丨证券研究报告丨 公司研究丨点评报告丨深南电路（002916.SZ） [Table_Title] 深南电路 2025 年一季报点评：AI+智驾驱动成 长，25Q1 稳步增长 报告要点 [Table_Summary] 深南电路发布 2025 年一季报：2025 年一季度，公司实现营业收入 47.83 亿元，同比增长 20.75%；实现归母净利润 4.91 亿元，同比增长 29.47%。从盈利能力来看，公司 2025 年一季 度分别实现毛利率和净利率 24.74%和 10.29%，分别同比-0.45pct 和+0.71pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 深南电路（002916.SZ） cjzqdt11111 [Table_Title 深南电路 2025 2] 年一季报点评：AI+智驾驱动成 长，25Q1 稳步增长 [Table_Summary2] 事件描述 深南电路发布 2025 年一季报：2025 年一季度，公司实现营业收入 47. ...

Core Viewpoint - The company reported a steady growth in Q1 2025, with a total revenue of 4.783 billion yuan, a year-on-year increase of 20.75% and a quarter-on-quarter decrease of 1.54% [1] - The company is optimistic about Q2 2025, expecting continued order fulfillment and further optimization of its business structure, particularly in high-end substrates [1][2] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 491 million yuan, a year-on-year increase of 29.47% and a quarter-on-quarter increase of 26.17% [1] - The company's gross margin was 24.74%, down 0.45 percentage points year-on-year but up 2.79 percentage points quarter-on-quarter, while the net profit margin was 10.29%, up 0.71 percentage points year-on-year and 2.25 percentage points quarter-on-quarter [1] - The company expects revenue for 2025-2027 to be 21.53 billion, 25.44 billion, and 29.28 billion yuan, respectively, with net profits of 2.49 billion, 3.07 billion, and 3.63 billion yuan, leading to EPS of 4.85, 5.98, and 7.07 yuan [2] Business Outlook - The company is positioned to benefit from the increasing domestic demand for computing power and the acceleration of advanced packaging substrates for domestic chips [2] - The company is actively expanding its high-end capacity and has a strong order visibility for PCB, particularly with AI-related orders continuing to rise [1][2] - The company is also seeing a positive trend in the ramp-up of its FC-BGA high-end substrate production line, which is expected to reduce losses [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant year-on-year increase in net profit of 84% for Q1 2024, indicating a strong recovery in profitability [5] - The growth in revenue is driven by increasing demand in high-speed network communication, computing power, and server-related needs, with a notable performance in the PCB business [7] - The company is well-positioned to benefit from the domestic growth in computing power and the demand for optical communication and automotive electronics [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 17,907 million, with a year-on-year growth rate of 32.4% [6] - The net profit attributable to the parent company is expected to reach 2,357 million in 2025, reflecting a growth rate of 25.5% [6] - The company anticipates a steady increase in revenue and net profit over the next few years, with projections of 20,485 million in revenue and 2,357 million in net profit for 2025 [9] Business Segments Performance - PCB business revenue reached 10,494 million in 2024, with a year-on-year increase of 29.99%, driven by demand in communication devices and data centers [7] - The packaging substrate segment reported revenue of 3,171 million, showing a year-on-year growth of 37.49% despite a decline in gross margin due to rising raw material costs [7] - The electronic assembly business generated revenue of 2,823 million, with a year-on-year increase of 33.20% [7] Capacity Expansion and Strategic Developments - The company is progressing with the construction of its factories in Thailand and Nantong, aiming to enhance production capacity [7] - The second phase of the Wuxi factory has achieved monthly breakeven, and the Guangzhou packaging substrate project is receiving bulk orders [7] - The company maintains its profit forecast, expecting continued growth driven by breakthroughs in computing power, optical communication, and automotive orders [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported steady revenue growth in Q1 2025, with improvements in gross margin, net profit attributable to shareholders, and non-recurring net profit, indicating strong profitability [3][8] - The growth is driven by domestic demand for computing power and advancements in AI and automotive electronics [5][8] Financial Summary - The company is projected to achieve revenues of RMB 21.33 billion, RMB 24.96 billion, and RMB 29.04 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.73 billion, RMB 3.20 billion, and RMB 3.58 billion [7][5] - The expected EPS for 2025, 2026, and 2027 are RMB 5.33, RMB 6.23, and RMB 6.97 respectively, with PE ratios of 20.8, 17.8, and 15.9 [5][7] - In Q1 2025, the company achieved a revenue of RMB 4.783 billion, a year-on-year increase of 20.75%, and a net profit of RMB 491 million, up 29.47% year-on-year [8][3] Market Performance - The company's stock price is currently at RMB 110.69, with a market capitalization of RMB 56.77 billion [1][3] - The stock