Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a quarterly performance improvement in Q4 2023, with steady progress in the FC-BGA project [6] - The company reported a full-year revenue of 13.526 billion yuan in 2023, a year-on-year decrease of 3.33%, and a net profit attributable to shareholders of 1.398 billion yuan, down 14.81% year-on-year [6] - The projected net profit for 2024-2026 is 1.636 billion yuan, 1.956 billion yuan, and 2.298 billion yuan respectively, with corresponding EPS of 3.19 yuan, 3.81 yuan, and 4.48 yuan [6] - The company is focusing on high-end PCB products, which are expected to drive steady growth in performance [6] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 4.065 billion yuan, a year-on-year increase of 15.91% and a quarter-on-quarter increase of 18.59% [6] - The gross profit margin for Q4 2023 was 24.18%, up 0.42 percentage points year-on-year and 0.75 percentage points quarter-on-quarter [6] - The company’s revenue is expected to grow by 19.9% in 2024, followed by 15.4% in 2025 and 13.1% in 2026 [8] Market and Product Insights - The automotive product segment maintained high growth, with orders increasing by over 50% year-on-year in 2023, driven by new customer projects and demand for high-end ADAS products [6] - The data center business is benefiting from new generation server platforms and AI products, with slight growth in 2023 [6] - The demand for BT substrates is gradually recovering, and the FC-BGA products are progressing smoothly in terms of capacity [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 88.92 CNY per share [2]. Core Views - The company faced pressure on its performance in 2023, primarily due to weakened demand and high costs associated with new project investments. However, long-term growth is supported by the data center, automotive, and packaging substrate sectors [6][7][8]. - The forecast for the company's net profit for 2024, 2025, and 2026 is 20.03 billion CNY, 24.35 billion CNY, and 28.4 billion CNY respectively, reflecting an optimistic outlook based on expected growth in key sectors [8]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 135.26 billion CNY, a year-on-year decrease of 3.3%. The net profit attributable to shareholders was 13.98 billion CNY, down 14.81% year-on-year [6]. - The gross margin was 23.43%, a decline of 2.09 percentage points year-on-year, while the net margin was 10.33%, down 1.39 percentage points [6]. Business Segments - **PCB Business**: Revenue was 80.73 billion CNY, a decrease of 8.52% year-on-year. The automotive electronics segment saw over 50% growth in orders, driven by new customer projects and demand for advanced driver-assistance systems (ADAS) [7]. - **Packaging Substrate Business**: Revenue was 23.06 billion CNY, down 8.47% year-on-year. The second half of 2023 showed signs of demand recovery, particularly in storage and RF products [8]. Future Outlook - The company is expected to benefit from the recovery in the packaging substrate market and growth in the data center and automotive sectors. The projected net profit growth rates for the next three years are 43% for 2024, 16% for 2025, and 14% for 2026 [8][10].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7] Core Views - The company is gradually recovering its performance, particularly in the IC substrate layout, with a revenue of 13.526 billion yuan in 2023, down 3.33% year-on-year, and a net profit of 1.398 billion yuan, down 14.81% year-on-year [4][5] - The fourth quarter of 2023 showed signs of recovery, with revenue reaching 4.065 billion yuan, an increase of 15.91% year-on-year, and a net profit of 490 million yuan, up 6.73% year-on-year [5][7] - The company is positioned as a domestic leader in IC substrates, benefiting from domestic substitution opportunities and advancements in technology, particularly in high-performance packaging substrates [7] Financial Summary - In 2023, the company's total revenue was 135.26 billion yuan, with a gross margin of 23.43% and a net margin of 10.33% [5][6] - The PCB business generated 80.73 billion yuan in revenue, accounting for 59.68% of total revenue, while the IC substrate business contributed 23.06 billion yuan, representing 17.05% of total revenue [5][6] - The company expects a revenue increase to 16.016 billion yuan in 2024, with a projected net profit of 1.775 billion yuan, reflecting a year-on-year growth of 27% [6][10] Business Segments - PCB business revenue decreased by 8.52% year-on-year, while the electronic assembly business saw a growth of 21.50% year-on-year [5][7] - The company has made significant progress in R&D, with 95 new patents granted and advancements in various PCB technologies [5][7] Market Outlook - The demand for high-performance packaging substrates is expected to grow significantly, with the total market value projected to reach 19.549 billion USD by 2025, growing at a compound annual growth rate of 13.92% from 2020 to 2025 [7] - The company is well-positioned to benefit from the ongoing domestic substitution trend in the IC substrate market, which currently has a market share of less than 5% in mainland China [7]

