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 ...

深南电路股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |------------|----------------------------|----------------------------------------|--------------------------------------------------------------------------------| | | √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 | （ | ） | | | | | 中泰证券、长江养老、人保资产、华泰资产、长安基金、中银基金、国泰基金、圆信永丰 | | | | | 基金、大家资产、方正富邦基金、中邮基金、勤辰基金、太保基金、财通资管、华安基 | | | | | 金、融通基金、南方基金、富国基金、泰信基金、万佳基金、汇添富基金、华泰柏瑞基 | | | | | 金、交银施罗德基金、民生加银基金、长信基金、太平养老、信银理财、西部证券、 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of strong performance relative to the market over the next six months [4][7]. Core Views - The company has demonstrated significant growth in performance, with a 37.91% year-over-year increase in revenue for the first half of 2024, reaching 8.321 billion yuan, and a net profit of 0.987 billion yuan, reflecting a 108.32% year-over-year increase [5][7]. - The company is benefiting from the recovery in server demand and the ongoing trends in AI acceleration and automotive electrification, which are driving market opportunities [5][7]. - The company is actively enhancing its product structure and market development efforts, particularly in the PCB and IC substrate sectors, which are expected to see continued growth [5][7]. Financial Summary - Revenue for 2024 is projected to be 18.261 billion yuan in 2024, with a year-over-year growth of 35.0% [4][9]. - Net profit is expected to reach 2.098 billion yuan in 2024, with a year-over-year growth of 50.1% [4][9]. - The gross margin is projected to be 26.0% in 2024, while the net margin is expected to be 11.5% [4][9]. - The company's return on equity (ROE) is forecasted to improve to 14.4% in 2024 [4][9]. Business Segmentation - The PCB business generated revenue of 4.855 billion yuan in the first half of 2024, a 25.09% increase year-over-year, accounting for 58.35% of total revenue [5][7]. - The IC substrate business saw revenue of 1.596 billion yuan, a 94.31% increase year-over-year, representing 19.18% of total revenue [5][7]. - The electronic assembly business achieved revenue of 1.211 billion yuan, a 42.39% increase year-over-year, contributing 14.55% to total revenue [5][7]. Market Outlook - The global PCB market is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2028, with high-layer boards and packaging substrates projected to grow at even higher rates [7]. - The company is positioned to benefit from domestic substitution trends in the semiconductor substrate market, which is expected to drive long-term growth [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [3]. Core Views - The company experienced significant growth in H1 2024, with revenue reaching 8.32 billion RMB, a year-on-year increase of 37.91%, and a net profit of 0.987 billion RMB, up 108.32% year-on-year. The adjusted net profit was 0.904 billion RMB, reflecting a 112.38% increase [3]. - The PCB business capitalized on structural opportunities, achieving revenue of 4.855 billion RMB, a 25.09% increase, and a gross margin of 31.37%, up 5.52 percentage points [3]. - The packaging substrate business saw revenue growth of 94.31%, reaching 1.596 billion RMB, with a gross margin of 25.46%, an increase of 6.66 percentage points [3]. - The company is expected to continue benefiting from the recovery in the PCB and BT substrate industries, with projected revenues of 17.239 billion RMB, 20.462 billion RMB, and 23.330 billion RMB for 2024, 2025, and 2026, respectively [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 26.20%, a year-on-year increase of 3.27 percentage points, and a net profit margin of 11.87%, up 4.01 percentage points [3]. - For Q2 2024, revenue was 4.360 billion RMB, a 34.19% year-on-year increase, with a net profit of 0.608 billion RMB, reflecting a 127.18% increase year-on-year [3]. Revenue Projections - The company is projected to achieve revenues of 17.239 billion RMB in 2024, 20.462 billion RMB in 2025, and 23.330 billion RMB in 2026, with corresponding net profits of 2.114 billion RMB, 2.463 billion RMB, and 2.814 billion RMB [4]. Valuation Metrics - The report indicates that the company has a price-to-earnings (P/E) ratio of 25.4 for 2024, 21.8 for 2025, and 19.1 for 2026, suggesting a reasonable valuation compared to its growth prospects [4].

AI 及汽车电子带动传统 PCB 业务高速增长 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-27 | | 收盘价(元) | 104.66 | | 流通股本(亿股) | 5.11 | | 每股净资产(元) | 26.73 | | 总股本(亿股) | 5.13 | 最近 12 月市场表现 深南电路 沪深300 上证指数 元件 -23% 4% 30% 57% 83% 110% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 白宇 SAC 证书编号：S0160523100001 baiyu@ctsec.com 证券研究报告 ❖ 事件：公司 2 季度实现营业收入 43.60 亿元，同比增长 34.19%，环比增长 10.07%，实现归母净利润 6.08 亿元，同比增长 127.18%，环比增长 60.11%。 ❖ AI 及汽车电子带动公司高多层 PCB 业务及毛利率加速增长：公司高毛 利的有线侧 PCB（交换机、路由器、光模块等领域）以及数通 ...

法定代表人：周春华 注册地址：北京市朝阳区东三环中路乙 10 号 深南电路股份有限公司 关于与中航工业集团财务有限责任公司 关联存贷款的风险持续评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 的要求，深南电路股份有限公司（以下简称"公司"）对与中航工业集团财务有限 责任公司（以下简称"航空工业财务"）开展存贷款业务的后续风险进行了评估， 具体情况报告如下： 一、中航工业集团财务有限责任公司基本情况 航空工业财务是经国家金融监督管理总局批准，在国家市场监督管理总局登 记注册，具有企业法人地位的非银行金融机构。 航空工业财务是在原西安飞机工业集团财务有限责任公司和原贵州航空工 业集团财务有限责任公司重组基础上，由中国航空工业集团有限公司及所属成员 单位共 12 家共同出资组建，于 2007 年 4 月正式成立。后经四次增资及股权变 更，现有注册资金 395,138 万元人民币，股东单位 4 家，其中，中国航空工业集 团有限公司出资额 262,938 万元，占注册资本的 66.54%；中航投资控股有限公司 出资额 111,250 万元，占注册资本的 28.16%；中航西安飞机工业集 ...

关于计提资产减值准备的公告 证券代码：002916 证券简称：深南电路 公告编号：2024-038 深南电路股份有限公司 二、本次计提资产减值准备的具体说明 1、应收款项 （1）应收账款 公司以预期信用损失为基础，对应收账款进行减值会计处理并确认损失准备。 公司考虑有关过去事项、当前状况以及对未来经济状况的预测等合理且有依据的 信息，以发生违约的风险为权重，计算合同应收的现金流量与预期能收到的现金 流量之间差额的现值的概率加权金额，确认预期信用损失。 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、本次计提资产减值准备情况概述 1、本次计提资产减值准备的原因 为真实、准确反映公司截至 2024 年 6 月 30 日的资产状况及经营情况，根据 《企业会计准则》《上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关规定，深南电路股份有限公司（以下简称"公司"）对截止 2024 年 6 月 30 日应收款项、存货、固定资产等资产进行了清查，对各类应收款项回收的可能性、 存货的可变现净值、固定资产的可收回金额等进行了充分的评估和分析，对可能 发生减值损 ...