深南电路_人工智能 PCB 产能扩张；目标价上调至 254 元，买入评级

20 November 2025 | 8:24PM HKT Equity Research Shennan Circuits (002916.SZ) AI PCB in expansion with capacity ramp-up; TP raised to Rmb254, Buy 002916.SZ 12m Price Target: Rmb254.00 Price: Rmb199.96 Upside: 27.0% We are constructive on Shennan Circuits as an AI PCB beneficiary and raise our target price by c.70% to Rmb254 with higher earnings estimates (NI +44% CAGR in 2025-27E) and target PE multiple, driven by (1) expansion from telecom to AI PCB, targeting compute/ networking demand and riding on the acce ...