Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company has a strong order backlog, leading to significant year-on-year growth in performance. For the first three quarters of 2024, the company achieved revenue of 9.01 billion yuan, up 48.15% year-on-year, and a net profit attributable to shareholders of 1.85 billion yuan, up 93.94% year-on-year [2][3] - The company plans to expand its high-end production capacity to enhance long-term competitiveness, with an investment of approximately 4.3 billion yuan for a project aimed at increasing production capacity for high-end printed circuit boards (PCBs) [3] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 3.587 billion yuan, a year-on-year increase of 54.67% and a quarter-on-quarter increase of 26.29%. The net profit for the same quarter was 708 million yuan, up 53.66% year-on-year and 13.03% quarter-on-quarter [3] - The gross margin for the first three quarters of 2024 increased by 5.29 percentage points to 35.86%, while the net margin rose by 4.89 percentage points to 20.31% [3] Future Projections - The company forecasts EPS for 2024, 2025, and 2026 to be 1.32 yuan, 1.79 yuan, and 2.12 yuan respectively, with corresponding P/E ratios of 33.7, 24.7, and 20.9 based on the closing price on October 25, 2024 [5] - The revenue projections for 2024, 2025, and 2026 are 12.011 billion yuan, 14.891 billion yuan, and 17.186 billion yuan respectively, reflecting a growth rate of 34.4%, 24.0%, and 15.4% [4][8] Investment Plans - The company has announced a plan to invest approximately 4.3 billion yuan in expanding high-end PCB production capacity, with a total construction period of 8 years. The project will be implemented in two phases, with the first phase expected to add 180,000 square meters of production capacity and generate an estimated additional annual revenue of 3 billion yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown significant year-on-year growth in revenue and net profit, driven by strong orders and the expansion of its AI-related product offerings [3] - The company is expanding its high-density PCB production capacity to support the increasing demand for AI products, with a total investment of approximately 43 billion yuan planned over eight years [2][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.011 billion yuan, representing a year-on-year increase of 48.15%, and a net profit of 1.848 billion yuan, up 93.94% year-on-year [3] - In Q3 2024, the company reported revenue of 3.587 billion yuan, a year-on-year increase of 54.67% and a quarter-on-quarter increase of 26.29% [3] - The gross margin for Q3 2024 was 34.94%, an increase of 2.82 percentage points year-on-year, while the net profit margin was 19.73% [3] Revenue and Profit Forecast - The company forecasts revenue growth from 12.034 billion yuan in 2024 to 16.220 billion yuan in 2026, with corresponding net profits expected to rise from 2.515 billion yuan to 3.855 billion yuan [4][6] - The earnings per share (EPS) is projected to increase from 1.31 yuan in 2024 to 2.01 yuan in 2026, with the current price-to-earnings (P/E) ratio expected to decrease from 33.7 to 22.0 over the same period [4][6] Expansion Projects - The company plans to expand its high-density PCB manufacturing capacity, with the first phase expected to produce approximately 180,000 square meters annually, generating an estimated additional annual revenue of 3 billion yuan and a net profit of 470 million yuan [2][3] - The second phase aims for an annual production of 110,000 square meters, with projected additional annual revenue of 1.8 billion yuan and a net profit of 285 million yuan [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported record high performance in Q3, driven by the AI trend and expansion of high-end production capacity [1] - The company aims to invest in high-end printed circuit boards (PCBs) to meet the growing demand in emerging computing scenarios such as AI and high-speed computing servers [1] - The company’s Q3 revenue reached 9.011 billion yuan, a year-on-year increase of 48.15%, while net profit attributable to