招银国际：深南电路（002916）-AI-ledPCBgrowthwithsubstrateupsideahead

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2026-03-16

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招银国际：深南电路（002916）-AI-ledPCBgrowthwithsubstrateupsideahead.pdf

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深南电路(002916) SCC’sFY25revenuegrew32%YoYtoRMB23.6bn,inlinewithBBGconsensusand4%aboveourforecast.GPMimprovedsignificantlyto28.3%(0.3pptsaboveBBGconsensusand1.4pptsaboveourestimate),upfrom24.8%inFY24,drivenbyimprovedproductmix,bettercostefficiencyandhigherutilization.Netprofitrose75%YoYtoRMB3.3bn,slightlybelowBBGconsensus(-0.7%)but8%aheadofourforecast.Byquarter,4Qrevenueincreased42%YoYand9%QoQ,whilenetprofitgrew144%YoYbutdeclined1.6%QoQ.4QGPMeasedsequentiallyto28.6%from31.4%in3Qmainlyduetodepreciat

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