Core Viewpoint - The company, Shenzhen South Circuit Technology Co., Ltd. (深南电路), reported strong performance in its PCB and packaging substrate businesses due to increased demand from computing power upgrades and the automotive electronics market [1] Group 1: Business Performance - The overall capacity utilization rate of the PCB business remained relatively high in the first half of the year [1] - The packaging substrate business saw a significant month-on-month increase in capacity utilization due to a recovery in the storage market [1] - The company's comprehensive capacity utilization is still at a relatively high level [1] Group 2: Project Developments - The first phase of the Guangzhou packaging substrate project is set to connect in the fourth quarter of 2023, with continuous improvements in product line capabilities [1] - The company is steadily ramping up production capacity and has secured bulk orders for BT and some FC-BGA products, although it is still in the capacity ramp-up phase [1] - The losses at Guangzhou Guangxin are expected to narrow on a quarter-on-quarter basis by the first half of 2025 [1] Group 3: Investment and Production - The total investment in the Thailand factory amounts to 1.274 billion RMB (approximately 127.4 million USD), and it has commenced trial production [1]

Core Viewpoint - Huadian Co., Ltd. has shown significant stock performance with a year-to-date increase of 54.76%, despite a recent decline of 11.92% over the last five trading days [1] Company Overview - Huadian Co., Ltd. is located in Kunshan, Jiangsu Province, and was established on April 14, 1992. The company was listed on August 18, 2010, and primarily engages in the research, production, and sales of printed circuit boards (PCBs) [1] - The main business revenue composition is 95.98% from PCB operations and 4.02% from other supplementary activities [1] Financial Performance - For the first half of 2025, Huadian Co., Ltd. achieved a revenue of 8.494 billion yuan, representing a year-on-year growth of 56.59%. The net profit attributable to shareholders was 1.683 billion yuan, with a year-on-year increase of 47.50% [2] - Cumulative cash dividends since the A-share listing amount to 4.112 billion yuan, with 2.204 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders is 128,200, a decrease of 40.16% from the previous period. The average circulating shares per person increased by 67.18% to 14,997 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 123 million shares, an increase of 47.197 million shares from the previous period [3] Market Activity - On September 5, Huadian Co., Ltd. saw a stock price increase of 2.04%, reaching 60.59 yuan per share, with a trading volume of 2.687 billion yuan and a turnover rate of 2.34% [1] - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on September 4, where it recorded a net buy of -458 million yuan [1] Industry Context - Huadian Co., Ltd. operates within the electronic components sector, specifically in the printed circuit board industry. It is associated with various concept sectors, including battery management, PCB concepts, new infrastructure, NVIDIA concepts, and 5G [2]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 169.5 CNY [1]. Core Insights - The company reported a significant increase in performance driven by AI, achieving a revenue of 10.453 billion CNY in the first half of 2025, representing a year-over-year growth of 25.63%, and a net profit attributable to shareholders of 1.36 billion CNY, up 37.75% year-over-year [5][6]. - The overall gross margin and net margin for the first half of 2025 were 26.28% (up 0.08 percentage points YoY) and 13.02% (up 1.16 percentage points YoY), respectively [6]. - The PCB business saw a revenue of 6.274 billion CNY, a 29.21% increase year-over-year, accounting for 60.02% of total revenue, with a gross margin of 34.42% (up 3.05 percentage points YoY) [6]. - The IC substrate business generated 1.740 billion CNY in revenue, a 9.03% increase year-over-year, while the electronic assembly business achieved 1.478 billion CNY, up 22.06% year-over-year [6]. - The company is actively advancing the construction of new projects in Thailand and Nantong, which will support future business expansion [6]. Financial Summary - The company’s revenue is projected to grow from 13.526 billion CNY in 2023 to 35.537 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 25% [8]. - Net profit is expected to increase from 1.398 billion CNY in 2023 to 4.762 billion CNY in 2027, reflecting a strong growth trajectory [8]. - The gross margin is anticipated to improve from 23.4% in 2023 to 27.0% by 2027, while the net margin is expected to rise from 10.3% to 13.4% over the same period [8]. - The company’s return on equity (ROE) is projected to increase from 10.6% in 2023 to 21.6% by 2027 [8]. Business Segmentation - The PCB segment is the largest contributor to revenue, followed by the IC substrate and electronic assembly segments, indicating a diversified business model [6][10]. - The company is focusing on enhancing its capabilities in the IC substrate business, particularly in high-end DRAM products and processor chip applications, which are expected to drive future growth [10]. Investment Recommendation - Based on the latest financial results and capacity expansion progress, the profit forecast for the company has been slightly upgraded, with expected net profits of 2.856 billion CNY, 3.815 billion CNY, and 4.762 billion CNY for 2025, 2026, and 2027, respectively [10]. - The company is expected to benefit from the domestic substitution of semiconductor substrates, and the current valuation supports a "Recommended" rating [10].

