深南电路：AI-led PCB growth with substrate upside ahead-20260316

16 Mar 2026 CMB International Global Markets | Equity Research | Company Update Shennan Circuit (002916 CH) Shennan Circuit (002916 CH) - AI-led PCB growth with substrate upside ahead SCC's FY25 revenue grew 32% YoY to RMB23.6bn, in line with BBG consensus and 4% above our forecast. GPM improved significantly to 28.3% (0.3ppts above BBG consensus and 1.4ppts above our estimate), up from 24.8% in FY24, driven by improved product mix, better cost efficiency and higher utilization. Net profit rose 75% YoY to R ...