Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 18.21-18.71 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 91.05%-96.26% [3]. - The net profit, excluding non-recurring gains and losses, is expected to be 17.81-18.31 billion yuan, reflecting a year-on-year increase of 123%-109% [3]. - The third quarter of 2024 is anticipated to show a net profit of 6.80-7.30 billion yuan, marking a year-on-year growth of 47.67%-58.53% [3]. - The company benefits from the explosive growth in demand for AI, particularly in high-performance servers and AI computing scenarios, which has significantly increased the demand for PCB [3]. Financial Projections - The total revenue for 2024-2026 is forecasted to be 116.53 billion, 150.27 billion, and 173.47 billion yuan, with year-on-year growth rates of 30.37%, 28.95%, and 15.44% respectively [4]. - The net profit attributable to shareholders for the same period is expected to be 23.56 billion, 32.36 billion, and 38.01 billion yuan, with growth rates of 54.79%, 37.32%, and 17.47% respectively [4]. - The projected PE ratios for 2024-2026 are 35X, 26X, and 22X [4]. Product Development and Market Position - The company is optimizing its product structure, with high-performance servers and switches being shipped [3]. - The enterprise communication market is seeing advancements with the next-generation server products based on PCIe 6.0 undergoing technical certification [3]. - The automotive board business is also growing, with new products like millimeter-wave radar and HDI-based autonomous driving assistance systems gaining market traction [3]. Stock Option Plan - The company plans to implement a stock option incentive plan, granting up to 30 million stock options to 626 individuals, including directors and senior management, with a strike price of 20.22 yuan [3].

1、公司本次股票期权代码：037881；期权简称：沪电JLC1。 证券代码：002463 证券简称：沪电股份 公告编号：2024-069 沪士电子股份有限公司 关于《公司2020年度股票期权激励计划》 2、公司本次股票期权符合行权条件的激励对象共551名，可行权的股票期权 数量共计9,002,073份，行权价格为14.34元/份。股票来源为公司向激励对象定向 发行的公司A股普通股。 3、《公司2020年度股票期权激励计划》分三期行权，公司2020年度股票期 权激励计划第三个行权期的等待期将于2024年10月15日届满。 4、本次可以行权期限为2024年10月16日至2025年10月15日止。截至本公告 日，中国证券登记结算有限责任公司深圳分公司的手续已办理完成。 沪士电子股份有限公司 关于《公司 2020 年度股票期权激励计划》第三个行权期采用自主行权模式的提示性公告 第三个行权期采用自主行权模式的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、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： 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 沪士电子股份有限公司（下称"公司 ...

沪士电子股份有限公司关于公司 2024 年度股票期权激励计划授予登记完成的公告 一、激励计划已履行的决策程序和信息披露情况 1、2024 年 8 月 21 日，公司召开了第七届董事会第三十一次会议，审议并 通过了《关于<公司 2024 年度股票期权激励计划（草案）>及其摘要的议案》《关 于<公司 2024 年度股票期权激励计划实施考核管理办法>的议案》及《关于提请 股东大会授权董事会办理公司 2024 年度股票期权激励计划有关事项的议案》， 公司聘请的律师事务所出具了相应的法律意见。 2、2024 年 8 月 21 日，公司召开了第七届监事会第二十二次会议，审议并 通过了《关于<公司 2024 年度股票期权激励计划（草案）>及其摘要的议案》《关 于<公司 2024 年度股票期权激励计划实施考核管理办法>的议案》及《关于核实 <公司 2024 年度股票期权激励计划激励对象名单>的议案》，公司监事会对此发 表了核查意见，本次激励计划的实施将有利于上市公司的持续发展， 不存在损 害上市公司及全体股东利益的情形，相关激励对象作为公司本次股权激励对象 的主体资格合法、有效。 3、2024 年 8 月 23 日至 202 ...

