沪士电子股份有限公司 2023 年度财务报表及审计报告 沪士电子股份有限公司 2023 年度财务报表及审计报告 | 内容 | 页码 | | --- | --- | | 审计报告 | 1–6 | | 年度财务报表 2023 | | | 合并及公司资产负债表 | 1–2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 公司股东权益变动表 | 6 | | 财务报表附注 | 7–125 | | 补充资料 | 1–2 | 审计报告 普华永道中天审字(2024)第 10026 号 (第一页，共六页) 沪士电子股份有限公司全体股东： 一、 审计意见 (一) 我们审计的内容 我们审计了沪士电子股份有限公司(以下简称"沪电股份")的财务报表， 包括 2023 年 12 月 31 日的合并及公司资产负债表，2023 年度的合并及公司 利润表、合并及公司现金流量表、合并及公司股东权益变动表以及财务报表 附注。 (二) 我们的意见 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了沪电股份 2023 年 12 月 31 日的合并及公司财务 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 8.94 billion yuan in 2023, representing a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 1.51 billion yuan, up 11.1% year-on-year. For Q1 2024, the expected net profit is projected to be between 460 million to 520 million yuan, indicating a year-on-year growth of 130% to 160% [4][5] - The demand for AI is accelerating, helping the company stand out despite multiple pressures. The PCB industry faced a downturn in 2023, with a 15% decline in industry output value and a 10% drop in average prices. The company’s subsidiary, Shengweicai, reported a loss of 105 million yuan, but the company still delivered impressive results with net profit growth in each quarter of 2023 [4] - The data center switch market is expected to grow significantly, benefiting the company directly. The company has started mass delivery of its 800G switch products and is conducting research on 1.6T switches, positioning itself as a global leader in high-end switch PCBs [4] Financial Summary - The company is expected to achieve revenues of 11.56 billion yuan, 14.30 billion yuan, and 17.51 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 2.23 billion yuan, 2.73 billion yuan, and 3.34 billion yuan for the same years. The corresponding P/E ratios are estimated to be 26, 21, and 17 times [5][6] - Key financial metrics for 2023 include a gross margin of 31.2% and a net profit margin of 16.9%. The company’s return on equity is projected to be 15.5% in 2023, increasing to 22.3% by 2026 [6][7] - The company’s total assets are estimated to reach 18.26 billion yuan by 2024, with total liabilities of 7.23 billion yuan, indicating a healthy balance sheet [7]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a revenue of 8.938 billion yuan in 2023, representing a year-on-year growth of 7.23%. The net profit attributable to shareholders was 1.513 billion yuan, up 11.09% year-on-year. For Q1 2024, the company expects a net profit of 460-520 million yuan, indicating a significant year-on-year growth of 129.66%-159.62% [1][2]. - Despite a global PCB market decline of 14.96% in 2023, the company's PCB business revenue grew by 8.09% to 8.572 billion yuan, with a gross margin increase of 0.74 percentage points to 32.46% [1][2]. - The demand for high-layer PCBs, driven by emerging computing scenarios such as AI and high-speed networks, has offset the decline in traditional data center spending. The company's enterprise communication board revenue reached 5.87 billion yuan, up 6.82% year-on-year, with AI server-related PCB products accounting for 21.13% of the revenue [1][2]. - The automotive board business also showed stable growth, achieving revenue of 2.15 billion yuan in 2023, a year-on-year increase of 13.74% [1][2]. Financial Summary - The company forecasts revenues of 11.173 billion, 13.407 billion, and 16.088 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 25%, 20%, and 20% [2][3]. - The net profit is projected to be 2 billion, 2.347 billion, and 2.932 billion yuan for the same years, with growth rates of 32.31%, 17.28%, and 24.92% [2][3]. - The diluted EPS is expected to be 1.05, 1.23, and 1.53 yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 29, 25, and 20 times [2][3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][15]. Core Views - The company's revenue for 2023 reached 89.38 billion, a year-on-year increase of 7.23%, with a net profit attributable