Financial Performance - The company's operating revenue for 2023 was CNY 13,526,425,962, a decrease of 3.33% compared to CNY 13,992,454,035 in 2022 [23]. - The net profit attributable to shareholders for 2023 was CNY 1,398,114,737, reflecting a decline of 14.81% from CNY 1,639,730,777 in 2022 [23]. - The net cash flow from operating activities decreased by 18.57% to CNY 2,589,283,004 in 2023 from CNY 3,179,833,339 in 2022 [23]. - Basic earnings per share for 2023 were CNY 2.73, down 15.22% from CNY 3.22 in 2022 [23]. - The company achieved total revenue of 13.526 billion yuan in 2023, a year-on-year decrease of 3.33% [47]. - Net profit attributable to shareholders was 1.398 billion yuan, down 14.81% year-on-year, primarily due to declining downstream market demand and increased costs from new project construction [47]. - The PCB business generated 8.073 billion yuan in revenue, a decline of 8.52%, accounting for 59.68% of total revenue [48]. - The packaging substrate business reported revenue of 2.306 billion yuan, down 8.47%, with a gross margin of 23.87%, a decrease of 3.11 percentage points [51]. - The electronic assembly business saw revenue growth of 21.19 billion yuan, up 21.50% year-on-year, with a gross margin of 14.66%, an increase of 1.51 percentage points [53]. Dividend Distribution - The company plans to distribute a cash dividend of 9.00 CNY per 10 shares (including tax) to all shareholders, with no bonus shares issued [5]. - The company plans to distribute a cash dividend of RMB 9.00 per 10 shares, totaling approximately RMB 461,589,781.50, which represents 33.02% of the net profit attributable to shareholders for 2023 [192]. - The total distributable profit for the company is RMB 6,178,510,167.44, with the cash dividend accounting for 100% of the profit distribution [192]. - The company distributed a cash dividend of RMB 10.00 per 10 shares, totaling RMB 512,877,535, which represents 31.28% of the net profit attributable to shareholders of the parent company for 2022 [190]. Investment and Expansion - The company is expanding its production capacity with a new project for high-end IC carrier boards, funded through a non-public stock issuance [16]. - The company has established a unique "3-In-One" business layout, integrating PCB, electronic assembly, and packaging substrate services [39]. - The company is investing in a factory in Thailand to enhance its overseas presence, facing potential challenges in legal compliance, market expansion, and supply chain management [123]. - The cumulative investment in the high-end flip chip IC substrate project was 1,799.3 million CNY, with a progress rate of 89.26% [89]. - The total investment during the reporting period was ¥3,698,085,227.32, a 9.68% increase from the previous year [87]. Research and Development - The company increased its R&D investment to 7.93% of revenue, up 2.07 percentage points year-on-year, with 95 new patents granted and 6 new PCT patents applied for during the reporting period [56]. - The company is investing CNY 500 million in R&D for new technologies, focusing on sustainable materials and advanced manufacturing processes [131]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency [135]. - The company has invested 50 million RMB in R&D for advanced technology applications, aiming to lead in innovation within the industry [170]. Market Trends and Outlook - The global PCB industry value decreased by 15.0% in 2023, with the Chinese mainland's PCB market value dropping by 13.2% to 37,794 million USD [34]. - The projected compound annual growth rate (CAGR) for the global PCB industry from 2023 to 2028 is estimated at 5.4%, with the Chinese mainland expected to grow at a CAGR of 4.1% [34]. - The demand for advanced packaging substrates is expected to grow significantly due to technological upgrades in AI, cloud computing, and smart driving, driving the global packaging substrate industry [36]. - The company anticipates a recovery in the semiconductor supply environment as inventory levels normalize, with a projected 13.1% growth in the global semiconductor market in 2024 [34]. - The company provided a future outlook with a revenue guidance of CNY 12 billion for the full year 2023, representing a 10% increase from previous estimates [132]. Risk Factors - The company acknowledges potential risks including macroeconomic fluctuations, US-China trade tensions, and market competition, which may impact future performance [5]. - The global semiconductor sales are projected to decline by nearly 11% in 2023, impacting the packaging substrate business, but the company is focusing on market opportunities and new customer development [51]. - The company will continue to monitor exchange rate fluctuations, particularly with USD settlements, to manage potential impacts on financial results [127]. Corporate Governance and Management - The company has established independent financial management systems, including independent bank accounts and tax compliance, ensuring no interference from the controlling shareholder in financial decisions [151]. - The company has appointed new senior management, including Chen Li and Miao Hua as vice presidents, effective June 13, 2023 [158]. - The company has established a three-tier training system focused on strategic direction, enhancing employee skills and management capabilities [189]. - The company emphasizes a performance evaluation mechanism for senior management, aligning incentives with long-term strategic goals [200]. Employee and Workforce Management - The total number of employees at the end of the reporting period was 15,445, with 4,966 in the parent company and 10,479 in major subsidiaries [186]. - The company has a total of 4,109 technical personnel, 360 sales personnel, and 10,260 production personnel [187]. - The educational background of employees includes 629 with master's degrees or above, 2,998 with bachelor's degrees, and 3,216 with associate degrees [187]. - The company has no retired employees requiring financial support, indicating a focus on workforce stability [186].

