Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 111.89%, despite a recent decline of 6.08% over the past five trading days [1] Financial Performance - For the first half of 2025, ShenNan Circuit achieved a revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63% [2] - The net profit attributable to shareholders for the same period was 1.36 billion yuan, reflecting a year-on-year increase of 37.75% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for ShenNan Circuit was 53,200, a decrease of 9.48% from the previous period [2] - The average number of tradable shares per shareholder increased by 43.62% to 12,502 shares [2] Dividend Distribution - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest shareholder, holding 14.2369 million shares, an increase of 4.1809 million shares from the previous period [3] - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have increased their holdings in ShenNan Circuit, indicating growing institutional interest [3]

资金流向方面，主力资金净流入1510.64万元，特大单买入6858.28万元，占比8.06%，卖出4674.41万 元，占比5.49%；大单买入2.29亿元，占比26.94%，卖出2.36亿元，占比27.73%。 10月16日，深南电路盘中上涨2.06%，截至10:57，报206.16元/股，成交8.51亿元，换手率0.63%，总市 值1374.55亿元。 深南电路所属申万行业为：电子-元件-印制电路板。所属概念板块包括：新基建、半导体、汽车电子、 芯片概念、集成电路等。 截至6月30日，深南电路股东户数5.32万，较上期减少9.48%；人均流通股12502股，较上期增加 43.62%。2025年1月-6月，深南电路实现营业收入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%。 分红方面，深南电路A股上市后累计派现34.41亿元。近三年，累计派现17.44亿元。 机构持仓方面，截止2025年6月30日，深南电路十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1423.69万股，相比上期增加418.09万股。华泰柏瑞沪深300ETF（510300）位居第三大 ...

广发中证A500ETF联接A（022424）基金经理为陆志明。 截至发稿，陆志明累计任职时间14年138天，现任基金资产总规模246.29亿元，任职期间最佳基金回报 119.61%， 任职期间最差基金回报-63.28%。 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、任何形式的表述等）均只作为参考，不构成个人投资建 议。 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%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓深南电路。广发中证A500ETF联接A（022424）二季度增持6股， 持有股数26股，位居第八大重仓股。根据测算，今日浮亏损失约279.76元。 广发中证A500ETF联接A（022424）成立日期2024年11月5日，最新规 ...

Summary of the Conference Call for ShenNan Circuit Company Overview - ShenNan Circuit is a leading domestic PCB supplier, particularly in the AI PCB sector, with significant experience in the power supply segment of AI servers and has achieved substantial shipments to overseas core ASIC customers [2][3] Financial Performance - In Q2 2025, the company reported a profit of 890 million RMB, exceeding expectations of 800 million RMB, driven by AI-related demand in the PCB business and a high demand for packaging substrates [2][5] - The company anticipates a profit exceeding 4 billion RMB by 2026, with a valuation higher than peers due to its strong performance in the packaging substrate business [4][15] Business Segments - The main business segments include: - PCB: 60% of revenue, serving data centers, communications, automotive electronics, industrial control, and military sectors [10] - Packaging Substrates: 20% of revenue, primarily BT substrates, with ABF substrates also showing growth [10][12] - Electronic Assembly: 15-20% of revenue, related to SMT services [10] AI PCB Business Impact - The AI PCB business is expected to significantly contribute to the company's performance starting in 2024, focusing on wired communication devices such as optical modules, switches, and routers [9][2] - The company has established a strong position in the AI power supply segment, particularly in the three-stage power supply architecture for servers, which has high gross margins [14] Expansion Plans - ShenNan Circuit is actively pursuing expansion plans in: 1. Thailand: New products expected to launch in the second half of the year [7] 2. Nantong: Four-phase expansion focusing on high-end HDI and multilayer products [7] 3. Shenzhen: Upgrading equipment and capacity for high-end HDI and multilayer products [7][6] Market Position and Client Base - The company has a strong presence in both domestic and international markets, serving major clients in the optical module sector and achieving significant shipments to overseas ASIC customers [3][11] - Key clients include major tech companies like Google and Amazon, with expectations of onboarding Meta as a significant customer by 2026 [11] Industry Trends and Competitive Advantages - The PCB industry is experiencing a supply-demand imbalance, particularly for high-layer and HDI PCBs related to AI [16] - ShenNan Circuit's advantages include a broad product range, extensive experience in high-end technology, and strong relationships with leading North American clients [16][17] Conclusion - ShenNan Circuit is positioned for growth with its strategic focus on AI PCB, robust financial performance, and ongoing expansion efforts, making it a noteworthy investment opportunity in the PCB sector [17]

