深南电路：AI PCB 扩产与存储芯片高景气驱动 IC 基板业务；2025 年四季度净利润指引符合预期；给予 “买入” 评级

Shennan Circuits (002916.SZ): AI PCB expansion and strong memory momentum to drive IC substrate; 4Q25 NI guidance in line; Buy Shennan Circuits reported its 4Q25 preliminary NI at Rmb828m~Rmb1.0bn, with the midpoint of 4Q25 net income up 137% YoY to Rmb922m, or 7% higher than our estimate, and we attribute this to accelerated growth of BT substrate and ramp up of AI PCB business. The company is expanding AI PCB capacity in Nantong and Thailand factory, and continues to improve the production yield rate. We ...