上 市 公 司 电子 证 券 研 究 报 告 2024 年 10 月 12 日 沪电股份 (002463) ——24Q3 归母净利润同比+54%，发布普惠股权激励 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 11 日 | | 收盘价（元） | 41.84 | | 一年内最高 / 最低（元） | 46.86/18.80 | | 市净率 | 7.9 | | 息率（分红/股价） | 1.20 | | 流通 A 股市值（百万元） | 80,085 | | 上证指数/深证成指 | 3,217.74/10,060.74 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.28 | | 资产负债率 % | 43.76 | | 总股本/流通 A 股（百万） | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit significantly from the high demand in AI business, leading to substantial year-on-year growth in Q3 2024 [3] - The projected net profit for the first three quarters of 2024 is estimated to be between 1.821 to 1.871 billion yuan, representing a year-on-year increase of 91.05% to 96.29% [3] - The company maintains its profit forecast for 2024-2026, with expected net profits of 2.515 billion, 3.291 billion, and 3.855 billion yuan respectively [3] Financial Performance Summary - For Q3 2024, the expected net profit is between 680 to 730 million yuan, showing a year-on-year increase of 47.67% to 58.53% and a quarter-on-quarter increase of 8.62% to 16.61% [3] - The expected operating revenue for 2024 is projected to be 12.034 billion yuan, with a year-on-year growth of 34.6% [7] - The company's gross profit margin is expected to improve from 31.2% in 2023 to 34.6% in 2024 [7] Production Capacity and Incentives - The first phase of the Thailand production base is expected to begin trial production in Q4 2024, with customer certification and product introduction underway [6] - The company has announced a stock option incentive plan, granting 30 million options to 626 individuals, reflecting confidence in future development [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - Despite the impact of exchange rates, the company has achieved significant year-on-year and quarter-on-quarter growth, positioning it as a strong performer in the medium to long term [1] - The company expects a substantial increase in net profit for Q3 2024, with estimates ranging from 6.80 to 7.30 billion yuan, reflecting a year-on-year growth of 47.67% to 58.53% and a quarter-on-quarter growth of 8.62% to 16.61% [4][5] - The company is benefiting from structural demand for printed circuit boards driven by emerging computing scenarios such as high-performance servers and artificial intelligence [5] Financial Performance - For the first three quarters of 2024, the company anticipates a net profit attributable to shareholders of 18.21 to 18.71 billion yuan, representing a year-on-year increase of 91.05% to 96.29% [5] - The company has made significant investments in R&D in data communication, high-speed networking equipment, and data centers, leading to the successful launch of high-end products [5] - Revenue projections for 2024 to 2026 are set at 115.30 billion yuan, 148.22 billion yuan, and 192.70 billion yuan, respectively, with net profits expected to be 25.36 billion yuan, 32.72 billion yuan, and 44.73 billion yuan [5][6] Operational Developments - The construction of the company's production base in Thailand is progressing well, with the first phase expected to begin trial production in Q4 2024 [5] - The company is actively upgrading and expanding its production capabilities to ensure efficient operations across different production bases [5] Market Outlook - The company is well-positioned to capitalize on the increasing demand for high-speed switches and advanced networking products, with expectations of further penetration in the market [5] - The anticipated growth in the company's earnings and revenue reflects a strong outlook for the printed circuit board industry, driven by technological advancements and market demand [5][6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 55.8 CNY, compared to the current price of 44.18 CNY [2]. Core Views - The company's performance for the first three quarters of 2024 is expected to meet expectations, driven by strong demand for AI products, with projected net profit ranging from 1.821 to 1.871 billion CNY, representing a year-on-year increase of 91-96% [2]. - The third quarter of 2024 is anticipated to show significant improvement in performance, with a net profit forecast of 680 to 730 million CNY, reflecting a year-on-year growth of 48-59% and a quarter-on-quarter increase of 9-17% [2]. - The demand for AI products, particularly in high-speed computing servers and AI applications, is expected to drive substantial growth in the company's earnings [2]. - The penetration of 800G switches is accelerating, with expectations that the data center switch market will expand by 50% due to increased spending on AI backend networks [2]. - The company is focusing on high-end automotive board products, with potential contributions from its subsidiary, Shengweicai, expected to enhance automotive business growth [2]. Financial Summary - The total revenue for 2023 is projected at 8.938 billion CNY, with expected growth rates of 29.4% in 2024 and 27.6% in 2025 [3]. - The net profit for 2023 is estimated at 1.513 billion CNY, with a significant increase of 74.4% expected in 2024 [3]. - Earnings per share (EPS) is projected to rise from 0.79 CNY in 2023 to 1.38 CNY in 2024, reflecting a strong growth trajectory [3]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 56 in 2023 to 32 in 2024, indicating improved valuation metrics [3].

