Global Research ab 28 August 2025 First Read Shennan Circuits A solid beat led by data center/communication PCB and BT substrate recovery Q: How did the results compare vs expectations? Shennan reported Q225 results and hosted an earings call after market close. Revenue came in above seasonality (trailing 3-year avg of +12.3% QoQ) at Rmb5.7bn (+18.6% QoQ/+30.1% YoY), 4%/6% above UBSe/Reuters consensus. Net profit was Rmb869mn (+77% QoQ/+43% YoY), and Rmb780mn after non-recurring items (+61% QoQ/37% YoY ). E ...

Summary of Shennan Circuits Conference Call Company Overview - **Company**: Shennan Circuits (002916.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing, with a focus on AI applications Key Points and Arguments 1. **AI PCB Demand**: There is ongoing strength in demand for AI PCBs, which is expected to support resilient pricing and margins despite rising costs of raw materials such as CCL, gold-related chemicals, and glass fiber [1][2][4] 2. **Pricing and Margins**: The company is anticipated to experience slower price erosion than normal, leading to resilient margins. This is attributed to tight supply conditions in high-end PCBs for AI servers and networking [2][4] 3. **Revenue Estimates**: Revenue estimates for 2025E, 2026E, and 2027E have been revised slightly upward by 0% to 2%, reflecting a more resilient pricing outlook [8] 4. **Target Price Update**: The 12-month target price has been revised up to Rmb150 from Rmb132, based on a 29x P/E ratio for 2026E, aligning with the company's historical average [4][12] 5. **Valuation**: Shennan Circuits is currently trading at approximately 28x/23x P/E for 2026E/2027E, which is considered undemanding compared to its historical average of 29x [3][11] 6. **Market Position**: The company is viewed as a key beneficiary of China's domestic AI infrastructure investments, with expectations for robust revenue and net profit growth as local equipment vendors increase their server and networking shipments [11] Additional Important Content 1. **Risks**: Key downside risks include weaker demand in datacom/AI PCBs, geopolitical disruptions affecting supply chains, competitive pricing pressures, and potential deterioration in 5G demand [13] 2. **Industry Context**: The overall PCB industry in China has seen strong share price rallies driven by AI demand, contributing to valuation recovery [3] 3. **Financial Metrics**: The revised net profit estimates for 2025E, 2026E, and 2027E have been increased by 1% to 3%, reflecting the anticipated slower price erosion [8] This summary encapsulates the essential insights from the conference call regarding Shennan Circuits, highlighting its market position, financial outlook, and associated risks.

Summary of the Conference Call for ShenNan Electric Company Overview - **Company**: ShenNan Electric (深南电) - **Industry**: Energy and Power Generation Key Financial Performance - **Return on Equity**: Weighted average return on equity increased by 1.20% year-on-year, indicating enhanced operational capability [2][3] - **Net Profit**: Net profit attributable to shareholders increased by 17.75 million yuan year-on-year, reaching 21.91 million yuan [2][3] - **Operating Revenue**: Total operating revenue for 2024 was 443 million yuan, showing a decline due to a focus on maximizing comprehensive income, resulting in reduced actual power generation [3] - **Total Assets**: Total assets decreased by 1.79% year-on-year to 2.013 billion yuan [3] - **Net Cash Flow**: Operating net cash flow outflow decreased by 62.37 million yuan due to improved working capital management [3] - **Debt Ratio**: Asset-liability ratio decreased by 7.05 percentage points, supporting further transformation [3] Business Development and Growth Drivers - **Comprehensive Energy Strategy**: The comprehensive energy strategy accelerated, with related business revenue reaching 45.15 million yuan, surpassing 10% of total revenue for the first time [2][5] - **Asset Management**: Significant gains from asset management, including a net gain of 163 million yuan from land transfer and 66.72 million yuan from the sale of a 40% stake in Huizhou Shoes [2][5] - **Operational Efficiency**: Increased operating gross profit by 19.18 million yuan, primarily from the marginal contribution of the Nanshan Power Plant and additional profits from managing Shenzhen Energy Group's properties [5] Asset Revitalization Efforts - **Land Transfer**: Successfully delivered 190 acres of land in Zhongshan, receiving a total of 220 million yuan in compensation [6] - **Equipment Transfer**: Completed the transfer of power generation equipment and related assets, enhancing asset liquidity [6] New Energy and Storage Initiatives - **Investment in Energy Storage**: Launched a 500 million yuan energy storage mother fund and established a 400 million yuan subsidiary fund for independent storage and commercial storage projects [7][8] - **Partnerships**: Collaborated with Zhongshan Nalang Construction Development Co., Ltd. to build a 300 MW/600 MWh independent energy storage station, expected to be operational by May 2025 [8] Management and Organizational Reforms - **Management System Reform**: Implemented comprehensive management reforms, optimizing the institutional framework and establishing a standardized management system [4][9] - **Talent Strategy**: Focused on attracting high-quality talent and optimizing organizational structure to support strategic goals [9] Future Development Plans - **Strategic Focus**: In 2025, the company aims to solidify its position as a comprehensive energy service provider, focusing on key areas and expanding project portfolios [15] - **Operational Model**: Plans to enhance the operational model by undertaking diverse maintenance projects to accumulate resources and experience [15] Risk Management and Internal Reforms - **Governance Improvement**: Enhanced corporate governance and compliance with regulatory policies to ensure operational integrity and investor relations [18] - **Financial Management**: Streamlined financial processes and improved information quality to support business development [18] Conclusion ShenNan Electric is strategically positioning itself in the energy sector by enhancing operational efficiency, expanding into new energy services, and implementing comprehensive management reforms to support its transformation into a leading comprehensive energy service provider.

一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 26785.93万股，累计占流通股比： 44.44%，较上期变化： -54.42万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 香港南海洋行(国际)有限公司 | 9212.32 | 15.28 | 不变 | | 深圳广聚实业有限公司 | 7366.68 | 12.22 | 不变 | | 深圳市能源集团有限公司 | 6510.61 | 10.80 | 不变 | | 曾颖 | 715.96 | 1.19 | 不变 | | GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED | 632.68 | 1.05 | -26.61 | | 李宝琴 | 567.02 | 0.94 | -16.56 | | 招商证券(香港)有限公司 | 543.82 | 0.90 | 不变 | | BOCI SECURITIES LIMITED | 431.06 ...

一、主要会计数据和财务指标 | 持有数量(万股) 名称 | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 香港南海洋行(国际)有限公司 | 9212.32 | 15.28 | 不变 | | 深圳广聚实业有限公司 | 7366.68 | 12.22 | 不变 | | 深圳市能源集团有限公司 | 6510.61 | 10.80 | 不变 | | 曾颖 | 715.96 | 1.19 | 不变 | | GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED | 659.29 | 1.09 | 236.84 | | 李宝琴 | 583.58 | 0.97 | -36.81 | | 招商证券(香港)有限公司 | 543.82 | 0.90 | 3.60 | | BOCI SECURITIES LIMITED | 442.31 | 0.73 | 不变 | | LI SHERYN ZHAN MING | 414.94 | 0.69 | 新进 | | Haitong International Securiti ...

深圳南山热电股份有限公司 2024 年半年度报告全文 证券代码：000037、200037 证券简称：深南电 A、深南电 B 公告编号：2024-049 深圳南山热电股份有限公司 2024 年半年度报告 2024 年 8 月 23 日 1 深圳南山热电股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人孔国梁、主管会计工作负责人陈玉辉、财务总监张小银及会 计机构负责人(会计主管人员)林晓佳声明：保证本半年度报告中财务报告的 真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 本半年度报告中如有涉及未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 本半年度报告分别以中、英文编制，在对两种文本的理解上发生歧义时， 以中文文本为准。请投资者认真阅读本半年度报告全文。 2 深圳南山热电股份有限公司 2024 年半年度报告全文 目录 | ...

