Financial Performance - In the first three quarters of 2024, the company achieved a total revenue of 13.049 billion CNY, representing a year-on-year increase of 37.92% [1] - The net profit attributable to shareholders reached 1.488 billion CNY, up 63.86% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.376 billion CNY, reflecting an increase of 86.67% [1] - In Q3 2024, the company reported a revenue of 4.728 billion CNY, marking a year-on-year growth of 37.95% [1] - The net profit attributable to shareholders for Q3 was 501 million CNY, a year-on-year increase of 15.33% [1] Business Growth Drivers - The growth was primarily driven by the company's ability to seize structural opportunities in the industry, leading to an increase in orders and revenue across three main business segments [2] - The acceleration of AI applications and the ongoing trends in automotive electrification and intelligence contributed to product optimization and profit growth [2] Revenue Breakdown - In Q3 2024, the revenue from the PCB business saw an increase in the data center and automotive electronics sectors, while the communication sector experienced a decline in revenue share due to stagnant demand [2] - The company’s PCB business is focused on communication equipment, data centers, and automotive electronics, with ongoing efforts in industrial control and medical sectors [2] Production Capacity and Expansion - The company maintains high operational rates in its PCB factories, while the packaging substrate factory's operational rate slightly decreased due to fluctuations in downstream demand [3] - The second phase of the Wuxi substrate factory has achieved breakeven, and the Guangzhou packaging substrate project is in the early stages of ramping up production capacity [3] - The company has plans for further capacity expansion in Nantong, with ongoing construction of a new facility that will support advanced PCB technologies [2][3] Technology Development - The company has made progress in FC-BGA technology, achieving mass production capabilities for products with 16 layers and sample production for products with over 16 layers [3] - Efforts are underway to enhance technical capabilities in high-end fields and to recruit experts to strengthen the R&D team [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company achieved a revenue of 13.05 billion yuan in the first three quarters, representing a year-on-year increase of 37.9%. The net profit attributable to shareholders reached 1.49 billion yuan, up 63.9% year-on-year, with a non-recurring net profit of 1.38 billion yuan, increasing by 86.7% year-on-year. In Q3 2024, the company reported a revenue of 4.73 billion yuan, a 38.0% year-on-year increase, and a net profit of 501 million yuan, up 15.3% year-on-year [2][3]. - The demand for AI and automotive electronics is driving improvements in the PCB business, with Q3 operating rates remaining high. In the communications sector, the demand for high-speed switches and optical modules is increasing due to AI needs, benefiting from the rise in single-machine value and high-speed PCB demand. The data center sector is seeing a recovery in server demand, supported by the growth of AI accelerator cards and ESG platform products. In the automotive sector, the focus is on new energy and ADAS, with steady growth in product demand as customer projects are released [2][3]. Financial Performance - The gross profit margin for Q1-Q3 2024 was 25.9%, an increase of 2.79 percentage points year-on-year, while the Q3 gross profit margin was 25.4%, up 1.96 percentage points year-on-year but down 1.72 percentage points quarter-on-quarter [2]. - The company's BT products are aligning with the recovery trend in the storage market, leading to an increase in orders for storage-related products. The processor chip products have achieved breakthroughs in large-size manufacturing capabilities, supporting the introduction of new customers and products. The ABF substrate business is expected to have significant growth potential, with the company achieving mass production capabilities for 16-layer and below FC-BGA packaging substrates [3]. Investment Recommendations and Profit Forecast - The target price for the company is set at 104.99 yuan with a target period of 6 months. The current price is expected to outperform the benchmark index by more than 15% [2][3]. - Revenue forecasts for 2024 and 2025 are 18.64 billion yuan and 21.73 billion yuan, respectively, with growth rates of 38% and 17% [6]. The net profit attributable to shareholders is projected to be 2.14 billion yuan in 2024 and 2.44 billion yuan in 2025, with growth rates of 53% and 14% [6].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][5] Core Views - The company achieved a revenue of 13.05 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 37.92%, with a net profit attributable to shareholders of 1.488 billion yuan, up 63.86% year-on-year [3] - The overall gross margin and net margin for the first three quarters of 2024 were 25.91% (up 2.8 percentage points YoY) and 11.40% (up 1.8 percentage points YoY), respectively [3] - The company is actively seizing opportunities in AI acceleration, automotive electrification/intelligence trends, and demand recovery in certain sectors, enhancing market development efforts and optimizing product structure [3] - The company is progressing well in various R&D projects, including PCB technology for communications, data centers, and automotive electronics, as well as capacity building for FC-BGA substrates [3][5] - The company is a leading domestic IC substrate enterprise benefiting from domestic substitution, with a projected global PCB market compound annual growth rate of 5.4% from 2023 to 2028 [4] Financial Summary - For 2024, the company expects net profits of 2.098 billion yuan, 2.537 billion yuan, and 3.076 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 26, 21, and 18 times [5] - The company’s revenue is projected to grow from 18.26 billion yuan in 2024 to 26.30 billion yuan in 2026, with a net profit growth from 2.10 billion yuan to 3.08 billion yuan during the same period [4][5] - The company’s cash flow from operating activities is expected to increase from 4.65 billion yuan in 2024 to 6.00 billion yuan in 2026 [8] Market Position and Strategy - The company is focusing on enhancing its capabilities in BT-type packaging substrates and has made steady progress in the development of storage products and processor chip products [5] - The new factory in Guangzhou has rapidly increased production capacity for FC-BGA packaging substrates, with 16-layer and below products now in mass production [5] - The company is well-positioned to benefit from the recovery in capital expenditures by major global cloud service providers, particularly in AI server-related demand [5]

