证券研究报告·公司点评报告·元件 沪电股份（002463） 2024 年一季报点评：AI 持续高景气，看好高 端产能今年释放 2024 年 04 月 24 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8,336 | 8,938 | 11,381 | 13,777 | 15,079 | | 同比（ % ） | 12.36 | 7.23 | 27.33 | 21.05 | 9.45 | | 归母净利润（百万元） | 1,362 | 1,513 | 2,426 | 3,100 | 3,538 | | 同比（ % ） | 28.03 | 11.09 | 60.42 | 27.76 | 14.13 | | EPS- 最新摊薄（元 / 股） | 0.71 | 0.79 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong Q1 2024 performance with revenue of 2.584 billion yuan, a year-on-year increase of 38.34%, and a net profit of 515 million yuan, up 157.03% year-on-year [3] - The growth in revenue and profit is attributed to the high demand for high-speed multi-layer PCBs driven by emerging computing fields such as AI servers [3] - The company is expected to benefit from the ongoing growth in AI-related business and the optimization of production capacity, which will enhance customer stickiness [4] Summary by Sections Market Performance - The absolute increase in stock price was -7.19% from April to August 2023, with a relative increase of -6.10% [2] Financial Performance - Q1 2024 revenue reached 2.584 billion yuan, marking the highest growth rate since 2020 [3] - The gross margin for Q1 was 33.86%, an increase of 8.13 percentage points year-on-year, while the net margin was 19.66%, up 8.94 percentage points year-on-year [3] - The company’s revenue forecast for 2024 to 2026 has been adjusted to 11.944 billion yuan, 14.847 billion yuan, and 17.977 billion yuan respectively, with net profit forecasts of 2.283 billion yuan, 2.930 billion yuan, and 3.712 billion yuan [5] Business Segments - The AI demand is driving continuous high growth in the company's server and data communication switch PCBs, with AI server-related revenue increasing from 7.89% in 2022 to 25.59% in the second half of 2023 [4] - The automotive segment generated approximately 2.158 billion yuan in revenue in 2023, a year-on-year increase of 13.74%, with a gross margin of about 25.65% [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 38.7 yuan [2][3]. Core Views - The company's Q1 2024 revenue reached 2.584 billion yuan, representing a year-over-year increase of 38.34%, while net profit attributable to shareholders was 515 million yuan, up 157% year-over-year [2]. - The AI sector is driving significant growth, with expectations for continued revenue and profit increases as traditional business segments, such as Ethernet switches, undergo upgrades [2][3]. - The company is expected to benefit from strong demand in the AI computing market, particularly in North America, and anticipates further growth in earnings for 2024-2026 [3]. Financial Summary - Q1 2024 operating cash flow reached a historical high of 889.2 million yuan [2]. - Revenue projections for 2024-2026 are 11.497 billion yuan, 13.663 billion yuan, and 15.180 billion yuan, respectively, with corresponding net profits of 2.465 billion yuan, 3.047 billion yuan, and 3.566 billion yuan [4][10]. - The company’s gross margin for Q1 2024 was 33.86%, reflecting a sequential improvement of 1.42 percentage points [2]. - The earnings per share (EPS) forecast for 2024 is 1.29 yuan, with a price-to-earnings (P/E) ratio of 22 [4][10].

