Financial Performance - In the first three quarters of 2024, the company achieved a total revenue of 13.049 billion RMB, representing a year-on-year growth of 37.92% [1] - The net profit attributable to shareholders reached 1.488 billion RMB, with a significant increase of 86.67% [1] - For Q3 2024, the company reported a revenue of 4.728 billion RMB, showing a year-on-year growth of 37.95% [2] - The net profit for Q3 2024 was 501 million RMB, reflecting a year-on-year increase of 51.53% [1] Business Growth Drivers - The growth in revenue and profit is attributed to the company's ability to seize structural opportunities in the industry and enhance market expansion efforts [1] - The increase in orders and revenue across three main business segments was noted, driven by the acceleration of AI applications and the ongoing trends in automotive electrification and intelligence [1] Segment Performance - The PCB business saw revenue growth in data centers and automotive electronics, while the communication sector experienced a decline in revenue share due to stagnant demand [2] - The company is focusing on the data center sector, with significant growth in orders driven by AI server demand and upgrades in general server platforms [2] Production Capacity and Expansion - The company is investing 1.274 billion RMB in a factory in Thailand to expand its overseas market presence [2] - There is potential for further capacity expansion through technological upgrades in existing PCB factories and new construction in Nantong [2][3] Operational Metrics - The PCB factory's operating rate remained stable at a high level, while the packaging substrate factory's rate slightly declined due to fluctuations in downstream demand [3] - The company has achieved breakeven for its second-phase factory in Wuxi and is progressing with capacity ramp-up for the Guangzhou packaging substrate project [3] Technology Development - The company has developed mass production capabilities for FC-BGA substrates with up to 16 layers and is advancing the certification process for 20-layer products [3]

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 sample to small batch to large batch, offering a full value chain service including design, manufacturing, assembly, micro-assembly, and testing [1] Group 2: Financial Performance - In Q3 2024, the company's operating revenue reached 4.728 billion RMB, 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 Demand - 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 has plans for further expansion in Thailand with a total investment of 1.274 billion RMB, currently progressing with basic engineering construction [3] Group 4: Production Capacity and Technology Development - The company maintains high operating rates for its PCB factories, while the packaging substrate factory's operating rate has slightly decreased due to fluctuations in downstream demand [3] - The company has achieved mass production capabilities for FC-BGA packaging substrates with up to 16 layers, and is progressing with certification for 20-layer products [3] Group 5: Strategic Positioning - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication, data centers, medical, and automotive electronics [3] - The company aims to enhance customer stickiness by providing value-added services through a one-stop solution platform, leveraging its technological advantages in electronic interconnection products [3]