Financial Performance - The company reported a plan not to distribute cash dividends or bonus shares for the year[4]. - The company's operating revenue for 2023 was ¥589,780,190.71, a decrease of 15.05% compared to ¥694,227,657.28 in 2022[26]. - The net profit attributable to shareholders for 2023 was ¥4,158,797.10, a significant turnaround from a loss of ¥160,163,240.67 in 2022, representing a 102.60% increase[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥70,789,007.91, an improvement of 68.67% from -¥225,967,573.71 in 2022[26]. - The company's total assets at the end of 2023 were ¥2,049,365,388.69, down 21.37% from ¥2,606,216,345.99 at the end of 2022[26]. - The basic earnings per share for 2023 were ¥0.0069, compared to a loss of ¥0.2657 in 2022, marking a 102.60% increase[26]. - The cash flow from operating activities for 2023 was -¥100,371,976.92, a decline of 148.45% from ¥207,168,402.26 in 2022[26]. - The company reported a quarterly revenue of ¥182,838,205.80 in Q3 2023, with a net profit of ¥8,482,149.79 attributable to shareholders[30]. - The total sales volume of electricity was 6.54 billion kWh, a decline of 23.78% from 8.58 billion kWh in 2022[59]. - The company's operating costs amounted to CNY 581.44 million, with a gross margin of 1.41%, down from 17.32% in the previous year[58]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[129]. Assets and Liabilities - The company’s total assets at the end of 2023 were ¥2,049,365,388.69, down 21.37% from ¥2,606,216,345.99 at the end of 2022[26]. - The company reported a total of CNY 2.1 billion in entrusted financial management funds, with no overdue amounts[193]. - The company has no outstanding entrusted loans during the reporting period[193]. - The total number of shares is 602,762,596, with 99.9978% being freely tradable shares[199]. Operational Changes and Strategies - The company has established a professional power marketing team to explore electricity trading strategies, laying a solid foundation for participation in the new electricity market[47]. - The company has made significant progress in the transformation towards the new energy industry and energy storage sector, actively participating in the establishment of a new energy storage industry equity fund[52]. - The company is focusing on new project investments in renewable energy, energy storage, and high-end power equipment to support sustainable development[97]. - The company plans to enhance its financial management and budget performance to support its transformation and development needs[99]. - The company is actively pursuing land acquisition projects to enhance its operational capabilities and support its strategic transformation[89]. Research and Development - The company completed the application for 7 utility model patents and 1 invention patent during the reporting period, with a total of 44 authorized patents, enhancing its brand image and industry competitiveness[48]. - R&D investment amounted to ¥26,839,912.74 in 2023, a 4.65% increase from ¥25,647,534.39 in 2022, representing 4.55% of operating revenue[69]. - Key R&D projects include the upgrade of the CO2 fire protection system and the development of a gas turbine intelligent fire protection device, both aimed at enhancing operational safety[68]. - The number of R&D personnel increased by 22.54% from 71 in 2022 to 87 in 2023, with the proportion of R&D personnel rising from 18.59% to 30.63%[69]. Governance and Compliance - The company emphasizes compliance with information disclosure regulations and has not experienced any insider information leaks during the reporting period[113]. - The company has established a compliance management system and revised its financial management regulations to enhance operational efficiency[146]. - The company has independent rights to purchase and dispose of assets within the authorized scope of the board of directors[114]. - The company has a complete and independent management framework that adheres to modern enterprise management standards[115]. Environmental and Social Responsibility - The company strictly adheres to national environmental protection laws and regulations, with all pollutant emissions meeting national standards[164]. - The company has implemented a low nitrogen combustion system in its power generation units to control nitrogen oxide emissions[164]. - The company actively participated in poverty alleviation efforts, contributing a total of 142,200 yuan under the Shenzhen consumption poverty alleviation policy[166]. - The company maintained a focus on environmental protection, ensuring compliance with national and local regulations, and achieved pollution discharge standards without any environmental pollution incidents[166]. Management and Human Resources - The company has a strong management team with diverse backgrounds in finance and engineering, enhancing its operational capabilities[121][122][123][124][125][126]. - The company has established a comprehensive training system to enhance employee skills and ensure sustainable development[153]. - The employee composition includes 71 production staff, 7 sales personnel, 45 technical staff, 14 financial staff, and 147 administrative staff[150]. - The company emphasizes a performance-linked salary incentive mechanism to control salary costs effectively[152]. Future Outlook - In 2024, the company anticipates a 6% increase in total electricity consumption to 9.8 trillion kWh compared to 2023[94]. - The company is focusing on enhancing the management of existing assets and exploring diversified business models to transition from a traditional power generation company to a comprehensive energy service provider[102]. - The company provided a future outlook with a revenue guidance of 1.5 billion RMB for the next fiscal year, indicating a growth target of 25%[129].

