Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 49.50 RMB from the previous 38.00 RMB [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 10.8-11.6 billion RMB for 1H24, with a median of 11.2 billion RMB, representing a year-on-year growth of 127%. For 2Q24, the expected net profit is 5.65-6.45 billion RMB, with a median of 6.05 billion RMB, indicating a year-on-year growth of 107% and a quarter-on-quarter growth of 18% [1][10]. - The growth is primarily driven by the increasing demand for high-end PCB products related to AI and high-performance computing (HPC). The revenue share of AI-related PCB products is expected to rise from 14% in 2023 to 25% in 2024 [2][3]. - The company is well-positioned to benefit from the ongoing investments in AI by major tech companies, particularly in overseas cloud computing and computing power sectors [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 have been increased by 9%, 25%, and 37% respectively, with net profit estimates adjusted to 26 billion RMB, 38 billion RMB, and 47 billion RMB for the same years [1][4][10]. - The gross profit margin expectations have also been raised by 1.6 percentage points, 2.1 percentage points, and 2.2 percentage points for 2024, 2025, and 2026 respectively [1][10]. Market Position and Expansion - The company has acquired land in Thailand for a new production facility, which is expected to commence mass production in 4Q24, alleviating current capacity concerns and supporting revenue growth in 2025-2026 [3]. - The company is recognized as a leading supplier of PCBs for AI servers and switches, with optimistic forecasts for the demand in the 400G/800G switch PCB market [10].

沪电股份(002463) / 元件 / 公司点评 / 2024.07.13 业绩持续高增,AI 训练侧+网络侧前景可观 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-07-12 | | 收盘价(元) | 40.25 | | 流通股本(亿股) | 19.12 | | 每股净资产(元) | 5.41 | | 总股本(亿股) | 19.14 | 最近 12 月市场表现 -35% -12% 11% 34% 57% 80% 沪电股份 沪深300 元件 分析师 张益敏 SAC 证书编号:S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号:S0160522090001 wujc01@ctsec.com 相关报告 1. 《业绩符合预期,算力需求支持高端 PCB 增长》 2024-03-28 2. 《保持强劲成长势头,高壁垒塑造优 秀盈利能力》 2024-02-02 3. 《净利润创历史新高,数通拉货展现 成长动能》 2023-10-26 ❖ 事件:公司发布公告,预计 ...

Financial Performance Forecast - The estimated net profit for the first half of 2024 is projected to be between 108 million and 116 million yuan, representing a year-on-year growth of 119.24% to 135.48% compared to 49.26 million yuan in the same period last year [3]. - The estimated net profit after deducting non-recurring gains is expected to be between 105 million and 113 million yuan, indicating a year-on-year increase of 136.84% to 154.85% from 44.42 million yuan last year [3]. - The basic earnings per share are projected to be between 0.56 yuan and 0.61 yuan, compared to 0.2591 yuan per share in the same period last year [3]. Market Drivers - The company anticipates growth in both operating revenue and net profit due to structural demand for printed circuit boards driven by emerging computing scenarios such as high-performance servers and artificial intelligence [4]. Cautionary Notes - The performance forecast is based on preliminary estimates by the company's finance department and has not been reviewed by the accounting firm [4]. - Investors are advised to exercise caution and consider investment risks as the actual financial data will be disclosed in the company's 2024 semi-annual report [4].

沪士电子股份有限公司关于高级管理人员拟减持公司股份的预披露公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-044 沪士电子股份有限公司 关于高级管理人员拟减持公司股份的预披露公告 高级管理人员李明贵先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 李明贵先生持有公司股份559,203股（占公司目前总股本的比例约0.0292%）。 李明贵先生拟自本公告披露之日起15个交易日后，即自2024年7月22日起的三个月 内以集中竞价交易的方式减持其持有的公司股份不超过139,800股（占公司目前总 股本的比例约0.0073%）。 一、拟减持股东的基本情况 截至本公告披露之日，李明贵先生持有公司股份的数量、约占公司目前总股 本的比例情况如下： | 股东姓名 | 持股数量（股） | 约占公司目前总股本的比例 | | --- | --- | --- | | 李明贵 | 559,203 | 0.0292% | 二、拟减持股份计划的主要内容 1、拟减持原因：个人资金需求。 2、拟减持的股份来 ...

证券代码：002463 证券简称：沪电股份 公告编号：2024-043 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 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，对资产负债率不低于70%的上述子公 司的担保额度为折合不超过人民币10亿 ...

沪士电子股份有限公司关于吸收合并全资子公司的进展公告 一、吸收合并事项概述 沪士电子股份有限公司（下称"公司"）于2024年1月8日、2024年1月29日分 别召开的第七届董事会第二十五次会议、2024年第一次临时股东大会审议通过 《关于吸收合并全资子公司的议案》，同意公司吸收合并全资子公司昆山先创利 电子有限公司（下称"先创利"）。本次吸收合并完成后，先创利的独立法人资 格依法注销，先创利的全部资产、债权债务、业务及其他一切权利和义务均由公 司依法承继，公司将作为经营主体对吸收的资产和业务进行管理。本次吸收合并 事项不涉及公司注册资本变更。 具体内容详见2024年1月9日公司刊登在指定披露信息的媒体《证券时报》及 巨潮资讯网（http://www.cninfo.com.cn）的《公司关于吸收合并全资子公司的公 告》(公告编号：2024-004)。 二、吸收合并进展情况 2024年6月12日，公司收到了昆山市行政审批局出具的《登记通知书》 （3205ksspj0004）登字【2024】第06110605号，公司提交的公司注销登记申请材 料齐全，符合法定形式，予以登记。至此，公司吸收合并全资子公司先创利事项 已 ...

