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：2025-32 投资者关系 活动类别 √特定对象调研 □分析师会议 □现场参观 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □其他 （ ） 活动参与人 员（排名不 分先后） 华泰证券 上市公司 接待人员 证券事务主管：阳佩琴 时间 2025 年 9 月 26 日 地点 公司会议室 形式 实地调研 投资者关系 活动主要内 容介绍 交流主要内容： Q1、请介绍公司 2025 年半年度经营业绩情况。 2025 年上半年，在人工智能技术革新的驱动下，电子电路行业持续显现出结构性增长机 会。报告期内，公司实现营业总收入 104.53 亿元，同比增长 25.63%，归母净利润 13.60 亿 元，同比增长 37.75%。上述变动主要得益于公司把握 AI 算力升级、存储市场回暖和汽车电 动智能化增长机遇，实现了三项主营业务收入的同比增长。与此同时，得益于 AI 加速卡、 服务器及相关配套产品等需求持续提升，400G 及以上的高速交换机、光模块需求显著增长， 产品结构持续优化，助益利润同比提升。 Q2、请介绍 2025 年上半 ...

Group 1: PCB Business Performance - In the first half of 2025, PCB business achieved a revenue of 6.274 billion CNY, a year-on-year increase of 29.21% [2] - The gross profit margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - Key growth drivers included demand for AI accelerator cards, increased demand for 400G and above high-speed switches, and growth in automotive electronics [2][4] Group 2: Packaging Substrate Business Performance - In the first half of 2025, the packaging substrate business generated a revenue of 1.740 billion CNY, a year-on-year increase of 9.03% [3] - The gross profit margin for this segment was 15.15%, a decrease of 10.31 percentage points year-on-year [3] - The decline in gross profit margin was attributed to the ramp-up phase of the Guangzhou packaging substrate project and rising costs of raw materials [3] Group 3: Market Applications and Demand - The PCB business focuses on communication devices, data centers, and automotive electronics, with significant contributions to revenue growth from these sectors [4] - The demand for AI-related products and high-density interconnect (HDI) technology is driving the need for advanced PCB products [5][10] - The company is actively expanding its market presence in the domestic storage market through its packaging substrate business [3] Group 4: Production Capacity and Expansion Plans - The overall capacity utilization rate for PCB business is at a relatively high level due to sustained demand in computing and automotive electronics [7] - The company is expanding its PCB production capacity through technological upgrades and new projects in Nantong and Thailand, with the Nantong Phase IV project expected to be operational in Q4 2025 [8] - The Guangzhou packaging substrate project is in the ramp-up phase, with ongoing improvements in production capacity [9] Group 5: Electronic Assembly Business - The electronic assembly business generated revenues of 2.823 billion CNY in 2024 and 1.478 billion CNY in the first half of 2025, accounting for 15.76% and 14.14% of total company revenue, respectively [12] - This segment aims to leverage synergies with the PCB business to enhance customer value through integrated solutions [11]

Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders was 1.360 billion CNY, reflecting a growth of 37.75% compared to the previous year [1] - The PCB business generated a revenue of 6.274 billion CNY, up 29.21%, with a gross margin of 34.42%, an increase of 3.05 percentage points [3] - The packaging substrate business reported a revenue of 1.740 billion CNY, a growth of 9.03%, but with a gross margin of 15.15%, down 10.31 percentage points [4] - The electronic assembly business achieved a revenue of 1.478 billion CNY, a year-on-year increase of 22.06%, with a gross margin of 14.98%, up 0.34 percentage points [2] Group 2: Market Trends and Opportunities - The PCB business is benefiting from the demand for AI acceleration cards, servers, and high-speed switches, with significant growth in the data center sector [3] - The packaging substrate business is capitalizing on the recovery of the domestic storage market, leading to increased orders [4] - The company is focusing on the trends of AI computing upgrades, storage market recovery, and the deepening of automotive electrification [1] Group 3: Production Capacity and Utilization - The overall capacity utilization rate for the PCB business is at a relatively high level due to sustained demand in the computing and automotive electronics markets [8] - The packaging substrate business has seen a significant improvement in capacity utilization due to the increased demand in the domestic storage market [8] - The company is expanding its PCB production capacity through technological upgrades and new projects in Nantong and Thailand [9] Group 4: Product Applications and Innovations - The PCB products are primarily applied in communication devices, data centers, and automotive electronics, with a focus on high-end applications [5] - The company has developed capabilities in HDI technology, which is crucial for high-density wiring in PCB products [12] - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on providing integrated solutions for various industries [12]

