广州封装基板项目一期已于2023年第四季度连线，具备20层及以下产品批量生产能力，22 - 26层产品研 发打样按计划推进，产能爬坡稳步推进，2025年上半年亏损环比收窄。泰国项目总投资额12.74亿元人 民币/等值外币，已连线试生产，将具备高多层、HDI等PCB工艺技术能力，有助于开拓海外市场。 公司综合产能利用率处于相对高位，2025年上半年，PCB业务因AI算力及汽车电子市场需求，总体产能 利用率较高；封装基板业务因存储领域需求增长，工厂产能利用率环比明显提升。原材料方面，2025年 上半年部分原材料如金盐价格同比、环比有涨幅，公司将持续关注价格变化并与供应商及客户沟通。 2025年上半年公司研发投入约6.72亿元，占营收比重6.43%，各项研发项目进展顺利。PCB新产能建设 方面，南通四期预计今年四季度连线，泰国工厂已连线，同时公司对现有工厂进行技术改造升级以提升 产能。 此次调研全面展示了深南电路在经营、业务、产能等多方面的情况，为投资者进一步了解公司提供了丰 富信息。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图 ...

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 | 编号：2025-27 | | --- | | 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 （ ） | | | 国泰海通、华创证券、华泰证券、嘉实基金、泉果基金、上海证券、施罗德基金、易方达基 | | | 金、永赢基金、招商证券、中国国际金融、银华基金、诺德基金、安信基金、长城基金、华 | | | 夏基金、恒越基金、创金合信基金、博时基金、九泰基金、国金基金、汇添富基金、泰信基 | | | 金、天弘基金、金元顺安基金、安联基金、国融基金、国投瑞银基金、浦银安盛基金、长盛 | | | 基金、申万菱信基金、农银汇理基金、诺安基金、财通基金、方正富邦基金、摩根士丹利基 | | | 金、摩根证券投资信托、路博迈（亚洲）、广东君心盈泰投资、上海保银私募基金、上海聆 | | | 泽投资、淡水泉(北京)投资、耕霁(上海)投资、北京市星石投资、北京泽铭投资、江苏瑞华 | | | 投资、上海雷钧私募基金、湖 ...

深南电路（002916）今日晚间公告，公司上半年实现营业总收入104.53亿元，同比增长25.63%；净利润13.60亿元，同比增长37.75%；扣 非净利润12.65亿元，同比增长39.98%。 在核心业务板块，印制电路板成为业绩增长核心驱动力。报告期内，该业务实现主营业务收入62.74亿元，同比增长29.21%，毛利率 34.42%，同比增加3.05个百分点。 全球化布局与产能建设方面，公司泰国工厂建设持续推进，为海外业务拓展奠定基础；广州广芯封装基板项目、泰兴高速高密印制电路 板制造项目等重点项目按计划推进，其中广州广芯封装基板投资项目进度达72.06%，泰兴高速高密印制电路板制造项目进度达60.09%， 为后续产能释放与业务增长提供支撑。 | 类型/年份 | 2024 | 2025E | | 2029F | 2024-2029F | | --- | --- | --- | --- | --- | --- | | | 产值 | 产值 | 同比 | 产值 | 复合增长率 | | 纸基板/单面/双面板 | 7.947 | 8,281 | 4.2% | 9.149 | 2.9% | | 4-6 层板 | 15 ...

中信建投（601066）发布研报称，PCB行业呈现重回上行期、产品高端化、东南亚建厂等特点，产量的 增加及工艺的变化有望持续拉动PCB设备的更新和升级需求。钻孔、曝光、电镀、检测为PCB生产中的 核心环节，直接决定了电路板的互联密度、信号完整性和生产良率。AI驱动行业向更高层数、更精细 布线和更高可靠性方向发展，对加工工艺提出更高的要求，各环节均有显著变化。 AI驱动下对PCB的加工工艺带来更高要求。AI驱动行业向更高层数、更精细布线和更高可靠性方向发 展，对加工工艺提出更高的要求。在钻孔环节，电路板不仅需要处理传统通孔，还要集成盲孔、埋孔、 背钻孔以及高密度层间互连孔等多种导通结构，以满足高速信号传输和紧凑布局的需求;在曝光环节， 中高端PCB产品曝光精度要求明显提升;在电镀环节，更微小、密度更高的孔，对电镀的均匀性等带来 挑战。新工艺有望持续拉动PCB设备的更新和升级需求。 全球PCB行业迎来新一轮上行周期。2024年，受益于AI推动的交换机、服务器等算力基建爆发式增长， 智能手机、PC的新一轮AI创新周期，以及汽车电动化/智能化落地带来的量价齐升，HDI、层数较高的 多层板等高端品需求快速增长，PCB行 ...

