长江商报消息 行业龙头深南电路（002916.SZ）的股价还在上涨。 9月1日，深南电路股价再度上涨，涨幅为0.95%，收报199.88元/股，即将突破200元大关。 此前三个交易日，深南电路股价累计涨幅超过20%。公司还因此发布股票交易异常波动公告。 对于上述经营业绩快速增长，深南电路表示，公司把握AI算力升级、存储市场回暖和汽车电动智能化 趋势化的发展机遇。 深南电路继续加码研发。2025年上半年，公司研发投入6.72亿元，占当期营业收入的6.43%。公司称， 目前，各项研发项目进展顺利。 此外，深南电路扩产计划正常推进中。公司在泰国投资建设的工厂已连线试生产。 基金加仓股价再度上涨 深南电路的股价再度上涨。 9月1日，深南电路的股价出现明显波动。平开、下探，午后回升，收盘时微涨0.95%，收报199.88元/ 股，无限逼近200元大关。 8月31日晚，深南电路发布股票交易异常波动公告。公司股票连续三个交易日内（2025年8月27日至29 日）日收盘价涨幅偏离值累计超过20%，属于股票交易异常波动情形。 长江商报记者发现，2017年12月13日A股上市以来，以后复权后的股价计算，深南电路的股价累计涨幅 已 ...

事件：8 月27 日，公司发布2025 年半年报。2025 年上半年，公司实现营业收入104.53 亿元，同比增长 25.63%；实现归母净利润13.60 亿元，同比增长37.75%；实现扣非后归母净利润12.65 亿元，同比增长 39.98%。 风险提示：产能扩张后爬坡不及预期风险；市场竞争加剧风险；原材料价格波动风险；新产品开发风 险。 AI 加速卡需求不断释放，助力订单同比显著增长。2025 年上半年，公司精准把握AI 算力升级、存储市 场回暖和汽车电动智能化三大增长机遇，营收净利润实现双增长，实现营业收入104.53 亿元，同比增长 25.63%；实现归母净利润13.60 亿元，同比增长37.75%；实现扣非后归母净利润12.65 亿元，同比增长 39.98%。公司印制电路板业务实现收入62.74 亿元，同比增长29.21%，占公司营业总收入的60.02%；毛 利率为34.42%，同比增加3.05pct。 数据中心领域，公司受益于算力基础设施建设加速，AI 加速卡等产品需求释放，带动订单同比取得显 著增长，成为PCB 业务业绩增长的核心驱动力。新项目建设方面，公司积极推进泰国工厂以及南通四 期项目的基 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Viewpoints - The company achieved double growth in revenue and net profit in the first half of 2025, driven by the demand for AI acceleration cards and the recovery of the storage market [2][3]. - The printed circuit board (PCB) business generated revenue of 62.74 billion yuan, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue, with a gross margin of 34.42% [2]. - The packaging substrate business also showed steady growth, with revenue of 17.40 billion yuan, up 9.03% year-on-year, although the gross margin decreased due to rising costs during the capacity ramp-up phase [3]. Financial Summary - The company reported a revenue of 13,526 million yuan for 2023, with projections of 17,907 million yuan for 2024, and expected growth rates of 32.4% and 20.6% for the following years [1]. - The net profit attributable to the parent company is projected to grow from 1,398 million yuan in 2023 to 1,878 million yuan in 2024, with a year-on-year growth rate of 34.3% [1]. - The company's return on equity (ROE) is expected to increase from 10.6% in 2023 to 12.8% in 2024, reaching 17.0% by 2027 [1]. Revenue and Profit Growth - In the first half of 2025, the company achieved a revenue of 104.53 billion yuan, a year-on-year increase of 25.63%, and a net profit of 13.60 billion yuan, up 37.75% [2]. - The company is actively expanding its production capacity with ongoing projects in Thailand and Nantong, which are expected to support future business growth [2][3].

Group 1: Company Growth and Market Position - The company achieved a revenue of 319 million CNY in Q1 2025 for its enterprise storage products, representing a year-on-year growth of over 200% [3] - The company is one of the few A-share listed companies that publicly disclose specific enterprise storage product performance, indicating a strong market position [3] - The company has established recognition among major clients across various industries, including large internet companies and telecom operators, showcasing the adaptability and reliability of its products [3] Group 2: AI Infrastructure and Storage Demand - The demand for storage is expected to rise due to increased investment in AI infrastructure, which requires enhanced computing and storage capabilities [3] - The penetration rate of DDR5 in RDIMM products has significantly increased, driven by the performance requirements of AI servers [3] - eSSD's advantages in speed and energy efficiency are leading to its widespread adoption, replacing HDDs in cloud service providers [3] Group 3: TCM Model and Revenue Impact - The company has partnered with SanDisk to leverage its strengths in chip control and firmware development, aiming to introduce high-quality UFS products for the mobile and IoT markets [5] - The UFS4.1 product, featuring high sequential read/write speeds of 4350MB/s and 4200MB/s, has outperformed mainstream market products [5] - The TCM model is expected to enhance revenue and profit by improving visibility in supply and demand, thereby mitigating price volatility [6] Group 4: Self-Developed Controller Chips - The company has launched three self-developed controller chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [7] - The self-developed controller chips are anticipated to see significant growth in application scale throughout 2025 [7] - The company plans to maintain long-term collaborations with third-party controller chip manufacturers to diversify its product offerings [7] Group 5: Storage Price Trends - The semiconductor storage market has shown signs of recovery since late March 2025, driven by inventory digestion and increased downstream demand [8] - Price increases in storage products are expected in Q3 2025 due to inventory needs from server OEM customers and rising storage capacities in mobile devices [8] Group 6: Lexar and Zilia Business Growth - Lexar's global sales revenue reached over 3.5 billion CNY in 2024, with significant growth potential in market share [9] - Zilia achieved a revenue of 2.312 billion CNY in 2024, marking a year-on-year growth of 120.15%, with a 45.08% increase in Q1 2025 [10] - The integration of Zilia into the company's operations has enhanced its overseas market presence and product offerings [10]