Financial Performance - The company achieved total revenue of 10.453 billion RMB in the first half of 2025, a year-on-year increase of 25.63% [2] - Net profit attributable to shareholders was 1.360 billion RMB, up 37.75% year-on-year [2] - PCB business revenue reached 6.274 billion RMB, growing 29.21% year-on-year, accounting for 60.02% of total revenue [2] - The gross margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - The packaging substrate business generated 1.740 billion RMB in revenue, a 9.03% increase, with a gross margin of 15.15%, down 10.31 percentage points [5] - Electronic assembly business revenue was 1.478 billion RMB, up 22.06%, with a gross margin of 14.98%, an increase of 0.34 percentage points [2] Market Trends and Strategies - The company is focusing on three growth opportunities: AI computing power upgrades, recovery in the storage market, and electric vehicle intelligence [2] - PCB products are primarily applied in communication devices, data centers, and automotive electronics [3][4] - The company is expanding its PCB business in the automotive electronics sector, targeting both domestic and overseas Tier 1 customers [4] Production Capacity and Utilization - Overall capacity utilization for PCB business is at a relatively high level due to increased demand from AI and automotive electronics [6] - The packaging substrate business has seen a significant increase in capacity utilization due to the recovery in the storage market [6] - The Guangzhou packaging substrate project is in the ramp-up phase, with ongoing improvements in production capacity [7] Investment and Expansion - The total investment in the Thailand factory is 1.274 billion RMB, which is now in trial production [8] - The factory will enhance the company's capabilities in high-layer and HDI PCB technologies, facilitating expansion into international markets [8] - The company is also expanding production capacity through technological upgrades and new projects in Nantong and Thailand [9] Raw Material Costs - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, and gold salt, with prices affected by commodity market fluctuations [10] - The company is monitoring raw material price changes and maintaining communication with suppliers and customers [10] Technology and Innovation - The company has HDI technology capabilities, which are applied in high-end products across various sectors including communication and automotive electronics [11] - The demand for PCB products related to AI computing power is increasing, driven by the need for high-performance and high-speed networks [12]

Group 1: Company Overview and Market Position - The company maintains high factory utilization rates, benefiting from strong demand in computing power and automotive electronics markets [1] - The PCB business focuses on high-end products, particularly in the fields of new energy and ADAS, with applications in industrial control and medical sectors [1] - The company has established factories in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing capacity expansion projects [3] Group 2: PCB Business Demand and Trends - There is an increasing demand for large-size, high-layer, high-frequency, and high-speed HDI PCB products, driven by advancements in technology [2] - The PCB business has seen growth in demand for products used in high-speed communication networks, data center switches, AI accelerator cards, and storage devices since 2024 [2] Group 3: Expansion Plans and Investments - The total investment for the Thailand factory is 1.274 billion RMB, aimed at enhancing capabilities in high-layer and HDI PCB technologies [4] - The company is upgrading existing PCB factories to increase capacity and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] Group 4: Packaging Substrate Business - The packaging substrate business includes a wide range of products, with demand improving in Q1 2025 compared to Q4 2024, particularly for storage-related products [5] - The FC-BGA packaging substrate can now produce products with up to 20 layers, with ongoing development for higher-layer products [6] Group 5: Electronic Assembly Business - The electronic assembly business focuses on communication, data centers, medical, and automotive electronics, aiming to provide integrated solutions and enhance customer loyalty [7] - The company adheres to information disclosure regulations, ensuring no significant undisclosed information was leaked during the investor relations activities [7]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization compared to Q4 2024 and Q1 2025 due to a relative improvement in demand in the storage sector [1] Group 2: PCB Business Applications and Market Trends - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for large-size, high-layer, high-frequency, high-speed, high-level HDI, and high-heat dissipation PCB products has increased due to the urgent need for high computing power and high-speed networks in the electronic industry [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. It is enhancing capacity through technological upgrades and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, with construction progressing on schedule. The factory will have capabilities for high-layer and HDI PCB processes, aiding in expanding overseas markets [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [5] - The FC-BGA packaging substrate currently has mass production capabilities for products with 20 layers or fewer, with ongoing development for products exceeding 20 layers [6] - The Guangzhou packaging substrate project is in the early stages of capacity ramp-up, with a reduction in losses in Q1 2025 compared to previous quarters [7]