Financial Performance - The company's operating revenue for Q3 2023 was ¥182,838,205.80, a decrease of 38.40% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥8,482,149.79, representing a significant increase of 117.50% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,109,131.54, up 103.21% from the previous year[5]. - Total operating revenue for Q3 2023 was CNY 454,106,390.85, a decrease of 13.7% compared to CNY 526,047,208.84 in the same period last year[18]. - Net loss attributable to shareholders of the parent company was CNY 28,758,589.77, an improvement from a loss of CNY 142,579,668.91 in the previous year[20]. - The company reported a net profit margin of -8.3% for Q3 2023, compared to -30.0% in the same quarter last year[20]. - The total comprehensive loss for Q3 2023 was CNY 36,917,756.09, compared to a loss of CNY 160,602,049.03 in the same quarter last year[20]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a net outflow of ¥119,379,688.05, a decrease of 154.52% compared to the same period last year[10]. - Cash flow from operating activities was CNY 493,260,030.74, slightly down from CNY 511,824,244.17 in the previous year[21]. - The net cash flow from operating activities for Q3 2023 was -119,379,688.05, compared to 218,956,576.20 in Q3 2022, indicating a significant decline[22]. - Total cash inflow from investment activities was 360,496,011.88, while cash outflow was 113,514,289.85, resulting in a net cash flow of 246,981,722.03, a recovery from -316,382,476.95 in the previous year[22]. - Cash inflow from financing activities was 356,534,361.13, with cash outflow totaling 861,290,853.20, leading to a net cash flow of -504,756,492.07, compared to a positive 112,444,619.76 in Q3 2022[22]. - The total cash and cash equivalents at the end of Q3 2023 were 271,005,316.92, down from 705,261,965.03 at the end of Q3 2022[23]. - Total cash outflow from operating activities was 657,294,115.52, slightly lower than 670,062,068.45 in the same period last year[22]. - The company reported a decrease in cash paid to employees, totaling 82,601,196.17, compared to 95,805,295.46 in Q3 2022[22]. - The cash received from investment income was 29,934,911.51, down from 42,360,748.95 in the previous year[22]. - The company did not report any cash inflow from new investments during the quarter[22]. Assets and Liabilities - The total assets at the end of Q3 2023 were ¥1,974,359,583.85, down 24.24% from the end of the previous year[5]. - Total current assets as of September 30, 2023, amount to 981,051,300.31 CNY, a decrease from 1,588,850,770.21 CNY at the beginning of the year[16]. - The company’s total equity stood at CNY 1,356,401,606.37, down from CNY 1,392,819,054.58 in the previous year[19]. - The company’s total liabilities decreased significantly, with short-term borrowings down by 64.54%[9]. - Total liabilities decreased to CNY 617,957,977.48 from CNY 1,213,397,291.41 year-on-year, indicating a significant reduction in financial obligations[19]. - The total liabilities include accounts payable of 9,567,795.60 CNY, up from 5,227,836.22 CNY[16]. - Short-term borrowings decreased significantly to 312,042,732.52 CNY from 879,957,857.44 CNY[16]. Operational Efficiency - The gross profit margin for the company improved due to a 29.72% reduction in operating costs, primarily from decreased natural gas consumption[10]. - The company reported a 33.87% increase in other income, mainly from government subsidies related to revenue[10]. - The company’s financial expenses decreased by 81.70% due to optimized financing structure and reduced financing scale[10]. - Total operating costs for Q3 2023 were CNY 527,768,982.12, down 29.2% from CNY 743,588,397.18 year-on-year[19]. - Research and development expenses for Q3 2023 were CNY 20,411,445.96, a decrease of 8.1% from CNY 22,220,034.84 in the same period last year[19]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 55,028[12]. - The largest shareholder, Hong Kong Nanhai Ocean Industry Co., Ltd., holds 15.28% of shares, totaling 92,123,248 shares[12]. Market Strategy - The company is focusing on expanding its market presence through new technology projects, including information technology and smart photovoltaic projects[9]. - The company is focused on maintaining a strong financial position while exploring market expansion opportunities[14]. Audit Status - The report indicates that the third-quarter financial statements were not audited[24].

