证券代码：002916 证券简称：深南电路 公告编号：2026-012 深南电路股份有限公司 第四届董事会第十四次会议决议公告 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、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"）第四届董事会第十四次会议于 2026 年 3 月 11 日以现场结合通讯方式召开，董事长杨之诚主持会议。会议通知 于 2026 年 2 月 28 日以电子邮件方式向全体董事发出，应出席会议董事 8 人，实 际出席会议董事 8 人，部分高级管理人员列席。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）2025 年年度报告及其摘要 具体内容详见披露于《证券时报》和巨潮资讯网（http://www.cninfo.com.cn， 下同）的《2025 年年度报告摘要》（公告编号：2026-013），以及披露于巨潮资讯 网的《2025 年年度报告》全文。 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 8 票，反 对 0 ...

证券代码：002916 证券简称：深南电路 公告编号：2026-014 深南电路股份有限公司 深南电路股份有限公司（以下简称"公司"）于 2026 年 3 月 11 日召开第四 届董事会第十四次会议，审议通过了《关于 2025 年度利润分配方案的议案》（表 决情况为：8 票同意，0 票反对，0 票弃权）。 本议案尚需提交公司 2025 年年度股东会审议。 二、利润分配方案的基本情况 （一）本次利润分配方案的基本内容 1、本次利润分配预案为 2025 年度利润分配。 2、按照《中华人民共和国公司法》（以下简称《公司法》）和《公司章程》 规定，公司分配当年税后利润时，应当提取利润的 10%列入公司法定公积金，公 司法定公积金累计额为公司注册资本的 50%以上的，可以不再提取。公司法定公 积金期初累计额为 256,438,767.50 元，未达公司注册资本的 50%，本年度提取法 定盈余公积金 76,931,630.00 元。公司不存在需要弥补亏损的情况。 经容诚会计师事务所（特殊普通合伙）审计，公司 2025 年合并报表实现的 归属于母公司股东的净利润为 3,275,738,151.27 元；母公司会计报表 20 ...

深南电路股份有限公司 2025 年年度报告全文 深南电路股份有限公司 2025 年年度报告 2026 年 3 月 1 深南电路股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人杨之诚、主管会计工作负责人楼志勇及会计机构负责人（会计 主管人员）楼志勇声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性描述，不构成公司对投资者的实质承 诺，请投资者注意投资风险。 公司已在报告中描述可能存在的宏观经济波动风险、国际经贸摩擦风险、 市场竞争风险、进入新市场及开发新产品的风险、海外工厂运营风险、产能扩 张后的爬坡风险、原物料供应及价格波动风险、汇率风险，敬请查阅"第三节 管理层讨论与分析 十一、公司未来发展的展望（四）可能面临的风险和应对措 施" 部分内容。 公司经本次董事会审议通过的利润分配预案为：以利润分配方案未来实施 时股权登记日的股本总数为基数，向全体股 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - SRAM is expanding its applications in AI inference, with stacking solutions aiding in capacity expansion. This presents significant investment opportunities in related companies [3][8]. - The report highlights the potential of SRAM architecture in AI inference, emphasizing its high access speed and low latency, which are critical for data requiring quick access [7]. - The industry is witnessing a trend towards 3D stacking solutions for SRAM, which can enhance density and overcome traditional capacity limitations [7]. Summary by Sections Investment Recommendations and Targets - Key companies to watch include: - Zhaoyi Innovation (兆易创新) and Beijing Junzheng (北京君正) for customized storage solutions [3][8]. - Hengshuo Co., Ltd. (恒烁股份) for SRAM-based digital computing solutions [3][8]. - Changdian Technology (长电科技) and Tongfu Microelectronics (通富微电) for advanced packaging [3][8]. - Companies like Deep South Circuit (深南电路) and Huitian Technology (沪电股份) are expected to benefit from NVIDIA's new chip solutions [3][8]. - Upstream PCB companies such as Shengyi Technology (生益科技) and Nanya Technology (南亚新材) are also highlighted [3][8]. Industry Developments - NVIDIA is set to unveil new AI inference chip solutions at the GTC 2026 conference, which could drive further SRAM applications [7]. - The report notes that SRAM's architecture is gaining recognition for its potential in AI inference, particularly for small parameter models and intermediate results [7]. - The 3D stacking technology, such as AMD's 3D V-Cache, is noted for its ability to significantly increase SRAM cache capacity [7][15].