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：2024-0607-021 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 □现场参观 电话会议 类别 □其他： 2024年6月7日 09:10-10:40 现场调研 花旗环球金融亚洲有限公司、观富资产、 中投国际（香港）有限公司、安本私募基金管理（上海）有限公司 2024年6月7日 11:00-12:00 网络会议 国泰证券、新光投信 、元大投信、凯基 参与单位名称及 投信、统一投信、Capella 时间 （采取电话会议形式的参会者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。） 地点 公司会议室 公司接待人员 钱元君 公司声明：受商业政策限制，未经许可公司不便讨论具体的厂商。PCB属于被动 元器件，具体经营情况受多种因素影响，在目前的时点，对于 2024 年第二季度的业 绩情况也很难给出具体的指引。希望更多的就行业发展变化的趋势以及过程中可能存 在的一些不确定性因素和大家做交流 ...

Investment Rating - The investment rating for the company is "OUTPERFORM" with a target price of RMB 38.69 [2][12]. Core Insights - The company reported a revenue of RMB 8.94 billion in 2023, representing a year-on-year increase of 7.23%, with a gross profit margin (GPM) of 31.17%, up 0.89 percentage points. The net profit attributable to shareholders was RMB 1.51 billion, up 11.09% year-on-year [3][10]. - In Q4 2023, revenue reached RMB 2.86 billion, up 11.02% year-on-year, with a GPM of 32.44%, and net profit attributable to shareholders was RMB 0.56 billion, up 27.16% year-on-year [10][11]. - For Q1 2024, revenue was RMB 2.58 billion, up 38.34% year-on-year, with net profit attributable to shareholders of RMB 0.52 billion, up 157.03% year-on-year [10][11]. Financial Performance - The company's revenue for 2023 was RMB 89.38 billion, with a gross profit margin of 31.17% and a net profit of RMB 15.13 billion [3][5]. - The forecast for 2024-2026 projects revenues of RMB 111.92 billion, RMB 137.79 billion, and RMB 165.70 billion, with net profits of RMB 21.15 billion, RMB 27.41 billion, and RMB 34.15 billion respectively [4][12]. - The company’s gross profit margin is expected to improve to 32.2% in 2024 and further to 33.5% by 2026 [5][8]. Business Segments - The enterprise communication segment generated revenue of RMB 58.7 billion in 2023, up 6.82% year-on-year, with a GPM of 34.51% [3][11]. - The automotive segment saw revenue of RMB 21.58 billion, up 13.74% year-on-year, with a GPM of 25.65% [3][11]. - AI-related revenue reached RMB 12.4 billion, a significant increase of 186% year-on-year, driving growth in the enterprise communication segment [3][11]. International Operations - Overseas revenue accounted for RMB 72.18 billion in 2023, up 14.67% year-on-year, representing 80.75% of total revenue [4][11]. - The construction of the Thai factory is progressing, with an investment of RMB 1.4 billion and 27% completion by the end of 2023 [4][11]. Expense Management - The company reported sales, management, and financial expense ratios of 3.13%, 2.19%, and -0.76% respectively in 2023 [4][11]. - R&D expenses increased by 15% year-on-year to RMB 0.54 billion, with an expense ratio of 6.03% [4][11].

沪士电子股份有限公司关于拟筹划股权激励计划的提示性公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-041 沪士电子股份有限公司 关于拟筹划股权激励计划的提示性公告 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。 经沪士电子股份有限公司（下称"公司"）第七届董事会薪酬与考核委员会 提议，为了进一步健全公司长效激励约束机制，吸引和留住优秀人才，充分调动 公司管理人员、核心骨干员工的积极性和创造力，有效地将股东利益、公司利益 和员工个人利益结合在一起， 促使各方共同关注并推进公司的长远发展，公司 在充分保障股东利益的前提下，按照收益与贡献匹配的原则，依据《中华人民共 和国公司法》、《中华人民共和国证券法》、《上市公司股权激励管理办法》、 《深圳证券交易所股票上市规则》等有关法律、法规和规范性文件以及《公司章 程》的规定，结合公司和印制电路板（下称"PCB"）行业实际情况，拟筹划推 出股票期权激励计划（下称"激励计划"），以促进公司持续健康发展。现对其 主要内容及相关事项作出提示性公告如下： 一、激励计划采取的形式及股票来源 激励计划拟采用的激励 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 8.938 billion yuan in 2023, representing a year-on-year increase of 7.23%. The gross margin was 31.17%, up by 0.89 percentage points. The net profit attributable to shareholders was 1.513 billion yuan, a year-on-year increase of 11.09% [6][8] - The company is experiencing accelerated growth in its AI-related business, with a significant increase in revenue from AI and HPC-related products, which reached 1.24 billion yuan, a year-on-year increase of 186% [6][7] - The company plans to invest 510 million yuan in a high-density, high-speed interconnect PCB project to meet the growing demand driven by AI [6] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.856 billion yuan, a year-on-year increase of 11.02%, with a gross margin of 32.44% [6] - For Q1 2024, the company expects a revenue of 2.584 billion yuan, a year-on-year increase of 38.34%, and a net profit of 515 million yuan, a year-on-year increase of 157.03% [6] - The company’s overseas revenue reached 7.218 billion yuan in 2023, accounting for 80.75% of total revenue, with a year-on-year increase of 14.67% [7] Revenue Forecast - The company forecasts revenues of 11.192 billion yuan, 13.779 billion yuan, and 16.570 billion yuan for 2024, 2025, and 2026, respectively [8][11] - The expected net profit for the same years is projected to be 2.115 billion yuan, 2.741 billion yuan, and 3.415 billion yuan [8][11] Valuation - The report suggests a price-to-earnings (P/E) ratio of 30-35 times for 2024, leading to a target price range of 33.16 yuan to 38.69 yuan [6][8]