证券代码：002463 证券简称：沪电股份 沪士电子股份有限公司 投资者活动记录表 编号：2025-0416-007 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 √其他： 网络会议 参与单位名称 及人员姓名 富达投资（本次会议采取网络会议形式，参会者均未签署书面调研承诺函。但 在交流活动中，我公司严格遵守相关规定，保证信息披 露真实、准确、及时、 公平，没有发生未公开重大信息泄露等情况。下文会议纪要中的内容不代表公 司对未来的盈利预测和业绩指引，请投资者注意投资风险并谨慎投资。） 时间 2025 年 4 月 16 日 15:00-16:00 地点 （会议方式） ZOOM 公司接待 人员姓名 钱元君 投资者关系活动 主要内容介绍 1、发展历程 答：简要介绍公司历史沿革、发展历程。公司 PCB 产品以通信通讯设备、数 据中心基础设施、汽车电子为核心应用领域。公司始终坚持实施差异化产品竞 争战略依靠技术、管理和服务的比较竞争优势，依托平衡的产品布局以及深耕 多年的中高阶产品与量产技术，重点生产技术含量高、应用领域相对高端的差 异化产 ...

证券代码：002463 证券简称：沪电股份 公告编号：2025-027 沪士电子股份有限公司 关于全资污水处理子公司完成工商注册登记的公告 沪士电子股份有限公司关于全资污水处理子公司完成工商注册登记的公告 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。 8、经营范围：一般项目：污水处理及其再生利用；水污染治理；环境保护监测；资源 再生利用技术研发；再生资源加工；资源循环利用服务技术咨询；水环境污染防治服务； 水资源管理；环保咨询服务；环境保护专用设备制造；环境保护专用设备销售；水质污染 物监测及检测仪器仪表制造；环境监测专用仪器仪表制造；智能水务系统开发（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 1、公司名称：昆山青淞污水处理有限公司 2、公司类型：有限责任公司 3、统一社会信用代码：91320583MAEGUHCR4A 4、法定代表人：吴传林 5、注册资本：1000 万元整 6、成立日期：2025 年 4 月 11 日 7、住所：江苏省昆山市玉山镇东龙路 1 号 005 幢 沪士电子股份有限公司（下称"公司"）于2025年3月31日召开的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown significant growth in 2024, with a projected continued increase in performance for Q1 2025, driven by AI and automotive business segments [3][8] - The company is expected to achieve revenues of RMB 166.97 billion, RMB 209.95 billion, and RMB 248.00 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 33.30 billion, RMB 44.24 billion, and RMB 51.48 billion [5][7] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 13,342 million, representing a year-on-year growth of 49.3%, and a net profit of RMB 2,587 million, up 71.1% [7][8] - The company’s EBITDA for 2024 was RMB 3,231 million, with a projected EBITDA of RMB 4,405 million for 2025 [7][8] - The gross margin for 2024 was 34.54%, an increase of 3.37 percentage points year-on-year, while the net profit margin was 19.39%, up 2.47 percentage points [8] Revenue and Profit Forecast - The company forecasts a revenue of RMB 16,697 million for 2025, with a growth rate of 25.2% [7][8] - The projected net profit for 2025 is RMB 3,330 million, reflecting a growth rate of 28.7% [7][8] Market Position and Strategy - The company is focusing on the AI and HPC sectors, with a significant increase in revenue from AI server and HPC-related PCB products, which accounted for approximately 29.48% of total revenue in 2024 [8] - The automotive segment is also growing, with revenue expected to reach RMB 24.08 billion in 2024, a year-on-year increase of 11.61% [8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company is projected to achieve a net profit of 7.2 to 8.2 billion RMB in Q1 2025, representing a year-on-year growth of 39.86% to 59.28% [1]. - The growth is driven by structural demand for printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing servers and artificial intelligence [1][2]. - The company is accelerating capacity expansion to meet strong demand, particularly in AI-related products, with significant revenue contributions from AI servers and high-performance computing (HPC) PCBs [3]. Summary by Sections Performance Review - The company expects a net profit of 7.2 to 8.2 billion RMB for Q1 2025, with a year-on-year growth of 39.86% to 59.28% [1]. - The non-recurring net profit is anticipated to be between 7.04 to 8.04 billion RMB, reflecting a growth of 41.77% to 61.91% [1]. Operational Analysis - AI remains the strongest demand driver, with significant capital expenditure increases expected from major cloud computing firms [2]. - The report highlights that AI server layers are increasing from 14-24 to 20-30, indicating a rise in industry value [2]. Business Expansion - The company's AI business share is rapidly increasing, with AI servers and HPC-related PCB products accounting for approximately 29.48% of the enterprise communication market segment [3]. - The company plans to launch high-density, high-speed interconnect PCB production lines and expand production for AI chip supporting PCBs in 2024 [3]. - The company has a strong international presence, with 83% of revenue and 91% of gross profit coming from overseas clients [3]. Profit Forecast and Valuation - The report conservatively adjusts profit expectations due to trade risks, forecasting net profits of 35.5 billion RMB, 49.6 billion RMB, and 58.3 billion RMB for 2025 to 2027, respectively [4]. - The corresponding price-to-earnings (P/E) ratios are projected at 13.5x, 9.7x, and 8.2x, reflecting potential for further profit upgrades [4].