Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrated strong growth with a revenue of 90.11 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 48.15%. The net profit attributable to shareholders reached 18.48 billion yuan, up 93.94% year-on-year [4][5] - The company is actively expanding its production capacity, with ongoing construction of a factory in Thailand and plans for new HDI product lines, reflecting confidence in future growth [4][5] - The company’s AI server and HPC-related PCB products generated revenue of 12.05 billion yuan in the first half of 2024, accounting for 22.22% of total revenue [4] Summary by Relevant Sections Financial Performance - For 2024, the company forecasts revenue of 114.68 billion yuan and net profit of 25.62 billion yuan, with corresponding P/E ratios of 33.10 [5][6] - The gross margin for the third quarter was 34.94%, with a net margin of 19.57% [4] Production and Expansion Plans - The company plans to invest 26.8 billion yuan in the first phase of a new HDI board project, with an expected annual production capacity of 180,000 square meters [4] - The construction of the Thai factory is expected to commence production in Q4 2024, which will help alleviate capacity constraints [4] Market Position and Growth Potential - The company is positioned to benefit significantly from the development of AI technologies, as indicated by the substantial revenue contribution from AI-related products [4] - The report highlights the company's proactive approach to expanding its market share through strategic investments and capacity enhancements [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported impressive revenue and profit performance, driven by the growing demand for AI, with a 48% year-on-year increase in revenue for the first three quarters, reaching 9 billion yuan, and a 94% increase in net profit attributable to shareholders, totaling 1.85 billion yuan [2] - The trend of AI demand continues, with the company making forward-looking investments across its entire product line, benefiting from the increasing shipment of high-end GPU products and the rising utilization rates of TSMC's 3nm and 5nm capacities [3] - The company is expanding its production capacity for AI-related PCBs, with an investment of 4.3 billion yuan expected to generate an additional annual revenue of approximately 4.8 billion yuan upon completion [4] Financial Forecasts and Valuation - The company's revenue forecasts for 2024-2026 have been adjusted upwards, with expected revenues of 12.493 billion yuan, 14.99 billion yuan, and 17.029 billion yuan respectively, reflecting a significant growth trajectory [5] - The net profit attributable to shareholders for the same period is forecasted to be 2.556 billion yuan, 3.465 billion yuan, and 4.054 billion yuan, indicating strong profitability growth [5] - The latest diluted EPS is projected to increase from 1.33 yuan in 2024 to 2.12 yuan in 2026, with a corresponding decrease in P/E ratio from 25.04 to 15.79 [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 9.011 billion yuan for the first three quarters, representing a year-on-year increase of 48.15%, with a net profit attributable to the parent company of 1.848 billion yuan, up 93.94% year-on-year [4] - The gross margin for the first three quarters was 35.86%, an increase of 5.28 percentage points year-on-year, while the net profit margin was 20.51%, up 4.84 percentage points year-on-year [4] - The company plans to expand its production capacity for high-end PCBs related to AI, with a total investment of 4.3 billion yuan for the project, which is expected to generate an additional annual revenue of 4.8 billion yuan and a net profit of 755 million yuan [5] - The company forecasts revenues of 12.564 billion yuan, 15.325 billion yuan, and 18.994 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.585 billion yuan, 3.364 billion yuan, and 4.313 billion yuan for the same years [6][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.587 billion yuan, a quarter-on-quarter increase of 26.29% and a year-on-year increase of 54.67% [4] - The net profit for Q3 was 708 million yuan, with a quarter-on-quarter increase of 13.03% and a year-on-year increase of 53.66% [4] - Inventory at the end of Q3 reached 2.691 billion yuan, a year-on-year increase of 49.25% [4] Production Expansion - The company plans to build a new high-end PCB production facility for AI chips, with a total construction period of 8 years, divided into two phases [5] - The first phase is expected to be completed by 2028, with an investment of approximately 2.68 billion yuan, while the second phase is expected to be completed by 2032, with an investment of approximately 1.62 billion yuan [5] Earnings Forecast - The company expects a gross margin of 35.7% in 2024, increasing to 38.9% by 2026 [10] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.35 yuan, 1.76 yuan, and 2.25 yuan respectively [10]

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [1]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $10.55 billion in 2024, representing a 35.87% increase from the previous year [1]. - The EBITDA is expected to rise from $2.1 billion in 2023 to $4.9 billion by 2026, reflecting a strong upward trend in profitability [4]. - The report highlights a robust demand for the company's products, particularly in the high-density interconnect and LIDAR markets, which are anticipated to drive future growth [2][3]. Financial Projections - Revenue projections for the company are as follows: - 2023: $7.84 billion - 2024: $10.55 billion - 2025: $14.77 billion - 2026: $19.61 billion [4]. - EBITDA forecasts are: - 2023: $2.1 billion - 2024: $3.24 billion - 2025: $4.23 billion - 2026: $4.93 billion [4]. - EPS is projected to increase from $0.79 in 2023 to $2.06 by 2026, indicating strong earnings growth [6]. Valuation Metrics - The report provides the following valuation metrics: - P/E ratio is expected to improve from 20.35 in 2024 to 15.36 in 2026, suggesting increasing investor confidence [6]. - EV/EBITDA is projected to decrease from 20.35 in 2024 to 15.36 in 2026, indicating a more favorable valuation over time [6]. Market Position - The company is positioned well within the high-density interconnect and LIDAR sectors, which are expected to see substantial growth due to technological advancements and increasing market demand [2][3]. - The report emphasizes the company's competitive advantages, including innovative product offerings and strong customer relationships, which are likely to enhance its market share [2].

