Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company reported a significant increase in revenue and net profit for both the full year of 2024 and the first quarter of 2025, driven by strong demand in the PCB and automotive sectors [1][2]. - The PCB business achieved a revenue of 10.49 billion yuan in 2024, marking a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [3]. - The packaging substrate business also saw a revenue increase of 37.49% year-on-year, reaching 3.17 billion yuan in 2024 [4]. - The electronic assembly business reported a revenue of 2.82 billion yuan in 2024, with a year-on-year growth of 33.20% [4]. - The company is expected to continue its growth trajectory, with projected revenues of 20.68 billion yuan and 23.90 billion yuan for 2025 and 2026, respectively, reflecting a growth rate of 15.5% [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 17.91 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.88 billion yuan, up 34.29% [1]. - For Q1 2025, the company reported revenue of 4.78 billion yuan, a 20.75% increase year-on-year, and a net profit of 491 million yuan, up 29.47% [1][2]. Business Segments - The PCB segment is benefiting from the growth in AI server demand and the recovery of the industry cycle, with a notable increase in orders from data centers [3]. - The automotive electronics segment continues to grow, driven by the trends in electrification and intelligent driving, with order growth exceeding 50% for the third consecutive year [3]. Profitability and Valuation - The gross margin for the PCB business improved by 5.07 percentage points to 31.62% in 2024 [3]. - The company’s earnings per share (EPS) are projected to be 5.04 yuan and 6.15 yuan for 2025 and 2026, respectively, with a corresponding price-to-earnings (PE) ratio of 21.97 for 2025 [8][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][15]. Core Views - The company is positioned to benefit significantly from the AI cycle, particularly in the PCB sector, with strong demand from computing and automotive electronics markets [6][8]. - The first quarter of 2025 showed a revenue of 4.783 billion yuan, a year-on-year increase of 20.75%, and a net profit of 491 million yuan, reflecting a year-on-year growth of 29.47% [5][6]. - The company is expected to achieve substantial growth in net profit, with projections of 2.538 billion yuan for 2025, 3.081 billion yuan for 2026, and 3.637 billion yuan for 2027 [11]. Financial Performance Summary - Revenue projections for the company are as follows: 13.526 billion yuan in 2023, 17.907 billion yuan in 2024, 21.547 billion yuan in 2025, 24.863 billion yuan in 2026, and 29.425 billion yuan in 2027, with respective growth rates of -3%, 32%, 20%, 15%, and 18% [4][11]. - The company's gross margin for Q1 2025 was 24.74%, with a slight year-on-year decrease of 0.45 percentage points, but an increase of 2.79 percentage points quarter-on-quarter [5][6]. - The net profit margin for Q1 2025 was 10.29%, showing a year-on-year increase of 0.71 percentage points and a quarter-on-quarter increase of 2.25 percentage points [5][6]. Business Segment Insights - The PCB business is expected to leverage opportunities in computing power and automotive electronics, maintaining high operational rates and benefiting from improved product structure [6][8]. - The company has made advancements in packaging substrates, with successful new product introductions and enhanced manufacturing capabilities, particularly in high-end DRAM and processor chip products [9][10].

Financial Performance - In Q1 2025, the company achieved revenue of CNY 4.783 billion, a year-on-year increase of 20.75% [2] - Net profit attributable to shareholders reached CNY 491 million, up 29.47% year-on-year [2] - Deducting non-recurring gains, net profit was CNY 485 million, reflecting a 44.64% increase [2] PCB Business Development - The PCB business focuses on communication equipment, particularly in data centers and automotive electronics, with a slight recovery in wireless orders and sustained growth in wired demand [3] - Orders in the data center sector continued to grow, driven by demand for AI accelerator cards and servers [3] - The automotive electronics sector is experiencing stable growth, particularly in new energy and ADAS directions [3] Packaging Substrate Business - The company offers a wide range of packaging substrate products, with improved demand in Q1 2025, particularly for storage products [4] - The FC-BGA packaging substrate has achieved mass production capability for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing on schedule [5] Investment and Expansion - The total investment for the Thailand factory is CNY 1.274 billion, with construction progressing on schedule [6] - The company is expanding PCB production capacity in Shenzhen, Wuxi, Nantong, and Thailand, focusing on technology upgrades and new project developments [7] Capacity Utilization - The overall capacity utilization remains high, with PCB business benefiting from sustained demand in computing power and automotive electronics [8] - The packaging substrate business has seen improved capacity utilization due to increased demand in the storage sector [8] Market Impact and Raw Material Prices - Direct sales to the U.S. accounted for a low percentage of total revenue, minimizing the impact of U.S. tariff policies [9] - Raw material prices, including copper foil and gold salt, have increased due to commodity price fluctuations, affecting production costs [10]

