高盛：深南电路_ TechNet China 2025_ 人工智能印刷电路板前景乐观；任意层互连积层板从低基数开始增长；买入

27 May 2025 | 8:50AM CST Shennan Circuits (002916.SZ): TechNet China 2025; Robust AI PCB outlook; ABF ramping off low base; Buy We hosted Shennan Circuits at GS TechNet China 2025. Key discussions focused on 1) raw material cost dynamics on the back of commodity price changes (e.g. gold, copper); 2) ABF business status; and 3) AI PCB outlook. In sum, Shennan noted the raw material cost uptrend and intends to work with customers to absorb the cost pressure. Overall PCB capacity utilization rate is 90%+ and A ...