Financial Performance - Revenue for the first quarter of 2024 reached 3,961,013,853.78 yuan, a 42.24% increase compared to the same period last year[3] - Net profit attributable to shareholders of the listed company was 379,571,805.82 yuan, up 83.88% year-on-year[3] - Revenue for the first quarter of 2024 reached 3,961,013,853.78 RMB, a significant increase from 2,784,716,084.29 RMB in the same period last year[14] - Net profit attributable to the parent company's owners increased to 379.57 million yuan, up by 83.8% compared to the same period last year[15] - Sales revenue from goods and services reached 3.61 billion yuan, a 10.0% increase from the previous year[17] - Operating profit rose to 407.57 million yuan, marking a 94.5% growth compared to the same period last year[15] - Basic earnings per share increased to 0.74 yuan, up by 85.0% from the previous year[16] - Comprehensive income attributable to the parent company's owners reached 379.04 million yuan, an 83.8% increase from the previous year[16] R&D and Expenses - R&D expenses increased by 103.58% to 337,678,460.65 yuan, driven by higher salary expenses, material costs, and depreciation[7] - R&D expenses surged to 337.68 million yuan, a 103.6% increase year-over-year[15] - Payments to employees increased to 906.28 million yuan from 825.19 million yuan, a rise of 9.8%[18] Government Subsidies and Non-Recurring Gains - Government subsidies contributed 47,150,704.40 yuan to non-recurring gains, significantly impacting the company's financial performance[4] Assets and Liabilities - The company's total assets grew by 3.24% to 23,339,150,045.51 yuan compared to the end of the previous year[3] - Total assets for the company stood at 23,339,150,045.51 RMB, up from 22,606,867,760.88 RMB[13] - Total liabilities increased to 9,773,574,618.77 RMB from 9,419,958,394.54 RMB[14] - Shareholders' equity rose to 13,565,575,426.74 RMB from 13,186,909,366.34 RMB[14] - Long-term loans increased to 2,499,816,562.51 RMB from 2,406,626,682.10 RMB[14] - Other receivables grew to 40,489,390.72 RMB from 35,242,824.60 RMB[13] - Deferred tax assets increased to 280,128,827.70 RMB from 272,382,652.55 RMB[13] - Other non-current assets rose to 330,969,912.22 RMB from 205,136,023.84 RMB[13] Cash Flow and Financial Activities - Cash flow from operating activities decreased by 18.38% to 562,835,154.99 yuan, primarily due to changes in working capital[3] - Cash flow from operating activities totaled 3.80 billion yuan, reflecting a 10.3% increase year-over-year[17] - Operating cash flow decreased to 562.84 million yuan from 689.57 million yuan, a decline of 18.4%[18] - Investment cash outflow decreased to 724.57 million yuan from 2.38 billion yuan, a significant reduction of 69.5%[18] - Financing cash inflow decreased to 106.03 million yuan from 115.78 million yuan, a decline of 8.4%[18] - Net cash flow from financing activities improved to 81.85 million yuan from a negative 639.92 million yuan[18] - Cash and cash equivalents at the end of the period were 851.22 million yuan, down from 863.03 million yuan at the beginning of the period[18] - Net cash flow from investment activities improved to -653.21 million yuan from -1.09 billion yuan[18] Tax and Surcharges - Tax payments surged by 96.66% to 188,107,790.48 yuan, driven by higher corporate income tax and VAT payments[8] - Tax and surcharges amounted to 30.31 million yuan, a 78.1% increase compared to the same period last year[15] - Tax payments increased to 188.11 million yuan from 95.65 million yuan, a significant rise of 96.7%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 54,609[9] - AVIC International Holding Limited holds 63.97% of the shares, totaling 328,068,670 shares[9] - Hong Kong Securities Clearing Company Limited holds 1.89% of the shares, totaling 9,678,952 shares[9] - National Integrated Circuit Industry Investment Fund Phase II holds 0.54% of the shares, totaling 2,787,585 shares[9] - Li Xuehong, an individual domestic shareholder, holds 0.48% of the shares, totaling 2,483,609 shares[9] Financial Assets and Receivables - The company's equity financing receivables increased by 33.70% to 748,397,810.45 yuan, reflecting higher bank acceptance bills[6] - The monetary funds at the end of the period amount to RMB 853,164,583.33[12] - Accounts receivable at the end of the period amount to RMB 3,367,044,485.50[12] - The company's notes receivable at the end of the period amount to RMB 200,851,217.33[12] - The company's financial assets at the end of the period amount to RMB 748,397,810.45[12] - Prepayments at the end of the period amount to RMB 4,332,270.57[12] Other Financial Metrics - The company's prepayments for engineering projects increased by 61.34% to 330,969,912.22 yuan, reflecting ongoing expansion efforts[6] - The company's financial expenses turned negative at -12,979,051.35 yuan, a 171.31% decrease, mainly due to favorable exchange rate fluctuations[7] - Financial expenses showed a net benefit of 12.98 million yuan, compared to a cost of 18.20 million yuan in the previous year[15] - Other income increased to 65.38 million yuan, up by 61.8% year-over-year[15] - Inventory increased to 2,747,957,755.49 RMB from 2,686,348,293.78 RMB[13] - Cash outflow for purchasing fixed assets decreased to 653.75 million yuan from 780.21 million yuan, a decline of 16.2%[18] Audit and Reporting - The company's first-quarter report was not audited[19]