Financial Performance Forecast - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between RMB 182,083.03 million and RMB 187,083.03 million, representing a year-on-year increase of 91.05% to 96.29% compared to RMB 95,308.23 million in the same period last year[2]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between RMB 178,147.11 million and RMB 183,147.11 million, reflecting a year-on-year growth of 102.97% to 108.66% compared to RMB 87,771.71 million last year[2]. - The estimated basic earnings per share for the first three quarters of 2024 is projected to be between RMB 0.95 and RMB 0.98, compared to RMB 0.5009 in the same period last year[2]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is expected to be between RMB 68,000 million and RMB 73,000 million, indicating a year-on-year increase of 47.67% to 58.53% compared to RMB 46,047.64 million last year[3]. - The estimated net profit after deducting non-recurring gains and losses for the third quarter is projected to be between RMB 67,000 million and RMB 72,000 million, representing a year-on-year growth of 54.55% to 66.08% compared to RMB 43,352.66 million last year[3]. Market Drivers and Risks - The company anticipates growth in both revenue and net profit for the third quarter of 2024, driven by structural demand for printed circuit boards from emerging computing scenarios such as high-performance servers and artificial intelligence[4]. - The performance forecast has not been reviewed by the accounting firm, and the actual financial data will be disclosed in the company's Q3 2024 report[4]. - Investors are advised to exercise caution and consider investment risks as the performance forecast is based on preliminary estimates by the company's finance department[4].

成长 长青 共利 沪士电子股份有限公司 2024 年度股票期权激励计划激励对象名单 沪士电子股份有限公司 2024 年度股票期权激励计划激励对象名单 | 序号 | 姓名 | 职务 | 授予股票期权数量 | 占本次授予股票 | 占目前公司总股本 | | --- | --- | --- | --- | --- | --- | | | | | (万份) | 期权总数的比例 | 的比例 | | 1 | 高文贤 | 董事、事业部总经理 | 20.00 | 0.67% | 0.01% | | 2 | 石智中 | 董事、事业部总经理 | 20.00 | 0.67% | 0.01% | | 3 | 李明贵 | 副总经理、董事会秘书 | 20.00 | 0.67% | 0.01% | | 4 | 朱碧霞 | 财务总监 | 20.00 | 0.67% | 0.01% | | 5 | 张 进 | 董事、业务部副总经理 | 20.00 | 0.67% | 0.01% | | | | 其他激励对象（620 人） | 2,899.80 | 96.67% | 1.51% | | | | 合计（625 人） | 2,999.80 | 100 ...

沪士电子股份有限公司第七届董事会第三十三次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-063 沪士电子股份有限公司 第七届董事会第三十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 会议审议通过了如下决议： 1、审议通过《关于调整公司 2024 年度股票期权激励计划激励对象名单及股 票期权数量的议案》。 关联董事高文贤先生、石智中先生、张进先生回避表决，表决结果：同意6 票；反对0票；弃权0票。 鉴于公司 2024 年度股票期权激励计划中（以下简称"激励计划"或"本次 激励计划"）1 名激励对象（汤维超）因在监事会审议确定激励对象名单后离职， 根据公司 2024 年第二次临时股东大会的授权，公司董事会对本次激励计划激励 对象名单及股票期权数量进行了相应调整。具体调整情况为：激励对象由 626 名调整为 625 名，股票期权数量由 3,000 万份调整为 2,999.80 万份，其余内容保 持不变。 《公司关于调整公司 2024 年度股票期权激励计划激励对象名单及股票期权 1 沪士电子股 ...