Topic 1: Financial Performance and Profit Growth - Net profit attributable to shareholders of the listed company is expected to be between 910 million yuan and 1 billion yuan, representing a year-on-year increase of 92.01% to 111.00%[3] - Net profit after deducting non-recurring gains and losses is expected to be between 820 million yuan and 910 million yuan, representing a year-on-year increase of 92.64% to 113.78%[3] - Basic earnings per share are expected to be between 1.77 yuan and 1.95 yuan, compared to 0.92 yuan in the same period last year[3] Topic 2: Business Operations and Revenue Growth - The company's order volume increased year-on-year, and capacity utilization remained at a good level, leading to a year-on-year increase in business revenue[4] - The company optimized its product structure, benefiting from the accelerated evolution and application of AI, as well as the iterative upgrade of general servers, which contributed to the year-on-year profit increase[4]

Group 1: Company Overview and Business Focus - The company is engaged in high-end PCB design, research, and manufacturing, with a focus on communication equipment, data centers, automotive electronics, industrial control, and medical fields [2] - The PCB business has a long-term focus on the communication sector, covering various wireless and wired communication PCB products [2] - The automotive electronics sector is a key area for expansion, targeting both domestic and overseas Tier 1 customers, with a focus on new energy and ADAS applications [3] Group 2: Market Trends and Demand - There has been no significant improvement in demand for wireless communication base station products since Q4 2023, while demand for wired products like switches and optical modules has increased [2] - The acceleration of AI development is driving demand for high-performance and high-speed PCB products in sectors such as high-speed communication networks and data center switches [3] - The company is focusing on opportunities in the new energy and ADAS sectors within the automotive electronics field, aiming to develop targeted projects [3] Group 3: Packaging Substrate Business - The demand for BT-type packaging substrates has continued the trend from Q4 2023, with adjustments in product structure based on downstream demand [3] - The company has achieved leading capabilities in mass production of various packaging substrate forms, including FC-CSP products, and is advancing in high-layer products [3] - The company faces technical challenges in developing new high-end products and plans to enhance its R&D capabilities and attract industry experts [3] Group 4: Operational Metrics - The PCB factory's operating rate has increased compared to Q1 2024, while the packaging substrate factory's operating rate remains stable [3] - The company’s electronic assembly business focuses on communication, data centers, medical, and automotive electronics, leveraging its PCB technology platform for value-added services [4] Group 5: Raw Material Prices and Impact - The prices of key raw materials have remained stable from 2023 to Q1 2024, although some prices for precious metals and certain board materials have increased recently [4] - The company is monitoring international commodity price changes and maintaining communication with suppliers and customers to mitigate potential impacts [4]

证券代码：002916 证券简称：深南电路 公告编号：2024-028 深南电路股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 深南电路股份有限公司（以下简称"公司"）第三届董事会第二十次会议和 第三届监事会第十五次会议审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，同意公司在不影响募集资金投资计划正常进行的情况下，将总额不 超过 10 亿元（含本数）的闲置募集资金购买期限不超过 12 个月（含）的保本型 产品，使用期限自董事会审议通过之日起 24 个月内有效，在上述额度内资金可 滚动使用。独立董事、监事会及保荐机构就该事项已发表同意的意见。 具体公告详见公司于 2022 年 12 月 30 日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于使用部分闲置募集资金进行现金管理 的公告》（公告编号：2022-087）。 一、关于使用部分闲置募集资金进行现金管理的情况 近日，公司全资子公司无锡广芯封装基板有限公司（以下简称"无锡广芯"） 向中国银行股 ...

Financial Data and Key Metrics Changes - The company's production capacity utilization rate is currently at a relatively high level, between 85% to 90%, with some factories exceeding 90% [2][3] - Compared to Q1, there has been an increase of a few percentage points in capacity utilization due to the absence of the Spring Festival holiday and stronger downstream demand driven by AI [2][3] Business Line Data and Key Metrics Changes - The PCB business is primarily driven by communication fields, with wireless communication demand not showing significant improvement, while wired communication demand remains stable [5] - The data center segment, primarily focused on servers and storage products, accounts for approximately 15% of the PCB business [6] - Automotive electronics currently represent about 10% of the business, with other sectors like public healthcare and energy also contributing [6] Market Data and Key Metrics Changes - The demand for consumer modules has seen a decline, while storage-related products maintain a high utilization rate of around 90% [14] - The AI server segment is experiencing rapid growth, contributing positively to overall demand [20] Company Strategy and Development Direction - The company is focusing on expanding its capabilities in high-tech products, particularly in the packaging substrate sector, with a clear strategy to enhance product complexity over the next 3 to 5 years [39] - The company is also investing in new factories to support growth, which may temporarily affect profit margins due to initial costs [31][32] Management Comments on Operating Environment and Future Outlook - Management noted that while the overall market demand has not shown strong recovery, certain segments like AI servers are driving growth [20][42] - The company is optimistic about the future, particularly with the ongoing trends in AI, which are expected to sustain demand for several years [42] Other Important Information - The company has seen an increase in inventory from 1.5 billion to 2.7 billion, attributed to new factory openings and the need to match inventory with revenue scale [28][29] - Management emphasized that the increase in inventory should not be viewed in isolation but rather in the context of overall business expansion and market conditions [30][32] Q&A Session Summary Question: Can you break down the wireless and wired communication segments? - The wireless segment primarily includes base station-related products, while wired communication accounts for a significant portion of the PCB business [8] Question: How is the company addressing the AI-related product demand? - The company does not specifically track AI-related product orders due to the nature of customer specifications [9] Question: What is the historical context of the current capacity utilization rate? - Last year's Q2 utilization was around 70%, with a gradual increase expected throughout the year [10][11] Question: What are the expectations for Q3? - Management indicated that visibility for Q3 is limited, but current orders suggest stability [13] Question: How does the company view its profit trajectory? - Management refrained from providing specific profit forecasts but indicated that current trends suggest a potential for improvement [16][17] Question: What factors are influencing inventory growth? - Inventory growth is linked to new factory openings and the need to align with revenue structures, rather than a direct reflection of market demand [28][30]

