Financial Performance - The company's revenue for Q1 2025 reached ¥4,782,896,546.25, representing a 20.75% increase compared to ¥3,961,013,853.78 in the same period last year[5] - Net profit attributable to shareholders was ¥491,448,182.06, up 29.47% from ¥379,571,805.82 year-on-year[5] - Basic and diluted earnings per share rose to ¥0.96, reflecting a 29.73% increase from ¥0.74 in the previous year[5] - The net profit for the current period was ¥492,056,366.00, representing a 30% increase from ¥379,272,023.84 in the previous period[20] Cash Flow - The net cash flow from operating activities increased by 8.87% to ¥612,758,707.92, compared to ¥562,835,154.99 in Q1 2024[5] - Operating cash flow for the current period is ¥612,758,707.92, an increase of 8.5% compared to ¥562,835,154.99 in the previous period[22] - Total cash inflow from operating activities reached ¥4,756,558,679.56, up from ¥3,798,501,202.27, reflecting a growth of 25.3%[22] - Cash outflow for purchasing goods and services was ¥2,756,052,668.43, compared to ¥2,044,231,467.43 in the previous period, marking a 34.8% increase[22] - Cash received from government subsidies increased by 128.34% to ¥130,365,646.30, compared to ¥57,093,002.65 in Q1 2024[10] - The company received tax refunds amounting to ¥254,970,909.09, up from ¥127,159,630.00, representing a 100% increase[22] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥26,162,389,146.31, a 3.40% increase from ¥25,302,247,864.46 at the end of 2024[5] - The total liabilities rose to ¥11,024,486,457.20, up from ¥10,656,346,384.27, indicating a 3.5% increase[18] - The equity attributable to shareholders of the parent company increased to ¥15,108,302,251.99, compared to ¥14,617,020,314.27, marking a growth of 3.4%[18] - The company experienced a 100.51% increase in tax refunds received, totaling ¥254,970,909.09, compared to ¥127,159,630.00 in the same period last year[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 58,762[13] - The largest shareholder, AVIC International Holdings, holds 63.97% of shares, totaling 328,068,670 shares[13] - The top ten shareholders hold a significant portion of shares, with the first three shareholders alone accounting for over 66% of total shares[14] - The company has no preferred shareholders as indicated in the report[15] Expenses - Management expenses rose by 44.87% to ¥208,787,948.15, primarily due to increased salaries[9] - Research and development expenses were reported at ¥329,051,821.23, slightly down from ¥337,678,460.65 in the previous period[19] Investment Income - The company reported a significant increase in investment income, which surged by 1565.25% to ¥3,015,909.75, compared to ¥181,108.14 in Q1 2024[9] Other Financial Metrics - The company's cash and cash equivalents at the end of the period amounted to ¥1,708,385,364, an increase from ¥1,553,318,757.56 at the beginning of the period[16] - Accounts receivable increased to ¥4,103,298,521.22 from ¥3,805,722,762.79, reflecting a growth of approximately 7.8%[16] - Inventory at the end of the period was ¥3,670,933,256.02, up from ¥3,394,998,926.68, indicating an increase of about 8.1%[16] - Total current assets reached ¥11,640,474,252.84, compared to ¥10,854,167,568.48 at the beginning of the period, showing a growth of approximately 7.2%[16] Financial Activities - Cash inflow from financing activities totaled ¥212,386,282.78, compared to ¥106,025,959.20 in the previous period, indicating a 100% increase[23] - The net increase in cash and cash equivalents for the current period was ¥155,066,120.91, compared to ¥478,697.68 in the previous period[23] - The ending balance of cash and cash equivalents is ¥1,706,442,782.50, significantly higher than ¥851,224,877.92 from the previous period[23] Audit Status - The company has not yet audited the first quarter report for 2025[24]

