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 ...

沪士电子股份有限公司关于部分股票期权注销完成的公告 公司上述股票期权的注销，符合《上市公司股权激励管理办法》等相关法律 法规及《公司2020年度股票期权激励计划》的规定，且履行了必要的程序。本次 注销的股票期权尚未行权，注销后不会对公司股本造成影响，股本结构未发生变 化。 2024年4月1日，经中国证券登记结算有限责任公司深圳分公司审核确认，上 述53,130份股票期权的注销事宜已办理完成。 关于部分股票期权注销完成的公告 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。 沪士电子股份有限公司（下称"公司"）于2024年3月24日召开第七届董事 会第二十七次会议、第七届监事会第十九次会议，审议通过了《关于注销<公司 2020年度股票期权激励计划>部分股票期权的议案》。根据《上市公司股权激励 管理办法》、《公司2020年度股票期权激励计划》等相关规定，鉴于《公司2020 年度股票期权激励计划》授予的激励对象中有4人因个人原因离职，不再具备激 励对象资格，公司决定注销其已获授但尚未行权的股票期权共计53,130份，其中 已达到行权条件但尚未行权的股票期权合计9,90 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is expected to benefit significantly from the explosive demand for AI, leading to a projected profit increase of over 143% year-on-year in Q1 2024 [1] - The company's revenue for 2023 was 8.938 billion yuan, a year-on-year increase of 7.2%, with a net profit of 1.513 billion yuan, up 11.1% year-on-year [1] - The demand for high-layer printed circuit boards (PCBs) is driven by the growth in AI servers and high-speed network systems [1] - The company plans to invest approximately 510 million yuan in technology upgrades to enhance its HDI production capabilities for computing networks [1] Summary by Relevant Sections Financial Performance - In 2023, the PCB business generated revenue of 8.572 billion yuan, reflecting an 8.09% year-on-year increase, with a gross margin of 32.46% [1] - The automotive PCB segment achieved revenue of 2.158 billion yuan, a 13.74% increase year-on-year, with a gross margin of 25.65% [1] - The company forecasts net profits of 2.392 billion yuan, 3.002 billion yuan, and 3.624 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 58.1%, 25.5%, and 20.7% [1][3] Market Trends - The demand for data center switches is expected to expand by 50%, driven by the need for AI applications that require extensive processing capabilities [1] - The company's revenue from AI servers and HPC-related products has increased from approximately 7.89% in 2022 to 21.13% in 2023 within the enterprise communications market segment [1] Investment Strategy - The company maintains a positive outlook for the next few years, with adjusted profit expectations reflecting strong growth in emerging computing applications [1][3] - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected at 24x, 19x, and 16x, respectively, indicating a favorable valuation [1][3]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨沪电股份（ ） 002463.SZ [沪Ta电b股le_份Ti2tl0e2] 年报点评： 3 助力产品结构优化，带动业绩持续高增 AI 报告要点 [沪Ta电bl股e_份Su发m布ma2r0y2]3年报和2024年一季度业绩预告：2023年公司实现营业收入89.38亿元， 同比增长7.23%；实现归母净利润15.13亿元，同比增长11.09%；实现扣非归母净利润14.08 亿元，同比增长11.39%；盈利能力方面，公司毛利率和净利率分别为31.17%和16.66%。2024 年一季度，公司或将实现归母净利润4.6亿元~5.2亿元，同比增长129.66%~159.62%；实现 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company has demonstrated significant growth in 2023, with total revenue reaching 8.938 billion yuan, a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.513 billion yuan, up 11.09% year-on-year [1][2]. - The company's performance in Q4 2023 was particularly strong, with revenue of 2.856 billion yuan, a year-on-year increase of 11.02%, and a net profit of 560 million yuan, reflecting a year-on-year growth of 27.16% [1]. - The demand for AI-related products has significantly boosted the company's enterprise communication board business, which generated revenue of 5.87 billion yuan in 2023, accounting for 65.67% of total revenue [1][2]. - The automotive board segment also showed growth, with revenue of 2.158 billion yuan, a year-on-year increase of 13.74%, driven by high-end product upgrades [1][2]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 89.38 billion yuan and a net profit of 15.13 billion yuan, with a gross margin of 31.17% [1][2]. - The forecast for 2024 estimates revenue to reach 12.074 billion yuan, with a net profit of 2.255 billion yuan, reflecting a growth rate of 35.1% [2][5]. Business Segments - The enterprise communication board segment's revenue increased to 5.87 billion yuan, with a gross margin of 34.51% [1]. - The automotive board segment's revenue reached 2.158 billion yuan, with a gross margin of 25.65%, indicating a shift towards higher-end products [1]. Future Outlook - The company is expected to enter a period of rapid growth, with projected net profits of 2.255 billion yuan in 2024, 2.884 billion yuan in 2025, and 3.204 billion yuan in 2026 [2][5]. - The investment in high-density interconnect (HDI) production capabilities is anticipated to enhance the company's competitive position in the AI and automotive sectors [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [2][7][22]. Core Views - The company achieved double growth in revenue and profit, with a 2023 revenue of 89.38 billion yuan, up 7.23% year-on-year, and a net profit of 15.13 billion yuan, up 11.09% year-on-year. The fourth quarter of 2023 saw a revenue of 28.56 billion yuan, a quarter-on-quarter increase of 23.15% [3][10]. - The company's PCB business revenue reached 85.72 billion yuan in 2023, growing 8.09% year-on-year, with a gross margin improvement to 32.46% [3][12]. - The company is focusing on high-end PCB products, particularly in the AI server and HPC sectors, which have seen a significant increase in revenue contribution [3][12]. - Continuous investment in R&D is evident, with R&D expenses of 5.39 billion yuan in 2023, a 15.04% increase year-on-year, leading to the development of new products and patents [17][21]. - The company is expanding its global business presence, with overseas sales reaching 72.18 billion yuan, a 14.67% increase year-on-year, while domestic sales declined [14][16]. Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 89.38 billion yuan for 2023, with a year-on-year growth of 7.23%. The net profit for the same period was 15.13 billion yuan, reflecting an 11.09% increase [2][10]. - In Q4 2023, the company achieved a revenue of 28.56 billion yuan, marking a quarter-on-quarter growth of 23.15% [10]. PCB Business Optimization - The PCB business generated 85.72 billion yuan in revenue in 2023, with an 8.09% year-on-year increase and a gross margin of 32.46% [3][12]. - The company is focusing on high-end applications, particularly in AI and automotive sectors, which have shown significant growth in revenue contribution [3][12]. R&D Investment - The company increased its R&D spending to 5.39 billion yuan in 2023, a 15.04% increase from the previous year, resulting in multiple new product developments and patents [17][21]. - Key R&D projects include advancements in materials and technologies for high-speed and high-reliability PCBs, particularly for automotive applications [21]. Global Business Expansion - The company’s overseas sales reached 72.18 billion yuan, a 14.67% increase year-on-year, while domestic sales fell by 17.22% [14][16]. - The company is enhancing its production capabilities in Thailand to better serve overseas clients and improve operational efficiency [14].

