编号：2024-66 证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------------------------|------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | □现场参观 | | 投资者 ...

证券代码：002916 证券简称：深南电路 编号：2024-65 深南电路股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |--------------------------------|----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 √ ...

编号：2024-64 证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|-------|------------------|--------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | | \n \n（ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 景顺长城基金、中泰证券 | | | | | 上市公司 接待人员 | 战略发展部总监、证券事务代表：谢丹 | ...

证券研究报告 2024 年 10 月 29 日 评级 买入 | --- | --- | |------------------------------------|---------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n106.20 | | 52 周价格区间（元） | 49.27-130.50 | | 总市值（百万） | 54467.60 | | 流通市值（百万） | 54248.30 | | 总股本（万股） | 51287.80 | | 流通股（万股） | 51081.30 | 涨跌幅比较 -29% 21% 71% 121% 2023-10 2024-01 2024-04 2024-07 深南电路 元件 | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1M | 3M | 12M | | 深南电路 | 5.27 | -4.09 | 56.68 | | 元件 | 19.00 | 18.40 | 30.07 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnc ...

%% %% 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 2024 年三季报点评：重视研发投入， 成长脉络清晰 | --- | --- | |----------|-------| | | | | 报告要点 | | 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 深南电路（002916.SZ） cjzqdt11111 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 资料来源：Wind 相关研究 [Table_Title 深南电路 2024 2] 年三季报点评：重视研发投入， 成长脉络清晰 [Table_Summary2] 事件描述 深南电路发布 2024 年三季报：2024 年前三季度，公司实现营业收入 130.49 亿元，同比 +37.92%；实现归母净利润 14.88 亿元，同比+63.86%。单三季度来看，公司实现营业收入 47.28 亿元，同比+37.95%、环比+8.45%；实现归母净利润 5.01 亿元，同比+15.33%、环 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 13.049 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 37.92%. The net profit attributable to shareholders reached 1.488 billion yuan, up 63.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.376 billion yuan, reflecting an 86.67% increase year-on-year [1]. - In Q3, the company achieved a record quarterly revenue of 4.728 billion yuan, marking a 37.95% year-on-year increase and an 8.45% quarter-on-quarter growth. The gross profit margin was 25.40%, an increase of 1.97 percentage points year-on-year but a decrease of 1.71 percentage points quarter-on-quarter [1]. - The PCB business maintained a high operating rate, with revenue primarily coming from the communication, data center, automotive electronics, and industrial control medical sectors. The demand for server PCBs is driven by upgrades in general server platforms and increased AI investments [1]. Financial Summary - The company is expected to achieve revenues of 18.082 billion yuan, 21.922 billion yuan, and 26.599 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 21%, and 21%. The net profit attributable to shareholders is projected to be 2.032 billion yuan, 2.384 billion yuan, and 2.811 billion yuan for the same years, with corresponding growth rates of 45%, 17%, and 18% [1]. - The earnings per share (EPS) are forecasted to be 3.96 yuan, 4.65 yuan, and 5.48 yuan for 2024, 2025, and 2026, respectively, with current price-to-earnings (PE) ratios of 26, 23, and 19 times [1][5].

电子 | 证券研究报告 — 调整盈利预测 2024 年 10 月 31 日 002916.SZ 买入 原评级：买入 市场价格:人民币 106.20 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (29%) (6%) 18% 42% 65% 89% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 深南电路 深圳成指 至今 个月 个月 个月 绝对 51.1 5.3 (4.7) 54.6 相对深圳成指 38.9 (5.5) (28.5) 46.7 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 512.88 | | 流通股 ( 百万 ) | | 510.81 | | 总市值 ( 人民币 百万 ) | | 54,467.59 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 790.12 | | 主要股东 | | | | 中航国际控股有限公司 ...

深南电路（002916.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 30 日 深南电路：三季报业绩平稳，PCB 龙头深度受益 AI 大周期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------- ...

编号：2024-63 证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |--------------------------------|---------------------------------------------------------------------|----------------------------------------------------------|-------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 □其他 | \n \n （ | □现场参观 \n□新闻发布会 \n） | | 活动参与人 员（排名不 分先后） | 券、财通证券 | | 建信基金、泓德基金、中邮基金、摩根士丹利基金、宝盈基金、国投瑞银基金、德邦证 | | 上市公司 ...

Investment Rating - The report maintains a HOLD rating on Shennan Circuit with a target price adjusted to RMB115, reflecting a 27x 2025E P/E, close to its 3-year average historical forward P/E [2][4]. Core Insights - Shennan Circuit reported a 37.9% year-over-year revenue growth in 3Q24, reaching RMB4.73 billion, which exceeded Bloomberg consensus by 19.7%. However, net profit increased by only 15.3% YoY but declined 17.6% QoQ [2]. - The gross profit margin (GPM) decreased to 25.4% in 3Q24 from 27.1% in 2Q24, attributed to higher sales from lower-margin PCBA business, ramp-up of the Guangzhou factory, and high copper prices [2]. - The company expects PCB revenue to grow by 11% in 2025E, while substrate revenue is projected to grow by 7% in the same year [2]. Financial Summary - Revenue for FY24E is estimated at RMB17,574 million, with a year-over-year growth of 29.9%. For FY25E, revenue is projected to be RMB18,765 million, reflecting a 6.8% growth [3][9]. - The net profit for FY24E is expected to be RMB1,878 million, with a YoY growth of 34.3%, and for FY25E, it is projected to reach RMB2,178 million, indicating a 16.0% growth [3][9]. - The earnings per share (EPS) for FY24E is estimated at RMB3.68, increasing to RMB4.27 in FY25E [3][9]. Market Segmentation - By end market, telecom remains the largest segment, contributing approximately 40% of PCB sales in 3Q24. Other segments include datacom (20%), auto (13%), industrial & medical (10%), and energy (5%) [2]. - The report highlights a strong utilization rate of around 90% for AI-related PCB production, while non-AI production utilization remains between 85-90% [2].