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for Q1 2025 was 4.783 billion, representing a year-on-year growth of 20.75% [1] - The net profit attributable to shareholders for the same period was 491 million, showing a year-on-year increase of 29.47% [1]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses a company in the PCB (Printed Circuit Board) and semiconductor industry, focusing on its financial performance, market opportunities, and challenges faced in the current economic environment. Key Points and Arguments Financial Performance - The company reported total revenue of 17.9 billion with a year-on-year growth of 32% and a net profit of 1.878 billion, reflecting a 34% increase. The adjusted net profit was 1.74 billion, showing a significant year-on-year growth of 74% [1] - The PCM (Power Control Module) business capitalized on opportunities in computing power and automotive electronics, achieving revenue of 10.5 billion, a nearly 30% increase, with a gross margin of 35.6%, up by 5.07% year-on-year [1] - The electronic assembly business generated 2.8 billion in revenue, a 33% increase, with a slight change in gross margin to 14.4% [3] Market Dynamics - The demand for automotive electronics continues to grow, driven by international projects and domestic electric vehicle systems, increasing its market share from under 12% to approximately 14% [6] - The company is expanding its FCBGA (Flip Chip Ball Grid Array) product capabilities, achieving mass production for products with less than 16 layers and developing capabilities for 18 and 20-layer products [2] - The company is focusing on high-end products and AI-related technologies, with R&D investment projected to account for 7.1% of revenue, exceeding 1.2 billion [3] Challenges and Risks - Gross margin decreased by 5.72 percentage points, primarily due to construction costs of the Guangzhou plant and rising raw material prices, alongside fluctuations in demand for EP-type substrates [2] - The Guangzhou project is still in the early stages of construction, leading to increased costs and expenses that negatively impact profits [2] - The company faces challenges in maintaining production efficiency and profitability due to the transition from R&D to mass production, particularly in the Guangzhou facility, which reported a loss of 400 million [16] Future Outlook - The company anticipates a recovery in demand, particularly in mature markets, driven by AI-related projects and increased domestic orders [18] - The overall PCB market is expected to see growth, with a focus on high-density interconnect (HDI) and multi-layer products, although the supply chain remains tight [30] - The company is preparing for future capacity expansions, particularly in its new facilities in Nantong and Thailand, with plans to ramp up production in the latter half of the year [11][38] Additional Insights - The company is actively exploring new markets, including automotive substrates, to mitigate the impact of weak demand in traditional sectors [8] - There is a notable shift in the competitive landscape, with increased interest in domestic suppliers as international clients tighten their purchasing [39] - The company is committed to maintaining a balance between production capacity and market demand, ensuring that it can respond effectively to fluctuations in order volumes [26] Conclusion The conference call highlights the company's robust financial performance amidst challenges in the PCB and semiconductor industry. It emphasizes the importance of innovation, market expansion, and strategic investments in R&D to sustain growth and profitability in a competitive landscape.

通过天眼查大数据分析，深南电路股份有限公司共对外投资了10家企业，参与招投标项目2098次，知识 产权方面有商标信息8条，专利信息1595条，此外企业还拥有行政许可205个。 来源：金融界 深南电路最新一期业绩显示，截至2024年报，公司营业总收入179.07亿元、同比增长32.39%，归属净利 润18.78亿元，同比增长34.29%，扣非净利润17.40亿元，同比增长74.34%，流动比率1.449、速动比率 0.996、资产负债率42.12%。 天眼查商业履历信息显示，深南电路股份有限公司，成立于1984年，位于深圳市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本51287.7535万人民币，实缴资本35176.315万 人民币。公司法定代表人为杨之诚。 金融界消息 截至2025年4月14日收盘，深南电路（002916）报收于109.57元，下跌0.54%，换手率 1.55%，成交量7.94万手，成交金额8.76亿元。 资金流向方面，今日主力资金净流出1736.36万元，占比成交额1.98%。其中，超大单净流入30.61万 元、占成交额0.03%，大单净流出1766.98万元、占 ...

| 投资者关系 | √特定对象调研 □分析师会议 □现场参观 | | | | --- | --- | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 □新闻发布会 | | | | | □路演活动 □其他 （ ） | | | | 活动参与人 员（排名不 | 中泰证券、中信证券、中银证券、国金证券、招商证券、兴业证券、华源证券 | | | | 分先后） | | | | | 上市公司 | | | | | 接待人员 | 战略发展部总监、证券事务代表：谢丹；投资者关系经理：郭家旭 | | | | 时间 | 年 月 日 2025 4 8 | | | | 地点 | 网络及电话会议 | | | | 形式 | 网络及电话会议 | | | | 投资者关系 | | | 交流主要内容： | | 活动主要内 | Q1、请介绍公司近期经营情况及工厂产能利用率情况。 | | | | 容介绍 | | | | | | 业务因目前算力及汽车电子市场需求延续，近期工厂产能利用率延续高位运行；封装基板业 | | | | | 务受近期存储领域需求相对改善，工厂产能利用率较 年第四季度有所提升。 | | | | | Q3、请介绍公司 ...