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：2024-37 √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 ） 中邮证券、天风证券、山西证券、国联安基金、海富通基金、中信建投资管、富国基 金、华泰柏瑞基金、中加基金、中信保诚基金、中融基金、诺德基金、长安基金、博 道基金、汇丰晋信基金、泓德基金、富安达基金、汇华理财、泰信基金、西部利得基 参与单位名称及 金、易米基金、创金和信基金、东吴基金、摩根华鑫、泰康资产、上海凯石投资基 人员姓名（排名 金、中科沃土基金、银河基金、前海联合基金、嘉实基金、中银基金、太平资产、华 不分先后） 夏基金、兴合基金、金鹰基金、复霈资产、易知投资、中国人民健康保险、世邦基 金、圆信永丰基金、中邮人寿保险、建信基金、国泰基金、安信基金、招商基金、中 海基金、敦颐资产、友山基金、聚鸣投资、同泰基金、朱雀基金、方正富邦、天弘基 金 时间 2024年6月27日 地点 深南电路股份有限公司会议室；电话及网络会议（山西证券策略会） 上市公司接待人 战略发展 ...

Group 1: Company Overview and Business Expansion - In Q1 2024, the company reported stable demand in the PCB business, with growth in wired side switch and optical module orders, while wireless side orders remained unchanged compared to Q4 2023 [2] - The data center sector continues to see a quarter-on-quarter increase in order demand, driven by the Eagle Stream platform and AI accelerator card products [2] - The automotive sector is focusing on opportunities in the new energy direction, maintaining previous demand levels [2] Group 2: Product Application and Market Focus - The company's PCB business is primarily engaged in high-end product design, development, and manufacturing, with a focus on communication devices, data centers (including servers), and automotive electronics [2] - The company is also committed to long-term development in industrial control and medical sectors [2] Group 3: Technology and Production Capabilities - The company possesses HDI technology capabilities, including Any Layer interconnection, applicable in communication, data center, industrial control, medical, and automotive electronics sectors [3] - The company has multiple PCB factories in Shenzhen, Wuxi, and Nantong, with production arranged based on the process requirements of different PCB products [3] Group 4: Financial and Operational Insights - In Q1 2024, the company's packaging substrate business demand remained stable, with BT-type packaging boards in steady mass production [3] - The company is the largest domestic supplier of packaging substrates, with leading production capabilities in various packaging forms [3] - The company has seen an increase in PCB factory utilization rates compared to Q1 2024, while packaging substrate factory utilization rates remained stable [4] Group 5: Raw Material Prices and Impact - The prices of key raw materials, including copper-clad laminates and copper foil, have remained stable from 2023 to Q1 2024, with some increases in precious metals and certain board materials due to commodity price fluctuations [4] - The company is closely monitoring international commodity price changes and maintaining active communication with suppliers and customers [4] Group 6: International Expansion - The company is investing 1.274 billion RMB in a factory in Thailand to expand its overseas market presence, with the project progressing through necessary registrations and land acquisition [4] - The specific production timeline will depend on construction progress and market conditions [4]

