrial control and medical sectors [2] Group 4: Production Capacity and Expansion - The company has factories in Shenzhen, Wuxi, Nantong, and plans for a project in Thailand with a total investment of CNY 1.274 billion, aimed at expanding overseas market presence [3] - The Nantong base has land reserves for new factory construction, with ongoing infrastructure development for a project that will cover HDI capabilities [3] Group 5: Market Positioning and Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [4] - The company aims to enhance customer loyalty by providing continuous value-added services through a one-stop solution platform, leveraging its technological advantages in electronic interconnection products [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has shown rapid growth in performance, with a revenue of 13.049 billion yuan for the first three quarters, representing a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.488 billion yuan, up 63.86% year-on-year [4] - The demand for data communication and automotive sectors is strong, contributing to the growth in PCB business, while the packaging substrate demand has slowed down [5] - The company is expected to achieve revenues of 17.894 billion yuan, 21.111 billion yuan, and 24.438 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 2.046 billion yuan, 2.527 billion yuan, and 2.981 billion yuan [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 4.728 billion yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45%. The net profit attributable to shareholders was 501 million yuan, up 15.33% year-on-year but down 17.60% quarter-on-quarter [4] - The gross margin for Q3 was 25.40%, an increase of 1.96 percentage points year-on-year, while the net profit margin was 10.59%, a decrease of 2.08 percentage points year-on-year [4] Business Segments - The PCB business has seen growth due to increased demand from general servers and domestic automotive electronics, while the communication sector has not shown significant improvement [5] - The packaging substrate market has experienced a slowdown, with the company adjusting its product structure accordingly [5] Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.99 yuan, 4.93 yuan, and 5.81 yuan respectively, with a price-to-earnings (PE) ratio forecasted to be between 25-30 times for 2025 [6][7] - The company is expected to maintain a gross margin of around 25.7% to 26.3% over the forecast period [10]

Financial Performance - In Q3 2024, the company's revenue reached 47.28 billion RMB, representing a quarter-on-quarter growth of 8.45% due to increased project settlements in the electronic assembly business [1] - The overall gross margin slightly decreased, influenced by the growth in electronic assembly business which typically has a lower margin compared to the company's average [1] - The new factory in Guangzhou for packaging substrates is ramping up production, but rising raw material prices have negatively impacted the gross margin [1] PCB Business Development - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [1][2] - In Q3 2024, PCB revenue in the data center and automotive electronics sectors increased compared to Q2, while revenue from the communication sector saw a decline due to stagnant demand for wireless communication base station products [1][2] Market Trends and Strategies - The data center sector is a key focus for the PCB business, with significant growth driven by AI server demand and upgrades in general server platforms [2] - The company is actively involved in the development of next-generation platform products in collaboration with downstream clients [2] - The automotive electronics market is evolving, with higher design requirements for PCB in new energy and ADAS fields, leveraging the company's existing technology advantages [2] Production Capacity and Expansion - The company has factories in Shenzhen, Wuxi, Nantong, and plans for a new facility in Thailand with a total investment of 12.74 billion RMB [2][3] - There is potential for further capacity expansion through technological upgrades in existing factories and new construction in Nantong [2][3] - The Wuxi second-phase factory has achieved monthly breakeven since its launch in September 2022, while the Guangzhou packaging substrate project is in the early stages of ramping up production [3] Technology and Product Development - The company has made progress in FC-BGA technology, achieving mass production capabilities for products with up to 16 layers and ongoing certification for 20-layer products [3] - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on providing integrated solutions for communication, data centers, medical, and automotive electronics [3] Compliance and Disclosure - The company adhered to information disclosure regulations during the investor relations activity, ensuring no significant undisclosed information was leaked [3]