Group 1: PCB Business Overview - The company's PCB business focuses on communication equipment, particularly in data centers and automotive electronics, with a slight recovery in wireless communication orders compared to Q4 2024 [1] - The demand for wired communication orders remains strong, with a higher proportion than wireless communication [1] - The data center sector continues to see growth in orders, driven by the demand for AI acceleration cards and servers [1] Group 2: Packaging Substrate Business - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers [2] - There has been a noticeable improvement in demand for packaging substrates in Q1 2025 compared to Q4 2024, mainly due to increased demand for storage products [2] Group 3: Production Capacity and Utilization - The overall production capacity utilization remains high, particularly in the PCB business due to sustained demand in computing power and automotive electronics [3] - The packaging substrate business has also seen an increase in capacity utilization due to improved demand in the storage sector compared to Q4 2024 [3] Group 4: FC-BGA Packaging Substrate Technology - The company has achieved batch production capability for FC-BGA packaging substrates with 20 layers or fewer, while R&D for products with more than 20 layers is progressing on schedule [4] - The Guangzhou packaging substrate project is in the early stages of ramping up production, with a reduction in losses in Q1 2025 compared to previous quarters [4] Group 5: Expansion Plans - The company has PCB factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand, focusing on technological upgrades to enhance capacity [5] - The Nantong Phase IV project is underway to establish an HDI technology platform and capacity [5] Group 6: Thailand Factory Investment - The total investment for the Thailand factory is 1.274 billion RMB, with construction progressing on schedule [6] - The factory will have capabilities for high-layer and HDI PCB technologies, aiding in the expansion of overseas markets [6] Group 7: Raw Material Price Changes - Key raw materials include copper-clad laminates and gold salts, with prices increasing year-on-year and compared to Q4 2024 due to commodity price fluctuations [7][8] - The company is monitoring international commodity prices and maintaining communication with suppliers and customers [8]

Group 1: Business Overview - The company focuses on PCB business applications primarily in communication equipment, with a significant emphasis on data centers and automotive electronics [1] - In Q1 2025, the wireless communication orders slightly rebounded compared to Q4 2024, while the demand for wired communication remains strong [1] - The data center orders continued to grow, driven by the demand for AI accelerator cards and servers [1] Group 2: Packaging Substrate Business - The company offers a wide range of packaging substrate products, including module packaging substrates and storage packaging substrates, mainly used in mobile smart terminals and servers [2] - In Q1 2025, the demand for packaging substrates improved compared to Q4 2024, primarily due to increased demand for storage products [2] Group 3: Production Capacity and Utilization - The overall production capacity utilization remains high, with PCB business benefiting from sustained demand in computing and automotive electronics [3] - The packaging substrate business has seen an increase in capacity utilization due to improved demand in the storage sector compared to Q4 2024 [3] Group 4: U.S. Sales and Tariff Impact - Direct sales to the U.S. accounted for a low percentage of total revenue, indicating minimal impact from U.S. tariff policies [4] - The company is closely monitoring the evolving international trade environment and maintaining communication with industry stakeholders [4] Group 5: FC-BGA Packaging Substrate Development - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for products with more than 20 layers is progressing on schedule [5] - The Guangzhou packaging substrate project is in the early stages of ramping up production, with a reduction in losses observed in Q1 2025 compared to previous quarters [5] Group 6: Expansion Plans - The company has factories in Shenzhen, Wuxi, Nantong, and a project under construction in Thailand, focusing on upgrading existing facilities to enhance capacity [6] - The total investment in the Thailand factory is approximately 1.274 billion RMB, aimed at expanding overseas market reach and improving global supply capabilities [7][8] Group 7: Raw Material Price Trends - In Q1 2025, prices for certain raw materials, such as gold salt, increased compared to both Q1 2024 and Q4 2024, influenced by commodity price fluctuations [8] - The company is actively monitoring raw material price changes and maintaining communication with suppliers and customers [8] Group 8: AI and PCB Business - The demand for high-performance PCBs is increasing due to the rapid evolution of AI technology and the need for high-speed networks [8] - The company's PCB business has benefited from trends in high-speed communication networks and data center applications since 2024 [8]