8月26日，深南电路盘中上涨2.00%，截至09:55，报164.33元/股，成交5.50亿元，换手率0.51%，总市值 1095.66亿元。 资金流向方面，主力资金净流入2875.66万元，特大单买入6396.81万元，占比11.63%，卖出4802.96万 元，占比8.73%；大单买入1.31亿元，占比23.81%，卖出1.18亿元，占比21.48%。 深南电路今年以来股价涨72.98%，近5个交易日涨13.33%，近20日涨13.72%，近60日涨90.66%。 截至3月31日，深南电路股东户数5.88万，较上期增加41.96%；人均流通股8705股，较上期减少 29.56%。2025年1月-3月，深南电路实现营业收入47.83亿元，同比增长20.75%；归母净利润4.91亿元， 同比增长29.47%。 今年以来深南电路已经1次登上龙虎榜，最近一次登上龙虎榜为7月28日，当日龙虎榜净买入3.54亿元； 买入总计9.60亿元 ，占总成交额比29.78%；卖出总计6.06亿元 ，占总成交额比18.80%。 资料显示，深南电路股份有限公司位于广东省深圳市龙岗区坪地街道盐龙大道1639号，成立日期1984年 7 ...

Investment Rating - The report maintains a "Positive" investment rating for the PCB industry [3][11]. Core Insights - The PCB industry is experiencing growth driven by strong demand from AI applications and technological upgrades, leading to increased capital expenditures in downstream sectors [8][21]. - The global PCB market is expected to see differentiated growth across product segments, with high-density interconnect (HDI) boards benefiting from AI server demand, projected to grow by 18.8% year-on-year to reach $12.5 billion in 2024 [11][12]. - The report highlights a trend towards high-density, high-performance PCB products, with the combined market share of HDI and packaging substrates exceeding 34% [11][12]. Summary by Sections PCB Product Overview - PCB products are categorized into rigid boards, flexible boards, rigid-flex boards, and packaging substrates, with HDI boards widely used in consumer electronics and high-frequency boards for 5G communication [8][9]. Market Segmentation and Growth - In 2024, the global PCB market is projected to reach $73.57 billion, with multilayer boards holding the largest share at 38.1% [11][12]. - The smartphone sector accounts for 19% of the PCB market, with a projected value of $13.89 billion, while the server/storage sector is expected to grow by 33.1% year-on-year to $10.92 billion [15][16]. Regional Market Dynamics - China is expected to dominate the PCB market, with its share increasing from 54.4% in 2023 to 56.0% in 2024, reflecting its significant role in global PCB production [22][23]. Technological Advancements - The report emphasizes the need for PCB manufacturers to adapt to higher complexity and performance requirements driven by AI and high-speed networking, necessitating advancements in design and manufacturing processes [21][24]. Equipment and Supply Chain - The report outlines the production processes and key equipment used in PCB manufacturing, highlighting the importance of drilling equipment, which holds the highest market share in the PCB production process [31][34]. - The global drilling equipment market is projected to grow from $1.17 billion in 2020 to $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% expected from 2024 to 2029 [38][43]. Market Trends and Future Outlook - The PCB industry is expected to continue evolving with the increasing demand for high-density and high-layer count boards, particularly in AI server applications, which are pushing the boundaries of PCB technology [27][28].

Group 1: Future Industries in Anhui - Anhui is transforming from a traditional agricultural province to a hub for future industries, with significant developments in quantum technology, deep space exploration, and fusion energy [2][3] - The BEST (Broadly Enhanced Superconducting Tokamak) device, referred to as "artificial sun," aims to achieve controllable nuclear fusion, representing a major leap in clean energy technology [2] - The construction of the BEST device is expected to create a vast commercial application scenario, with millions of components involved, and has already led to the incubation of nearly 50 technology-based companies in the region [2] Group 2: Artificial Intelligence and Automation - AI startups in Anhui are leveraging technology to enhance productivity across various sectors, with over 300 opportunities for "AI+" scenarios identified [3] - Companies like iFlytek and Efort are leading innovations in AI-assisted medical diagnostics and automated welding, respectively, showcasing the practical applications of AI in everyday life [3] - The region has attracted 894 AI enterprises and 12,000 related companies, indicating a robust ecosystem for AI development [3] Group 3: Low-altitude Economy and Aviation - The Wuhu Bayzhi District has evolved into a significant low-altitude economy hub, with over 200 upstream and downstream enterprises established around the first aircraft manufacturing company [4] - The local aviation industry has achieved a 100% local supply rate for core components of general aviation aircraft, contributing to a revenue of 46.38 billion yuan in the previous year [4] Group 4: Integrated Circuit Industry - The integrated circuit industry in Anhui is witnessing rapid growth, with companies like Chipbond Technology establishing production facilities that meet market demands within record timeframes [5] - The provincial government is actively supporting emerging industries, aiming for a future industry scale of 500 billion yuan by 2030, focusing on aerospace information, general intelligence, and low-carbon energy [5]