一、董事会会议召开情况 深圳南山热电股份有限公司（以下简称"公司"）第九届董事会第六 次会议于 2023 年 8 月 23 日上午在深圳市南山区华侨城汉唐大厦 17 楼公 司会议室召开，会议通知及文件已于 2023 年 8 月 11 日以书面和邮件方式 送达全体董事、监事。会议由孔国梁董事长主持，应出席董事 9 人，实际 出席董事 9 人（其中孙慧荣董事因工作原因未能亲自出席，委托黄庆董事 出席并行使表决权），公司相关监事及高级管理人员列席了会议。出席会 议的人数及会议的召集、召开程序符合《中华人民共和国公司法》和《深 圳南山热电股份有限公司章程》的有关规定。 二、董事会会议审议情况 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2023-028 深圳南山热电股份有限公司 第九届董事会第六次会议决议公告 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。 （一）审议通过了《2023 年半年度报告》全文及摘要 同意在指定的信息披露报刊及网站上披露《2023 年半年度报告》全 文及摘要，详见同日在《证券时报》和巨潮资讯网上披露的 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥111,067,616.64, representing a 47.91% increase compared to ¥75,090,604.86 in the same period last year[5]. - The net profit attributable to shareholders was -¥31,147,959.30, an improvement of 19.79% from -¥38,834,600.08 year-on-year[5]. - Basic and diluted earnings per share were both -¥0.0517, showing a 19.72% improvement from -¥0.0644 in the same quarter last year[5]. - The net profit for the current period was -¥33,871,666.60, an improvement compared to -¥43,243,147.57 in the previous period, indicating a reduction in losses of approximately 21.5%[20]. - The company recorded operating profit of -¥37,827,197.68, an improvement from -¥43,230,594.36 in the previous period, reflecting a reduction in operating losses of approximately 12.5%[20]. - The total comprehensive income for the current period was -¥33,871,666.60, compared to -¥43,243,147.57 in the previous period, indicating a decrease in comprehensive losses of about 21.5%[21]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥36,865,225.55, which is a decrease of 8.27% compared to -¥34,049,453.61 in the previous year[5]. - Cash flow from operating activities showed a net outflow of -¥36,865,225.55, slightly worse than the previous period's outflow of -¥34,049,453.61[22]. - Cash and cash equivalents at the end of the reporting period are CNY 323,839,061.47, down from CNY 675,496,266.40, a decrease of approximately 52.1%[14]. - Cash and cash equivalents at the end of the period decreased to ¥323,839,061.47 from ¥473,585,305.45, a decline of approximately 31.6%[22]. - Investment activities resulted in a net cash outflow of -¥186,966,454.48, compared to -¥346,890,048.10 in the previous period, showing a reduction in cash outflow of about 46%[22]. - Financing activities generated a net cash outflow of -¥127,709,340.67, a significant decrease from the previous period's inflow of ¥164,945,924.74[22]. Assets and Liabilities - Total assets decreased by 6.33% to ¥2,441,183,249.46 from ¥2,606,216,345.99 at the end of the previous year[5]. - Total current assets amount to CNY 1,431,330,844.53, down from CNY 1,588,850,770.21 at the beginning of the year, a decrease of approximately 9.9%[15]. - Total liabilities amount to CNY 1,081,525,090.98, down from CNY 1,213,397,291.41, a decrease of approximately 10.9%[16]. - Total equity attributable to shareholders of the parent company is CNY 1,424,692,706.04, down from CNY 1,455,129,894.84, a decrease of approximately 2.1%[16]. - Total non-current liabilities amount to CNY 162,120,326.10, up from CNY 127,475,027.03, an increase of approximately 27.2%[16]. Operating Costs and Expenses - Operating costs rose by 36.59%, primarily due to increased electricity generation and rising fuel prices[10]. - Total operating costs increased to ¥155,909,683.28 from ¥132,092,392.82, marking a rise of about 18.1%[19]. - Research and development expenses decreased by 35.17%, reflecting a reduction in R&D projects[10]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 38,525[12].