深南电路：公司业绩高增，服务器需求回温

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of strong performance relative to the market over the next six months [4][7]. Core Views - The company has demonstrated significant growth in performance, with a 37.91% year-over-year increase in revenue for the first half of 2024, reaching 8.321 billion yuan, and a net profit of 0.987 billion yuan, reflecting a 108.32% year-over-year increase [5][7]. - The company is benefiting from the recovery in server demand and the ongoing trends in AI acceleration and automotive electrification, which are driving market opportunities [5][7]. - The company is actively enhancing its product structure and market development efforts, particularly in the PCB and IC substrate sectors, which are expected to see continued growth [5][7]. Financial Summary - Revenue for 2024 is projected to be 18.261 billion yuan in 2024, with a year-over-year growth of 35.0% [4][9]. - Net profit is expected to reach 2.098 billion yuan in 2024, with a year-over-year growth of 50.1% [4][9]. - The gross margin is projected to be 26.0% in 2024, while the net margin is expected to be 11.5% [4][9]. - The company's return on equity (ROE) is forecasted to improve to 14.4% in 2024 [4][9]. Business Segmentation - The PCB business generated revenue of 4.855 billion yuan in the first half of 2024, a 25.09% increase year-over-year, accounting for 58.35% of total revenue [5][7]. - The IC substrate business saw revenue of 1.596 billion yuan, a 94.31% increase year-over-year, representing 19.18% of total revenue [5][7]. - The electronic assembly business achieved revenue of 1.211 billion yuan, a 42.39% increase year-over-year, contributing 14.55% to total revenue [5][7]. Market Outlook - The global PCB market is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2028, with high-layer boards and packaging substrates projected to grow at even higher rates [7]. - The company is positioned to benefit from domestic substitution trends in the semiconductor substrate market, which is expected to drive long-term growth [7].