Summary of Shennan Circuits (A) Conference Call Company Overview - **Company**: Shennan Circuits Company Limited (SCC) - **Ticker**: 002916 CH - **Sector**: Electronics - **Established**: 1984 - **Headquarters**: Shenzhen, China - **Key Clients**: Huawei, ZTE, Google, Nokia, Honeywell, GE Healthcare, Bosch, BYD, Lenovo, ASE Key Points Industry Position and Customer Base - Shennan Circuits has a strong portfolio and customer base, particularly in the PCB and substrate segments, including AI server and optical transceiver PCBs, as well as BT and ABF substrates [1][12] - The company is well-positioned to benefit from robust demand in memory and optical transceiver modules, supported by a diversified customer base across China and the US [1][2] Meta/AMD Deal Impact - The recent agreement between Meta and AMD, which includes a 6-gigawatt deal for AI infrastructure, is expected to provide significant revenue upside for Shennan Circuits [2] - Estimated annual revenue upside from this deal is approximately CNY 1.5 billion, assuming a 5-year deployment and a 50% market share in the PCB segment with an average selling price (ASP) of CNY 5,000 [2] Financial Projections - Earnings estimates for 2025-2027 have been raised by 1-12% due to the positive outlook from the Meta/AMD deal and previous profit alerts [3][15] - Price objective has been increased to CNY 303 from CNY 270, reflecting a higher P/E multiple of 32x, indicating extended business visibility [3][22] Earnings and Valuation Metrics - **2023A Net Income**: CNY 1,398 million - **2024A Net Income**: CNY 1,878 million - **2025E Net Income**: CNY 3,246 million - **2026E Net Income**: CNY 5,077 million - **2027E Net Income**: CNY 7,197 million - **EPS Growth**: Expected to grow from CNY 2.10 in 2023 to CNY 10.79 in 2027, with significant year-on-year increases [4][10] - **P/E Ratios**: Expected to decrease from 125.8x in 2023 to 24.4x in 2027, indicating improving valuation as earnings grow [4][10] Risks and Opportunities - **Downside Risks**: Slower AI datacenter capital expenditures, slower market share gains in US CSPs, increased competition, yield issues, and geopolitical tensions [23] - **Upside Risks**: Faster capital expenditures in AI datacenters, quicker market share gains, eased competition, and improved yield performance [23] Investment Rationale - The company is rated as a "Buy" due to its leading market position in the PCB industry, a comprehensive "3-In-One" strategy for product offerings, and increasing exposure to US cloud service providers [13][22] Conclusion - Shennan Circuits is positioned for strong growth driven by demand in AI-related sectors and strategic partnerships, with a favorable outlook reflected in revised earnings estimates and price objectives [1][3][22]

Summary of Conference Call on China CCL Sector Industry Overview - The conference call focused on the China CCL (Copper Clad Laminate) sector, particularly in relation to advancements in AI and high-end CCL materials [1][2]. Key Companies Discussed - **Shengyi Technology (600183.SS)** - **Shennan Circuit (002916.SZ)** - **Kingboard Laminates Holdings (1888.HK)** - Other suppliers mentioned include EMC, Doosan, TUC, Panasonic, and ITEQ [1][2][3][4]. Core Insights and Arguments 1. **Growth in AI-CCL Materials**: - NVDA's recent results indicate a strong demand for high-end CCL materials, with a roadmap showing significant upgrades from 2020 to 2026 [1]. - The transition to advanced materials is expected to create opportunities for suppliers within the NVDA ecosystem [1]. 2. **Shengyi's Competitive Edge**: - Shengyi is the only certified supplier of M9 CCL by NVDA, achieving a production yield of over 90% for the Rubin platform [3]. - Projected earnings growth for Shengyi is over 33% to RMB 4.6 billion, with AI-CCL volume expected to double this year [3]. 3. **Market Demand Projections**: - AI-CCL volume is projected to reach 1.5-1.6 million sheets in 2026, accounting for over 15% of total capacity [3]. - The gross margin (GM) for AI-CCL is expected to exceed 40%, compared to an average of 28% for the CCL segment [3]. 4. **Shennan's Growth Potential**: - Shennan is expected to see a 39% CAGR in earnings from 2025 to 2027, driven by AI-PCB and BT substrate segments [10]. - The GM for AI-PCB is projected to be at least 45% in 2H25, supported by major customers like Huawei and increased AI capex among Chinese hyperscalers [10]. 5. **Kingboard Laminates' Strategy**: - KBL plans to enter the NVDA supply chain with its M9 CCL and is gaining momentum in upstream glass fabric production [4][9]. - The ASP of quartz fabric for M9 is significantly higher than E-glass, leading to a suspension of certain E-glass CCL products for a mix upgrade [7]. Additional Important Insights - **Material Shortages**: - There is a noted shortage of AI-fabric materials, particularly low Dk/gen 2 and Q-glass, with projected CAGRs of 387% and 471% respectively from 2025 to 2027 [8][11]. - Supply issues are expected to exacerbate delivery lead times, creating opportunities for price inflation [8]. - **Valuation and Risks**: - Target prices for Shengyi and Shennan reflect high P/E ratios due to expected earnings upgrades and market share gains [25][28]. - Risks include slower-than-expected customer certification, macroeconomic conditions in China, and demand fluctuations in electronic goods [24][26][29]. - **Future Production Plans**: - KBL aims to produce 2,000 tons of low Dk gen 1/gen 2 by 1Q26, with potential net profit contributions exceeding HK$400 million for 2026 [9]. This summary encapsulates the key points discussed during the conference call, highlighting the growth potential and strategic positioning of companies within the China CCL sector amidst the evolving landscape driven by AI advancements.