证券代码：002916 证券简称：深南电路 公告编号：2024-046 深南电路股份有限公司 关于为子公司提供担保的公告 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。 一、担保情况概述 深南电路股份有限公司（以下简称"公司"）于2024年10月28日召开第四届董事 会第三次会议，审议通过了《关于为子公司提供担保的议案》。公司全资子公司泰兴 电路有限公司（以下简称"泰兴电路"）拟向银行申请人民币65,000万元借款，公司 拟为该笔借款提供连带责任担保。本担保事项在董事会权限范围之内，无需提交股东 大会审议，自董事会审议通过之日起一年内有效。 二、相关担保额度情况 单位：人民币万元 | 担保方 | 被担 | 担保方 持股比 | 被担保方最 近一期资产 | 截至目 前担保 | 本次新增 | 担保额度占 上市公司最 | 是否关 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 保方 | | | | 担保额度 | 近一期净资 | 联担保 | | | | 例 | 负债率 | 余额 | | | | | | | ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,728,481,534.30, representing a 37.95% increase compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥500,754,864.04, reflecting a 15.33% year-over-year growth[2]. - The net profit after deducting non-recurring gains and losses for the first nine months of 2024 was ¥1,376,081,635.78, an increase of 86.67% compared to the same period last year[2]. - The company's basic earnings per share for Q3 2024 were ¥0.98, a 15.29% increase from the same period last year[2]. - The company's operating profit for Q3 2024 reached ¥1,601,245,733.42, a significant increase from ¥886,571,471.46 in Q3 2023, representing an increase of approximately 80.6%[15]. - Net profit for Q3 2024 was ¥1,487,976,562.82, compared to ¥908,106,224.90 in the same period last year, marking an increase of about 63.8%[15]. - The company's total comprehensive income for Q3 2024 was ¥1,497,677,648.16, compared to ¥908,988,299.54 in Q3 2023, showing an increase of around 64.5%[16]. Assets and Liabilities - The company's total assets as of September 30, 2024, amounted to ¥24,775,001,306.33, a 9.59% increase from the end of the previous year[2]. - The company's inventory as of September 30, 2024, was ¥3,503,109,808.27, reflecting a 30.40% increase due to strong order conditions[5]. - The total liabilities increased by 9.59% compared to the end of the previous year, primarily due to an increase in contract liabilities and accounts payable[5]. - Total assets reached CNY 24,775,001,306.33, up from CNY 22,606,867,760.88, indicating a growth of 9.6%[14]. - Total liabilities increased to CNY 10,520,880,833.43 from CNY 9,419,958,394.54, reflecting a rise of 11.7%[14]. - The company's equity attributable to shareholders rose to CNY 14,226,368,439.56, compared to CNY 13,183,740,540.64, an increase of 7.9%[14]. Cash Flow - The cash flow from operating activities for the first nine months of 2024 was ¥1,664,019,386.23, showing a 7.36% increase compared to the same period last year[2]. - The total revenue from sales of goods and services for the period was ¥11,960,668,822.31, compared to ¥9,628,392,846.69 in the previous year, indicating a growth of about 24.1%[17]. - The net cash flow from operating activities for Q3 2024 was CNY 1,664,019,386.23, an increase from CNY 1,549,931,446.98 in Q3 2023, reflecting a growth of approximately 7.3%[18]. - The company reported a total cash outflow from operating activities of CNY 10,770,733,568.50, up from CNY 8,524,256,815.55 in Q3 2023, marking an increase of approximately 26.2%[18]. - The cash inflow from financing activities was CNY 583,611,427.53, a significant decrease from CNY 2,020,925,606.23 in the previous year, reflecting a decline of about 71.1%[18]. Research and Development - Research and development expenses for Q3 2024 were ¥924,024,241.08, up 45.45% year-over-year, driven by increased investment in packaging substrate projects[6]. - Research and development expenses increased to ¥924,024,241.08 in Q3 2024, up from ¥635,267,279.07 in Q3 2023, reflecting a growth of approximately 45.5%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 53,834[8]. - The largest shareholder, AVIC International Holding Co., Ltd., holds 63.97% of the shares, totaling 328,068,670 shares[8]. Tax and Other Financial Metrics - Tax refunds received increased by 30.99% to ¥296,243,900.78 compared to ¥226,160,987.89 in the same period last year[7]. - Taxes paid increased by 34.05% to ¥477,912,654.96, up from ¥356,527,357.24 in the previous year[7]. - The tax expenses for Q3 2024 amounted to ¥111,742,364.39, compared to a tax benefit of -¥19,931,700.29 in the same quarter last year[15]. - Other income for Q3 2024 was reported at ¥226,064,820.67, slightly up from ¥214,520,075.35 in Q3 2023, reflecting a growth of about 5.8%[15]. Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although specific details were not disclosed in the current report[14].

