深南电路 电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 10 日 002916.SZ 买入 原评级:买入 市场价格:人民币 109.75 板块评级:强于大市 股价表现 (36%) (20%) (4%) 12% 28% 45% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24May-24Jun-24Jul-24 深南电路 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 56.1 17.0 18.7 45.0 相对深圳成指 63.5 22.9 26.6 65.1 | | |-----------| | 512.88 | | 510.83 | | 56,288.31 | | 537.78 | | | | 63.97 | | | 以 2024 年 7 月 9 日收市价为标准 相关研究报告 《深南电路》20240416 《深南电路》20240315 《深南电路》20231127 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子:元件 证券分析师:苏凌瑶 lingyao.su@bocichina.com 证券投资咨询 ...

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：2024-39 √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 （ ） 参与单位名称及 人员姓名（排名 长信基金 不分先后） 时间 2024 年 7 月9 日 地点 深南电路股份有限公司会议室 上市公司接待人 副总经理、董事会秘书：张丽君；投资者关系经理：郭家旭 员姓名 交流主要内容： 投资者关系 Q1、请介绍公司目前 PCB业务产品下游应用分布情况。 活动主要内容 介绍 公司在PCB业务方面从事高中端PCB产品的设计、研发及制造等相关工作，产品 下游应用以通信设备为核心，重点布局数据中心（含服务器）、汽车电子等领域，并长 期深耕工控、医疗等领域。 Q2、请介绍公司PCB业务通信领域近期经营拓展情况。 ...

Topic 1: Financial Performance and Profit Growth - Net profit attributable to shareholders of the listed company is expected to be between 910 million yuan and 1 billion yuan, representing a year-on-year increase of 92.01% to 111.00%[3] - Net profit after deducting non-recurring gains and losses is expected to be between 820 million yuan and 910 million yuan, representing a year-on-year increase of 92.64% to 113.78%[3] - Basic earnings per share are expected to be between 1.77 yuan and 1.95 yuan, compared to 0.92 yuan in the same period last year[3] Topic 2: Business Operations and Revenue Growth - The company's order volume increased year-on-year, and capacity utilization remained at a good level, leading to a year-on-year increase in business revenue[4] - The company optimized its product structure, benefiting from the accelerated evolution and application of AI, as well as the iterative upgrade of general servers, which contributed to the year-on-year profit increase[4]

Group 1: Company Overview and Business Focus - The company is engaged in high-end PCB design, research, and manufacturing, with a focus on communication equipment, data centers, automotive electronics, industrial control, and medical fields [2] - The PCB business has a long-term focus on the communication sector, covering various wireless and wired communication PCB products [2] - The automotive electronics sector is a key area for expansion, targeting both domestic and overseas Tier 1 customers, with a focus on new energy and ADAS applications [3] Group 2: Market Trends and Demand - There has been no significant improvement in demand for wireless communication base station products since Q4 2023, while demand for wired products like switches and optical modules has increased [2] - The acceleration of AI development is driving demand for high-performance and high-speed PCB products in sectors such as high-speed communication networks and data center switches [3] - The company is focusing on opportunities in the new energy and ADAS sectors within the automotive electronics field, aiming to develop targeted projects [3] Group 3: Packaging Substrate Business - The demand for BT-type packaging substrates has continued the trend from Q4 2023, with adjustments in product structure based on downstream demand [3] - The company has achieved leading capabilities in mass production of various packaging substrate forms, including FC-CSP products, and is advancing in high-layer products [3] - The company faces technical challenges in developing new high-end products and plans to enhance its R&D capabilities and attract industry experts [3] Group 4: Operational Metrics - The PCB factory's operating rate has increased compared to Q1 2024, while the packaging substrate factory's operating rate remains stable [3] - The company’s electronic assembly business focuses on communication, data centers, medical, and automotive electronics, leveraging its PCB technology platform for value-added services [4] Group 5: Raw Material Prices and Impact - The prices of key raw materials have remained stable from 2023 to Q1 2024, although some prices for precious metals and certain board materials have increased recently [4] - The company is monitoring international commodity price changes and maintaining communication with suppliers and customers to mitigate potential impacts [4]

证券代码：002916 证券简称：深南电路 公告编号：2024-028 深南电路股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 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次会议和 第三届监事会第十五次会议审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，同意公司在不影响募集资金投资计划正常进行的情况下，将总额不 超过 10 亿元（含本数）的闲置募集资金购买期限不超过 12 个月（含）的保本型 产品，使用期限自董事会审议通过之日起 24 个月内有效，在上述额度内资金可 滚动使用。独立董事、监事会及保荐机构就该事项已发表同意的意见。 具体公告详见公司于 2022 年 12 月 30 日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于使用部分闲置募集资金进行现金管理 的公告》（公告编号：2022-087）。 一、关于使用部分闲置募集资金进行现金管理的情况 近日，公司全资子公司无锡广芯封装基板有限公司（以下简称"无锡广芯"） 向中国银行股 ...

