深南电路：AI算力助力公司业务增长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company reported a total revenue of 8.321 billion yuan for the first half of 2024, representing a year-on-year growth of 37.91%. The net profit attributable to shareholders reached 0.987 billion yuan, showing a significant increase of 108.32% [5]. - The demand in the communication sector is diversifying, with notable growth in high-speed switches and optical modules driven by AI-related needs. The company has optimized its product structure, leading to improved profitability [5]. - Capital expenditures from data center clients are recovering, with increased demand for AI servers contributing to significant order growth in the data center sector [5]. - The automotive electronics segment is experiencing substantial growth, particularly in new energy vehicles and Advanced Driver Assistance Systems (ADAS), with a 24.6% year-on-year increase in global new energy vehicle sales [5]. - The company's packaging substrate business achieved a revenue of 1.596 billion yuan, a year-on-year increase of 94.31%, with a gross margin of 25.46%, up by 6.66 percentage points [5]. - Research and development investments accounted for 7.68% of revenue, reflecting a 1.44 percentage point increase year-on-year, with several projects progressing smoothly [6]. Financial Summary - The company is projected to achieve net profits of 2.20 billion yuan, 2.54 billion yuan, and 3.01 billion yuan for the years 2024, 2025, and 2026, respectively [6]. - Revenue forecasts for 2023, 2024, 2025, and 2026 are 13.526 billion yuan, 17.018 billion yuan, 20.076 billion yuan, and 22.999 billion yuan, with growth rates of -3.33%, 25.82%, 17.97%, and 14.56% [7]. - The company's earnings per share (EPS) are expected to be 2.73 yuan, 4.29 yuan, 4.96 yuan, and 5.86 yuan for the years 2024 to 2026, with corresponding price-to-earnings (P/E) ratios of 33.77, 21.44, 18.58, and 15.71 [8].