Business Overview - The company's PCB business focuses on high-end PCB product design, R&D, and manufacturing, with core applications in communication equipment, data centers, and automotive electronics [2] - The company is the largest domestic substrate supplier, with full coverage of WB and FC packaging forms in BT substrates, and leading sample capabilities in FC-CSP and RF substrates [4] Financial Performance - In Q1 2024, PCB business demand in the data center sector continued to grow quarter-over-quarter, driven by platform product ramp-up and AI accelerator card demand [2] - Substrate business demand in Q1 2024 maintained the trend from Q4 2023, with stable mass production of BT substrates and ongoing verification and certification for FC-BGA products [3] Market Trends - AI development is driving increased demand for high-frequency, high-speed, integrated, miniaturized, and high-heat-dissipation PCB products in ICT industry [3] - The automotive electronics sector focuses on new energy and ADAS, with ADAS products accounting for a relatively high proportion, mainly used in cameras and radar [3] Production Capabilities - The company has multiple PCB factories in Shenzhen, Wuxi, and Nantong, with production arrangements based on process requirements rather than specific downstream sectors [3] - The company possesses HDI process capabilities including Any Layer, mainly applied in communication, data center, industrial control, medical, and automotive electronics fields [3] International Expansion - The company is investing 1.274 billion RMB in a Thailand factory project, with 289 million THB allocated for purchasing 70 rai of land in the Logana Industrial Park [5] - The Thailand project has obtained necessary approvals and certificates from Chinese authorities and is preparing for construction [5] Raw Materials - Main raw materials include copper clad laminates, prepregs, copper foil, gold salts, and inks, with prices remaining relatively stable from 2023 to Q1 2024 [4] - Recent increases in precious metal prices and some board materials have been observed due to commodity price fluctuations, but no direct impact on operations yet [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：2024-33 □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 ） 浙商证券、百年保险资产、东吴基金、循远资产、东方基金、中金资管、东方阿尔法 基金、中华联合保险、泓德基金、江苏瑞华投资、上海混沌道然资产、信泰人寿保 险、湖南源乘私募基金、财通基金、创金合信基金、瀚川投资、广东正圆私募基金、 方正富邦基金、上海川流私募基金、久泰基金、国赞投资、青骊投资、上海磐耀资 产、上海峰岚资产、上银基金、淡水泉、兴证全球基金、上海电气集团、东证融汇证 参与单位名称及 券资产、泰康资产香港、汇泉基金、大家资产、国海富兰克林基金、龙赢富泽资产、 人员姓名（排名 中金资管、百嘉基金、长江资产、格林基金、国华兴益保险资产、长城财富保险资 不分先后） 产、山西证券、恒越基金、上海烜鼎资产、国寿安保基金、路博迈投资、中国人民健 康保险、上海肇万资产、诺德基金、博远基金、农银汇理基金、中邮人寿、长城财富 保险资产、西部证券、华夏未来资本、安信资管、华安证 ...

如果大家有什么问题也欢迎积极的交流互动那辛苦谢走嗯好的谢谢智商也感谢大家这个这个周五的下午还来关注我们的情况因为前期我们在年报季报后跟大家沟通也比较多了那现在只是对这两个月的情况稍微做一下更新吧 大家也看到我们这第二季度前期也跟大家沟通主要增长的一些驱动还是来源于AI还有汽车这两个系统对PCBU来说这两点动因目前来看暂时没有发生新的变化AI相关拉动的对应深蓝的下游市场包括了在我们这边划分为有线通信的交换机还有光通信还有 算力相关的一些服务器还有电源类的几类产品目前来看整体的需求还保持在比较良好的水平另外一个市场驱动主要是汽车当然因为现在大家外面听到的声音比较多还是有 终端方面的挑战但是对我们来说因为这两年开发的客户以及定点的项目保证了目前来看我们整体在汽车市场最快的相关的订单的能见度项目需求稳定性方面还是在一个比较良好的水平这是PCB两个业务的两个比较重要的下游市场的情况 另外基板的话前期也跟大家沟通过这个季度主要体现在消费力里面的RF的需求是有回落较前期到三月末那个补库动作其实已经都停止了所以整个季度看来的话RF相关的需求还是比较弱的其他的市场较纯属还是保持在相对稳定的水平 这是我们下游两个大的业务的情况目 ...

Group 1: Business Overview - In Q1 2024, the company experienced stable demand in the communication sector, with no significant improvement in wireless orders compared to Q4 2023, while wired side demands such as switches and optical modules saw growth [2] - The data center sector continued to grow, driven by the increasing demand for Eagle Stream platform products and AI accelerator cards [2] - The automotive electronics sector remains focused on new energy and ADAS, with stable demand in related areas [2] Group 2: PCB Business Development - The company has advanced HDI technology capabilities, applicable in communication, data centers, industrial control, medical, and automotive electronics [3] - Automotive electronics are a key focus area, with products primarily aimed at overseas and domestic Tier 1 customers, participating in some vehicle manufacturer R&D projects [3] - The packaging substrate business maintained stable demand in Q1 2024, with BT-type substrates in steady mass production [3] Group 3: Technical Capabilities - The company is the largest domestic supplier of packaging substrates, with comprehensive mass production capabilities across various packaging forms [3] - The company has achieved industry-leading levels in sample capabilities for FC-CSP packaging substrates and is progressing in the production of 14-layer and below products [3] - The company faces ongoing technical challenges in high-end product development and aims to accelerate breakthroughs in technology and market development [3] Group 4: Operational Efficiency - The overall utilization rate of the company's PCB and packaging substrate businesses has improved compared to Q4 2023 [3] Group 5: Electronic Assembly Business Strategy - The electronic assembly business focuses on communication, data centers, medical, and automotive electronics, leveraging the company's technology platform to provide integrated solutions and enhance customer loyalty [4]