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].

证券研究报告 公司点评 深南电路(002916.SZ) 电子｜ 元件 PCB\基板\电子装联协同发展，基板项目持续推进 2024年03月18日 预测指标 2022A 2023A 2024E 2025E 2026E 主营收入(亿元) 139.92 135.26 161.72 183.96 207.28 评级 增持 归母净利润(亿元) 16.40 13.98 17.28 19.65 23.46 评级变动 首次 每股收益（元） 3.20 2.73 3.37 3.83 4.57 交易数据 每股净资产（元） 23.88 25.71 28.35 31.37 34.96 当前价格（元） 91.75 P/E 28.70 33.66 27.24 23.95 20.06 52周价格区间（元） 49.27-98.86 P/B 3.84 3.57 3.24 2.93 2.62 总市值（百万） 47056.52 资料来源：iFinD，财信证券 流通市值（百万） 46869.07 总股本（万股） 51287.80 投资要点： 流通股（万股） 51083.50 ➢ 事件：3月14日晚间，深南电路发布2023年年报。2023年全年，公司实现 ...

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：2024-08 √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 汇添富基金 不分先后） 时间 2024年3月21日 地点 机构投资者所在地（北京） 上市公司接待人 副总经理、董事会秘书：张丽君 员姓名 交流主要内容： 投资者关系 活动主要内容 一、 主要交流内容 介绍 Q1、请介绍公司PCB业务2023年各主要下游领域经营拓展情况。 2023 年，PCB 业务通信领域订单整体规模同比有所下降，主要由于国内通信市场 需求未出现明显改善，海外市场下半年以来项目节奏有所放缓，导致相关需求后延。公 司主动优化产品结构，结合一系列成本优化举措，降低通信市场需求弱化带来的影响。 海外项目开发及产品导入工作取得进展，公司在海外客户处的订单份额保持稳定。 ...

] y r t s u d n I _ e l b a T [ [ 深Ta 南bl 电e_ 路T （itl 0e 0] 2 916）2023年报点评 公 Q4营收同环比增长，数据中心、汽车、 司 研 高端载板均有新进展 挖掘价值 投资成长 究 / [Table_Rank] 增持 电 （维持） 子 设 2024 年 03 月 20 日 备 / [东Ta方bl财e_富Au证th券or研] 究所 证 [【Ta投bl资e_要Su点mm】ar y] 券 证券分析师：邹杰 研 究 证书编号：S1160523010001 报  全年业绩略有承压，Q4 营收同环比均有提升。2023 年公司实现营业 联系人：刘琦 告 收入135.26亿元，同比下滑3.33%，实现归母净利润13.98亿元，同 电话：021-23586475 比下滑14.81%，实现扣非归母净利润9.98亿元，同比下滑33.46%。 [相T对ab指le数_P表ic现Qu ote] 主要原因是 23 年下游市场需求下行，公司封装基板和 PCB 稼动率同 比下降，同时封装基板新项目建设和新工厂爬坡等费用和固定成本增 14.33% 3.01% 加对公司业绩产生负向影 ...

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：2024-07 √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 光大证券、中银证券、中金公司、工银瑞信基金、国寿资产、嘉实基金、新华基金 不分先后） 时间 2024年3月19日 地点 深南电路股份有限公司会议室、机构投资者所在地（北京） 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 上市公司接待人 员姓名 投资者关系经理：郭家旭 交流主要内容： 投资者关系 活动主要内容 一、 主要交流内容 介绍 Q1、请介绍公司2023年下半年营业收入及毛利率的环比变化情况。 2023年下半年，公司把握行业需求的局部修复机会，盈利能力环比有所改善。公司 在 2023 年下半年实现营业收入 74.93亿元，环比增长 24.2%，归母净利润 9.24 亿元， 环比增长95%，扣非归母净利润5.72亿元，环比增长34.4%。上述变动主要得益于公司 ...