to shareholders of 15.13 billion, up 11.09% year-on-year. The fourth quarter saw a revenue of 28.56 billion, reflecting a year-on-year growth of 11.04% and a quarter-on-quarter increase of 23.16% [1]. - The AI and HPC sectors are accelerating, leading to a new growth cycle for the company's communication segment, which generated 58.7 billion in revenue for 2023, a 6.82% increase year-on-year. AI-related revenue surged to 12.4 billion, marking a 185.7% increase and accounting for 21.13% of the communication segment [2]. - The automotive business is focusing on high-end products, with revenue of 21.58 billion in 2023, up 13.74% year-on-year. The integration of the subsidiary company is expected to contribute positively to future growth [2]. - The first quarter of 2024 is projected to show strong performance, with an estimated net profit of 4.6 to 5.2 billion, representing a year-on-year increase of 129.66% to 159.62% [1][2]. Financial Summary - Total revenue for 2023 was 89.38 billion, with projections for 2024, 2025, and 2026 at 114.97 billion, 136.63 billion, and 151.80 billion respectively, indicating growth rates of 28.6%, 18.8%, and 11.1% [3]. - The net profit attributable to shareholders for 2023 was 15.13 billion, with forecasts of 24.65 billion for 2024, 30.47 billion for 2025, and 35.66 billion for 2026, reflecting growth rates of 63.0%, 23.6%, and 17.0% respectively [3]. - The earnings per share (EPS) for 2023 was 0.79 yuan, with projections of 1.29 yuan for 2024, 1.59 yuan for 2025, and 1.87 yuan for 2026 [3]. Valuation - The target price for the company is set at 38.7 yuan, with the current price at 31.10 yuan, suggesting significant upside potential [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 30.22 and a sector rating of "Outperform" [1][3]. Core Insights - The company has shown steady growth in 2023, driven by structural demand from HPC (High-Performance Computing), AI (Artificial Intelligence), and automotive sectors. The company achieved a revenue of RMB 8.938 billion in 2023, a year-on-year increase of 7.23%, and a net profit of RMB 1.513 billion, up 11.09% year-on-year. The forecast for Q1 2024 indicates a significant year-on-year net profit growth of 129.66% to 159.62% [3][4]. Financial Performance Summary - **2023 Financials**: - Revenue: RMB 89.38 billion, +7.23% YoY - Net Profit: RMB 15.13 billion, +11.09% YoY - Q4 2023 Revenue: RMB 28.56 billion, +11.02% YoY, +23.15% QoQ - Q4 2023 Net Profit: RMB 5.59 billion, +27.16% YoY, +21.50% QoQ [3][4]. - **2024-2026 Projections**: - Expected Revenue: RMB 111.83 billion in 2024, RMB 132.08 billion in 2025, RMB 156.11 billion in 2026 - Expected Net Profit: RMB 22.01 billion in 2024, RMB 27.36 billion in 2025, RMB 30.54 billion in 2026 - Corresponding PE ratios: 26.2 for 2024, 21.1 for 2025, 18.9 for 2026 [3][4][8]. Business Segment Performance - **PCB Business**: - Revenue: Approximately RMB 85.72 billion in 2023, +8.09% YoY - Gross Margin: Increased to approximately 32.46%, +0.74 percentage points YoY - AI server and HPC-related PCB products accounted for 21.13% of the revenue from the enterprise communication market [3][4]. - **Automotive Business**: - Revenue: Approximately RMB 21.58 billion in 2023, +13.74% YoY - Gross Margin: 25.65%, +1.6 percentage points YoY - New automotive products are gaining market share, with their revenue contribution increasing from 21.45% in 2022 to 25.96% in 2023 [3][4].

上 市 公 司 电子 2024 年03月 26 日 沪电股份 (002463) 公 司 研 究 ——AI 与 HPC 算力 PCB 需求高增，1Q24 业绩超预期 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  2023年报：营业收入89亿元，同比+7.23%；归母净利润约15.13亿元，同比+11.09%。 其中PCB业务营收85.7亿元，同比增长约8.09%；由于产品结构优化，毛利率32.46%， 证 市场数据： 2024年03月25日 同比+0.74pct。2023年业绩符合申万预测值15亿元。 券 收盘价（元） 30.22 研 一年内最高/最低（元） 34.32/16.93  1Q24业绩预告：受益于高速运算服务器、人工智能等需求，1Q2024 归母净利润预计为 究 市净率 5.9 报 息率（分红/股价） - 4.6-5.2亿，同比增长129.66% -159.62%。 告 流通A股市值（百万元） 57744 上证指数/深证成指 3026.31/9422.61  AI服务器将成新动力，投资5.1亿技改HDI产线。AI应用加速400Gbps和更高速度的 注：“息率” ...