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-016 （一）《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 与会监事以同意 3 票、反对 0 票、弃权 0 票的结果通过。 深南电路股份有限公司 第四届监事会第六次会议决议 本公司及监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、监事会会议召开情况 深南电路股份有限公司（以下简称"公司"）第四届监事会第六次会议于 2025 年 4 月 23 日在公司会议室以现场结合通讯方式召开。会议通知于 2025 年 4 月 18 日以电子邮件等方式向全体监事发出。本次应参与表决监事 3 人，实际表决 3 人。本次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、监事会会议审议情况 本次会议审议并通过了以下议案： 三、 备查文件 1、公司第四届监事会第六次会议决议。 特此公告。 深南电路股份有 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-015 深南电路股份有限公司 第四届董事会第六次会议决议 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 1、公司第四届董事会第六次会议决议； 2、审计委员会会议决议。 特此公告。 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 年第一季度报告》 具体内容详见披露于《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 的《2025 年第一季度报告》（公告编号：2025-017）。 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 9 票，反 对 0 票，弃权 0 票的结果通过。 本次会议的召开与表决符合《公司法》和《公司章程》的有关规定，表决结 果真实、合法、有效。 三、备查文件 深南电路股份有限公司（以下简称"公司"）第四届董事会第六次会议于 2025 年 4 月 23 日在公司会议室以现场结合通讯方式召开。通知于 2025 年 4 月 18 日 以电子邮件等方式向全体董事发出，本次会议应参加表决董事 9 人， ...

Financial Performance - The company's revenue for Q1 2025 reached ¥4,782,896,546.25, representing a 20.75% increase compared to ¥3,961,013,853.78 in the same period last year[5] - Net profit attributable to shareholders was ¥491,448,182.06, up 29.47% from ¥379,571,805.82 year-on-year[5] - Basic and diluted earnings per share rose to ¥0.96, reflecting a 29.73% increase from ¥0.74 in the previous year[5] - The net profit for the current period was ¥492,056,366.00, representing a 30% increase from ¥379,272,023.84 in the previous period[20] Cash Flow - The net cash flow from operating activities increased by 8.87% to ¥612,758,707.92, compared to ¥562,835,154.99 in Q1 2024[5] - Operating cash flow for the current period is ¥612,758,707.92, an increase of 8.5% compared to ¥562,835,154.99 in the previous period[22] - Total cash inflow from operating activities reached ¥4,756,558,679.56, up from ¥3,798,501,202.27, reflecting a growth of 25.3%[22] - Cash outflow for purchasing goods and services was ¥2,756,052,668.43, compared to ¥2,044,231,467.43 in the previous period, marking a 34.8% increase[22] - Cash received from government subsidies increased by 128.34% to ¥130,365,646.30, compared to ¥57,093,002.65 in Q1 2024[10] - The company received tax refunds amounting to ¥254,970,909.09, up from ¥127,159,630.00, representing a 100% increase[22] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥26,162,389,146.31, a 3.40% increase from ¥25,302,247,864.46 at the end of 2024[5] - The total liabilities rose to ¥11,024,486,457.20, up from ¥10,656,346,384.27, indicating a 3.5% increase[18] - The equity attributable to shareholders of the parent company increased to ¥15,108,302,251.99, compared to ¥14,617,020,314.27, marking a growth of 3.4%[18] - The company experienced a 100.51% increase in tax refunds received, totaling ¥254,970,909.09, compared to ¥127,159,630.00 in the same period last year[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 58,762[13] - The largest shareholder, AVIC International Holdings, holds 63.97% of shares, totaling 328,068,670 shares[13] - The top ten shareholders hold a significant portion of shares, with the first three shareholders alone accounting for over 66% of total shares[14] - The company has no preferred shareholders as indicated in the report[15] Expenses - Management expenses rose by 44.87% to ¥208,787,948.15, primarily due to increased salaries[9] - Research and development expenses were reported at ¥329,051,821.23, slightly down from ¥337,678,460.65 in the previous period[19] Investment Income - The company reported a significant increase in investment income, which surged by 1565.25% to ¥3,015,909.75, compared to ¥181,108.14 in Q1 2024[9] Other Financial Metrics - The company's cash and cash equivalents at the end of the period amounted to ¥1,708,385,364, an increase from ¥1,553,318,757.56 at the beginning of the period[16] - Accounts receivable increased to ¥4,103,298,521.22 from ¥3,805,722,762.79, reflecting a growth of approximately 7.8%[16] - Inventory at the end of the period was ¥3,670,933,256.02, up from ¥3,394,998,926.68, indicating an increase of about 8.1%[16] - Total current assets reached ¥11,640,474,252.84, compared to ¥10,854,167,568.48 at the beginning of the period, showing a growth of approximately 7.2%[16] Financial Activities - Cash inflow from financing activities totaled ¥212,386,282.78, compared to ¥106,025,959.20 in the previous period, indicating a 100% increase[23] - The net increase in cash and cash equivalents for the current period was ¥155,066,120.91, compared to ¥478,697.68 in the previous period[23] - The ending balance of cash and cash equivalents is ¥1,706,442,782.50, significantly higher than ¥851,224,877.92 from the previous period[23] Audit Status - The company has not yet audited the first quarter report for 2025[24]

