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：2024-56 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------| | 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券商策略会 ） | | 活动参与人 员（排名不 分先后） | 浙商证券、天风证券、国寿养老、诺德基金 | | | | 上市公司 接待人员 | | | 战略发展部总监、证券事务代表：谢丹；投资者关系经理：郭家旭 | | 时间 | 2024 年 9 月 10 日 | | | | ...

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：2024-55 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------| | 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） | 申万宏源证券、中泰证券、西部利得基金、国泰基金 | | | | 上市公司 接待人员 | 投资者关系经理：郭家旭 | | 副总经理、董事会秘书：张丽君；战略发展部总监、证券事务代表：谢丹； ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 120.68 CNY over the next six months [1][3]. Core Insights - The company achieved a revenue of 8.32 billion CNY in the first half of 2024, representing a year-on-year growth of 37.9%, and a net profit attributable to shareholders of 990 million CNY, up 108.3% year-on-year [2]. - The gross margin for the first half of 2024 was 26.2%, an increase of 3.3 percentage points year-on-year, while the net profit margin rose by 4.0 percentage points to 11.9% [2]. - The company is focusing on high-value products such as AI servers and high-end communication boards, which are expected to drive profitability [2]. - The report highlights the scarcity of capacity in the data communication sector and the ongoing improvement in profit structure [2]. Summary by Sections Performance Summary - In H1 2024, the company reported revenue of 8.32 billion CNY, a 37.9% increase year-on-year, and a net profit of 990 million CNY, reflecting a 108.3% growth [2]. - The gross margin improved to 26.2%, and the net profit margin reached 11.9%, indicating enhanced profitability [2]. Business Outlook - The company is expected to benefit from the increasing demand for AI servers and high-end communication products, which will positively impact the PCB business [2]. - The report anticipates a steady increase in production capacity and sales for the ABF substrate project over the next 3-5 years, potentially generating over 6 billion CNY in revenue [2][3]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are 4.31 CNY, 5.06 CNY, and 5.92 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 23x, 19x, and 16x [3][10]. - The company is expected to achieve a compound annual growth rate (CAGR) of 29.5% in net profit over the next three years [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：2024-54 | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| | 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 | □现场参观 \n □新闻发布会 \n （ 券商策略会 ） | | 活动参与人 员（排名不 分先后） | 时基金、平安基金、鹏华基金 | 长江证券、华泰证券、中泰证券、招商证券、华泰资产、富国基金、交银施罗德基金、博 | | 上市公司 接待人员 | | 副总经理、董事会秘书：张丽君； ...

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].