高盛：深南电路_第二季度预览 -人工智能印刷电路板推动强劲第二季度；蓝牙技术涨价将成为第三季度增量驱动因素；买入评级

14 July 2025 | 8:29AM CST Shennan Circuits (002916.SZ): 2Q Preview: AI PCB to drive a solid 2Q; BT price hike to be an incremental driver into 3Q; Buy For 2Q25E results, we expect revenue to grow 19% YoY to Rmb5.2bn and net profit to be flattish at -1% YoY off a high base, with gross margin at 25.3%, representing a slight increase QoQ, driven by product mix improvements. Into the earnings, we focus on 1) BT substrate pricing optimization on the back of improving demand and rising raw material costs; 2) AI P ...