Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]

Core Performance - The company reported a significant increase in revenue and net profit for Q3 2025, achieving operating income of 6.301 billion yuan, a year-on-year growth of 33.25%, and a net profit of 966 million yuan, which represents a substantial increase of 92.87% [2] - The growth in performance is attributed to the company's ability to capitalize on opportunities in AI computing power upgrades, structural growth in the storage market, and increased demand for automotive electronics [2] Business Development - The PCB business focuses on communication equipment, with key investments in data centers (including servers) and automotive electronics, showing consistent revenue growth in these areas [3] - The packaging substrate business has shown remarkable performance, with revenue from storage packaging substrates experiencing significant growth due to increased demand [3] Capacity and Projects - The company maintains a high overall capacity utilization rate, with PCB and packaging substrate businesses showing strong performance [4] - New factories, including the Nantong Phase IV and Thailand facilities, are expected to enhance PCB production capacity, with the Thailand factory already in trial production [4] Cost Management - The company faces some cost pressures due to rising prices of raw materials such as gold salts and copper, but it is actively managing these through supply chain optimization and product structure adjustments [5] Compliance - The company confirmed that during the investor meeting, it adhered to information disclosure regulations and did not disclose any undisclosed significant information [6]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 6.301 billion CNY, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 966 million CNY, with a year-on-year increase of 92.87% [1] - The non-recurring net profit accumulated to 916 million CNY, showing a year-on-year growth of 94.16% [1] Group 2: Gross Margin Improvement - The overall gross margin improved in Q3 2025, primarily due to increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue scale and gross margin of packaging substrates showed significant improvement, aided by the steady ramp-up of the Guangzhou factory [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share across various sectors compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Capacity Utilization - The overall capacity utilization remained high in Q3 2025, with a noticeable increase in the utilization rate of packaging substrate business due to rising demand [5] Group 6: New Factory Developments - New factories include the Nantong Phase IV and Thailand projects, with the Thailand factory currently in trial production and Nantong Phase IV expected to commence in Q4 2025 [6] - These new facilities will enhance PCB production capabilities, particularly in high-layer and HDI technologies [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to fluctuations in commodity prices [7] - The company will continue to monitor international commodity price changes and maintain communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related products, with investments planned in phases based on business development and market conditions [8]

Summary of Key Takeaways from the China Technology Conference Call Industry Overview - **Industry**: Technology, specifically focusing on PCB (Printed Circuit Board) and AI software development - **Companies Discussed**: Victory Giant (VGT), Shennan Circuits, Kingsoft Office, Kingdee Victory Giant (VGT) Demand and Growth Outlook - Management maintains a positive outlook on demand for AI PCBs, despite a temporary moderation in earnings growth in 3Q25 due to a large AI customer's product transition [2][4] - Anticipated continued expansion of Gross Profit Margin (GPM) in 2026 driven by higher contributions from AI PCBs and product upgrades from AI customers [2] Capacity Expansion Plans - VGT is on track to enhance its HDI (High Density Interconnect) and HLC (High Layer Count) capacities, primarily in Huizhou this year, with expansions planned in Thailand and Vietnam next year [3] - Current HDI capacity is valued at approximately CNY 7-9 billion, HLC capacity at over CNY 9 billion, with total capacity projected to reach CNY 35 billion by the end of 2025, CNY 80-90 billion by 2026, and CNY 100-120 billion+ by 2027 [3] Revenue Contribution and Customer Development - AI PCBs currently account for about 50% of VGT's revenue, with consumer electronics and automotive electronics each contributing around 15% [4] - VGT is the largest AI PCB supplier, holding approximately 50% wallet share with a major AI customer, and expects a significant order from a large CSP (Cloud Service Provider) exceeding CNY 10 billion for 2026 [4] Competitive Advantages - VGT's strong management and execution have resulted in an industry-leading yield rate, allowing for faster production ramp-up compared to competitors [5] Shennan Circuits Supply Constraints and Revenue Contribution - The PCB supply remains constrained, with communication contributing around 40% of PCB sector revenue, predominantly from fixed-line communication [6] - AI is expected to contribute roughly 30% of PCB revenue [6] IC Substrate Business Update - Memory customers contributed approximately 40% of revenue for BT-based substrates in 3Q25, with strong growth momentum [7] - The company is experiencing stable demand for ABF-based IC substrates, with plans to narrow losses in the coming years [7] Capacity Expansion Plans - Supply for AI PCB business is constrained as the company ramps up existing factories in Thailand and Jiangsu, with planned capacities in Shenzhen, Wuxi, and Guangzhou [8] Price Hikes - Both PCB and substrate products are facing cost pressures due to upstream material price hikes, and the company is negotiating with CCL suppliers to adjust prices [10] Kingsoft Office AI User Growth - The company's focus has shifted to AI user growth, with monthly active users increasing from approximately 20 million at the beginning of 2025 to nearly 50 million by 3Q25 [11] - The launch of AI 3.0 in July has been promoted to around 50 million users, with significant growth potential within its ~600 million user base [11] Growth Outlook - Management anticipates a 10%+ revenue CAGR for the Consumer business from FY25-30E, with AI users expected to exceed 100 million next year [12] - The enterprise business (WPS 365) is projected to deliver a 30% revenue CAGR over FY25-30E, competing in a CNY 400-500 billion market [12] On-Premise Software Business - Strong demand in 3Q25 is expected to continue into 2026, driven by government initiatives for domestic substitution of PC and software products [13] Kingdee Earnings Turnaround - Kingdee is on track for an earnings turnaround in FY25, targeting low-teens year-on-year revenue growth, with subscription revenue growth around 20% year-on-year [14] AI Monetization Efforts - The "Kingdee Cloud" brand has been upgraded to "Kingdee AI," with plans for deeper integration of AI agents into cloud offerings [14] Conclusion - The technology sector, particularly in PCB and AI software, shows promising growth potential with significant capacity expansions and increasing revenue contributions from AI-related products. Companies like VGT, Shennan Circuits, Kingsoft Office, and Kingdee are well-positioned to capitalize on these trends, although they face challenges such as supply constraints and rising material costs.