证券研究报告 | 公司动态点评 2024 年 03月 18日 深南电路（002916.SZ） 汽车及服务器业务稳步增长，加速技术与客户推进进程，助力业绩 发展 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 13,992 13,526 15,283 17,703 20,899 股票信息 增长率yoy（%） 0.4 -3.3 13.0 15.8 18.1 归母净利润（百万元） 1,641 1,398 1,548 1,908 2,431 行业 电子 增长率yoy（%） 10.8 -14.8 10.7 23.3 27.4 2024年3月15日收盘价（元） 88.92 ROE（%） 13.4 10.6 10.8 12.2 13.8 总市值（百万元） 45,605.07 EPS最新摊薄（元） 3.20 2.73 3.02 3.72 4.74 流通市值（百万元） 45,423.41 P/E（倍） 27.8 32.6 29.5 23.9 18.8 总股本（百万股） 512.88 P/B（倍） 3.7 3.5 3.2 2.9 2.6 流通股本（百万股） 510.83 ...

Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company reported a strong performance in Q4 2023, which boosted its annual results, with Q4 revenue and net profit accounting for 30% and 35% of the total annual performance, respectively [1]. - The PCB industry is believed to have reached the bottom of the cycle in the second half of 2023, with expectations for a moderate recovery in 2024, projecting a revenue growth of 12.5% for the company [1][2]. - Despite the anticipated recovery, concerns remain regarding the continuous decline in PCB product prices and weak demand in the telecommunications market, which may hinder a full recovery in the first half of 2024 [1]. - The target price has been adjusted to 79 RMB, based on a 27x P/E ratio for 2024, which is higher than the previous 25x but lower than the 5-year average of 32x [1][3]. Financial Summary - For FY23, the company reported a revenue of 13.526 billion RMB, a decrease of 3.3% year-on-year, and a net profit of 1.398 billion RMB, down 14.8% year-on-year [2]. - The revenue for FY24 is projected to be 15.212 billion RMB, with a year-on-year growth of 12.5% [2]. - The net profit for FY24 is expected to be 1.538 billion RMB, reflecting a growth of 10% [2]. - The company’s gross margin for PCB and packaging substrates was 26.6% and 23.9% in 2023, respectively, with improvements noted in the second half of the year [2]. Business Segmentation - In 2023, the revenue from printed circuit boards (PCB) and packaging substrates was 8.1 billion RMB and 2.3 billion RMB, both down 8.5% year-on-year, while PCBA sales increased by 21.5% to 2.1 billion RMB [2]. - The second half of 2023 showed stronger performance compared to the first half, with significant growth in revenue driven by the recovery in automotive and energy sectors, although the telecommunications and data center sectors remained weak [2]. Market and Price Performance - The current stock price is 88.92 RMB, with a potential upside of 11.2% to the target price of 79 RMB [3]. - The company has a market capitalization of 45.607 billion RMB [4].

上 市 公 司 电子 2024 年03月 19 日 深南电路 (002916) 公 司 研 究 ——4Q23 景气修复营收+16% yoy，ABF 封装基板投产 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  2023年报：深南电路营业收入135.26 亿元，同比-3.33%；归母净利润13.98亿元，同 比-14.81%。4Q23营业收入40.6亿元，同比+15.9%；归母净利润4.9亿元，同比+6.7%； 证 市场数据： 2024年03月18日 扣非归母净利润2.6亿元，同比-34.85%。其中4Q23研发费用4.4亿，同比+115%。 券 收盘价（元） 91.75 研 一年内最高/最低（元） 99.91/46.78  研发投入高增31%，封装基板技术多品类突破。2023年全年研发费用10.7亿元，同比增 究 市净率 3.6 报 息率（分红/股价） - 长31%，研发投入占营收比7.93%，同比+2.07pct，主要受FCBGA封装基板技术开发影 告 流通A股市值（百万元） 46869 响。高多层PCB方面，2019年以来公司背板样品最高达120层，批量生产68层。据2 ...