9月4日，深南电路盘中下跌2.12%，截至09:44，报181.70元/股，成交3.60亿元，换手率0.29%，总市值 1211.47亿元。 资金流向方面，主力资金净流出415.26万元，特大单买入1934.88万元，占比5.37%，卖出1355.94万元， 占比3.76%；大单买入5867.44万元，占比16.28%，卖出6861.63万元，占比19.04%。 深南电路今年以来股价涨91.26%，近5个交易日跌2.55%，近20日涨35.10%，近60日涨89.37%。 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：百元股、新基建、PCB概念、 集成电路、5G等。 今年以来深南电路已经2次登上龙虎榜，最近一次登上龙虎榜为8月29日。 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%。 机构持仓方面，截止2025年6 ...

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]

公司点评报告 · 电子行业 Q2 业绩高增，算力相关 PCB 需求旺盛 —— 2025 年中报点评 2025 年 08 月 28 日 深南电路（002916.SZ） | | | 分析师 高峰 ：010-80927671 ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 钱德胜 ：021-2025-2665 ：qiandesheng_yj@chinastock.com.cn 分析师登记编码：S0130521070001 | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 002916.SZ | | A 股收盘价(元) | 169.50 | | 上证指数 | 3800.35 | | 总股本（万股） | 66,674.08 | | 实际流通 A 股(万股) | 66,502.06 | | 流通 A 股市值(亿元) | 1127 | 相对沪深 300 表现图 2025-08-27 -20% 0% 20% 40% 60% 80% 100% 120% 140% 资料来源：Wind，中国银河证券研究院 相关研究 www.china ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a steady growth in Q1 2025, achieving operating revenue of 4.783 billion yuan, a year-on-year increase of 20.75%, and a net profit attributable to shareholders of 491 million yuan, up 29.47% year-on-year. The gross margin and net margin for Q1 2025 were 24.74% and 10.29%, reflecting a year-on-year change of -0.45 percentage points and +0.71 percentage points respectively [2][5]. - The growth in performance is attributed to the increasing demand in high-speed network communication, computing power, and server-related sectors, as well as the ongoing trends in electric and intelligent vehicles. The company is expected to benefit from structural opportunities in the downstream market, particularly in the PCB business, driven by AI and intelligent driving [11]. - The company is focusing on strategic customer development and product introduction in the PCB sector, particularly in data centers and automotive electronics, while also enhancing its capabilities in the packaging substrate business [11]. Financial Performance and Forecast - For the fiscal year 2025, the company is projected to achieve a net profit attributable to shareholders of 2.531 billion yuan, with expected profits of 3.034 billion yuan and 3.549 billion yuan in 2026 and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 21.89, 18.27, and 15.61 [11][18].

24年业绩快速增长 公司发布 2024年年报，2024年公司营业收入179.07亿元，同比增长32.39%；实现归母净利润18.78亿元， 同比增长34.29%。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 报告摘要 印制电路板业务充分把握算力及汽车电子市场机遇 2024年公司印制电路板业务实现主营业务收入104.94亿元，同比增长 29.99%，占公司营业总收入比例为 58.60%。公司在通信领域把握行业结构性机会，实现产品结构优化。2024年公司通信领域主要得益于高速 交换机、光模块产品需求增长，有线侧通信产品占比提升，实现了订单规模同比快速增长，产品结构进一 步优化，盈利能力有所改善。公司在数据中心领域受益于 AI 服务器相关需求增长及行业周期性回暖，业 务规模明显增长。2024年公司数 ...