电子 | 证券研究报告 — 调整盈利预测 2024年3月15日 002916.SZ 深南电路 买入 PCB 产品结构优化，封装基板稳步发力 原评级：买入 市场价格:人民币 83.58 公司发布 2023 年年报，受下游需求拖累公司业绩同比有所下滑，但公司 PCB 产品 板块评级:强于大市 结构优化，封装基板项目正稳步进入量产爬坡阶段，维持买入评级。 支撑评级的要点 股价表现  公司2023全年业绩同比下滑，23Q4同环比有所改善。公司2023全年实现收入 135.26亿元，同比下降3.33%，实现归母净利润13.98亿元，同比下降14.74%， 26% 实现扣非净利润9.98亿元，同比下降33.4%。单季度来看，公司23Q4实现营收 14% 40.65亿元，同比+15.91%/环比+18.59%，实现归母净利润4.90元，同比+6.99%/ 1% 环比+12.84%,实现扣非净利润 2.61 亿元，同比-34.85%/环比-16.29%。盈利能力 (11%) 方面，公司2023年毛利率23.43%，同比减少2.09pcts，归母净利率10.34%，同 比减少1.38pcts，扣非净利率7.38%，同比减少3 ...

（一）实际募集资金金额、资金到账时间 证券代码：002916 证券简称：深南电路 公告编号：2024-007 深南电路股份有限公司 2023 年度募集资金存放与使用情况的专项报告 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。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》和深圳证券交易所颁布的《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自 律监管指南第 2 号——公告格式》等有关规定，深南电路股份有限公司（以下 简称"公司"）就 2023 年募集资金存放与使用情况作如下专项报告。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准深南电路股份有限公司非公开发行股 票的批复》（证监许可〔2021〕4151 号）核准，非公开发行人民币普通股 23,694,480 股，共计募集资金总额 2,549,999,937.60 元，扣除与发行有关的费用人民币 20,335,154.66 元，实际募集资金净额为人民币 2,529,664,782.94 元。 上述募集资金 ...