经审核，监事会认为：董事会编制和审核公司 2024 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。 证券代码：002916 证券简称：深南电路 公告编号：2024-019 深南电路股份有限公司 第三届监事会第二十二次会议决议 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"）第三届监事会第二十二次会议 于 2024 年 4 月 15 日以通讯方式召开。会议通知于 2024 年 4 月 9 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： （一）《2024 年第一季度报告》 与会监事以同意 3 票、反对 0 票、弃权 0 票的结果通过。 三、 备查文件 1、公司第三届监事会第二十二次会议决议 特此公告。 深南电路股份有限公司 ...

证券代码：002916 证券简称：深南电路 公告编号：2024-018 深南电路股份有限公司 第三届董事会第二十九次会议决议 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。 本次会议审议通过了以下议案： 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"）第三届董事会第二十九次会议 于 2024 年 4 月 15 日以通讯方式召开。通知于 2024 年 4 月 9 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，实际表决董事 9 人。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 （一）《2024 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《2024 年第一季度报告》（公告编号：2024-020）。 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。 三、备查文件 1、公司第三届董事会第二十九次会议决议； 2、审计委员会会议决议 ...

证券代码：002916 证券简称：深南电路 公告编号：2024-017 深南电路股份有限公司 关于在泰国投资建设工厂的进展公告 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。 一、对外投资概述 深南电路股份有限公司（以下简称"公司"）于2023年11月22日召开第三届董事会 第二十六次会议，审议通过了《关于投资建设泰国工厂的议案》，同意公司在泰国投 资建设工厂，总投资金额127,418万元人民币（或等值外币），包括设立泰国公司、购 买土地、工厂建设及设备投资等。具体内容详见公司于2023年11月24日在《证券时报》 和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于投资建设泰国工厂的公告》 （公告编号：2023-049）。 二、对外投资进展 截至本公告披露日，泰国工厂进展情况如下： 1、公司已办理完成泰国子公司的备案登记事宜，并先后收到国家发展和改革委 员会颁发的《境外投资项目备案通知书》、国家商务部颁发的《企业境外投资证书》。 2、公司已完成泰国子公司的设立登记相关事宜，泰国子公司基本信息如下： （1）公司中英文名称：泰兴电路有限公 ...