证券代码：002916 证券简称：深南电路 公告编号：2024-047 深南电路股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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"）2024 年 10 月 28 日召开第四届董 事会第三次会议，审议通过了《关于提请召开 2024 年第二次临时股东大会的议案》， 现将本次股东大会的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法合规性说明：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开时间和日期： （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、13:00-15:00；通过 深圳证券交易所互联网投票系统进行投票的时间 ...

深南电路股份有限公司 关于变更会计师事务所的公告 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： 证券代码：002916 证券简称：深南电路 公告编号：2024-045 1、原聘任的会计师事务所：立信会计师事务所（特殊普通合伙）（以下简称 "立信事务所"）。 2、拟聘任的会计师事务所：容诚会计师事务所（特殊普通合伙）（以下简称 "容诚事务所"）。 3、变更会计师事务所的原因：公司于 2024 年 4 月 18 日召开了 2023 年年度 股东大会，续聘立信事务所为公司 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，公司拟变更容诚事务所为公司 2024 年度年审会计师事务所。 4、本次变更会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 一、拟变更会计师事务所的基本情况 （一）机构信息 1、基本信息 容诚事务所由原华普天健会计师事务所（特殊普通合伙）（以下简称"华普 天健"）更名而来， ...

证券代码：002916 证券简称：深南电路 公告编号：2024-042 深南电路股份有限公司 第四届董事会第三次会议决议 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 深南电路股份有限公司（以下简称"公司"）第四届董事会第三次会议于 2024 年 10 月 28 日以现场结合通讯方式召开。通知于 2024 年 10 月 23 日以通讯方式 向全体董事发出，本次会议应参加表决董事 9 人，实际表决董事 9 人。本次董事 会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、董事会会议审议情况 本次会议审议通过了以下议案： （一）《2024 年三季度报告》 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《2024 年三季度报告》（公告编号：2024-044）。 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。 具体内容详见披露于《证券时报》和巨潮资讯网（http://www.cninfo.co ...

证券代码：002916 证券简称：深南电路 公告编号：2024-043 深南电路股份有限公司 第四届监事会第三次会议决议 本次会议审议并通过了以下议案： （一）《2024 年三季度报告》 经审核，监事会认为：董事会编制和审核公司 2024 年三季度报告的程序符 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。 三、 备查文件 1、公司第四届监事会第三次会议决议。 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"）第四届监事会第三次会议于 2024 年 10 月 28 日以现场结合通讯方式召开。会议通知于 2024 年 10 月 23 日以通讯 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 监事会 二〇二四年十月二十八日 特此公告。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [2][12]. Core Insights - The company reported a revenue of 8.321 billion yuan for the first half of 2024, representing a year-on-year growth of 37.91%, and a net profit attributable to shareholders of 989 million yuan, which is a 108.32% increase year-on-year [3]. - Demand in AI and storage sectors is rapidly increasing, driving both revenue and profit growth for the company [3]. - The company has increased its R&D investment to 7.68% of revenue, up by 1.44 percentage points year-on-year, reflecting a commitment to technological leadership [4]. Revenue and Profit Analysis - The printed circuit board (PCB) business generated 4.855 billion yuan in revenue, a 25.09% increase year-on-year, accounting for 58.35% of total revenue with a gross margin of 31.37% [3]. - The packaging substrate business achieved 1.596 billion yuan in revenue, a 94.31% increase year-on-year, representing 19.18% of total revenue with a gross margin of 25.46% [3]. - The electronic assembly business reported 1.211 billion yuan in revenue, a 42.39% increase year-on-year, contributing 14.55% to total revenue with a gross margin of 14.64% [3]. Financial Forecast - The company is projected to achieve revenues of 16.985 billion yuan, 20.436 billion yuan, and 23.097 billion yuan for the years 2024, 2025, and 2026, respectively [5]. - The net profit attributable to shareholders is expected to be 1.991 billion yuan, 2.484 billion yuan, and 3.071 billion yuan for the same years [7]. - The projected price-to-earnings (PE) ratios are 29.10, 23.32, and 18.86 for 2024, 2025, and 2026, respectively [5].