深南电路股份有限公司 审计报告及财务报表 二〇二三年度 信会师报字[2024]第 ZI10029 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn】"进行查验 "进行查询"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn】"进行查验 。 深南电路股份有限公司 审计报告及财务报表 (2023年01月 01 日至 2023 年 12 月 31 日止) | 目录 | 页次 | | | --- | --- | --- | | 审计报告 | | 1-5 | | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | | 1-4 | | 合并利润表和母公司利润表 | | 5-6 | | 合并现金流量表和母公司现金流量表 | | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | | 9-12 | | 财务报表附注 | | 1-90 | 事务所执业证书 III t 信会计师事务所(特殊普通 SHU LUN PAN CERTIFIED PUBLIC ACCO 审计报告 信会师报字[2024]第 ZI10029 号 深南电路 ...

一、独立董事的基本情况 深南电路股份有限公司 2023 年度独立董事述职报告 （张汉斌） 各位股东： 作为深南电路股份有限公司（以下简称 "公司"）董事会的独立董事，2023 年，本人根据《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律法 规和《公司章程》《独立董事工作制度》等有关规定，出席公司董事会和股东大 会会议，忠实、勤勉履行了独立董事的职责，维护了公司和股东特别是中小股东 的切身利益。现将本人2023年度的履职情况汇报如下： 本人为国际会计学硕士、中国注册会计师、高级会计师、香港华人会计师公 会境外会员。曾任深圳市财政局注册会计师调查委员会委员、深圳市行业协会商 会评估委员会评估专家、深圳市注册会计师协会第四届及第五届理事。现任深圳 铭鼎会计师事务所首席合伙人、深圳市注册会计师协会监督委员会委员、深圳市 创新科技委员会专家、深圳市发展和改革委员会专家及深圳市专家人才联合会发 起人，深圳市力合科创股份有限公司独立董事、深圳兆日科技股份有限公司独立 董事、深圳麦科田生物医疗技术股份有限公司独立董事，公司独立董事。 经自查，本人 ...

深南电路股份有限公司 募集资金年度存放与使用情况 专项报告的鉴证报告 信会师报字[2024]第ZI10032号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ace.mof.gov.cn）"进行查 "社行管 深南电路股份有限公司 募集资金年度存放与使用情况专项报告的鉴证报告 | 目 录 | 页 码 | | --- | --- | | 关于深南电路股份有限公司 2023 年度募集资金存放 | | | 与使用情况专项报告的鉴证报告 | 1-2 | | 深南电路股份有限公司 2023 年度募集资金存放与使 | | | 1 用情况专项报告 | 1-5 | 三、事务所及注册会计师执业资质证明 工信会计师事务师(宁宗晋道信 IA SHILLIN DAN CERTIFIED I 关于深南电路股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2024]第ZI10032号 深南电路股份有限公司全体股东: 我们接受委托,对后附的深南电路股份有限公司(以下简称"深 南电路公司") 2023年度募集资金存放与使用情况专项报告(以下简 称"募集资金专项报告"）执行了合理保证的鉴 ...

各位股东： 作为深南电路股份有限公司（以下简称 "公司"）董事会的独立董事，2023 年，本人按照《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律法 规和《公司章程》《独立董事工作制度》等有关规定，出席公司董事会和股东大 会会议，忠实、勤勉履行了独立董事的职责，维护了公司和股东特别是中小股东 的切身利益。现将本人2023年度的履职情况汇报如下： 一、独立董事的基本情况 本人为清华大学材料系学士、加拿大多伦多大学材料系硕士、新加坡国立大 学电机与计算机工程系博士。曾任新加坡国立大学电机系研发工程师，比利时鲁 汶 IMEC 资深研究员及项目负责人，新加坡南洋理工大学助理教授。现任南方科 技大学深港微电子学院院长、教授，广东省三维集成工程研究中心主任，深圳市 国电科技通信有限公司首席科学专家，未来通信集成电路教育部工程研究中心主 任，广东省 GaN 器件工程技术研究中心主任，深圳南湾通信科技有限公司董事， 湖南九山半导体科技有限公司董事，江苏鲁汶仪器股份有限公司独立董事，贝特 瑞新材料集团股份有限公司独立董事，欧菲光集团股份有限公司独立 ...