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

证券代码：002916 证券简称：深南电路 公告编号：2026-011 深南电路股份有限公司 股票交易异常波动公告 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、股票交易异常波动的具体情况 二、股票交易异常波动的核实情况说明 针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就 相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 3、近期公司经营情况正常，内外部经营环境未发生重大变化。 4、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项，或处于筹划阶段的重大事项。 5、股票交易异常波动期间控股股东、实际控制人不存在买卖公司股票的情 形。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项；董事会也未获悉公司有根据《深圳证券 交易所股票上市规则》等有关规定应予以披露而未披露的、对公司股票及其衍生 ...

Core Viewpoint - Donghe New Materials reported a significant increase in both revenue and net profit for the year 2025, indicating strong business performance and growth potential [2] Financial Performance - The company achieved an operating revenue of 821,822,683.81 yuan in 2025, representing a year-on-year growth of 20.42% [2] - The net profit attributable to shareholders of the listed company was 75,054,846.97 yuan, reflecting a year-on-year increase of 44% [2]

Market Overview - On February 26, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.19%, and the ChiNext Index decreased by 0.29% [1] - The total market turnover was 2.56 trillion yuan, with over 2800 stocks declining [1] - Sectors that performed well included CPO, PCB, liquid-cooled servers, cultivated diamonds, and sugar substitutes, while the film and television, real estate, and precious metals sectors saw declines [1] Individual Stock Performance - YN Energy Holdings achieved a six-day consecutive rise, Farsen had a four-day consecutive rise, and Chengxing Co. had a three-day consecutive rise [3] - Notable stocks with significant gains included: - Zhongke Environmental at 20.06% increase, trading at 7.78 yuan [4] - Yue'an New Materials at 20.01% increase, trading at 39.10 yuan [4] - Gaolan Co. at 20.01% increase, trading at 38.15 yuan [4] - Other stocks like Tongyu New Materials and Spring Intelligence Control also saw significant increases [4] Trading Insights - The top three net buying stocks on the Dragon and Tiger list were Huadian Co. with 14.13 billion yuan, Huasheng Tiancai with 4.25 billion yuan, and Gaolan Co. with 3.76 billion yuan [5] - The top three net selling stocks were Electric Science Blue Sky, Mingyang Electric, and Qingshuiyuan, with net sales of 1.94 billion yuan, 1.61 billion yuan, and 1.41 billion yuan respectively [5] Industry Trends - Nvidia reported a quarterly revenue of 68 billion USD, indicating a strong outlook for AI, which is expected to drive demand for high-performance PCBs [12][17] - Dongguan Securities noted that AI is pushing PCBs towards high-performance and high-density upgrades, increasing demand for high-value products [12] - Huadian Co. plans to invest 3.3 billion yuan in a new high-end PCB production project, expected to generate an additional 3.05 billion yuan in annual revenue [12] - Huasheng Tiancai is focusing on AI computing and applications, with a strategic push towards AI solutions [15] - Gaolan Co. is expanding its liquid-cooled server business, anticipating significant growth in net profit due to rising demand in North America [18] Key Trading Stocks - Huadian Co. saw a trading halt with a 10% increase, with a turnover of 115.58 billion yuan and a net buying of 7.37 billion yuan from deep stock connections [19] - Spring Intelligence Control also reached a trading halt with a 20% increase, with a net buying of 1.63 billion yuan [20] - Gaolan Co. achieved a trading halt with a 20% increase, with a net buying of 1.14 billion yuan [21]