证券代码：002916 证券简称：深南电路 公告编号：2024-039 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议时间：2024 年 9 月 13 日（星期五）15:15 （2）网络投票时间：2024 年 9 月 13 日。其中，通过深圳证券交易所交易 系统进行投票的时间为 2024 年 9 月 13 日 9:15-9:25、9:30-11:30、13:00-15:00； 通过深圳证券交易所互联网投票系统进行投票的时间为 2024 年 9 月 13 日 9:15- 15:00 的任意时间。 深南电路股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示 1、 本次股东大会不存在否决议案的情形。 本次股东大会采取现场与网络投票结合的方式。 2、召集人：深南电路股份有限公司（以下简称"公司"）董事会 3、现场会议召开地点：深圳市南山区侨城东路 99 号公司 5 楼会议室 4、现场会议主持人：董事长杨之诚先生 5、本次股东大会的召开符合《中华人民 ...

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： | 2024-57 | | | √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 | （ | ） | | | | 活动参与人 员 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company reported a total revenue of 8.321 billion yuan for the first half of 2024, representing a year-on-year growth of 37.91%. The net profit attributable to shareholders reached 0.987 billion yuan, showing a significant increase of 108.32% [5]. - The demand in the communication sector is diversifying, with notable growth in high-speed switches and optical modules driven by AI-related needs. The company has optimized its product structure, leading to improved profitability [5]. - Capital expenditures from data center clients are recovering, with increased demand for AI servers contributing to significant order growth in the data center sector [5]. - The automotive electronics segment is experiencing substantial growth, particularly in new energy vehicles and Advanced Driver Assistance Systems (ADAS), with a 24.6% year-on-year increase in global new energy vehicle sales [5]. - The company's packaging substrate business achieved a revenue of 1.596 billion yuan, a year-on-year increase of 94.31%, with a gross margin of 25.46%, up by 6.66 percentage points [5]. - Research and development investments accounted for 7.68% of revenue, reflecting a 1.44 percentage point increase year-on-year, with several projects progressing smoothly [6]. Financial Summary - The company is projected to achieve net profits of 2.20 billion yuan, 2.54 billion yuan, and 3.01 billion yuan for the years 2024, 2025, and 2026, respectively [6]. - Revenue forecasts for 2023, 2024, 2025, and 2026 are 13.526 billion yuan, 17.018 billion yuan, 20.076 billion yuan, and 22.999 billion yuan, with growth rates of -3.33%, 25.82%, 17.97%, and 14.56% [7]. - The company's earnings per share (EPS) are expected to be 2.73 yuan, 4.29 yuan, 4.96 yuan, and 5.86 yuan for the years 2024 to 2026, with corresponding price-to-earnings (P/E) ratios of 33.77, 21.44, 18.58, and 15.71 [8].

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：2024-56 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 √其他 | \n \n （ | □现场参观 \n□新闻发布会 \n券商策略会 ） | | 活动参与人 员（排名不 分先后） | 浙商证券、天风证券、国寿养老、诺德基金 | | | | 上市公司 接待人员 | | | 战略发展部总监、证券事务代表：谢丹；投资者关系经理：郭家旭 | | 时间 | 2024 年 9 月 10 日 | | | | ...

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：2024-55 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | \n \n （ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 申万宏源证券、中泰证券、西部利得基金、国泰基金 | | | | 上市公司 接待人员 | 投资者关系经理：郭家旭 | | 副总经理、董事会秘书：张丽君；战略发展部总监、证券事务代表：谢丹； ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 120.68 CNY over the next six months [1][3]. Core Insights - The company achieved a revenue of 8.32 billion CNY in the first half of 2024, representing a year-on-year growth of 37.9%, and a net profit attributable to shareholders of 990 million CNY, up 108.3% year-on-year [2]. - The gross margin for the first half of 2024 was 26.2%, an increase of 3.3 percentage points year-on-year, while the net profit margin rose by 4.0 percentage points to 11.9% [2]. - The company is focusing on high-value products such as AI servers and high-end communication boards, which are expected to drive profitability [2]. - The report highlights the scarcity of capacity in the data communication sector and the ongoing improvement in profit structure [2]. Summary by Sections Performance Summary - In H1 2024, the company reported revenue of 8.32 billion CNY, a 37.9% increase year-on-year, and a net profit of 990 million CNY, reflecting a 108.3% growth [2]. - The gross margin improved to 26.2%, and the net profit margin reached 11.9%, indicating enhanced profitability [2]. Business Outlook - The company is expected to benefit from the increasing demand for AI servers and high-end communication products, which will positively impact the PCB business [2]. - The report anticipates a steady increase in production capacity and sales for the ABF substrate project over the next 3-5 years, potentially generating over 6 billion CNY in revenue [2][3]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are 4.31 CNY, 5.06 CNY, and 5.92 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 23x, 19x, and 16x [3][10]. - The company is expected to achieve a compound annual growth rate (CAGR) of 29.5% in net profit over the next three years [3].