shareholders was 4.8 billion yuan, up 93.94% year-on-year [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 8,336 million yuan - 2023A: 8,938 million yuan (growth rate: 7%) - 2024E: 11,854 million yuan (growth rate: 33%) - 2025E: 14,928 million yuan (growth rate: 26%) - 2026E: 17,331 million yuan (growth rate: 16%) [1][2] - **Net Profit Forecasts**: - 2022A: 1,362 million yuan - 2023A: 1,513 million yuan (growth rate: 11%) - 2024E: 2,526 million yuan (growth rate: 67%) - 2025E: 3,337 million yuan (growth rate: 32%) - 2026E: 4,010 million yuan (growth rate: 20%) [1][2] - **Earnings Per Share (EPS)**: - 2022A: 0.71 yuan - 2023A: 0.79 yuan - 2024E: 1.32 yuan - 2025E: 1.74 yuan - 2026E: 2.09 yuan [1][2] - **Cash Flow**: - Operating cash flow for 2023A is 2,243 million yuan, expected to rise to 4,412 million yuan in 2024E [3] Market Position and Strategy - The company is expanding its high-end PCB production capacity to align with the increasing demand from AI and high-performance computing sectors [1] - The planned investment for the first phase of the project is 8 billion yuan, with a target to complete by 2028 [1] - The company’s financial metrics indicate a strong growth trajectory, with significant increases in revenue and net profit expected over the next few years [1][2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 56.1 CNY, compared to the current price of 42.33 CNY [1][2]. Core Views - The company's Q3 2024 performance met expectations, with revenue reaching 3.587 billion CNY, a year-over-year increase of 54.67% and a quarter-over-quarter increase of 26.29%. The net profit attributable to shareholders was 708 million CNY, up 53.66% year-over-year and 13.03% quarter-over-quarter [1][2]. - The strong performance is driven by high demand for advanced products such as 800G switches and AI servers, leading to an optimized product structure [2]. - The company plans to invest 4.3 billion CNY in a project to build high-end printed circuit boards for AI chips, indicating a strategic focus on AI technology [1][2]. Financial Summary - Total revenue for 2023 is projected at 8.938 billion CNY, with a year-over-year growth rate of 7.2%. For 2024, revenue is expected to reach 11.564 billion CNY, reflecting a growth rate of 29.4% [3]. - The net profit attributable to shareholders is forecasted to be 1.513 billion CNY in 2023, with a growth rate of 11.1%. By 2024, it is expected to increase to 2.625 billion CNY, representing a significant growth of 73.5% [3]. - The earnings per share (EPS) is projected to rise from 0.79 CNY in 2023 to 1.37 CNY in 2024, with a price-to-earnings (P/E) ratio decreasing from 54 to 31 [3]. Market Position and Outlook - The company is well-positioned to benefit from the growing AI computing market, particularly in North America, where it has established a strong customer base [2]. - The report anticipates that the company's profitability will continue to improve, with expectations for monthly profits to consistently break new highs [2]. - The production capacity is expected to increase with the upcoming launch of the Thailand factory and ongoing upgrades at the Kunshan facility, further solidifying the company's competitive advantage [2].

沪士电子股份有限公司关于新建人工智能芯片配套高端印制电路板扩产项目的公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-074 沪士电子股份有限公司 关于新建人工智能芯片配套高端印制电路板扩产项目的公告 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。 本项目建设期长，由于市场本身具有不确定因素，如果未来市场需求增 长低于预期，或业务市场推广进展、产品价格波动等与公司预期产生较大偏差， 本项目的实施也可能存在变更、延期、中止或终止的风险，同时也有可能存在 本项目全部实施后达不到预期效益的风险。 ● 其他：本项目总投资额、预期收益等数据均为预估数值，并不代表公司对未来 业绩的预测，亦不构成对投资者的业绩承诺；本项目不会对公司 2024 年经营业绩 产生重大影响。 