【招商电子】深南电路（002916.SZ）AI算力+载板双轮驱动，26年高端产能放量可期

Core Viewpoint - The company reported a significant increase in revenue and net profit for the year 2025, driven by opportunities in AI computing power, storage market demand, and automotive electrification, showcasing strong operational resilience and cash flow strength through a high dividend payout [3]. Financial Performance - The company achieved a revenue of 23.647 billion, a year-on-year increase of 32.05%, and a net profit attributable to shareholders of 3.276 billion, up 74.47% year-on-year [3]. - The fourth quarter revenue was 6.893 billion, reflecting a year-on-year growth of 41.89% and a quarter-on-quarter increase of 9.40% [3]. - The gross profit margin for the year was 28.32%, an increase of 3.49 percentage points year-on-year, while the net profit margin reached 13.86%, up 3.37 percentage points year-on-year [3]. Business Structure - PCB business revenue was 14.359 billion, a year-on-year increase of 36.84%, accounting for 60.73% of total revenue, with a gross margin of 35.53% [3]. - The carrier board business generated 4.148 billion, up 30.80% year-on-year, representing 17.54% of total revenue, with a gross margin of 22.58% [3]. - The PCBA business reported revenue of 3.075 billion, an increase of 8.93% year-on-year, accounting for 13.00% of total revenue, with a gross margin of 15.00% [3]. Future Growth Trends - The company is expected to benefit from strong overseas AI computing demand, with new capacity likely to achieve breakeven quickly, contributing to profit elasticity [4]. - The domestic computing power market is anticipated to see significant growth in 2026, with the company positioned as a key player in the domestic PCB supply chain [4]. - The carrier board market is experiencing high demand, with price increases and product structure upgrades leading to improved profitability [4]. Investment Outlook - The company maintains a positive outlook on its product technology in the computing and carrier board sectors, with plans for capacity expansion in the coming years [6]. - The new production capacities in Nantong and Thailand are expected to gradually come online, opening up long-term growth opportunities [6].