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for Q1 2025 was 4.783 billion, representing a year-on-year growth of 20.75% [1] - The net profit attributable to shareholders for the same period was 491 million, showing a year-on-year increase of 29.47% [1]

Group 1: Market Overview - The report highlights strong domestic economic growth in Q1, with GDP growth reaching 5.4%, surpassing the expected 5.2% [5] - Investment in manufacturing and infrastructure remains steady, while real estate investment shows signs of slowing down [5] - Consumer spending is improving, particularly in online retail, indicating effective policies for upgrading consumer goods [5] Group 2: Company Performance - Weir Shares - Weir Shares reported a revenue of 25.731 billion yuan for 2024, a year-on-year increase of 22%, with a gross margin of 29.4%, up by 7.7 percentage points [9] - The company's net profit reached 3.323 billion yuan, reflecting a significant year-on-year increase of 498% [9] - The growth in revenue is primarily driven by the mobile and automotive CIS sectors, while DDIC revenue is under pressure [10][11] Group 3: Company Performance - Nanya Technology - Nanya Technology achieved a revenue of 3.362 billion yuan in 2024, marking a 12.7% year-on-year increase, and turned a profit with a net profit of 50 million yuan [13] - The company reported a gross margin of 8.65%, up by 4.49 percentage points, and a net profit margin of 1.5%, up by 5.84 percentage points [13] - In Q1 2025, Nanya's revenue surged by 45.04% year-on-year, indicating a strong start to the year [13] Group 4: Industry Trends - The report indicates a weak replenishment trend in the domestic inventory cycle, with various indicators showing steady recovery in consumer spending and business expectations [6] - The uncertainty surrounding tariffs is expected to impact asset prices, with gold likely to maintain its strength amid a weak dollar trend [6][7] - The report suggests that Chinese assets have a relative advantage, with A-shares entering an observation period, focusing on dividend and domestic demand as key investment themes [7]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses a company in the PCB (Printed Circuit Board) and semiconductor industry, focusing on its financial performance, market opportunities, and challenges faced in the current economic environment. Key Points and Arguments Financial Performance - The company reported total revenue of 17.9 billion with a year-on-year growth of 32% and a net profit of 1.878 billion, reflecting a 34% increase. The adjusted net profit was 1.74 billion, showing a significant year-on-year growth of 74% [1] - The PCM (Power Control Module) business capitalized on opportunities in computing power and automotive electronics, achieving revenue of 10.5 billion, a nearly 30% increase, with a gross margin of 35.6%, up by 5.07% year-on-year [1] - The electronic assembly business generated 2.8 billion in revenue, a 33% increase, with a slight change in gross margin to 14.4% [3] Market Dynamics - The demand for automotive electronics continues to grow, driven by international projects and domestic electric vehicle systems, increasing its market share from under 12% to approximately 14% [6] - The company is expanding its FCBGA (Flip Chip Ball Grid Array) product capabilities, achieving mass production for products with less than 16 layers and developing capabilities for 18 and 20-layer products [2] - The company is focusing on high-end products and AI-related technologies, with R&D investment projected to account for 7.1% of revenue, exceeding 1.2 billion [3] Challenges and Risks - Gross margin decreased by 5.72 percentage points, primarily due to construction costs of the Guangzhou plant and rising raw material prices, alongside fluctuations in demand for EP-type substrates [2] - The Guangzhou project is still in the early stages of construction, leading to increased costs and expenses that negatively impact profits [2] - The company faces challenges in maintaining production efficiency and profitability due to the transition from R&D to mass production, particularly in the Guangzhou facility, which reported a loss of 400 million [16] Future Outlook - The company anticipates a recovery in demand, particularly in mature markets, driven by AI-related projects and increased domestic orders [18] - The overall PCB market is expected to see growth, with a focus on high-density interconnect (HDI) and multi-layer products, although the supply chain remains tight [30] - The company is preparing for future capacity expansions, particularly in its new facilities in Nantong and Thailand, with plans to ramp up production in the latter half of the year [11][38] Additional Insights - The company is actively exploring new markets, including automotive substrates, to mitigate the impact of weak demand in traditional sectors [8] - There is a notable shift in the competitive landscape, with increased interest in domestic suppliers as international clients tighten their purchasing [39] - The company is committed to maintaining a balance between production capacity and market demand, ensuring that it can respond effectively to fluctuations in order volumes [26] Conclusion The conference call highlights the company's robust financial performance amidst challenges in the PCB and semiconductor industry. It emphasizes the importance of innovation, market expansion, and strategic investments in R&D to sustain growth and profitability in a competitive landscape.