编号：2024-64 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 | --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|-------|------------------|--------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | | \n \n（ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 景顺长城基金、中泰证券 | | | | | 上市公司 接待人员 | 战略发展部总监、证券事务代表：谢丹 | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 130.49 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.92%, with a net profit attributable to shareholders of 14.88 billion yuan, up 63.86% year-on-year [4][5] - The gross margin for the first three quarters was 25.91%, an increase of 2.79 percentage points year-on-year, while the net margin was 11.40%, up 1.80 percentage points year-on-year [4] - The third quarter revenue was 47.28 billion yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [4] - The company is experiencing strong revenue growth driven by its PCB, packaging substrate, and electronic assembly businesses, with respective year-on-year growth rates of 25.1%, 94.3%, and 42.4% in the first half of 2024 [4] Financial Summary - The company’s total revenue for 2022 was 139.92 billion yuan, which decreased to 135.26 billion yuan in 2023, with projections of 172.72 billion yuan for 2024, 203.93 billion yuan for 2025, and 233.61 billion yuan for 2026 [6] - The net profit attributable to shareholders was 16.40 billion yuan in 2022, dropping to 13.98 billion yuan in 2023, with forecasts of 20.54 billion yuan for 2024, 24.77 billion yuan for 2025, and 30.50 billion yuan for 2026 [6] - The earnings per share (EPS) were 3.20 yuan in 2022, 2.73 yuan in 2023, and are expected to rise to 4.00 yuan in 2024, 4.83 yuan in 2025, and 5.95 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is projected to be 26.52 for 2024, 21.99 for 2025, and 17.86 for 2026 [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 13.049 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 37.92%. The net profit attributable to shareholders reached 1.488 billion yuan, up 63.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.376 billion yuan, reflecting an 86.67% increase year-on-year [1]. - In Q3, the company achieved a record quarterly revenue of 4.728 billion yuan, marking a 37.95% year-on-year increase and an 8.45% quarter-on-quarter growth. The gross profit margin was 25.40%, an increase of 1.97 percentage points year-on-year but a decrease of 1.71 percentage points quarter-on-quarter [1]. - The PCB business maintained a high operating rate, with revenue primarily coming from the communication, data center, automotive electronics, and industrial control medical sectors. The demand for server PCBs is driven by upgrades in general server platforms and increased AI investments [1]. Financial Summary - The company is expected to achieve revenues of 18.082 billion yuan, 21.922 billion yuan, and 26.599 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 21%, and 21%. The net profit attributable to shareholders is projected to be 2.032 billion yuan, 2.384 billion yuan, and 2.811 billion yuan for the same years, with corresponding growth rates of 45%, 17%, and 18% [1]. - The earnings per share (EPS) are forecasted to be 3.96 yuan, 4.65 yuan, and 5.48 yuan for 2024, 2025, and 2026, respectively, with current price-to-earnings (PE) ratios of 26, 23, and 19 times [1][5].

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company has achieved significant growth in the first three quarters of 2024, with revenue reaching RMB 13.049 billion, a year-on-year increase of 37.92%, and a net profit attributable to shareholders of RMB 1.488 billion, up 63.86% year-on-year [2] - The company's PCB business is capitalizing on structural opportunities, while the packaging substrate segment is accelerating the introduction of high-end products [2] - The report maintains a positive outlook on the company's performance, supported by product structure optimization and operational efficiency improvements [2] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 25.91%, an increase of 2.79 percentage points year-on-year, and a net profit margin of 11.40%, up 1.80 percentage points year-on-year [2] - In Q3 2024, the company achieved revenue of RMB 4.728 billion, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [2] - The company’s EPS for 2024 is projected to be RMB 4.04, with corresponding P/E ratios of 26.0 for 2024, 22.3 for 2025, and 19.4 for 2026 [2][3] Market Position and Strategy - The company is focusing on optimizing its PCB structure driven by AI and is expected to benefit from the recovery in the BT substrate market [2] - The new factory in Guangzhou has enhanced the company's production capabilities, allowing for mass production of products with 16 layers and above [2] - The company is advancing its "3 in one" strategy to explore new markets [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable performance in Q3, with revenue growth driven by increased project settlements in electronic assembly business. The gross margin slightly decreased due to the growth of lower-margin electronic assembly business and changes in packaging substrate structure [1] - The company is expected to benefit significantly from the AI cycle, particularly in the PCB sector, with improvements in product structure and demand from data centers and automotive electronics [1] Financial Performance Summary - Revenue for 2022 was 13,992 million, with a forecast of 13,526 million for 2023, and expected growth to 17,420 million in 2024, representing a year-on-year growth rate of 29% [1] - Net profit attributable to the parent company was 1,640 million in 2022, projected to decrease to 1,398 million in 2023, but expected to rebound to 2,088 million in 2024, reflecting a 49% growth [1] - Earnings per share (EPS) is expected to increase from 2.73 in 2023 to 4.07 in 2024 [1] Business Overview - The company has a total share capital of 512.88 million shares, with a market price of 104.31 yuan as of October 30, 2024 [1] - The company achieved a revenue of 130.49 billion in the first three quarters of 2024, a year-on-year increase of 37.92%, with a net profit of 14.88 billion, up 63.86% year-on-year [1] - The gross margin for Q3 was reported at 25.91%, with a year-on-year increase of 2.8 percentage points [1] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits of 2,088 million, 2,747 million, and 3,240 million for 2024, 2025, and 2026 respectively [1] - The report anticipates a continued improvement in the PCB business structure, driven by demand in the data center and automotive electronics sectors [1]