金融界2025年7月10日消息，国家知识产权局信息显示，深南电路股份有限公司申请一项名为"一种封装 基板的制造方法、封装基板及电子设备"的专利，公开号CN120280345A，申请日期为2025年03月。 专利摘要显示，本申请公开了一种封装基板的制造方法、封装基板及电子设备，该封装基板的制造方法 包括：提供封装芯板，在封装芯板的一侧面上开设暴露出导电层的槽体；在槽体中的导电层上形成焊锡 垫；其中，焊锡垫的厚度小于槽体深度；在封装芯板的一侧面上形成阻焊桥；在焊锡垫上形成焊球，以 使焊球凸出阻焊桥背离封装芯板的一侧面设置；将焊球背离封装芯板的一侧面整平至与阻焊桥背离封装 芯板的一侧面之间的距离在设定阈值范围内；其中，设定阈值范围大于0。上述方式，本申请中的封装 基板的制造方法通过在焊球与封装芯板内部导电层之间设置焊锡垫，有效避免了对封装芯板外侧造成损 伤，并降低了压断封装芯板内部导电层的风险，提高了封装基板的可靠性。 天眼查资料显示，深南电路股份有限公司，成立于1984年，位于深圳市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本51287.7535万人民币。通过天眼查大数据分析，深南电 ...

Group 1: Industry Overview - The PCB (Printed Circuit Board) sector in the A-share market is experiencing significant activity, with multiple companies' stocks hitting the daily limit up, driven by strong demand from emerging fields such as 5G, AI, and automotive electronics [1] - The PCB industry is moving towards high-end development, supported by national strategic planning and local policies, which emphasize the importance of electronic components in the global electronics information industry chain [1][2] Group 2: Policy Support - National and local governments have established a multi-level support system for the PCB industry, with policies like the "14th Five-Year Plan" and the "14th Five-Year Digital Economy Development Plan" highlighting the cultivation of AI and enhancement of core electronic components [2] - Recent guidelines from the Ministry of Industry and Information Technology focus on automating and upgrading electronic component production, promoting miniaturization and high precision in PCB products [2] Group 3: Market Demand - The demand for high-frequency and high-speed PCBs is surging due to the construction of 5G base stations and the requirements of AI servers and data centers [4] - The automotive electronics market is expanding, driven by the trend of vehicle intelligence, which is expected to increase the value of PCBs per vehicle [6] Group 4: Company Developments - Companies are actively investing in expanding their production capacities, such as Huishi Electronics planning to invest approximately 4.3 billion yuan in a new high-end PCB project for AI chips [4] - Wenzhou Hongfeng and Guangdong Shiyun Circuit are also enhancing their production lines to meet the growing demand for high-performance PCB products [5][6] Group 5: Future Projections - The global PCB market is projected to reach $96.8 billion by 2025, driven by the proliferation of AI technology and the expansion of the electric vehicle market [7] - The PCB market for AI and HPC servers is expected to grow at a compound annual growth rate (CAGR) of 32.5% from 2023 to 2028, reaching a market size of $3.2 billion [7] Group 6: Challenges Ahead - The PCB industry faces challenges such as technological upgrades, environmental constraints, and cost pressures, necessitating agile R&D mechanisms and green process transformations [8] - Companies must focus on digital supply chain management and intelligent production technologies to control costs effectively while transitioning towards high-end, integrated products [8]

Core Viewpoint - The article provides a detailed overview of the traditional packaging process in semiconductor manufacturing, highlighting the various steps involved and the technologies used in each stage. Group 1: Traditional Packaging Process - The traditional packaging process begins with thinning the wafer, reducing its thickness from 600-800μm to tens to a hundred μm for better heat dissipation and electrical performance [8][9]. - Cutting the wafer involves applying a protective blue film and using advanced techniques like laser cutting, which offers higher precision compared to mechanical cutting [10][11]. - The die attach process connects the die to the substrate using various methods, including adhesive bonding, soldering, and eutectic bonding, with epoxy resin being a common adhesive [13][14][16]. Group 2: Electrical Connection and Testing - Wire bonding is used to establish electrical connections between the die and the substrate, utilizing materials like gold, silver, copper, and aluminum [19][17]. - After bonding, the components undergo cleaning and inspection, often using Automatic Optical Inspection (AOI) for high efficiency and defect detection [21][24][25]. - The final steps include molding, de-flashing, post-mold curing, and final testing to ensure the functionality and quality of the packaged chips before shipping [28][36][37]. Group 3: Packaging Materials and Techniques - Packaging can be categorized into plastic, ceramic, and metal types, with plastic packaging being the most common due to its cost-effectiveness and lightweight properties [28]. - The use of epoxy molding compound (EMC) is prevalent in plastic packaging, providing protection against environmental factors [28]. - The process also includes the application of solder balls for BGA packaging and the use of lead-free plating to meet regulatory standards [33][34].