证券代码：002916 证券简称：深南电路 | 投资者关系 | √特定对象调研 □分析师会议 □现场参观 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 □新闻发布会 | | | | | | | | | | □路演活动 （ ） | | | √其他 | 券商策略会 | | | | | 活动参与人 | 银华基金、富国基金、永赢基金、景顺长城基金、兴证全球基金、太平资产、泰康资产、 | | | | | | | | | 员（排名不 分先后） | 博时基金、诺安基金、汇添富基金 | | | | | | | | | 上市公司 | 战略发展部总监、证券事务代表：谢丹 | | | | | | | | | 接待人员 | | | | | | | | | | 时间 | 2026 年 3 月 17 日-20 日 | | | | | | | | | 地点 | 电话及网络会议、机构投资者所在地、华创证券策略会 | | | | | | | | | 形式 | 电话及网络会议、实地调研 | | | | | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 23.65 billion yuan in 2025, representing a year-on-year growth of 32.05%, with a net profit of 3.28 billion yuan, up 74.47% year-on-year [8] - The AI PCB business has become the core growth engine, with revenue from printed circuit boards reaching 14.36 billion yuan, a 36.84% increase year-on-year, accounting for 60.73% of total revenue [8] - The packaging substrate business also saw significant growth, with revenue of 4.15 billion yuan, a 30.80% increase year-on-year, driven by demand for AI-related chips [8] - The company is expected to achieve revenues of 32.94 billion yuan, 43.36 billion yuan, and 52.77 billion yuan for the years 2026, 2027, and 2028 respectively, with corresponding net profits of 5.89 billion yuan, 8.76 billion yuan, and 11.54 billion yuan [8] Financial Performance - The company reported a gross margin of 35.53% for its PCB business, an increase of 3.91 percentage points year-on-year [8] - The projected earnings per share (EPS) for 2026 is 8.65 yuan, with a price-to-earnings (PE) ratio of 28.9 [7][9] - The return on equity (ROE) is expected to reach 29.3% in 2026, increasing to 38.1% by 2028 [7][9] Market Performance - The company's stock price closed at 250.23 yuan on March 13, 2026, with a circulating share capital of 6.65 billion shares [2] - The company has shown a market performance of -26% over the last 12 months compared to the CSI 300 index [4]

深南电路股份有限公司投资者关系活动记录表 证券代码：002916 证券简称：深南电路 | 编号：2026-03 | | --- | | 投资者关系 | √特定对象调研 □现场参观 | □分析师会议 | | | --- | --- | --- | --- | | 活动类别 | □媒体采访 | □业绩说明会 | □新闻发布会 | | | □路演活动 ） | □其他 （ | | | | 上海十溢投资、国盛证券、光大证券、万联证券、瑞银证券、中国银河证券、Morgan | | | | | Stanley、中泰证券、瑞士银行（香港）、Point72 HongKong Limited、东亚前海证券、美林 | | | | | （亚太）、汇丰前海证券、上海申银万国证券研究所、长城财富保险资管、华泰证券、华安 | | | | | 财保资管、东方财富证券、摩根证券投资信托、百年保险资管、海富通基金、民生证券、 | | | | | 上海世亨私募基金、华能贵诚信托、兴业证券、野村国际（香港）、润晖投资、香港瑞银集 | | | | | 团、中信证券、财通证券、大家资产管理、易唯思、海通证券、国华兴益保险资管、华源 | | | | | ...