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 司董事会对吴礼淦先生的辛勤付出和卓越贡献表示衷心的感谢！ 特此公告。 沪士电子股份有限公司 关于董事长辞任的公告 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。 沪士电子股份有限公司（下称"公司"）董事会于2024年3月28日收到董事 长吴礼淦先生的辞呈。因年事已高，吴礼淦先生辞去公司董事长、董事及在董事 会下设专门委员会的职务。吴礼淦先生的辞任不会导致公司董事会成员低于法定 人数，不会影响公司董事会的正常运作，不会影响公司正常生产经营，根据《中 华人民共和国公司法》等相关法律法规和《公司章程》的规定，吴礼淦先生的辞 任自辞呈送达公司董事会之日起生效，辞任后吴礼淦先生将担任公司顾问。 吴礼淦先生辞任后由公司副董事长陈梅芳女士代为履行董事长及其在董事 会下设专门委员会的职责，直至公司选举产生新任董事长、董事会下设专门委员 会委员为止。公司将按照法定程序，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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company reported a revenue of 8.938 billion yuan in 2023, representing a year-on-year growth of 7.23%, with a net profit attributable to shareholders of 1.513 billion yuan, up 11.09% year-on-year [2][3] - The fourth quarter of 2023 saw a revenue of 2.856 billion yuan, a year-on-year increase of 11.02%, and a net profit of 559 million yuan, reflecting a significant year-on-year growth of 27.16% [2] - The demand for AI-driven computing power is surging, contributing to the strong performance of the company's PCB business, which grew by 8.09% year-on-year [3][4] Financial Performance Summary - The company's PCB business gross margin improved to approximately 32.46% in 2023, an increase of about 0.74 percentage points year-on-year [1] - The gross margin for the enterprise communication market board reached approximately 34.51%, up 0.18 percentage points year-on-year, driven by structural demand for high-end products [1] - The automotive board gross margin was approximately 25.65%, an increase of 1.6 percentage points year-on-year, with adjustments in product and capacity structure enhancing profitability [1] Market Data - As of March 25, 2024, the closing price of the company's stock was 30.22 yuan, with a total share capital of 1.912 billion shares [2] - The net assets amounted to 9.784 billion yuan, and total assets were 16.035 billion yuan [2] Future Outlook - The company is expected to benefit from the ongoing demand for AI and HPC, with projected net profits for 2024-2026 estimated at 2.237 billion, 2.710 billion, and 3.184 billion yuan respectively [4][5] - The gross margin is anticipated to improve gradually, reaching 33.1% by 2026 [5]

[Table_Title] 证券研究报告 2023 年报及 2024 年一季报业绩预告点评：AI 公司研究 革命长坡厚雪，算力产业链重要一环 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年03月28日 [沪Ta电bl股e_份Sto(c0k0A2n4d6R3an)k ] [T事ab件le：_ S2u0m2m4ar年y] 3月25日，公司发布2023年年报及2024年一季度业绩预 投资评级 买入 告。2023年全年，公司实现营业收入89.38亿元，yoy+7.23%；归母 上次评级 买入 净利润 15.13 亿元，yoy+11.09%。其中，23Q4 单季实现营收 28.56 亿元，yoy+11.02%；归母净利润5.59亿元，yoy+27.16%。此外，公 司预告 2024 年第一季度归母净利润将在 4.6~5.2 亿元， [莫Ta文b宇le _电Au子th行o业r] 首席分析师 yoy+129.66%~159.62%；基本每股收益为每股0.24元~0.27元之间。 执业编号：S1500522090001 点评： 联系电话：13437172818 ➢ AI ...

沪电股份：数通领域高景气带动业绩成长，AI领域后续仍是最重要增长动能 沪电股份（002463.SZ）/电子 证券研究报告/公司点评 2024年3月26日 评级：买入 （维持） 公司盈利预测及 估值 市场价格：30.22元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,336 8,938 11,854 14,928 17,331 分析师：王芳 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 42.4 38.2 24.0 19.1 16.6 P/B 7.0 5.9 5.2 4.4 3 ...