沪电股份：24Q1业绩高增，持续看好算力PCB龙头厂商 沪电股份（002463.SZ）/电子 证券研究报告/公司点评 2024年4月22日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：28.71元/股 指标 2022A 2023A 2024E 2025E 2026E 分析师：王芳 营业收入（百万元） 8,336 8,938 11,854 14,928 17,331 增长率yoy% 12% 7% 33% 26% 16% 执业证书编号：S0740521120002 净利润（百万元） 1,362 1,513 2,405 3,030 3,484 Email：wangfang02@zts.com.cn 增长率yoy% 28% 11% 59% 26% 15% 每股收益（元） 0.71 0.79 1.26 1.58 1.82 每股现金流量 0.82 1.17 2.23 1.61 1.97 分析师：刘博文 净资产收益率 16% 15% 22% 23% 22% 执业证书编号：S0740524030001 P/E 40.3 36.3 24.0 19.1 16.6 P/B 6.6 5.6 5.2 4.4 3.7 Emai ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥2,584,035,431, representing a 38.34% increase compared to ¥1,867,912,147 in the same period last year[3] - Net profit attributable to shareholders was ¥514,812,001, a significant increase of 157.03% from ¥200,292,766 year-on-year[3] - Basic earnings per share rose to ¥0.2694, reflecting a 155.11% increase compared to ¥0.1056 in Q1 2023[3] - Net profit for Q1 2024 was ¥508,119,354, up 153.1% from ¥200,292,766 in Q1 2023[23] - Operating profit increased to ¥593,219,692, compared to ¥238,954,001 in the previous year, reflecting a growth of 148.5%[23] - The company reported a total comprehensive income of ¥489,845,144 for Q1 2024, compared to ¥219,379,901 in the same period last year, showing a growth of 123.5%[23] Cash Flow - The net cash flow from operating activities was ¥892,366,793, up 41.36% from ¥631,276,162 in the previous year[3] - Total cash inflow from operating activities reached ¥3,059,124,361, up 26.5% from ¥2,419,661,178 year-on-year[24] - The cash outflow from investing activities was ¥372,743,047, significantly reduced from ¥1,002,788,756 in the previous year, resulting in a net cash flow of -¥36,291,579[24] - Cash inflow from financing activities amounted to ¥1,560,407,899, an increase of 5.2% compared to ¥1,483,077,833 in the previous year[24] - The net cash flow from financing activities was ¥840,153,439, a decrease of 8.0% from ¥913,017,004 year-on-year[24] - The company received ¥60,859,059 from investment absorption, a significant increase from ¥9,287,010 in the previous year[24] - The cash received from tax refunds was ¥159,921,142, compared to ¥82,926,936 in the same period last year, reflecting a growth of 92.5%[24] - The cash paid to employees increased to ¥538,742,834, up from ¥381,288,282, indicating a rise of 41.3%[24] - The impact of exchange rate changes on cash and cash equivalents was a positive ¥24,518,828, contrasting with a negative impact of -¥27,534,172 in the previous year[24] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥17,734,641,319, a 10.60% increase from ¥16,035,480,626 at the end of the previous year[3] - Current assets increased to ¥9,574,621,848, compared to ¥7,840,865,449 at the start of the year, representing a 22.1% rise[22] - The company's equity attributable to shareholders reached ¥10,346,517,115, up from ¥9,784,707,633, indicating a growth of 5.7%[22] - The company’s total liabilities increased by 56.61% in short-term borrowings, reaching ¥2,246,585,900, compared to ¥1,434,492,965 at the end of 2023[9] - Short-term borrowings surged to ¥2,246,585,900, an increase of 56.6% from ¥1,434,492,965 at the beginning of the year[22] Research and Development - The company reported a 64.33% increase in R&D expenses, totaling ¥184,885,738, compared to ¥112,506,701 in the same quarter last year[11] - Research and development expenses rose to ¥184,885,738, a 64.3% increase from ¥112,506,701 in Q1 2023[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 113,204[15] - BIGGERING (BVI) HOLDINGS CO., LTD. holds 19.44% of shares, totaling 371,799,937 shares[15] - WUS GROUP HOLDINGS CO., LTD. holds 11.96% of shares, totaling 228,711,023 shares[15] - The number of shares held by the top 10 shareholders accounts for a significant portion of the total share capital, with the largest shareholder holding nearly 20%[15] - The company has not disclosed any relationships or concerted actions among other shareholders[15] - The report indicates that there are no significant changes in the shareholder structure compared to the previous period[18] Stock Options - During the reporting period, 309 incentive objects exercised a total of 4,242,741 stock options, resulting in an increase of the same number of shares[21] - The stock option incentive plan allows for a second exercise period from October 16, 2023, to October 15, 2024[20] - The number of shares involved in the stock lending business by major shareholders includes 2,168,300 shares that were lent out and not yet returned[17] - The total shares held by China Agricultural Bank's index fund increased to 16,638,512 shares, representing 0.87% of the total share capital[19]

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 沪电股份(002463)公司点评报告 2024年04月17日 [高Tab端le_TiPtleC] B 领先供应商，AI 需求为新增长极 [Table_Inves 买t] 入|上调 ——沪电股份（002463）2023年年报及 2024 年 Q1预告点评 事[T件ab：le_ Summary] [ Table_TargetPr ice] 3月26日，沪电股份发布2023年年度报告及2024年第一季度业绩预告。 2023 年，公司实现营业收入 89.38 亿元，同比增长 7.23%；归母净利润为 [基Ta本bl数e_据Ba se] 15.13亿元，同比11.09%。2024年第一季度，公司预计实现归母净利润4.6- 52周最高/最低价（元）： 33.01 / 17.94 5.2亿，同比增长129.66%-159.62%；扣非后归母净利润4.44-5.04亿，同 A股流通股（百万股）： 1910.80 比增长143.31%-176.18%。 A股总股本（百万股）： 1912.00 点评： 流通市值（百万元）： 56903.56  高速高层 ...