Financial Data and Key Metrics Changes - The company's production capacity utilization rate is currently at a relatively high level, between 85% to 90%, with some factories exceeding 90% [2][3] - Compared to Q1, there has been an increase of a few percentage points in capacity utilization due to the absence of the Spring Festival holiday and stronger downstream demand driven by AI [2][3] Business Line Data and Key Metrics Changes - The PCB business is primarily driven by communication fields, with wireless communication demand not showing significant improvement, while wired communication demand remains stable [5] - The data center segment, primarily focused on servers and storage products, accounts for approximately 15% of the PCB business [6] - Automotive electronics currently represent about 10% of the business, with other sectors like public healthcare and energy also contributing [6] Market Data and Key Metrics Changes - The demand for consumer modules has seen a decline, while storage-related products maintain a high utilization rate of around 90% [14] - The AI server segment is experiencing rapid growth, contributing positively to overall demand [20] Company Strategy and Development Direction - The company is focusing on expanding its capabilities in high-tech products, particularly in the packaging substrate sector, with a clear strategy to enhance product complexity over the next 3 to 5 years [39] - The company is also investing in new factories to support growth, which may temporarily affect profit margins due to initial costs [31][32] Management Comments on Operating Environment and Future Outlook - Management noted that while the overall market demand has not shown strong recovery, certain segments like AI servers are driving growth [20][42] - The company is optimistic about the future, particularly with the ongoing trends in AI, which are expected to sustain demand for several years [42] Other Important Information - The company has seen an increase in inventory from 1.5 billion to 2.7 billion, attributed to new factory openings and the need to match inventory with revenue scale [28][29] - Management emphasized that the increase in inventory should not be viewed in isolation but rather in the context of overall business expansion and market conditions [30][32] Q&A Session Summary Question: Can you break down the wireless and wired communication segments? - The wireless segment primarily includes base station-related products, while wired communication accounts for a significant portion of the PCB business [8] Question: How is the company addressing the AI-related product demand? - The company does not specifically track AI-related product orders due to the nature of customer specifications [9] Question: What is the historical context of the current capacity utilization rate? - Last year's Q2 utilization was around 70%, with a gradual increase expected throughout the year [10][11] Question: What are the expectations for Q3? - Management indicated that visibility for Q3 is limited, but current orders suggest stability [13] Question: How does the company view its profit trajectory? - Management refrained from providing specific profit forecasts but indicated that current trends suggest a potential for improvement [16][17] Question: What factors are influencing inventory growth? - Inventory growth is linked to new factory openings and the need to align with revenue structures, rather than a direct reflection of market demand [28][30]

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：2024-37 √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 ） 中邮证券、天风证券、山西证券、国联安基金、海富通基金、中信建投资管、富国基 金、华泰柏瑞基金、中加基金、中信保诚基金、中融基金、诺德基金、长安基金、博 道基金、汇丰晋信基金、泓德基金、富安达基金、汇华理财、泰信基金、西部利得基 参与单位名称及 金、易米基金、创金和信基金、东吴基金、摩根华鑫、泰康资产、上海凯石投资基 人员姓名（排名 金、中科沃土基金、银河基金、前海联合基金、嘉实基金、中银基金、太平资产、华 不分先后） 夏基金、兴合基金、金鹰基金、复霈资产、易知投资、中国人民健康保险、世邦基 金、圆信永丰基金、中邮人寿保险、建信基金、国泰基金、安信基金、招商基金、中 海基金、敦颐资产、友山基金、聚鸣投资、同泰基金、朱雀基金、方正富邦、天弘基 金 时间 2024年6月27日 地点 深南电路股份有限公司会议室；电话及网络会议（山西证券策略会） 上市公司接待人 战略发展 ...