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company is projected to achieve a net profit of 7.2 to 8.2 billion RMB in Q1 2025, representing a year-on-year growth of 39.86% to 59.28% [1]. - The growth is driven by structural demand for printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing servers and artificial intelligence [1][2]. - The company is accelerating capacity expansion to meet strong demand, with AI-related products expected to account for approximately 29.48% of its enterprise communication market revenue in 2024 [3]. - The company has a significant overseas revenue share, with 83% of its revenue coming from international markets in 2024, and a high gross profit margin of 91% from overseas sales [3]. Summary by Sections Performance Review - The company anticipates a net profit of 7.2 to 8.2 billion RMB for Q1 2025, with a growth rate of 39.86% to 59.28% year-on-year [1]. - The expected net profit after deducting non-recurring items is projected to be between 7.04 and 8.04 billion RMB, reflecting a growth of 41.77% to 61.91% [1]. Operational Analysis - AI remains the strongest demand driver, with significant capital expenditure increases from major cloud computing firms like META, Google, Microsoft, and Amazon, projected to grow by 60%, 43%, 45%, and 20% respectively in 2025 [2]. - The company is enhancing its production capabilities to align with the growing AI demand, launching projects for high-density interconnect PCBs and AI chip supporting PCBs [3]. Profit Forecast, Valuation, and Rating - The company’s net profit forecasts for 2025 to 2027 are 35.5 billion RMB (down 13.2%), 49.6 billion RMB (down 7.3%), and 58.3 billion RMB respectively, with corresponding P/E ratios of 13.5x, 9.7x, and 8.2x [4]. - The report highlights the potential for further upgrades in profitability due to the company's focus on high-end product development [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [23]. Core Views - The company is projected to achieve a net profit of 720-820 million yuan in Q1 2025, representing a year-on-year increase of 39.86-59.28% and a quarter-on-quarter change of -2.55% to +10.98% [2]. - The growth is driven by the demand for AI-related products and the company's competitive advantages, which are expected to withstand tariff impacts [2][8]. - The company plans to invest 4.3 billion yuan to expand PCB capacity to meet the long-term demand from the AI industry, which is anticipated to support future growth [8]. Financial Performance Summary - Total revenue is expected to grow from 13,342 million yuan in 2024 to 22,433 million yuan in 2027, with year-on-year growth rates of 49.3%, 30.6%, 17.1%, and 9.9% respectively [4]. - Net profit is projected to increase from 2,587 million yuan in 2024 to 4,559 million yuan in 2027, with growth rates of 71.1%, 40.9%, 15.3%, and 8.5% respectively [4]. - Earnings per share (EPS) is expected to rise from 1.35 yuan in 2024 to 2.37 yuan in 2027 [4]. Market Position and Competitive Advantage - The company has a low direct exposure to the U.S. market, with less than 5% of its revenue coming from exports to the U.S., primarily exporting to Southeast Asia [8]. - The company benefits from a tight supply of mid-to-high-end PCB products and has a technological and production capacity advantage that may help mitigate potential tariff risks [8]. - The company is actively developing next-generation GPU platforms and network switch products, which are expected to enhance its market position [8].

