1月7日，深南电路涨5.02%，截至发稿，报246.10元/股，成交9.30亿元，换手率0.58%，总市值1640.85 亿元。 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月3日，上市日期2017年12月13日，公司主营业务涉及从事印制电路板的研发、生产及销售。主营业务 收入构成为：印制电路板60.01%，封装基板16.64%，电子装联14.14%，其他(补充)5.80%，其他产品 3.40%。 责任编辑：小浪快报 德邦福鑫A（001229）成立日期2015年4月27日，最新规模7799.63万。今年以来收益3.19%，同类排名 3848/8823；近一年收益47.71%，同类排名2274/8083；成立以来收益96.46%。 德邦福鑫A（001229）基金经理为雷涛。 截至发稿，雷涛累计任职时间4年12天，现任基金资产总规模134.9亿元，任职期间最佳基金回报 293.78%， 任职期间最差基金回报-30.61%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任 ...

证券日报网讯 1月6日，深南电路在互动平台回答投资者提问时表示，2025年上半年，公司封装基板业 务实现主营业务收入17.4亿元，毛利率15.15%，封装基板业务毛利率同比下降，主要由于广州封装基板 项目处于产能爬坡阶段，金盐等部分原材料涨价，使得成本及费用较同期增加。2025年第三季度，主要 得益于存储类封装基板需求增加，封装基板产能利用率提升，广州广芯工厂爬坡稳步推进，封装基板业 务毛利率显著改善。公司PCBA业务采用Consign和Turnkey两种销售模式，因业务形态特点，其毛利率 一般略低于公司综合毛利率。 （文章来源：证券日报） ...

格隆汇12月30日｜华创证券研报指出，深南电路是AI PCB&封装基板领军企业，产能和技术兼备，乘 AI产业东风扬帆起航。考虑公司高端产能充裕，AI PCB/BT载板相关业务未来几年有望维持高增长， ABF载板大规模量产有望迎来拐点，预计公司25-27年归母净利润为34.63/64.74/90.09亿元。公司产品迭 代有望提升ASP和盈利能力，当前向下有估值保护，高经营杠杆下盈利弹性有望超预期，AI 应用创新 有望带动板块估值提升，参考可比公司胜宏科技、沪电股份、生益电子和景旺电子估值及其历史估值中 枢，给予26年30X目标估值，目标价为291.3元，首次覆盖，给予"强推"评级。 ...

今年以来深南电路已经4次登上龙虎榜，最近一次登上龙虎榜为12月17日，当日龙虎榜净买入3.44亿 元；买入总计12.84亿元 ，占总成交额比35.06%；卖出总计9.40亿元 ，占总成交额比25.67%。 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月3日，上市日期2017年12月13日，公司主营业务涉及从事印制电路板的研发、生产及销售。主营业务 收入构成为：印制电路板60.01%，封装基板16.64%，电子装联14.14%，其他(补充)5.80%，其他产品 3.40%。 12月29日，深南电路盘中上涨6.04%，截至09:35，报233.70元/股，成交5.31亿元，换手率0.35%，总市 值1558.17亿元。 资金流向方面，主力资金净流入1097.08万元，特大单买入2873.44万元，占比5.41%，卖出2265.29万 元，占比4.27%；大单买入6333.96万元，占比11.93%，卖出5845.04万元，占比11.01%。 深南电路今年以来股价涨146.00%，近5个交易日涨3.41%，近20日涨18.57%，近60日涨13.14%。 分 ...

Core Viewpoint - The company, Shenzhen Circuit, reported a broad and diverse range of products in its packaging substrate business, indicating growth in demand across various downstream sectors, particularly in storage packaging substrates [1] Group 1: Business Overview - The packaging substrate products include module packaging substrates, storage packaging substrates, and application processor chip packaging substrates [1] - These products are primarily used in mobile smart terminals, servers, and storage fields [1] Group 2: Financial Performance - In the third quarter of 2025, the revenue from packaging substrates increased sequentially, with notable growth in demand across all downstream sectors [1] - The most significant growth was observed in the storage packaging substrate segment [1]

人民财讯12月2日电，深南电路（002916）12月2日在机构调研中表示，公司封装基板业务产品覆盖种类 广泛多样，包括模组类封装基板、存储类封装基板、应用处理器芯片封装基板等，主要应用于移动智能 终端、服务器/存储等领域。2025年第三季度，封装基板营业收入环比增加，各下游领域产品需求均有 增长，其中存储类封装基板增长最为显著。 ...

