招银国际-深南电路-002916-Corp Day Takeaways: Company’s operation remains normal， little impact from COVID-22

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（以下内容从招银国际《Corp Day Takeaways: Company’s operation remains normal, little impact from COVID》研报附件原文摘录）
　　深南电路(002916) 　　We hosted an investor call with Shennan during our Technology Corporate Day.There is limited impact from COVID (mainly in logistic) and the Company’soperation is normal. We maintain our outlook and previous forecasts for theCompany. The utilization rate and production ramp up status are in line with ourestimates. Due to limited new capacity added this year, we maintain HOLD rating.TP is RMB102. 　　PCB: Limited capacity added in 2022. PCB revenue breakdown by marketare 50-60% from Telecom, 13-14% from data center, 10% fromindustrial/healthcare and 5% from auto. Total utilization rate is ~80%.Domestic telecom business remains weak in 1H22, but is expected to haveHoH growth in 2H22, driven by resumed demand for 5G BTS and favorablepolicy on new infrastructure investments. We expect overseas telecombusiness to have higher growth but smaller contribution, and remain neutralon telecom PCB segment. For auto PCB, Nantong phase III factory is rampingthe production, with ~30% utilization rate. Full capacity is expected tocontribute ~RMB1.5bn revenue in late 2023/24E. 　　 Substrate: demand is strong but new capacity to contribute after 2022.Shenzhen and Wuxi phase I factories are expected to contribute RMB1.0bn-1.2bn and RMB1.3bn with full capacity. Wuxi phase II and Guangzhoufactories are planned to begin production by the end of 2022 and 2023. Overallutilization rate for substrate production line is reaching maximum, suggestingcontinuous high demand. We think the full utilization status will maintain in2H22. For memory-used substrate (>30% of segment rev.), there is limitednew capacity added during the past years across the industry. But the demandfor memory is growing, especially driven by data center expansion. 　　Maintain HOLD, with unchanged TP of RMB102. There is limited impactfrom COVID (mainly in logistic) and the company’s operation is normal. Wemaintain our previous rating and TP of RMB102. Potential upside: 1) soonerthan-expected ease of chip shortage, 2) stronger recovery in consumerdemand and 3) material cost and logistic overhang removed