公司报告 | 年报点评报告 沪电股份（002463） 证券研究报告 2024年04月 09日 投资评级 AI产业趋势带动需求，积极期待800G交换机渗透+AI服务器迭代放量 行业 电子/元件 6个月评级 增持（维持评级） 当前价格 30.02元 事件： 目标价格 元 沪电股份发布 2023 年报以及 2024 年一季报预告。2023 年实现收入 89.4 亿元（+7.23%），实现归母净利润 15.13 亿元（+11.09%）；2024 年一季度 基本数据 预计实现归母净利润 4.6-5.2 亿元（+130~+160%），实现扣非归母净利润 A股总股本(百万股) 1,912.00 4.4~5.0亿元（+143%~+176%）。 流通A股股本(百万股) 1,910.80 1、受益AI订单饱满，业绩有望持续环比高增长 A股总市值(百万元) 57,398.22 流通A股市值(百万元) 57,362.15 公司2023年收入利润呈现持续环比增长，尤其单Q4营收利润加速增长， 归母净利润 5.59 亿元同比+27.16%、环比+21.5%。我们预计主要为人工智 每股净资产(元) 5.13 能发展下AI服务器、交换机等对 ...

沪士电子股份有限公司沉痛哀悼吴礼淦先生的讣告 证券代码：002463 证券简称：沪电股份 公告编号：2024-033 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。 1 沪士电子股份有限公司（下称"公司"）董事会沉痛公告，公司创办人、原 董事长吴礼淦先生，于2024年4月4日与世长辞，享年八十三岁。吴礼淦先生为公 司实际控制人吴礼淦家族成员之一，吴礼淦先生的逝世不会导致公司实际控制人 发生实质变化。 吴礼淦先生于1992年创立公司前身昆山沪士电子有限公司，秉持"成长、长 青、共利"的经营理念，勤勉敬业，守正创新，带领公司长期持续健康发展。公 司董事、监事、高级管理人员及全体员工对吴礼淦先生的辛勤付出和卓越贡献致 以最崇高的敬意，对吴礼淦先生的逝世表示沉痛哀悼和深切缅怀。 特此公告。 沪士电子股份有限公司董事会 沪士电子股份有限公司 二〇二四年四月八日 沉痛哀悼吴礼淦先生的讣告 ...

沪士电子股份有限公司关于增加 2023 年度股东大会临时提案暨股东大会的补充通知 证券代码：002463 证券简称：沪电股份 公告编号：2024-032 沪士电子股份有限公司 关于增加2023年度股东大会临时提案暨股东大会的补充通知 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（下称"公司"）于2024年3月26日披露《关于召开2023年度股东 大会的通知》，详见公司指定披露信息的媒体巨潮资讯网（http://www.cninfo.com.cn）以及 《证券时报》。 现因公司原董事长吴礼淦先生于2024年3月28日辞任公司董事长、董事职务，为尽快完成 补选公司董事的工作，公司股东BIGGERING(BVI) HOLDINGS CO., LTD.（下称"碧景控股"）， 于2024年4月3日向公司董事会提交了《关于增补提名公司第七届董事会非独立董事的临时提 案》，并提议将该临时提案提交公司2023年度股东大会审议。 截至本公告披露日，碧景控股持有公司371,799,937股股票，占公司总股份的19.48%,碧景 控股具有提出临时提案的资格， ...

沪士电子股份有限公司第七届董事会第二十八次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-031 沪士电子股份有限公司 第七届董事会第二十八次会议决议公告 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"）因需要尽快完成补选公司董事和选 举新任董事长、董事会下设专门委员会委员的工作，经公司董事会三分之二以上 董事同意，根据《公司董事会议事规则》相关规定，公司董事会以通讯方式发出 会议通知，并于2024年4月3日以通讯表决的方式召开第七届董事会第二十八次会 议（临时会议），会议应到董事8人，实到董事8人，公司监事和高级管理人员列 席了会议。公司副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。出席会议董事经审议，形成如下决议： 二、董事会会议审议情况 会议审议通过了如下决议： 表决结果：同意 8 票；反对 0 票；弃权 0 票。 4、选举吴传林先生为公司副董事长，任期与本届董事会相同。 表 ...