has shown a relative performance of -7.4% over the past month compared to the Shenzhen Composite Index [2]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 139.06 CNY [4][7]. Core Views - The company benefited from high demand in AI and automotive electronics, leading to significant revenue and profit growth in Q1 2025, with revenue reaching 4.783 billion CNY, a year-on-year increase of 20.75%, and net profit of 491 million CNY, up 29.47% year-on-year [1][2]. - The company is strategically positioned to capture opportunities in the computing power and automotive electronics markets, with a notable increase in orders for high-speed switches and optical modules driven by cloud service providers' demand for AI computing infrastructure [2]. - The company has increased its R&D investment, which accounted for 7.10% of revenue, focusing on next-generation communication, data center, and automotive electronics technologies, leading to advancements in product capabilities and the acquisition of new patents [3]. Financial Projections - Revenue projections for 2025 to 2027 are 21.346 billion CNY, 25.103 billion CNY, and 29.370 billion CNY, respectively, with net profits expected to be 2.378 billion CNY, 2.893 billion CNY, and 3.591 billion CNY [4][11]. - The company is expected to maintain a net profit margin of approximately 11.1% in 2025, increasing to 12.2% by 2027 [12].

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company reported a significant increase in revenue and net profit for both the full year of 2024 and the first quarter of 2025, driven by strong demand in the PCB and automotive sectors [1][2]. - The PCB business achieved a revenue of 10.49 billion yuan in 2024, marking a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [3]. - The packaging substrate business also saw a revenue increase of 37.49% year-on-year, reaching 3.17 billion yuan in 2024 [4]. - The electronic assembly business reported a revenue of 2.82 billion yuan in 2024, with a year-on-year growth of 33.20% [4]. - The company is expected to continue its growth trajectory, with projected revenues of 20.68 billion yuan and 23.90 billion yuan for 2025 and 2026, respectively, reflecting a growth rate of 15.5% [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 17.91 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.88 billion yuan, up 34.29% [1]. - For Q1 2025, the company reported revenue of 4.78 billion yuan, a 20.75% increase year-on-year, and a net profit of 491 million yuan, up 29.47% [1][2]. Business Segments - The PCB segment is benefiting from the growth in AI server demand and the recovery of the industry cycle, with a notable increase in orders from data centers [3]. - The automotive electronics segment continues to grow, driven by the trends in electrification and intelligent driving, with order growth exceeding 50% for the third consecutive year [3]. Profitability and Valuation - The gross margin for the PCB business improved by 5.07 percentage points to 31.62% in 2024 [3]. - The company’s earnings per share (EPS) are projected to be 5.04 yuan and 6.15 yuan for 2025 and 2026, respectively, with a corresponding price-to-earnings (PE) ratio of 21.97 for 2025 [8][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][15]. Core Views - The company is positioned to benefit significantly from the AI cycle, particularly in the PCB sector, with strong demand from computing and automotive electronics markets [6][8]. - The first quarter of 2025 showed a revenue of 4.783 billion yuan, a year-on-year increase of 20.75%, and a net profit of 491 million yuan, reflecting a year-on-year growth of 29.47% [5][6]. - The company is expected to achieve substantial growth in net profit, with projections of 2.538 billion yuan for 2025, 3.081 billion yuan for 2026, and 3.637 billion yuan for 2027 [11]. Financial Performance Summary - Revenue projections for the company are as follows: 13.526 billion yuan in 2023, 17.907 billion yuan in 2024, 21.547 billion yuan in 2025, 24.863 billion yuan in 2026, and 29.425 billion yuan in 2027, with respective growth rates of -3%, 32%, 20%, 15%, and 18% [4][11]. - The company's gross margin for Q1 2025 was 24.74%, with a slight year-on-year decrease of 0.45 percentage points, but an increase of 2.79 percentage points quarter-on-quarter [5][6]. - The net profit margin for Q1 2025 was 10.29%, showing a year-on-year increase of 0.71 percentage points and a quarter-on-quarter increase of 2.25 percentage points [5][6]. Business Segment Insights - The PCB business is expected to leverage opportunities in computing power and automotive electronics, maintaining high operational rates and benefiting from improved product structure [6][8]. - The company has made advancements in packaging substrates, with successful new product introductions and enhanced manufacturing capabilities, particularly in high-end DRAM and processor chip products [9][10].