Group 1 - The company aims to capitalize on three growth opportunities by 2025: AI computing power upgrades, increasing demand in the storage market, and the electrification and intelligence of automobiles [1] - The company plans to enhance market development efforts and improve market competitiveness to optimize product structure [1] - The company is committed to advancing digital transformation and smart manufacturing upgrades to enhance operational management capabilities, which will contribute to revenue and profit growth [1] Group 2 - The company expects to achieve a net profit attributable to shareholders of 3.15 billion to 3.34 billion yuan by 2025, representing a year-on-year growth of 68% to 78% [1]

Core Viewpoint - The report from China Merchants Securities indicates that Shenzhen South Circuit's 2025 performance is expected to see a significant increase in net profit, with a forecasted range of 3.15-3.34 billion yuan, representing a year-on-year growth of 68.0% to 78.0% [1]. Financial Performance - The company's net profit attributable to shareholders is projected to be between 3.15-3.34 billion yuan, with a year-on-year increase of 68.0% to 78.0% [1]. - The non-recurring net profit is expected to be between 2.99-3.17 billion yuan, reflecting a year-on-year growth of 72.0% to 82.0% [1]. - The fourth quarter is anticipated to show a decline due to new capacity ramp-up and increased expenses, with expectations for a significant year-on-year increase in the first half of the year [1]. Growth Opportunities - The company is capitalizing on three major growth opportunities: the upgrade of AI computing power, the increasing demand in the storage market, and the electrification and intelligence of automobiles [1]. - Efforts to enhance market development and competitiveness are driving product structure optimization [1]. Digital Transformation and Manufacturing Upgrade - The company is advancing its digital transformation and smart manufacturing upgrades, which are expected to enhance operational management capabilities and contribute to revenue and profit growth [1]. Market Position and Expansion - The company is well-positioned in the fields of computing boards and substrates, actively expanding its presence among overseas computing clients and aiming to play a key role in the domestic computing supply chain [1]. - Plans to expand AI computing capacity include the gradual production release of the Nantong Phase IV, Thailand base, and new capacity in Wuxi, expected to come online between 2026 and 2027, opening up long-term growth potential [1]. - The investment rating is maintained as "strongly recommended" [1].

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a range of 3.15 billion to 3.34 billion yuan, representing a year-on-year growth of 68% to 78% [1] Financial Performance - The net profit attributable to shareholders is forecasted to be between 3.15 billion and 3.34 billion yuan, with a growth rate of 68% to 78% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 2.99 billion and 3.17 billion yuan, indicating a growth of 72% to 82% year-on-year [1] Growth Opportunities - The company is capitalizing on three major growth opportunities: AI computing power upgrades, increased demand in the storage market, and the electrification and intelligence of automobiles [1] - Efforts to enhance market development and competitiveness are being emphasized to optimize product structure [1] Digital Transformation - The company is advancing its digital transformation and smart manufacturing upgrades, which are expected to improve operational management capabilities [1] - These initiatives are anticipated to contribute positively to revenue scale and profit growth year-on-year [1]

Group 1 - The company, Shenzhen Sannuo Circuit, forecasts a net profit attributable to shareholders of 315,431 million to 334,206 million yuan for 2025, representing a year-on-year growth of 68.00% to 78.00% [1] - The basic earnings per share are expected to be between 4.73 yuan and 5.01 yuan [1] - The main reasons for the performance change include leveraging opportunities from AI computing power upgrades, increased demand in the storage market, and the electrification and intelligence of automobiles [1] Group 2 - The company has strengthened market development efforts and enhanced market competitiveness, which has driven product structure optimization [1] - There is a focus on advancing digital transformation and upgrading smart manufacturing to improve operational management capabilities [1] - These initiatives are expected to contribute to the company's revenue scale and profit growth compared to the previous year [1]

Core Viewpoint - The company expects a net profit of 3.154 billion to 3.342 billion yuan for the year 2025, representing a year-on-year growth of 68% to 78% [1] Group 1: Growth Opportunities - The company is capitalizing on three major growth opportunities: AI computing power upgrades, increased demand in the storage market, and the electrification and intelligence of automobiles [1] - The company is enhancing its market development capabilities and competitiveness to drive product structure optimization [1] Group 2: Digital Transformation and Operational Efficiency - The company is advancing its digital transformation and smart manufacturing upgrades to improve operational management capabilities [1] - These initiatives are expected to contribute to the company's revenue scale and profit growth compared to the previous year [1]