Group 1: Impact of U.S. Tariffs - The company's direct export revenue to the U.S. is less than 5%, with primary exports to Southeast Asia, thus minimizing tariff impact [3] - The PCB industry is mainly concentrated in Asia, and the company does not foresee significant capacity expansion in the U.S. due to high difficulty [3] - The demand for AI-driven servers and high-speed network infrastructure is expected to grow, presenting opportunities for the industry [3] Group 2: Strategic Planning and Market Position - The company plans to maintain its existing strategies unless extreme circumstances arise, indicating confidence in long-term demand in specific application areas [3][4] - The company emphasizes a balanced customer base and sustainable long-term interests over short-term gains, focusing on high-value sectors [6] - The company is investing in key processes and bottleneck processes to improve capacity by the second half of 2025 [3] Group 3: Technological Development - The introduction of CPO will require significant adaptation across the supply chain, impacting PCB product specifications [5] - The company has a long-term focus on technological innovation and resource investment in high-density integration and high-speed signal transmission [6] Group 4: Investor Relations and Market Perception - Recent investor activities indicate a mixed perception, with significant net buying and selling among institutional investors [7][8] - The company expresses a desire for more direct communication with investors to understand their perspectives better [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, up 51.64% year-over-year and 20.74% quarter-over-quarter, with a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, and an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, a year-over-year increase of 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter, while the net margin was 17.00%, also showing a decline [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting significantly from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, a year-over-year increase of 51.64%, and a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, leading to an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, up 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7] Business Segment Insights - The enterprise communication segment is seeing rapid growth, particularly in AI server and HPC products, which accounted for approximately 29.48% of the segment [5] - The automotive segment is also growing, with new products in emerging fields, although profitability has been slightly impacted by price competition and raw material price fluctuations [5][6] Future Outlook - The company is expected to focus on the iteration of computing power segments and the turnaround of the automotive segment in 2025 [6] - The report highlights the company’s strong order backlog and technological advancements in GPU platform products, which are anticipated to support long-term growth [6]

Group 1: Impact of U.S. Tariffs and Market Dynamics - The company's direct export revenue to the U.S. is less than 5%, primarily exporting to Southeast Asia, and does not bear tariffs on products [3] - The PCB industry is mainly concentrated in Asia, with limited U.S. production capacity among competitors, making expansion difficult [3] - AI-driven demand in sectors like servers and data storage is expected to create growth opportunities, with significant investments planned to improve capacity by the second half of 2025 [3] Group 2: Strategic Planning and Market Outlook - The company remains optimistic about long-term structural demand in AI, high-speed networks, and automotive electronics, which are key growth drivers for the PCB market [3] - The Thai factory is set to enhance production capabilities for mid-to-high-end products, preparing for future market competition [3] - The Ethernet data center switch market is projected to exceed $180 billion from 2025 to 2029, indicating a strong growth trajectory [4] Group 3: Company Strategy and Resilience - The company adopts a differentiated strategy tailored to its circumstances, focusing on long-term sustainable benefits rather than short-term gains [4] - Maintaining a balanced customer base is crucial for stability in a changing market environment, with a focus on high-density integration and high-speed signal transmission [4] - The company emphasizes the importance of innovation and supply chain resilience to navigate uncertainties in the market [4] Group 4: Investor Engagement and Perception - The significance of the meeting may vary based on individual investor perspectives, influenced by objective facts or emotional factors [5] - The company's operational strategy is transparent, suggesting that the communication of its plans may not be as impactful as understanding investor sentiments [5]