9月18日，深南电路在公司会议室、通过网络及电话会议，接受了国海证券、第一创业证券等40家机构 的特定对象调研。公司战略发展部总监、证券事务代表谢丹接待了来访机构。 本次调研中，机构就公司多项业务发展情况进行了提问，以下为主要内容： PCB业务因算力及汽车电子市场需求提升，工厂综合产能利用率处于相对高位；封装基板业务受国内存 储市场需求提升，产能利用率同比改善。 PCB业务在多地设有工厂，新增产能来自现有工厂技术改造升级，以及南通四期项目和泰国工厂建设。 南通四期项目预计今年四季度连线，泰国工厂已连线。 2025年上半年业务营收及毛利率变动原因 PCB业务方面，其下游应用以通信设备为核心，布局数据中心、汽车电子等领域。2025年上半年营收增 长，主要源于AI加速卡等产品需求释放，数据中心领域占比提升；400G及以上高速交换机、光模块需 求增长，有线侧占比增加；汽车电子需求增长。毛利率提升得益于营收规模增加、产能利用率高位及产 品结构优化。 封装基板业务，产品覆盖模组类、存储类等多种，应用于移动智能终端等领域。2025年上半年主营业务 收入17.40亿元，同比增长9.03%，毛利率15.15%，同比减少10.3 ...

Group 1 - The demand for high-end PCBs, such as AI servers and switches, is surging, driven by the release of Nvidia's GB200 and ASIC chips, which further stimulates industry growth [1] - The global AI server PCB market is expected to reach 19 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 30% from 2023 to 2028 [1] - Domestic leading manufacturers, such as Shenyin Technology and Huitian Technology, are capturing market share due to their technological advantages, with some companies achieving capacity utilization rates exceeding 95% [1] Group 2 - Companies like Shenyin Electronics and Guanghua Technology are projected to see significant profit increases, with Shenyin Electronics' net profit expected to rise by 432%-471% year-on-year [2] - The demand for high-end PCBs is rapidly increasing due to AI computing power, leading to a notable supply-demand gap in AI PCBs this year [2] - CITIC Securities forecasts that the supply-demand ratio for global AI PCBs will be between 80% and 103% by 2026, indicating a tight supply situation [2] Group 3 - Kinsus Interconnect Technology's performance is expected to benefit from the recovery in copper-clad laminate demand, with price increases supporting its performance [3] - Kinsus Group is focusing on the entire PCB industry chain, developing a research center for copper-clad laminates and successfully creating various high-frequency and high-speed products for AI server GPU motherboards [3]