Financial Performance - In Q3 2025, the company achieved a revenue of 9.66 billion CNY, representing a year-on-year increase of 92.87%. The net profit attributable to shareholders reached 9.16 billion CNY, up 94.16% year-on-year [1] - The improvement in financial performance is attributed to the company's focus on opportunities in AI upgrades, structural growth in the storage market, and the demand for automotive electronics [1] Gross Margin and Profitability - The overall gross margin showed improvement in Q3 2025, driven by increased demand for storage packaging substrates and enhanced capacity utilization in the Guangzhou factory [2] - The PCB data center and wired communication business revenues continued to grow, contributing to a slight increase in gross margins [2] Business Expansion - The PCB business is primarily focused on communication equipment, with key expansions in data centers (including servers) and automotive electronics, maintaining consistent revenue contributions from various sectors [3] - The packaging substrate business saw a revenue increase in Q3 2025, with significant growth in storage packaging substrates [4] Capacity Utilization - The overall capacity utilization rate remained high in Q3 2025, with notable increases in the packaging substrate business due to rising demand in the storage market [5] - The company has factories in Shenzhen, Wuxi, Nantong, and Thailand, with new capacity coming from both new factories and upgrades to existing facilities [6] AI and Technology Development - The PCB business is adapting to the growing demand for high-performance products driven by advancements in AI technology, focusing on high-speed networks and large-scale PCB products [7] Raw Material Prices - In Q3 2025, the prices of key raw materials such as gold salt and copper increased due to fluctuations in commodity prices, prompting the company to monitor market conditions closely [8] Future Planning - The new land in Wuxi is designated for the storage of products related to the PCB business, with investments planned based on market developments [8]

Group 1 - The core viewpoint of the news is that ShenNan Circuit has seen a significant increase in stock price, rising by 5.09% to 211.11 CNY per share, with a total market capitalization of 140.756 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - From the perspective of fund holdings, one fund under Zheshang Securities Asset Management has a significant position in ShenNan Circuit. The Zheshang Huijin Quantitative Selected Mixed A Fund (006449) held 44,000 shares in the third quarter, unchanged from the previous period, accounting for 5.2% of the fund's net value [2] - The Zheshang Huijin Quantitative Selected Mixed A Fund (006449) was established on March 25, 2019, with a current scale of 183 million CNY. Year-to-date returns are 56.72%, ranking 391 out of 8134 in its category, while the one-year return is 52.25%, ranking 605 out of 8056 [2]

Group 1 - The core viewpoint of the news is that ShenNan Circuit has seen a significant stock price increase of 5.09%, reaching 211.11 CNY per share, with a trading volume of 1.175 billion CNY and a market capitalization of 140.756 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards at 60.01%, packaging substrates at 16.64%, electronic assembly at 14.14%, other supplementary products at 5.80%, and other products at 3.40% [1] Group 2 - From the perspective of fund holdings, one fund under Debang Fund has a significant position in ShenNan Circuit. Debang Fuxin A (001229) held 20,200 shares in the third quarter, accounting for 4.42% of the fund's net value, ranking as the tenth largest holding [2] - Debang Fuxin A (001229) was established on April 27, 2015, with a latest scale of 77.9963 million CNY. The fund has achieved a return of 24.66% this year, ranking 3025 out of 8134 in its category, and a one-year return of 33.11%, ranking 2000 out of 8056 [2] Group 3 - The fund manager of Debang Fuxin A (001229) is Lei Tao, who has been in the position for 3 years and 335 days. The total asset scale of the fund is 13.49 billion CNY, with the best return during his tenure being 211.4% and the worst return being -29.94% [3]

Core Viewpoint - The article discusses the significance of semiconductor packaging and testing (封测) in the semiconductor industry, highlighting its processes, roles, and market potential, especially in the context of China's growing semiconductor sector. Group 1: Definition, Role, and Process of Packaging - Packaging refers to the process of placing, fixing, and sealing chips using specific materials and techniques, which protects chip performance and extends internal functions to the external environment [7][8]. - The four main roles of packaging are protection, support, connection, and heat dissipation [6][8]. - The basic packaging process includes wafer thinning, wafer cutting, chip attachment, wire bonding, encapsulation, curing, testing, marking, packaging, inspection, and shipping [7][8]. Group 2: Semiconductor Packaging Industry Chain - The semiconductor packaging industry is positioned in the midstream of the semiconductor industry chain, which includes design, manufacturing, and packaging/testing [17]. - The packaging segment accounts for a significant portion of the value in the packaging and testing process, with estimates indicating that packaging contributes 80-85% of the total value [22]. Group 3: Market Overview and Growth Potential - In 2022, China's semiconductor industry sales reached 12,006 billion yuan, with packaging accounting for 2,995 billion yuan, representing 24.9% of the total [22]. - The packaging industry is expected to grow, with projections indicating a sales increase to 3,060 billion yuan in 2023, reflecting an 8.4% year-on-year growth [22]. - The article emphasizes that the advanced packaging and high-end packaging materials sectors are likely to benefit from the ongoing AI wave and supportive policies [22]. Group 4: Equipment and Technology in Packaging - The semiconductor packaging process involves various equipment, including thinning machines, cutting machines, die bonders, and encapsulation machines, each playing a critical role in ensuring quality and efficiency [32][37]. - The market for packaging equipment is dominated by a few key players, with significant market shares held by companies like TOWA and ASM Pacific [45]. Group 5: Testing Process and Equipment - Testing is crucial for ensuring the functionality and performance of semiconductor devices, with processes divided into wafer testing and final product testing [16][54]. - The global market for testing equipment is led by companies such as Advantest and Teradyne, which together hold a significant market share [48]. Group 6: Raw Materials in Packaging - The raw materials used in semiconductor packaging include cutting materials, adhesive materials, bonding wires, packaging substrates, and encapsulation materials, with the packaging substrate accounting for 40% of the market share [63][64]. - The article notes that the barriers to entry for packaging materials are lower compared to wafer materials, and China has achieved a level of import substitution in this area [63].