深南电路-数据中心_通信 PCB 和 BT 基板复苏带来强劲超预期表现

Global Research ab 28 August 2025 First Read Shennan Circuits A solid beat led by data center/communication PCB and BT substrate recovery Q: How did the results compare vs expectations? Shennan reported Q225 results and hosted an earings call after market close. Revenue came in above seasonality (trailing 3-year avg of +12.3% QoQ) at Rmb5.7bn (+18.6% QoQ/+30.1% YoY), 4%/6% above UBSe/Reuters consensus. Net profit was Rmb869mn (+77% QoQ/+43% YoY), and Rmb780mn after non-recurring items (+61% QoQ/37% YoY ). E ...