Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [2][12]. Core Insights - The company reported a revenue of 8.321 billion yuan for the first half of 2024, representing a year-on-year growth of 37.91%, and a net profit attributable to shareholders of 989 million yuan, which is a 108.32% increase year-on-year [3]. - Demand in AI and storage sectors is rapidly increasing, driving both revenue and profit growth for the company [3]. - The company has increased its R&D investment to 7.68% of revenue, up by 1.44 percentage points year-on-year, reflecting a commitment to technological leadership [4]. Revenue and Profit Analysis - The printed circuit board (PCB) business generated 4.855 billion yuan in revenue, a 25.09% increase year-on-year, accounting for 58.35% of total revenue with a gross margin of 31.37% [3]. - The packaging substrate business achieved 1.596 billion yuan in revenue, a 94.31% increase year-on-year, representing 19.18% of total revenue with a gross margin of 25.46% [3]. - The electronic assembly business reported 1.211 billion yuan in revenue, a 42.39% increase year-on-year, contributing 14.55% to total revenue with a gross margin of 14.64% [3]. Financial Forecast - The company is projected to achieve revenues of 16.985 billion yuan, 20.436 billion yuan, and 23.097 billion yuan for the years 2024, 2025, and 2026, respectively [5]. - The net profit attributable to shareholders is expected to be 1.991 billion yuan, 2.484 billion yuan, and 3.071 billion yuan for the same years [7]. - The projected price-to-earnings (PE) ratios are 29.10, 23.32, and 18.86 for 2024, 2025, and 2026, respectively [5].
深南电路:高端品类持续导入,AI相关品类加速放量