Group 1 - The article emphasizes that the advanced packaging equipment industry is entering a golden era driven by the AI wave and domestic substitution, with significant growth opportunities arising from the demand for advanced packaging technologies [1][8]. - The global advanced packaging market is projected to grow from $46 billion in 2024 to $79.4 billion by 2030, with a compound annual growth rate (CAGR) of 37% for 2.5D/3D packaging technologies from 2023 to 2029 [7][8]. - The Chinese semiconductor packaging equipment market is expected to reach a sales revenue of 28.27 billion yuan in 2024, reflecting an 18.93% year-on-year growth [12]. Group 2 - The article discusses the rapid development of domestic semiconductor packaging equipment manufacturers in China, such as North Huachuang and Shengmei Shanghai, amidst a competitive landscape dominated by international giants [8][9]. - The demand for advanced packaging technologies is driven by the need for high-density integration and improved chip performance, particularly in AI models, data centers, and high-end consumer electronics [7][8]. - The article highlights the evolution of bonding technologies, with a significant shift towards advanced techniques that enhance integration density and performance, such as hybrid bonding and laser debonding [13][16]. Group 3 - The article outlines the critical role of various semiconductor equipment types, including thinning machines, dicing machines, and die bonders, in the advanced packaging process, emphasizing the need for precision and efficiency [27][28]. - It notes that the laser cutting technology is gaining traction due to its advantages in energy efficiency and adaptability to complex packaging requirements, with the global wafer cutting equipment market expected to grow significantly [26]. - The article also mentions the importance of surface functionalization technologies in enhancing the performance of advanced packaging, particularly in applications like chip-on-wafer and fan-out packaging [35][39].

Group 1 - The company stated that its factory in Thailand does not involve the production of flexible printed circuit boards [1]

证券代码：002916 证券简称：深南电路 公告编号：2025-035 深南电路股份有限公司 关于参加 2025 年度深圳辖区上市公司 集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，深南电路股份有限公司（以下简称"公 司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会 与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网 上集体接待日活动" ，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，交流时间为 2025 年 11 月 20 日（周四）15:40-17:00。届时公 司高管将在线与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深南电路股份有限公司 董事会 二〇二五年十一月十四日 ...