编号：2024-63 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 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | \n \n （ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 券、财通证券 | | 建信基金、泓德基金、中邮基金、摩根士丹利基金、宝盈基金、国投瑞银基金、德邦证 | | 上市公司 ...

Investment Rating - The report maintains a HOLD rating on Shennan Circuit with a target price adjusted to RMB115, reflecting a 27x 2025E P/E, close to its 3-year average historical forward P/E [2][4]. Core Insights - Shennan Circuit reported a 37.9% year-over-year revenue growth in 3Q24, reaching RMB4.73 billion, which exceeded Bloomberg consensus by 19.7%. However, net profit increased by only 15.3% YoY but declined 17.6% QoQ [2]. - The gross profit margin (GPM) decreased to 25.4% in 3Q24 from 27.1% in 2Q24, attributed to higher sales from lower-margin PCBA business, ramp-up of the Guangzhou factory, and high copper prices [2]. - The company expects PCB revenue to grow by 11% in 2025E, while substrate revenue is projected to grow by 7% in the same year [2]. Financial Summary - Revenue for FY24E is estimated at RMB17,574 million, with a year-over-year growth of 29.9%. For FY25E, revenue is projected to be RMB18,765 million, reflecting a 6.8% growth [3][9]. - The net profit for FY24E is expected to be RMB1,878 million, with a YoY growth of 34.3%, and for FY25E, it is projected to reach RMB2,178 million, indicating a 16.0% growth [3][9]. - The earnings per share (EPS) for FY24E is estimated at RMB3.68, increasing to RMB4.27 in FY25E [3][9]. Market Segmentation - By end market, telecom remains the largest segment, contributing approximately 40% of PCB sales in 3Q24. Other segments include datacom (20%), auto (13%), industrial & medical (10%), and energy (5%) [2]. - The report highlights a strong utilization rate of around 90% for AI-related PCB production, while non-AI production utilization remains between 85-90% [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 37.92% for the first three quarters of 2024, reaching 13.049 billion yuan, driven by increased business orders [4] - The net profit attributable to shareholders for the same period was 1.488 billion yuan, reflecting a year-on-year increase of 63.86% [4] - The company maintains its profit forecast, expecting net profits of 2.029 billion yuan, 2.489 billion yuan, and 2.978 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.96 yuan, 4.85 yuan, and 5.81 yuan [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 4.728 billion yuan, a year-on-year increase of 37.95% and a quarter-on-quarter increase of 8.45% [4] - The gross profit margin for Q3 2024 was 25.40%, up 1.96 percentage points year-on-year, but down 1.72 percentage points quarter-on-quarter [4] - The company’s total market capitalization is approximately 54.468 billion yuan, with a current stock price of 106.20 yuan [2] Business Development - The PCB business is expanding successfully in various sectors, with significant growth in data center orders driven by the demand for AI acceleration cards and EGS platform products [5] - The automotive electronics sector is focusing on new energy and ADAS, with increasing demand for high-end products related to intelligent driving [5] - The company is progressing well with new product certifications in the packaging substrate business, particularly for BT products and FC-BGA packaging substrates [5] Capacity Expansion - The company’s new factory in Wuxi has reached breakeven on a monthly basis, and the Guangzhou packaging substrate project is expected to ramp up production capacity quickly in the first half of 2024 [6] - The company has land reserves in Nantong for future factory construction, with the Nantong Phase IV project recently commenced [6]