Financial Performance - In Q1 2025, the company achieved revenue of CNY 4.783 billion, a year-on-year increase of 20.75% [2] - Net profit attributable to shareholders reached CNY 491 million, up 29.47% year-on-year [2] - Deducting non-recurring gains, net profit was CNY 485 million, reflecting a 44.64% increase [2] PCB Business Development - The PCB business focuses on communication equipment, particularly in data centers and automotive electronics, with a slight recovery in wireless orders and sustained growth in wired demand [3] - Orders in the data center sector continued to grow, driven by demand for AI accelerator cards and servers [3] - The automotive electronics sector is experiencing stable growth, particularly in new energy and ADAS directions [3] Packaging Substrate Business - The company offers a wide range of packaging substrate products, with improved demand in Q1 2025, particularly for storage products [4] - The FC-BGA packaging substrate has achieved mass production capability for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing on schedule [5] Investment and Expansion - The total investment for the Thailand factory is CNY 1.274 billion, with construction progressing on schedule [6] - The company is expanding PCB production capacity in Shenzhen, Wuxi, Nantong, and Thailand, focusing on technology upgrades and new project developments [7] Capacity Utilization - The overall capacity utilization remains high, with PCB business benefiting from sustained demand in computing power and automotive electronics [8] - The packaging substrate business has seen improved capacity utilization due to increased demand in the storage sector [8] Market Impact and Raw Material Prices - Direct sales to the U.S. accounted for a low percentage of total revenue, minimizing the impact of U.S. tariff policies [9] - Raw material prices, including copper foil and gold salt, have increased due to commodity price fluctuations, affecting production costs [10]

证券代码：002916 证券简称：深南电路 公告编号：2025-016 （一）《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 与会监事以同意 3 票、反对 0 票、弃权 0 票的结果通过。 深南电路股份有限公司 第四届监事会第六次会议决议 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深南电路股份有限公司（以下简称"公司"）第四届监事会第六次会议于 2025 年 4 月 23 日在公司会议室以现场结合通讯方式召开。会议通知于 2025 年 4 月 18 日以电子邮件等方式向全体监事发出。本次应参与表决监事 3 人，实际表决 3 人。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》的规定。 二、监事会会议审议情况 本次会议审议并通过了以下议案： 三、 备查文件 1、公司第四届监事会第六次会议决议。 特此公告。 深南电路股份有 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-015 深南电路股份有限公司 第四届董事会第六次会议决议 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、公司第四届董事会第六次会议决议； 2、审计委员会会议决议。 特此公告。 二、董事会会议审议情况 本次会议审议通过了以下议案： （一）《2025 年第一季度报告》 具体内容详见披露于《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 的《2025 年第一季度报告》（公告编号：2025-017）。 该议案已经审计委员会以 3 票同意全票审议通过。与会董事以同意 9 票，反 对 0 票，弃权 0 票的结果通过。 本次会议的召开与表决符合《公司法》和《公司章程》的有关规定，表决结 果真实、合法、有效。 三、备查文件 深南电路股份有限公司（以下简称"公司"）第四届董事会第六次会议于 2025 年 4 月 23 日在公司会议室以现场结合通讯方式召开。通知于 2025 年 4 月 18 日 以电子邮件等方式向全体董事发出，本次会议应参加表决董事 9 人， ...