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深南电路(002916):Q2业绩高增,算力相关PCB需求旺盛

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected growth in net profit of 57%/34%/10% for the years 2025 to 2027, respectively [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 10.453 billion yuan, a year-on-year increase of 25.63%, and net profit attributable to shareholders of 1.36 billion yuan, up 37.75% year-on-year [5]. - The demand for PCB related to computing power is identified as a key driver for growth, particularly in the data center and automotive sectors [5]. - The company is actively expanding its production capacity, with ongoing projects in Thailand and Nantong [5]. Financial Performance Summary - In Q2 2025, the company achieved a revenue of 5.671 billion yuan, representing a 30.06% year-on-year growth, and a net profit of 869 million yuan, up 42.92% year-on-year [5]. - The PCB business generated 6.274 billion yuan in revenue for H1 2025, a 29.21% increase, accounting for 60.02% of total revenue [5]. - The gross margin for the PCB business improved to 34.42%, an increase of 3.05 percentage points year-on-year [5]. Business Segment Analysis - The packaging substrate segment achieved revenue of 1.74 billion yuan in H1 2025, a 9.03% increase, but faced a decline in gross margin to 15.15% due to rising raw material costs [5]. - The electronic assembly business reported revenue of 1.478 billion yuan, a 22.06% increase, with a focus on data centers and automotive electronics [5]. Future Projections - The company expects to see continued growth in net profit, with projections of 2.956 billion yuan for 2025, 3.966 billion yuan for 2026, and 4.348 billion yuan for 2027 [6]. - The projected EPS for the same years is 4.43 yuan, 5.95 yuan, and 6.52 yuan, respectively, with corresponding PE ratios of 38, 29, and 26 times [6].