一、概述 公司于 2021 年 2 月 1 日召开的第六届董事会第二十四次会议审议通过《关于 投资新建应用于半导体芯片测试及下一代高频高速通讯领域的高层高密度互连积 层板研发与制造项目的议案》，决议在昆山青淞厂投资新建应用于半导体芯片测试 1 ● 项目名称：人工智能芯片配套高端印制电路板 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥3,586,807,892, representing a 54.67% increase year-over-year[1] - Net profit attributable to shareholders was ¥707,559,126, up 53.66% compared to the same period last year[1] - The net profit after deducting non-recurring gains and losses was ¥694,841,005, reflecting a 60.28% increase year-over-year[1] - The company's basic earnings per share for the period was ¥0.3695, an increase of 52.88% year-over-year[1] - The company's operating revenue for the first three quarters of 2024 reached RMB 9,010,914,022, a year-on-year increase of 48.15% compared to RMB 6,082,456,911 in the same period of 2023[5] - Total operating revenue for the third quarter reached ¥9,010,914,022, a significant increase from ¥6,082,456,911 in the same period last year, representing a growth of approximately 48.5%[9] - Net profit for the quarter was ¥1,830,221,921, compared to ¥937,811,714 in the previous year, marking an increase of about 95.0%[9] - The company reported a total comprehensive income of ¥1,972,135,245, compared to ¥959,866,610 in the same quarter last year, indicating a growth of about 105.5%[9] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥19,108,067,956, a 19.16% increase from the end of the previous year[1] - Total assets increased to ¥19,108,067,956 from ¥16,035,480,626, indicating a growth of about 12.9%[8] - Current assets rose to ¥9,407,074,830, compared to ¥7,840,865,449 at the beginning of the year, representing an increase of approximately 19.9%[8] - Total liabilities increased to ¥8,114,378,220 from ¥6,198,256,989, reflecting a rise of approximately 32.5%[8] - The company's equity attributable to shareholders reached ¥10,951,498,751, up from ¥9,784,707,633, an increase of about 11.9%[8] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥1,860,311,828, showing an 8.13% increase compared to the same period last year[1] - The net cash flow from operating activities was RMB 1,860,311,828, an increase of 8.13% from RMB 1,720,408,818 in the same period last year[5] - Operating cash inflow for the period reached CNY 9,546,077,978, an increase of 38.5% compared to CNY 6,880,554,546 in the previous period[10] - Cash inflow from financing activities amounted to CNY 3,722,835,657, an increase of 4.4% compared to CNY 3,566,135,881[10] - The ending balance of cash and cash equivalents was CNY 2,516,097,026, up from CNY 1,773,659,885, representing a growth of 42%[10] Expenses - Operating costs increased to RMB 5,779,810,231, reflecting a 36.87% rise from RMB 4,222,757,221 in the previous year, primarily due to higher sales volume[5] - Research and development expenses rose by 51.57% to RMB 577,282,436, up from RMB 380,879,577, indicating increased investment in innovation[5] - The total tax expenses increased by 56.61% to RMB 261,633,353, up from RMB 167,063,956, due to higher profit levels[5] - The company experienced a significant increase in sales expenses, which rose by 46.36% to RMB 264,421,364 from RMB 180,662,322[5] - Cash paid for purchasing goods and services rose to CNY 5,328,415,996, up from CNY 3,557,171,757, reflecting a 49.8% increase[10] Investments - The company reported a net loss from investments of RMB 23,107,623, which is a 34.03% improvement compared to a loss of RMB 35,026,363 in the previous year[5] - The company’s cash flow from investing activities improved by 8.74%, with a net outflow of RMB -1,392,828,154 compared to RMB -1,526,242,714 in the previous year[5] - Cash outflow from investment activities totaled CNY 2,281,586,116, a decrease of 32% from CNY 3,351,834,253 in the previous period[10] - Net cash flow from investment activities was -CNY 1,392,828,154, slightly improved from -CNY 1,526,242,714[10] Shareholder Information - The company’s major shareholders include BIGGERING(BVI) HOLDINGS CO., LTD. with a 19.41% stake and WUS GROUP HOLDINGS CO., LTD. with an 11.94% stake[6]

沪士电子股份有限公司第七届董事会第三十四次会议决议公告 本项议案已获公司第七届董事会审计委员会一致通过。 证券代码：002463 证券简称：沪电股份 公告编号：2024-070 沪士电子股份有限公司 第七届董事会第三十四次会议决议公告 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。 一、董事会会议召开情况 沪士电子股份有限公司（下称"公司"）董事会于2024年10月13日以通讯方 式发出召开公司第七届董事会第三十四次会议通知。会议于2024年10月23日在公 司会议室以现场结合通讯表决的方式召开，会议应到董事9人，实到董事9人，其 中陈梅芳女士、高启全先生、林明彦先生、吴传林先生、王永翠女士以通讯表决 方式参加，公司监事和高级管理人员列席了会议。公司董事长陈梅芳女士主持本 次会议。本次会议的通知、召开以及参会董事人数均符合《中华人民共和国公司 法》等有关法律法规及《公司章程》的规定。 二、董事会会议审议情况 会议审议通过了如下决议： 1、审议通过《关于<公司 2024 年第三季度报告>的议案》。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 《公司 2 ...