Core Viewpoint - ShenNan Circuit experienced a stock price decline of 2.00% on September 12, 2023, with a current price of 197.60 CNY per share and a total market capitalization of 131.75 billion CNY [1] Company Performance - For the first half of 2025, ShenNan Circuit achieved a revenue of 10.453 billion CNY, representing a year-on-year growth of 25.63%, and a net profit attributable to shareholders of 1.360 billion CNY, up 37.75% year-on-year [2] - The company has distributed a total of 3.441 billion CNY in dividends since its A-share listing, with 1.744 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for ShenNan Circuit was 53,200, a decrease of 9.48% from the previous period, while the average circulating shares per person increased by 43.62% to 12,502 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 14.2369 million shares, and several ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have increased their holdings [3] Stock Market Activity - ShenNan Circuit's stock has seen significant price increases this year, with a total rise of 108.00%, including an 8.42% increase over the last five trading days and a 35.61% increase over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 29 [1] Business Overview - ShenNan Circuit, established on July 3, 1984, and listed on December 13, 2017, specializes in the research, production, and sales of printed circuit boards (PCBs), with PCB sales accounting for 60.01% of its revenue [1] - The company operates in the electronics industry, specifically in the PCB sector, and is associated with concepts such as new infrastructure, 5G, and the Apple supply chain [1]

Core Viewpoint - The stock of Shenzhen Sannuo Circuit Co., Ltd. has experienced fluctuations, with a year-to-date increase of 91.26% and a recent decline of 2.12% on September 4, 2023, indicating volatility in the market [1]. Financial Performance - For the first half of 2025, Shenzhen Sannuo Circuit reported a revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63%, and a net profit attributable to shareholders of 1.360 billion yuan, up 37.75% year-on-year [2]. - Cumulatively, the company has distributed 3.441 billion yuan in dividends since its A-share listing, with 1.744 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 9.48% to 53,200, while the average number of circulating shares per person increased by 43.62% to 12,502 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 4.1809 million shares [3].

Group 1 - The core viewpoint of the news is that ShenNan Circuit experienced a significant stock price increase of 5.36%, reaching 189.54 CNY per share, with a trading volume of 1.055 billion CNY and a turnover rate of 0.86%, resulting in a total market capitalization of 126.374 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, development, 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, data shows that one fund under Bosera Fund has a significant position in ShenNan Circuit. The Bosera Strategic New Materials Theme Mixed A Fund (011340) held 37,600 shares in the second quarter, accounting for 2.74% of the fund's net value, making it the eighth largest holding [2] - The Bosera Strategic New Materials Theme Mixed A Fund (011340) was established on February 2, 2021, with a latest scale of 95.5929 million CNY. Year-to-date returns are 32.74%, ranking 1869 out of 8180 in its category; the one-year return is 43.13%, ranking 3192 out of 7967; and since inception, the return is 9.78% [2] - The fund manager of Bosera Strategic New Materials Theme Mixed A Fund is Wang Han, who has been in the position for 2 years and 216 days. The total asset scale of the fund is 839 million CNY, with the best fund return during his tenure being 23.5% and the worst being 14% [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected growth in net profit of 57%/34%/10% for the years 2025 to 2027, respectively [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 10.453 billion yuan, a year-on-year increase of 25.63%, and net profit attributable to shareholders of 1.36 billion yuan, up 37.75% year-on-year [5]. - The demand for PCB related to computing power is identified as a key driver for growth, particularly in the data center and automotive sectors [5]. - The company is actively expanding its production capacity, with ongoing projects in Thailand and Nantong [5]. Financial Performance Summary - In Q2 2025, the company achieved a revenue of 5.671 billion yuan, representing a 30.06% year-on-year growth, and a net profit of 869 million yuan, up 42.92% year-on-year [5]. - The PCB business generated 6.274 billion yuan in revenue for H1 2025, a 29.21% increase, accounting for 60.02% of total revenue [5]. - The gross margin for the PCB business improved to 34.42%, an increase of 3.05 percentage points year-on-year [5]. Business Segment Analysis - The packaging substrate segment achieved revenue of 1.74 billion yuan in H1 2025, a 9.03% increase, but faced a decline in gross margin to 15.15% due to rising raw material costs [5]. - The electronic assembly business reported revenue of 1.478 billion yuan, a 22.06% increase, with a focus on data centers and automotive electronics [5]. Future Projections - The company expects to see continued growth in net profit, with projections of 2.956 billion yuan for 2025, 3.966 billion yuan for 2026, and 4.348 billion yuan for 2027 [6]. - The projected EPS for the same years is 4.43 yuan, 5.95 yuan, and 6.52 yuan, respectively, with corresponding PE ratios of 38, 29, and 26 times [6].