Group 1: Business Overview - The company operates in three main business areas: PCB, packaging substrates, and electronic assembly, with a focus on applications in communication, data centers, automotive electronics, and industrial control [2][3][4]. Group 2: PCB Business Performance - In 2023, the PCB business saw a decline in orders from the communication sector due to weak domestic demand and a slowdown in overseas projects, leading to a proactive optimization of product structure [3]. - The data center sector experienced a slight increase in orders, attributed to the gradual ramp-up of certain products and breakthroughs in new customer development [3]. - The automotive sector saw over a 50% year-on-year growth in orders, driven by opportunities in new energy and ADAS, as well as successful project implementations with new customers [3][5]. Group 3: Packaging Substrate Business - The packaging substrate business includes a wide range of products, with a focus on mobile smart terminals and servers. Despite a weak semiconductor market in the first half of 2023, the company maintained stable revenue through market development and customer acquisition [4]. - The company is the largest domestic supplier of packaging substrates, achieving leading capabilities in various packaging forms and maintaining a competitive edge in specific market segments [4][6]. Group 4: R&D and Innovation - In 2023, the company invested CNY 1.073 billion in R&D, accounting for 7.93% of revenue, with significant progress in technology development for PCB related to communication, data centers, and automotive electronics [5][6]. - The company obtained 95 new patents and applied for 6 PCT patents, with several products and technologies reaching leading levels domestically and internationally [6]. Group 5: Financial Performance and Dividends - The company plans to distribute a cash dividend of CNY 9 per 10 shares (before tax) for the 2023 fiscal year, without capitalizing reserves or issuing bonus shares [6].

国泰君安证券股份有限公司、中航证券有限公司 关于深南电路股份有限公司 2023 年度持续督导培训情况的报告 国泰君安证券股份有限公司、中航证券有限公司（以下简称"保荐机构"） 作为深南电路股份有限公司（以下简称"深南电路"、"公司"）非公开发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票 上市规则》以及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等相关法律、法规及规范性文件的规定及深南电路的实际情况，认真履行保荐机 构应尽的职责，于 2024 年 3 月 13 日对深南电路董事、监事、高级管理人员及 董事会办公室等相关人员进行了培训。 一、培训主要内容 2024 年 3 月 13 日，培训小组对公司董事、监事、高级管理人员及董事会办 公室等相关人员进行了现场培训。 通过此次培训，深南电路董事、监事、高级管理人员及董事会办公室等相关 人员强化了其作为上市公司董事、监事、高级管理人员及董事会办公室等相关人 员在公司规范运作及信息披露等方面所应承担的责任意识和义务意识。本次培训 有助于进一步提高深南电路的规范运作水平。 （以下无正文） 2 （本页无正文，为《国泰君安 ...

国泰君安证券股份有限公司、中航证券有限公司 关于深南电路股份有限公司 2023 年度定期现场检查报告 | 保荐机构名称：国泰君安证券股份有限公司、 被保荐公司简称：深南电路 | | | | | | | --- | --- | --- | --- | --- | --- | | 中航证券有限公司（以下简称"保荐机构"） | | | | | | | 保荐代表人姓名：银波 联系电话：0755-23976375 | | | | | | | 保荐代表人姓名：赵宗辉 联系电话：0755-23976719 | | | | | | | 保荐代表人姓名：杨滔 联系电话：0755-33066804 | | | | | | | 保荐代表人姓名：阳静 联系电话：0755-33066884 | | | | | | | 现场检查人员姓名：银波、许磊、杨滔、杨嘉伟 | | | | | | | 现场检查对应期间：2023 年度 | | | | | | | 现场检查时间：2024 年 2 月 27 日、2024 年 月 13 日、2024 年 3 月 18 日 | 3 | | | | | | 一、现场检查事项 | | 现场检查意见 | | | ...

国泰君安证券股份有限公司、中航证券有限公司 2023 年年度保荐工作报告 | 保荐机构名称：国泰君安证券股份有限公 | 被保荐公司简称：深南电路 | | --- | --- | | 司、中航证券有限公司 | | | 国泰君安保荐代表人姓名：银波、赵宗辉 | 联系电话：0755-23976375、0755-23976719 | | 中航证券保荐代表人姓名：杨滔、阳静 | 联系电话：0755-33066804、0755-33066884 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | ...