Group 1 - The company expects to achieve a turnaround in net profit for the first half of 2025, with an estimated net profit of between 36 million and 42 million yuan [1][2] - The estimated net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 23 million and 29 million yuan [1][2] - The company reported a total profit of -27.6173 million yuan and a net profit attributable to shareholders of -16.3427 million yuan for the same period last year [1] Group 2 - The increase in PCB business compared to the same period last year has contributed to the rise in operating income and gross margin [1] - Continuous improvements in cost management and a decrease in period expenses have positively impacted the company's performance [1]

证券之星消息，2025年5月13日深康佳A(000016)发布公告称深圳青朴资本管理有限公司严朴、深圳市泽 源私募基金有限公司孙岩、识局控股有限公司邹德琪、深圳荣信泰私募证券基金管理有限公司曹伟万 欢、深圳市南方汇金投资管理有限公司刘吉洪、深圳市人工智能产业协会AIGC委员会曾伦兴、信诚睿 远企业管理咨询(深圳)有限公司蒋艳、北京大成(深圳)律师事务所徐瑶于2025年5月13日调研我司。 (二)优化产品结构各子工厂专注提高研发及制造能力，围绕自身发展规划打造精益化工厂； 问：请介绍下公司彩电代工业务情况？ 问：关注到近期华润入股康佳，请公司后续在战略规划上有无跟华润集团资源整合的计划，对整体业务 板块业绩或者战略布局上有无新的展望跟目标？ 答：关于控股股东筹划重大事项，公司将严格按照信息披露要求，持续关注有关进展，并根据相关法律 法规的要求及时履行信息披露义务。 问：请介绍下公司PCB业务情况。 具体内容如下： 答：公司PCB业务由深圳市康佳电路有限责任公司作为统一管理运营主体，下辖4家专业化工厂，产品 涉及金属基板、双面板、多层板、5G高频高速板及HDI(高密度互连技术)等。 目前，公司PCB业务积极践行专 ...

Group 1 - The core point of the article is the transfer of shares in Deep Konka A, where the controlling shareholder changes from Overseas Chinese Town Group to Panshi Run Chuang, with the actual controller remaining as the State-owned Assets Supervision and Administration Commission of the State Council [1][2] - The share transfer agreement was signed on April 29, and after the transfer, Panshi Run Chuang and He Mao Company will hold a combined 29.999997% of the company's shares [1] - The company aims to optimize resource allocation through professional integration among state-owned enterprises, as indicated in a prior announcement on April 8 [1][2] Group 2 - Deep Konka A reported a first-quarter revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 94.81 million yuan, marking a turnaround from a loss of 510 million yuan in the same period last year, representing a growth of 118.59% [2] - As of April 29, the stock price of Deep Konka A rose by 1.64% to 4.95 yuan per share, with a total market capitalization of 8.68 billion yuan [2] - The company, established in 1980 and previously known as the "King of Chinese Color TVs," has a registered capital of 2.48 billion yuan and focuses on multimedia and white goods production and sales [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company turned a profit in Q1 2025 with a net profit attributable to shareholders of 0.09 billion yuan, marking a significant recovery from a loss of 1.98 billion yuan in 2024 [3] - Revenue for Q1 2025 reached 15.80 billion yuan, a year-on-year increase of 13.77% and a quarter-on-quarter increase of 7.76%, achieving the highest quarterly revenue since its listing [3] - The report anticipates a slight downward adjustment in profit expectations for 2025 due to market demand recovery, while profit expectations for 2026 and 2027 have been raised [3] Financial Performance Summary - In 2024, the company reported revenue of 58.17 billion yuan, a year-on-year increase of 8.53%, but incurred a net loss of 1.98 billion yuan, a decline of 193.88% year-on-year [3] - The projected net profits for 2025, 2026, and 2027 are 2.03 billion yuan, 4.39 billion yuan, and 5.83 billion yuan respectively, with corresponding EPS of 0.12, 0.26, and 0.35 yuan [3][6] - The company's revenue from PCB business in 2024 was 43.00 billion yuan, with a gross margin of 26.96%, while the packaging substrate business generated revenue of 11.16 billion yuan, reflecting a year-on-year growth of 35.87% [4][5] Business Segment Insights - The PCB business is undergoing structural adjustments to improve profitability, with a focus on optimizing production processes and expanding overseas markets [4] - The packaging substrate business is in a critical phase for order release and customer expansion, particularly for ABF boards, with plans to complete overseas product certifications in 2025 [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing short-term pressure on production ramp-up, but AI-driven growth is expected to build long-term momentum [5] - The company achieved a revenue of 17.907 billion yuan in 2024, a year-on-year increase of 32.39%, and a net profit of 1.878 billion yuan, up 34.29% year-on-year [5] - The data center sector has seen significant order growth, becoming the second downstream market to reach a scale of 2 billion yuan in PCB business after the communication sector [5] - The company is focusing on deepening core technology and accelerating the introduction of high-end products [5] - Revenue projections for 2025-2027 are 21.159 billion yuan, 23.518 billion yuan, and 25.635 billion yuan, with corresponding net profits of 2.557 billion yuan, 3.041 billion yuan, and 3.549 billion yuan [5] Financial Performance Summary - Revenue for 2023 is projected at 13.526 billion yuan, with a revenue growth rate of -3.33% [4] - The company expects a net profit of 1.398 billion yuan in 2023, with a net profit growth rate of -14.81% [4] - Earnings per share (EPS) is projected to be 2.73 yuan for 2023, with a price-to-earnings (PE) ratio of 26.00 [4] - The return on equity (ROE) is expected to be 10.60% in 2023 [4] - The company anticipates a gross margin of 23.4% for 2023 [7] Market Performance - The company's stock has shown a market performance of -11% over the last 12 months compared to the CSI 300 index [3]