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研報掘金丨中金:首予深南電路“跑贏行業”評級,行業受益AI需求拉動

中金公司研報指出,深南電路爲國內PCB龍頭,根據Prismark,公司2024Q2營收位居全球PCB廠商第五。PCB行業受益於AI需求拉動等因素,週期持續上行,公司下遊佔比較爲均衡,在傳統業務外,公司AI業務亦受益於國內外AI算力需求提升而持續增長,AI 服務器、交換機、光模塊等產品持續放量,業績貢獻持續提升。當前公司股價對應2026年26倍P/E,基於2026年30倍P/E,得到公司140.64元目標價,目標價較當前股價有14%的上漲空間,首次覆蓋給予“跑贏行業”評級。

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