Group 1: PCB Business Overview - In 2023, the overall order scale in the communication sector decreased year-on-year due to a lack of significant improvement in domestic demand and a slowdown in overseas project rhythms [2] - The data center sector saw a slight year-on-year increase in orders, driven by new customer developments and breakthroughs in products like AI acceleration cards [2] - The automotive sector experienced over 50% year-on-year growth, attributed to the demand for high-end products in new energy and ADAS directions [2] Group 2: AI Impact on PCB Business - The acceleration of AI evolution has increased the demand for high-performance and high-speed network capabilities in the ICT industry, driving the need for advanced PCB products [3] - The company’s PCB products are expected to benefit from trends in high-frequency, high-speed, and miniaturized designs due to the growing requirements in terminal electronic devices [3] Group 3: Packaging Substrate Business - The packaging substrate business has a wide range of products, including module packaging substrates and storage packaging substrates, with stable revenue through market deepening and new customer development [4] - The company has achieved leading capabilities in FC-CSP packaging substrate products and is advancing in the FC-BGA product line, with ongoing efforts to enhance production capacity [4] Group 4: R&D Investment and Growth - R&D investment reached 1.073 billion yuan in 2023, a year-on-year increase of 30.94%, accounting for 7.93% of revenue, which is an increase of 2.07 percentage points [4] - The growth in R&D investment is primarily driven by the development of the FC-BGA packaging substrate platform [4] Group 5: Production Capacity and Market Expansion - The company’s PCB and packaging substrate business utilization rates have improved compared to Q4 2023 [4] - The electronic assembly business focuses on communication, data centers, medical electronics, and automotive electronics, enhancing customer stickiness through one-stop solutions [4]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [1]. Core Views - The company is a leading domestic PCB manufacturer, benefiting from a recovery in demand and an increase in domestic production rates. Its unique "3-In-One" business model encompasses printed circuit boards (PCBs), packaging substrates, and electronic assembly, focusing on electronic interconnection [1][4]. - The company has shown robust revenue and net profit growth over the years, with a compound annual growth rate (CAGR) of 15.54% in revenue and 20.88% in net profit from 2017 to 2023, outperforming the global PCB average growth rate [6][8]. - The report highlights the company's strong position in the AI-driven server PCB market, which is expected to see accelerated upgrades due to the increasing demand for high-performance computing [12][21]. Summary by Sections 1. Focus on Electronic Interconnection and Steady Growth - The company aims to become a world-class integrated provider of electronic circuit technology and solutions, with a strong emphasis on its PCB business while also developing its packaging substrate and electronic assembly operations [4]. 2. AI-Driven Server PCB Upgrades - The global PCB market is expected to recover, with the server PCB segment leading in growth. The company is well-positioned to benefit from this trend, particularly in the context of AI advancements [12][21]. - The report anticipates a compound annual growth rate of 7.6% for server/data storage PCBs from 2022 to 2027, driven by the need for higher data transmission rates and performance [12][16]. 3. Domestic Leader in Packaging Substrates - The company is recognized as a domestic leader in packaging substrates, benefiting from the semiconductor cycle recovery and increasing domestic production rates. The report notes that the global semiconductor sales are expected to grow significantly, which will positively impact the company's operations [21][22]. - The report emphasizes the high technical barriers in packaging substrate technology, where the company is expected to gain substantial market share as domestic production increases [21][24]. 4. Financial Forecast and Valuation Analysis - The company is projected to achieve revenues of 19.46 billion yuan in 2026, with a year-on-year growth of 13.52%. The net profit is expected to reach 2.34 billion yuan, reflecting a growth rate of 21.32% [2][6]. - The report provides a detailed financial outlook, including projected earnings per share (EPS) of 4.56 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 29 times in 2024 to 20 times in 2026 [2][6]. 5. Market Position and Competitive Advantage - The company ranks among the top in various financial metrics within the PCB industry, holding the 4th position in total assets and net profit among listed companies in the sector [8]. - The company has a strong R&D capability, with significant investments leading to a robust portfolio of proprietary technologies, positioning it favorably against competitors [20].