Group 1: Company Overview and Business Expansion - In Q1 2024, the company reported stable demand in the PCB business, with growth in wired side switch and optical module orders, while wireless side orders remained unchanged compared to Q4 2023 [2] - The data center sector continues to see a quarter-on-quarter increase in order demand, driven by the Eagle Stream platform and AI accelerator card products [2] - The automotive sector is focusing on opportunities in the new energy direction, maintaining previous demand levels [2] Group 2: Product Application and Market Focus - The company's PCB business is primarily engaged in high-end product design, development, and manufacturing, with a focus on communication devices, data centers (including servers), and automotive electronics [2] - The company is also committed to long-term development in industrial control and medical sectors [2] Group 3: Technology and Production Capabilities - The company possesses HDI technology capabilities, including Any Layer interconnection, applicable in communication, data center, industrial control, medical, and automotive electronics sectors [3] - The company has multiple PCB factories in Shenzhen, Wuxi, and Nantong, with production arranged based on the process requirements of different PCB products [3] Group 4: Financial and Operational Insights - In Q1 2024, the company's packaging substrate business demand remained stable, with BT-type packaging boards in steady mass production [3] - The company is the largest domestic supplier of packaging substrates, with leading production capabilities in various packaging forms [3] - The company has seen an increase in PCB factory utilization rates compared to Q1 2024, while packaging substrate factory utilization rates remained stable [4] Group 5: Raw Material Prices and Impact - The prices of key raw materials, including copper-clad laminates and copper foil, have remained stable from 2023 to Q1 2024, with some increases in precious metals and certain board materials due to commodity price fluctuations [4] - The company is closely monitoring international commodity price changes and maintaining active communication with suppliers and customers [4] Group 6: International Expansion - The company is investing 1.274 billion RMB in a factory in Thailand to expand its overseas market presence, with the project progressing through necessary registrations and land acquisition [4] - The specific production timeline will depend on construction progress and market conditions [4]

Business Overview - The company's PCB business focuses on high-end PCB product design, R&D, and manufacturing, with core applications in communication equipment, data centers, and automotive electronics [2] - The company is the largest domestic substrate supplier, with full coverage of WB and FC packaging forms in BT substrates, and leading sample capabilities in FC-CSP and RF substrates [4] Financial Performance - In Q1 2024, PCB business demand in the data center sector continued to grow quarter-over-quarter, driven by platform product ramp-up and AI accelerator card demand [2] - Substrate business demand in Q1 2024 maintained the trend from Q4 2023, with stable mass production of BT substrates and ongoing verification and certification for FC-BGA products [3] Market Trends - AI development is driving increased demand for high-frequency, high-speed, integrated, miniaturized, and high-heat-dissipation PCB products in ICT industry [3] - The automotive electronics sector focuses on new energy and ADAS, with ADAS products accounting for a relatively high proportion, mainly used in cameras and radar [3] Production Capabilities - The company has multiple PCB factories in Shenzhen, Wuxi, and Nantong, with production arrangements based on process requirements rather than specific downstream sectors [3] - The company possesses HDI process capabilities including Any Layer, mainly applied in communication, data center, industrial control, medical, and automotive electronics fields [3] International Expansion - The company is investing 1.274 billion RMB in a Thailand factory project, with 289 million THB allocated for purchasing 70 rai of land in the Logana Industrial Park [5] - The Thailand project has obtained necessary approvals and certificates from Chinese authorities and is preparing for construction [5] Raw Materials - Main raw materials include copper clad laminates, prepregs, copper foil, gold salts, and inks, with prices remaining relatively stable from 2023 to Q1 2024 [4] - Recent increases in precious metal prices and some board materials have been observed due to commodity price fluctuations, but no direct impact on operations yet [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：2024-33 □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 ） 浙商证券、百年保险资产、东吴基金、循远资产、东方基金、中金资管、东方阿尔法 基金、中华联合保险、泓德基金、江苏瑞华投资、上海混沌道然资产、信泰人寿保 险、湖南源乘私募基金、财通基金、创金合信基金、瀚川投资、广东正圆私募基金、 方正富邦基金、上海川流私募基金、久泰基金、国赞投资、青骊投资、上海磐耀资 产、上海峰岚资产、上银基金、淡水泉、兴证全球基金、上海电气集团、东证融汇证 参与单位名称及 券资产、泰康资产香港、汇泉基金、大家资产、国海富兰克林基金、龙赢富泽资产、 人员姓名（排名 中金资管、百嘉基金、长江资产、格林基金、国华兴益保险资产、长城财富保险资 不分先后） 产、山西证券、恒越基金、上海烜鼎资产、国寿安保基金、路博迈投资、中国人民健 康保险、上海肇万资产、诺德基金、博远基金、农银汇理基金、中邮人寿、长城财富 保险资产、西部证券、华夏未来资本、安信资管、华安证 ...