关于深南电路股份有限公司 法律意见书 北京市嘉源律师事务所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：深南电路股份有限公司 北京市嘉源律师事务所 关于深南电路股份有限公司 法律意见书 嘉源(2025)-04-181 北京市嘉源律师事务所（以下简称"本所"）接受深南电路股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效 的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《深 南电路股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本 所律师对公司2024年年度股东大会（以下简称"本次股东大会"）进行见证，并 依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和 ...

2、 本次股东大会不涉及变更以往股东大会已通过的决议。 证券代码：002916 证券简称：深南电路 公告编号：2025-014 深南电路股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、 本次股东大会不存在否决议案的情形。 一、会议召开情况 1、会议召开时间： （1）现场会议时间：2025 年 4 月 2 日（星期三）15:00 （2）网络投票时间：2025 年 4 月 2 日。其中，通过深圳证券交易所交易系 统进行投票的时间为 2025 年 4 月 2 日 9:15-9:25、9:30-11:30、13:00-15:00；通过 深圳证券交易所互联网投票系统进行投票的时间为 2025 年 4 月 2 日 9:15-15:00 的任意时间。 （3）会议召开和表决方式： 本次股东大会采取现场与网络投票结合的方式。 2、召集人：深南电路股份有限公司（以下简称"公司"）董事会 3、现场会议召开地点：深圳市南山区侨城东路 99 号公司 5 楼会议室 4、现场会议主持人：董事长杨之诚先生 5、本次股东大会的召开 ...

北京市嘉源律师事务所 关于深南电路股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：深南电路股份有限公司 北京市嘉源律师事务所 关于深南电路股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-181 北京市嘉源律师事务所（以下简称"本所"）接受深南电路股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效 的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《深 南电路股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本 所律师对公司2024年年度股东大会（以下简称"本次股东大会"）进行见证，并 依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [8]. Core Insights - The company achieved a revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%. The net profit attributable to shareholders was 1.878 billion yuan, with a growth of 34.29% [4][5]. - The PCB business showed strong performance with revenues of 10.494 billion yuan, up 29.99% year-on-year, driven by increased demand in communication products and data centers [5]. - The packaging substrate business generated revenues of 3.171 billion yuan, growing by 37.49% year-on-year, although its gross margin decreased due to rising raw material costs [5]. - The report highlights that AI computing power is driving PCB demand, with significant growth opportunities in the packaging substrate sector as major tech companies maintain high capital expenditures [3][5]. Financial Summary - The company’s total revenue is projected to reach 21.502 billion yuan in 2025, with a net profit of 2.561 billion yuan, reflecting a continued upward trend in earnings [6]. - The gross margin for the PCB business is expected to be 31.62%, significantly improved by 5.07 percentage points year-on-year, attributed to better capacity utilization and high-value orders [5]. - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 4.99 yuan and 6.17 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25 and 20 [5][6].

Group 1: PCB Business Performance - In 2024, PCB business achieved a revenue of 10.494 billion CNY, a year-on-year increase of 29.99%, with a gross margin of 31.62%, up by 5.07 percentage points [1] - Growth in PCB revenue is driven by demand in the communication sector, particularly for 400G and above high-speed switches and optical module products, as well as AI server-related products in data centers [1] - The increase in gross margin is attributed to higher production capacity utilization and optimization of product structure [1] Group 2: Packaging Substrate Business Performance - In 2024, the packaging substrate business generated a revenue of 3.171 billion CNY, a year-on-year increase of 37.49%, but with a gross margin of 18.15%, down by 5.72 percentage points [2] - The decline in gross margin is mainly due to the ramp-up of the Guangzhou packaging substrate project and rising raw material prices, alongside fluctuations in market demand [2] Group 3: Product Characteristics and Capabilities - FC-BGA packaging substrate features high multilayer and fine line characteristics, primarily used for CPU and GPU logic chips [3] - The company has achieved mass production capability for products with 16 layers and has sample manufacturing capabilities for 18 and 20-layer products [3] Group 4: Project Progress and Capacity Utilization - The Guangzhou packaging substrate project has commenced production in Q4 2023, with ongoing capacity ramp-up and batch orders being fulfilled, although it is still in the early stages of capacity ramp-up [4] - PCB business maintains high capacity utilization due to sustained demand in computing and automotive electronics markets [7] Group 5: Market Applications and Expansion Plans - PCB business focuses on high-end products with applications primarily in communication devices, data centers, and automotive electronics, with the data center market reaching a scale of 2 billion CNY in 2024 [5] - The company is expanding its PCB production capacity through technological upgrades and new projects in various locations, including Shenzhen, Wuxi, Nantong, and Thailand [7]