证券研究报告 PCB 沪电股份（002463.SZ） 买入-A(维持) Q3 营收创新高，加码建设 AI 相关产能 | --- | --- | --- | |-----------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年三季度报告。 2024 年前三季度 , 公司实现营业收入 90.11 亿元，同比增长 48.15% ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨沪电股份（002463.SZ） [Table_Title] 沪电股份 2024 年三季报点评：单季业绩再创新 高，扩产项目布局高端 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------|-------| | 报告要点 | | | | [Table_Summary] 沪电股份发布 2024 年三季报： 2024 年前三季度，受益于高速运算服务器、人工智能等新兴计 | | | | 算场景对 PCB 的结构性需求，公司实现营业收入 90.11 亿元，同比 +48.15% ；实现归母净利润 | | | | 18.48 亿元，同比 +93.94% 。单三季度来看，公司实现营业收入 35.87 亿元，同比 +54.67% 、 | | | | 环比 +26.29% ；实现归母净利润 7.08 亿元，同比 +53.66% 、环比 +13.03% 。 | ...

Investment Rating - The report maintains a "Recommend" rating for the company, reflecting a positive outlook on its future performance [4] Core Views - The company achieved record-high revenue and net profit in 3Q24, with revenue reaching RMB 3.587 billion, a YoY increase of 54.67%, and net profit reaching RMB 708 million, a YoY increase of 53.66% [2] - The company's gross profit margin improved significantly to 34.94%, up 8.79 percentage points YoY, while the net profit margin slightly increased to 19.57% [2] - AI-related products, particularly AI servers and high-performance PCB products, are driving revenue growth, with the company making significant progress in PCIe6.0, OAM/UBB2.0, and GPU-related products [2] - The company announced a RMB 4.3 billion investment in a high-end HDI production expansion project to meet the growing demand for AI-related PCB products, with the project expected to contribute RMB 4.7 billion in net profit upon completion [2] - The company is expected to achieve net profits of RMB 2.584 billion, RMB 3.387 billion, and RMB 4.046 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 31x, 24x, and 20x [2] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is projected to be RMB 12.285 billion, RMB 15.144 billion, and RMB 17.377 billion, respectively, with growth rates of 37.44%, 23.27%, and 14.75% [5] - Net profit attributable to shareholders is expected to grow at a CAGR of 31.07% from 2024E to 2026E, reaching RMB 4.046 billion by 2026E [5] - The company's gross margin is forecasted to improve steadily, reaching 39.15% by 2026E, while the net profit margin is expected to rise to 23.29% [5] - ROE is projected to increase from 22.35% in 2024E to 26.59% in 2026E, reflecting strong profitability and efficient capital utilization [5] AI and High-End Product Strategy - The company is focusing on AI infrastructure, with significant R&D investments of RMB 577 million in the first three quarters of 2024, a YoY increase of 51.57% [2] - The company has made breakthroughs in high-speed network equipment, including 800G switches and 1.6T switch products, positioning itself to benefit from the growing demand for AI-related hardware [2] - The high-end HDI expansion project is expected to enhance the company's capacity to meet the demand for high-performance PCB products in AI servers and data centers [2] Valuation and Projections - The company's EPS is projected to grow from RMB 1.35 in 2024E to RMB 2.11 in 2026E, with a corresponding decline in P/E ratios from 31x to 20x [5] - The EV/EBITDA ratio is expected to decrease from 23.41x in 2024E to 14.99x in 2026E, indicating improving valuation metrics [5] - The company's dividend yield is forecasted to increase from 2.03% in 2024E to 3.18% in 2026E, reflecting strong cash flow generation and shareholder returns [5]

002463.SZ 买入 原评级：买入 市场价格:人民币 44.28 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (18%) 11% 41% 71% 101% 130% Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 沪电股份 深圳成指 至今 个月 个月 个月 绝对 101.1 30.2 32.6 130.7 相对深圳成指 88.1 5.8 7.3 119.3 | --- | --- | --- | |-------------------------------|--------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,915.36 | | 流通股 ( 百万 ) | | 1,914.15 | | 总市值 ( 人民币 百万 ) | | 84,812.21 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,600.43 | | 主要股东 | | | | 碧景 ( 英属维尔京群岛 ) | 控股有限公司 | 19.41 | | 资料来源：公 ...

公司点评报告 · 电子行业 Q3 业绩继续创新高, 扩产满足 AI 需求增长 — 2024 年三季报报点评 2024年10月 25 日 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------- ...

证券研究报告 公司研究 [公司点评报告 Table_ReportType] | --- | --- | |----------------------------------------|-------| | | | | [Table_StockAndRank] 沪电股份 (002463) | | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 联系电话：13437172818 相关研究 [2023 Table_OtherReport] 年报及 2024 年一季报业绩预告 点评：AI 革命长坡厚雪，算力产业链 重要一环 业绩超预期，AI 借力扶摇直上 AI 发展助力高成长，盈利能力改善明 显 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] AI 引擎动能强劲，投资扩产夯实中长期成长 基础 [Table_ReportDate] 2024 年 ...