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 63.01 billion yuan, representing a year-on-year growth of 33.25% [1] - The net profit attributable to shareholders reached 9.66 billion yuan, with a year-on-year increase of 92.87% [1] - The non-recurring net profit totaled 9.16 billion yuan, reflecting a growth of 94.16% year-on-year [1] Group 2: Gross Margin Improvement - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization [2] - The revenue from PCB data centers and wired communication businesses continued to grow, contributing to a slight increase in gross margin [2] Group 3: Business Expansion in PCB Sector - The PCB business focuses on communication equipment, with significant expansion in data centers and automotive electronics [3] - Revenue from data centers and wired communication businesses continued to grow, maintaining a consistent share compared to the first half of the year [3] Group 4: Packaging Substrate Business Growth - The packaging substrate business includes a wide range of products, with significant revenue growth in storage packaging substrates in Q3 2025 [4] - All downstream product demands showed growth, particularly in storage packaging substrates [4] Group 5: Technological Capabilities and Project Progress - The company has achieved mass production capabilities for FC-BGA substrates with 20 layers or fewer, while R&D for 22-26 layer products is on schedule [5] - The Guangzhou packaging substrate project is gradually reducing losses as various orders enter production [5] Group 6: New Factory Developments - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [6] - These facilities will enhance PCB production capacity and capabilities [6] Group 7: Raw Material Price Changes - Key raw materials such as copper foil and gold salt saw price increases in Q3 2025 due to commodity price fluctuations [7] - The company is monitoring international commodity prices and maintaining communication with suppliers and customers [7] Group 8: Land Planning in Wuxi - The new land in Wuxi is designated for PCB-related product storage, with phased investment planned based on business development and market conditions [8]

让存量企业"信任票"一投再投，关键靠营商环境。2014年落户南通以来，深南电路持续追加投资， 正在进行设备安装调试的第4期项目总投资18亿元，年产HDI、FPC印制电路板48万平方米。企业负责 人介绍，深耕南通是因为这里有适合的"土壤"，公司在建项目全部达产后，年销售总额有望在3年内突 破百亿元。 10月28日，中央广播电视总台发布《2024—2025城市营商环境创新报告》，南通跻身"2024—2025 年度创新城市"十强。"服务好现有企业就是最好的招商引资。"南通市委书记吴新明表示，将突出用户 思维，将心比心、换位思考，不断擦亮"万事好通"营商服务品牌，持续激发"七虎竞南通、十强逐江 海"的拼劲韧劲，以实绩实效贯彻落实党的二十届四中全会精神，为"十四五"圆满收官、"十五五"良好 开局提供坚实支撑。 相比新项目，存量企业增资扩产项目建设周期短、要素需求少、企业黏性强，是招商的"富矿"。南 通要求各板块既目光向外招引更多大项目、好项目，又俯身向内服务企业增资扩产、新上项目。会议当 天现场观摩的9个项目中，存量企业增资扩产项目就有5个。 外资企业利润再投同样是重要的项目来源。据统计，近3年南通共有外资企业利润再投 ...

Group 1 - In the first three quarters of this year, Nantong signed 347 key domestic projects, with over 50% being expansions of existing enterprises [1] - Among the new manufacturing projects, 425 projects with investments over 100 million yuan were initiated, with 48.5% being expansions of existing enterprises [1] - The focus on existing enterprises for investment is due to their shorter construction cycles, lower resource demands, and stronger enterprise loyalty [1] Group 2 - In the past three years, Nantong has seen 112 projects funded by reinvested profits from foreign enterprises, amounting to 1.62 billion USD, which constitutes 35.4% of the city's total foreign investment [2] - The German pharmaceutical company Merck has invested in five projects in Nantong since 2014, totaling nearly 3.3 billion yuan, which represents over 50% of its investments in China [2] - By the end of September, all 38 planned provincial major projects and 224 planned municipal major projects in Nantong had commenced, marking an increase of 12 and 7 projects year-on-year, respectively [2] Group 3 - Nantong was recognized as one of the top ten innovative cities in the "2024-2025 Urban Business Environment Innovation Report" [3] - The local government emphasizes that serving existing enterprises is the best form of investment attraction [3] - Nantong's leadership aims to enhance the business service brand "Wan Shi Hao Tong" and stimulate competitive spirit to support the implementation of national policies and ensure a strong start for the next five-year plan [3]