Core Insights - The company reported a total revenue of 10.453 billion yuan for the first half of the year, representing a year-on-year increase of 25.63% [1] - Net profit reached 1.36 billion yuan, up 37.75% year-on-year, while the net profit excluding non-recurring items was 1.265 billion yuan, reflecting a growth of 39.98% [1] - The printed circuit board (PCB) segment was the main driver of revenue growth, achieving a revenue of 6.274 billion yuan, which is a 29.21% increase year-on-year [1] PCB Industry Outlook - According to Prismark's Q1 2025 report, the global PCB market (including packaging substrates) is expected to grow by 7.6% year-on-year in 2025, with 18-layer and above multilayer boards projected to grow by 41.7% due to strong demand from AI servers and high-speed network communications [1] - The HDI market is anticipated to grow by 12.9%, driven by increased applications in AI computing and automotive electronics [1] Business Segment Performance - The company's wireless and wired communication product orders have significantly increased due to the recovery of the global communication market [3] - In the data center sector, demand for AI computing has boosted orders for AI servers and related products, leading to a notable increase in orders for AI accelerator cards [3] - The automotive electronics segment has seen a 34.5% year-on-year increase in global new energy vehicle sales, contributing to rapid growth in orders related to automotive electronics and ADAS [3] Packaging Substrate Business - The packaging substrate segment achieved a revenue of 1.740 billion yuan, a year-on-year increase of 9.03% [4] - The global semiconductor industry has seen sales growth driven by computing-related chips, with significant increases in storage-related packaging substrate orders [4] - The gross margin for this segment decreased by 10.31 percentage points to 15.15% due to capacity ramp-up challenges and rising raw material prices [4] Electronic Assembly Business - The electronic assembly segment reported a revenue of 1.478 billion yuan, reflecting a year-on-year growth of 22.06% [4] - The gross margin for this segment increased by 0.34 percentage points to 14.98% [4] - The company is focusing on the growing demand in data centers and automotive electronics, enhancing customer collaboration and optimizing supply chain management [4] R&D and Global Expansion - The company increased its R&D investment to 6.43% of revenue, focusing on next-generation communication, data centers, and automotive electronics PCB technology [5] - The company has made progress in its overseas expansion, with the Thai factory construction ongoing and key projects in Guangzhou and Taixing on schedule [5] - The Guangzhou packaging substrate project is 72.06% complete, while the Taixing high-density PCB manufacturing project is 60.09% complete, supporting future capacity release and business growth [5]

Group 1 - The core viewpoint of the news is that ShenNan Circuit has shown significant stock performance and financial growth in recent months, indicating strong investor interest and market confidence [1][2]. - As of August 26, ShenNan Circuit's stock price increased by 72.98% year-to-date, with a 13.33% rise in the last five trading days and a 90.66% increase over the past 60 days [1]. - The company has a market capitalization of 109.57 billion yuan and reported a net inflow of 28.76 million yuan from major funds on August 26 [1]. Group 2 - ShenNan Circuit's main business involves the research, production, and sales of printed circuit boards, with revenue composition as follows: 58.60% from printed circuit boards, 17.71% from packaging substrates, 15.76% from electronic assembly, and 4.84% from other products [1]. - As of March 31, the company reported a revenue of 4.783 billion yuan for Q1 2025, representing a year-on-year growth of 20.75%, and a net profit of 491 million yuan, up 29.47% year-on-year [2]. - The company has distributed a total of 3.441 billion yuan in dividends since its A-share listing, with 1.744 billion yuan distributed in the last three years [3]. Group 3 - As of March 31, the number of shareholders for ShenNan Circuit increased by 41.96% to 58,800, while the average circulating shares per person decreased by 29.56% to 8,705 shares [2]. - The top shareholders include Hong Kong Central Clearing Limited and various ETFs, with some institutions reducing their holdings while new shareholders have entered [3].