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：2025-27 | | --- | | 投资者关系 | √特定对象调研 □分析师会议 □现场参观 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 □新闻发布会 | | | □路演活动 □其他 （ ） | | | 国泰海通、华创证券、华泰证券、嘉实基金、泉果基金、上海证券、施罗德基金、易方达基 | | | 金、永赢基金、招商证券、中国国际金融、银华基金、诺德基金、安信基金、长城基金、华 | | | 夏基金、恒越基金、创金合信基金、博时基金、九泰基金、国金基金、汇添富基金、泰信基 | | | 金、天弘基金、金元顺安基金、安联基金、国融基金、国投瑞银基金、浦银安盛基金、长盛 | | | 基金、申万菱信基金、农银汇理基金、诺安基金、财通基金、方正富邦基金、摩根士丹利基 | | | 金、摩根证券投资信托、路博迈（亚洲）、广东君心盈泰投资、上海保银私募基金、上海聆 | | | 泽投资、淡水泉(北京)投资、耕霁(上海)投资、北京市星石投资、北京泽铭投资、江苏瑞华 | | | 投资、上海雷钧私募基金、湖 ...

Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year increase of 25.63% [1] - Net profit reached 1.36 billion yuan, up 37.75% year-on-year, while the net profit excluding non-recurring items was 1.265 billion yuan, reflecting a growth of 39.98% [1] - The printed circuit board (PCB) segment was the main driver of revenue growth, achieving a revenue of 6.274 billion yuan, which is a 29.21% increase year-on-year [1] PCB Industry Outlook - According to Prismark's Q1 2025 report, the global PCB market (including packaging substrates) is expected to grow by 7.6% year-on-year in 2025, with 18-layer and above multilayer boards projected to grow by 41.7% due to strong demand from AI servers and high-speed network communications [1] - The HDI market is anticipated to grow by 12.9%, driven by increased applications in AI computing and automotive electronics [1] Business Segment Performance - The company's wireless and wired communication product orders have significantly increased due to the recovery of the global communication market [3] - In the data center sector, demand for AI computing has boosted orders for AI servers and related products, leading to a notable increase in orders for AI accelerator cards [3] - The automotive electronics segment has seen a 34.5% year-on-year increase in global new energy vehicle sales, contributing to rapid growth in orders related to automotive electronics and ADAS [3] Packaging Substrate Business - The packaging substrate segment achieved a revenue of 1.740 billion yuan, a year-on-year increase of 9.03% [4] - The global semiconductor industry has seen sales growth driven by computing-related chips, with significant increases in storage-related packaging substrate orders [4] - The gross margin for this segment decreased by 10.31 percentage points to 15.15% due to capacity ramp-up challenges and rising raw material prices [4] Electronic Assembly Business - The electronic assembly segment reported a revenue of 1.478 billion yuan, reflecting a year-on-year growth of 22.06% [4] - The gross margin for this segment increased by 0.34 percentage points to 14.98% [4] - The company is focusing on the growing demand in data centers and automotive electronics, enhancing customer collaboration and optimizing supply chain management [4] R&D and Global Expansion - The company increased its R&D investment to 6.43% of revenue, focusing on next-generation communication, data centers, and automotive electronics PCB technology [5] - The company has made progress in its overseas expansion, with the Thai factory construction ongoing and key projects in Guangzhou and Taixing on schedule [5] - The Guangzhou packaging substrate project is 72.06% complete, while the Taixing high-density PCB manufacturing project is 60.09% complete, supporting future capacity release and business growth [5]

Market Overview - In 2024, the overall packaging market is expected to grow by 16% year-on-year to reach $105.5 billion, with the advanced packaging market growing by 20.6% to $51.3 billion, accounting for nearly 50% of the total [2][14]. - By 2030, the overall packaging market is projected to reach $160.9 billion, with advanced packaging expected to grow to $91.1 billion, resulting in a compound annual growth rate (CAGR) of 10% from 2024 to 2039 [2][14]. - The high-end market share is anticipated to increase from 8% in 2023 to 33% by 2029, driven by the demand from generative AI, edge computing, and intelligent driving ADAS [2][16]. Need for Advanced Packaging - The end of Moore's Law for advanced processes marks the beginning of the packaging Moore's Law, focusing on achieving higher performance at lower costs through system-level packaging techniques [3][30]. - The increasing demand for diverse functionalities leads to more frequent interactions between functional devices, necessitating efficient high-speed interconnections between chips to enhance overall system performance [3][30]. Need for Panel-Level Packaging (PLP) - PLP technology offers higher cost-effectiveness, greater design flexibility, and superior thermal and electrical performance, with significant potential to replace traditional packaging methods [4][42]. - The traditional packaging market is projected to reach $54.2 billion in 2024 and $69.8 billion by 2030, indicating a broad space for PLP to replace existing solutions [4][42]. - The wafer-level packaging market is expected to be $2.1 billion in 2024, with the FO/2.5D organic interposer market at $1.8 billion, potentially reaching $8.4 billion by 2030 [4][42]. Importance of Substrates in High-End Markets - Packaging substrates play a crucial role in signal transmission, heat dissipation, protection, and functional integration, with low-loss transmission being a key property [5][36]. - The increasing I/O density requirements driven by trends in mobile devices, 5G, data centers, and high-performance computing necessitate advancements in substrate technology to meet higher resolution demands [5][36]. COWOP and Substrate-Less Concepts - The Chip on Wafer on PCB (COWOP) concept blurs the definitions between PCB and substrate, focusing on transferring substrate functions to PCB while maintaining compatibility with existing technologies [6][36]. - Current PCB wiring density and I/O density are insufficient to match interposer requirements, necessitating the development of materials that can achieve high-density I/O [6][36]. Related Companies - Key players in the packaging substrate and materials sector include companies like Unimicron, BOE, and Corning, which are diversifying their businesses to capture opportunities in PLP and glass substrate applications [45].

