Shen Nan Dian(SZ:000037) Xin Lang Cai Jing·2025-10-31 17:07Core Viewpoint - Deep South Circuit is a leading company in China's printed circuit board (PCB) industry, focusing on R&D, production, and sales, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Deep South Circuit achieved a revenue of 16.754 billion yuan, ranking 4th in the industry out of 44 companies, surpassing the industry average of 4.913 billion yuan and the median of 2.659 billion yuan [2] - The net profit for the same period was 2.328 billion yuan, ranking 5th in the industry, exceeding the industry average of 481 million yuan and the median of 101 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 43.65%, slightly up from 42.47% year-on-year, and lower than the industry average of 44.70% [3] - The gross profit margin for Q3 2025 was 28.20%, an increase from 25.91% year-on-year, and higher than the industry average of 20.58% [3] Group 3: Executive Compensation - The chairman, Yang Zhicheng, received a salary of 2.9874 million yuan in 2024, a decrease of 353,400 yuan from 2023 [4] - The general manager, Yang Zhiqin, earned 2.836 million yuan in 2024, down by 74,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 25.79% to 39,500 [5] - The average number of circulating A-shares held per shareholder increased by 34.75% to 16,800 [5] Group 5: Future Outlook - The company is expected to achieve revenues of 23.002 billion yuan, 32.110 billion yuan, and 41.923 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 3.341 billion yuan, 5.816 billion yuan, and 7.643 billion yuan [5] - The company is actively expanding high-end PCB capacity, with ongoing projects in Nantong and Thailand [6]