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：2024-54 | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 √其他 | □现场参观 \n □新闻发布会 \n （ 券商策略会 ） | | 活动参与人 员（排名不 分先后） | 时基金、平安基金、鹏华基金 | 长江证券、华泰证券、中泰证券、招商证券、华泰资产、富国基金、交银施罗德基金、博 | | 上市公司 接待人员 | | 副总经理、董事会秘书：张丽君； ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong potential for investment returns exceeding the market index by over 15% [1][2]. Core Insights - The company is expected to achieve significant revenue growth driven by its unique "3-In-One" business model, which integrates printed circuit board (PCB) production, packaging substrate business, and electronic assembly services [2][3]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 172.72 billion, 203.93 billion, and 229.19 billion yuan respectively, with net profits expected to reach 21.79 billion, 26.67 billion, and 30.92 billion yuan [2][3]. - The company has successfully optimized its product structure, leading to record-high gross margins, with the PCB business achieving a gross margin of 31.37% in the first half of the year [1][2]. Financial Summary - The company reported a revenue of 83.21 billion yuan in the first half of the year, representing a year-on-year growth of 37.91% [1]. - The gross profit margin for the first half of the year was 26.20%, an increase of 3.27 percentage points year-on-year, while the net profit margin was 11.86%, up by 4.01 percentage points [1]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 4.25 yuan, 5.20 yuan, and 6.03 yuan respectively, reflecting a positive growth trajectory [2][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 23.40 in 2024 to 16.48 in 2026, indicating improving valuation metrics [2][3]. Business Development - The company is actively expanding its production capabilities, with the second phase of the Wuxi substrate factory achieving breakeven and the Guangzhou packaging substrate project in the early stages of ramping up production [2]. - The demand for high-end automotive electronics and AI-related products is expected to drive further growth, as the company enhances its market development efforts [2][3]. - The report highlights the company's strategic focus on leveraging technological advancements and market opportunities to solidify its leading position in the industry [2].

Financial Performance - In the first half of 2024, the company achieved total revenue of 1.2 billion yuan, representing a year-on-year growth of 108.32% [2] - The net profit attributable to shareholders reached 83.21 million yuan, an increase of 37.91% compared to the previous year [2] - The growth was driven by structural opportunities in the industry, increased market expansion efforts, and a significant rise in orders [2] PCB Business Overview - The PCB business focuses on high-end products, with applications primarily in communication equipment, data centers, and automotive electronics [2] - In the data center sector, orders increased significantly due to rising demand for AI-related products and server upgrades [3] - The automotive electronics segment is a key growth area, with a focus on new energy and ADAS, leading to an increase in business share [3] Market Trends and Demand - The communication market showed varied demand, with wireless communication products not seeing significant improvement, while wired products, especially 400G and above, experienced growth [3] - The company is actively developing next-generation platform products in collaboration with downstream clients [3] Packaging Substrate Business - The packaging substrate business saw a notable increase in orders due to market demand recovery and the introduction of new products [4] - The company has achieved mass production capabilities for 16-layer and below FC-BGA products, with ongoing efforts to enhance technical capabilities [4] Operational Efficiency - The PCB factory's operating rate remained stable at a high level, while the packaging substrate factory experienced slight fluctuations due to demand changes [4] - The company is closely monitoring raw material price fluctuations, with no significant impact on operations in the first half of 2024 [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：2024-52 | --- | --- | --- | |--------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | √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 ） | | 活动参与人 员（排名不 分先后） | | 中信证券、光大证券、财通证券、富国基金、安信基金、信达澳亚基金、传奇投资、鹏华 基金、长城基金、中欧基金、永赢基金、中银基金、万家基金 | | 上市公司 接待人员 ...