沪士电子股份有限公司 第七届监事会第二十六次会议决议公告 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。 沪士电子股份有限公司第七届监事会第二十六次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-071 表决结果：同意 3 票；反对 0 票；弃权 0 票。 经审核，监事会认为：本次改聘公司2024年度审计机构的原因充分、恰当， 已履行程序符合相关规定，不存在损害公司和全体股东特别是中小股东利益的情 1 沪士电子股份有限公司第七届监事会第二十六次会议决议公告 一、监事会会议召开情况 沪士电子股份有限公司（下称"公司"）监事会于2024年10月13日以通讯方 式发出召开公司第七届监事会第二十六次会议通知。会议于2024年10月23日在公 司会议室以现场表决方式召开，会议应到监事3人，实到监事3人，公司董事会秘 书李明贵先生、财务总监朱碧霞女士列席了本次会议。公司监事会主席郭秀銮女 士主持本次会议。本次会议的通知、召开以及参会监事人数均符合《中华人民共 和国公司法》等有关法律法规及《公司章程》的规定。 二、监事会会议审议情况 1、审议通 ...

沪士电子股份有限公司关于变更会计师事务所的公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-073 沪士电子股份有限公司 关于变更会计师事务所的公告 一、拟变更会计师事务所的基本情况 （一）机构信息 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1. 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（下称 "立信"） 2. 原聘任的会计师事务所名称：普华永道中天会计师事务所（特殊普通合伙） （下称"普华永道中天"） 3. 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于普华永道 中天已连续多年为沪士电子股份有限公司（下称"公司"）提供审计服务，为保 持审计工作的独立性、公允性、客观性，综合考虑公司现有业务状况和整体审计 需要等实际情况，拟改聘立信担任公司 2024 年度审计机构。公司已就变更会计 师事务所事宜与前任会计师进行了充分沟通，前任会计师事务所对变更事宜无异 议。 4. 本次变更符合财政部、国务院国资委、证监会印发的《国有企业、上市公 司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 公司 ...

沪士电子股份有限公司 关于为全资子公司提供担保的进展公告 沪士电子股份有限公司关于为全资子公司提供担保的进展公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-075 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。 特别提示： 沪士电子股份有限公司（下称"公司"）全资子公司沪士国际有限公司（下 称"沪士国际"）最近一期财务报表资产负债率超过70%，特此提醒投资者充分关 注担保风险。 一、担保情况概述 公司于2024年3月24日、2024年4月29日分别召开第七届董事会第二十七次会 议、第七届监事会第十九次会议、2023年度股东大会审议通过《关于向相关金融 机构申请综合授信额度并为子公司提供担保的议案》，同意公司在有效期限内， 为合并报表范围内从事印制电路板生产制造和销售的子公司以及以贸易、投资为 主的子公司沪士国际、WUS INTERNATIONAL INVESTMENT SINGAPORE PTE.LTD.提 供总额折合不超过人民币20亿元的担保，其中对资产负债率低于70%的上述子公 司的担保额度为折合不超过人民币10亿元，对资产负债率不低 ...