Group 1 - Company announced on August 27 that it will hold the eighth meeting of the fourth board of directors on August 26, 2025, to review the proposal for providing guarantees for its subsidiary [1] - The wholly-owned subsidiary, Taixing Circuit Co., Ltd., plans to apply for a bank loan of 200 million RMB, and the company will provide joint liability guarantees for this loan [1] - After this guarantee, the total guarantee amount for the company's controlling subsidiaries will be 5.05 billion RMB, with an actual guarantee balance of 1.921 billion RMB, accounting for 13.12% of the company's audited net assets for 2024 [1]

Group 1 - The company reported a revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year growth of 25.63% [1] - The net profit attributable to shareholders of the listed company was 1.36 billion yuan, an increase from 987 million yuan in the same period last year, reflecting a year-on-year growth of 37.75% [1] - The basic earnings per share stood at 2.04 yuan [1]

Core Viewpoint - The company has approved a guarantee of 200 million RMB for its wholly-owned subsidiary, Taixing Circuit Co., Ltd., to facilitate a bank loan application [1] Group 1 - The guarantee amount provided by the company is 200 million RMB [1] - Taixing Circuit will provide a counter-guarantee of the same amount to the company [1] - As of June 30, 2025, Taixing Circuit's debt-to-asset ratio stands at 55.22% [1] Group 2 - The guarantee amount represents 1.31% of the company's most recent net asset value [1]

人民财讯8月27日电，深南电路（002916）8月27日晚间披露半年报，2025年上半年，公司实现营业总收 入104.53亿元，同比增长25.63%；归属于上市公司股东的净利润13.6亿元，同比增长37.75%；基本每股 收益2.04元。 ...

深南电路股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：深南电路股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 733,304,217.92 | 1,553,318,757.56 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 256,244,935.38 | 511,629,893.28 | | 应收账款 | 4,892,094,370.44 | 3,805,722,762.79 | | 应收款项融资 | 806,477,649.71 | 764,712,235.81 | | 预付款项 | 27,475,529.59 | 9,404,227.18 | | 应收保费 | | | | 应收分保账款 | ...

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：2025-029 关于为子公司提供担保的公告 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。 一、担保情况概述 二、相关担保额度情况 单位：人民币万元 | 担保方 | 被担 | 担保方 持股比 | 被担保方最 近一期资产 | 截至目 前担保 | 本次新增 | 担保额度占 上市公司最 | 是否关 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 保方 | | | | 担保额度 | 近一期净资 | 联担保 | | | | 例 | 负债率 | 余额 | | 产比例 | | | 深南电 | 泰兴 | 100% | 55.22 % | 63,000 | 20,000 | 1.31% | 否 | | 路 | 电路 | | | | | | | 三、被担保方基本情况 本次担保的对象泰兴电路为公司的全资子公司，公司间接持有其 100%股权，泰 兴电路不是失信被执行人，财务风险处于可控的范围之内。基本情况如下： （一）被担保人概况 1、被担保人 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-030 深南电路股份有限公司 关于计提资产减值准备的公告 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。 | 固定资产 | | | 1,620.62 | | --- | --- | --- | --- | | 资产名称 合计 | 2025 | 年 1-6 | 月计提各项资产减值准备金额（万元） 20,357.05 | | 应收款项 | | | 5,385.09 | | --- | --- | --- | --- | | 资产名称 存货 | 2025 | 年 1-6 | 月计提各项资产减值准备金额（万元） 13,351.34 | 二、本次计提资产减值准备的具体说明 1、应收款项 （1）应收账款 公司以预期信用损失为基础，对应收账款进行减值会计处理并确认损失准备。 公司考虑有关过去事项、当前状况以及对未来经济状况的预测等合理且有依据的 信息，以发生违约的风险为权重，计算合同应收的现金流量与预期能收到的现金 流量之间差额的现值的概率加权金额，确认预期信用损失。 一、本次计提资产减值准备情况概述 1、本次 ...