Financial Performance - The company's operating revenue for 2023 was ¥8,938,309,250, representing a 7.23% increase from ¥8,336,030,158 in 2022 [14]. - Net profit attributable to shareholders for 2023 was ¥1,512,538,227, an increase of 11.09% compared to ¥1,361,574,992 in 2022 [14]. - The net profit after deducting non-recurring gains and losses was ¥1,408,380,964, up 11.36% from ¥1,264,664,764 in the previous year [14]. - The net cash flow from operating activities reached ¥2,243,311,100, a significant increase of 43.27% from the previous year's figure [14]. - The total assets at the end of 2023 were ¥16,035,480,626, marking a 28.27% increase from ¥12,501,322,508 at the end of 2022 [14]. - The net assets attributable to shareholders increased by 18.36% to ¥9,784,707,633 from ¥8,266,898,543 in 2022 [14]. - The company reported a basic earnings per share of ¥0.7944, which is a 10.66% increase from ¥0.7179 in 2022 [14]. - The company achieved a total revenue of approximately 8.938 billion RMB in 2023, representing a year-on-year growth of about 7.23% [33]. - PCB revenue accounted for 95.90% of total revenue, amounting to ¥8,571,873,507, with an 8.09% increase compared to 2022 [45]. - The automotive PCB segment generated revenue of ¥2,158,009,048, reflecting a 13.74% increase from the previous year [46]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 955,999,635 RMB, based on a total share capital of 1,911,999,270 shares [4]. - The proposed cash dividend is 5 CNY per 10 shares, totaling 955,999,635 CNY, which represents 100% of the distributable profit [147]. - The cash dividend policy complies with the company's articles of association and has been approved by the 2023 annual general meeting [147]. - The company plans to maintain a minimum cash dividend ratio of 20% during profit distribution [147]. - The company significantly increased cash dividends in 2023 to enhance shareholder returns, aligning with the "Quality Return Dual Improvement" initiative [99]. Market Position and Industry Outlook - The global PCB market value in 2023 is estimated at approximately $69.5 billion, reflecting a year-on-year decline of about 14.96% [18]. - The compound annual growth rate (CAGR) for the global PCB market from 2023 to 2028 is projected to be around 5.4% [18]. - The company is positioned in the PCB manufacturing industry, which is expected to see growth driven by demand for high-end applications such as AI and automotive systems [17]. - The global PCB market is projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2027, with specific segments such as HDI boards expected to grow at 6.2% [21]. - The automotive sector is anticipated to see a CAGR of 4.8% from 2022 to 2027, indicating a stable demand for PCBs in this application area [22]. Risk Management - The board emphasizes the importance of recognizing potential risks including industry competition, exchange rate fluctuations, and raw material supply issues [5]. - The company’s future plans are subject to market conditions and carry significant uncertainty [4]. - The PCB industry faces challenges such as demand weakness and price competition, with the company actively responding through innovation and product upgrades [31]. - The company is actively managing foreign exchange risks by balancing its currency structure and engaging in foreign exchange derivatives to mitigate potential losses from currency fluctuations [88][89]. Research and Development - The company's R&D investment for 2023 was approximately ¥538.94 million, reflecting a year-on-year growth of 15.04% [58]. - The overall yield rate for 2023 was 92.88%, slightly up from 92.74% in 2022, indicating stable product quality [57]. - The company has developed four invention patents and 21 utility model patents during the reporting period, enhancing its innovation capabilities [58]. - Key R&D projects include the development of high-speed low-loss materials and semiconductor chip testing PCBs, aimed at improving market competitiveness and technology capabilities [58]. - The company is collaborating with leading international automotive parts manufacturers and domestic new energy vehicle companies to develop higher-function automotive electronic components [61]. Environmental and Sustainability Initiatives - The company has implemented a sustainable business model, focusing on environmental protection and energy conservation, with all production bases recognized as "green factories" [24]. - The company is committed to strict compliance with environmental regulations, including the Environmental Impact Assessment Law and Pollution Discharge Permit Management Measures [178]. - The company has received multiple environmental awards, including the "Outstanding Performance Award for Climate Change Action" from CDP in 2021 and recognition as a "Green Factory" by Jiangsu Province [185]. - The company has implemented advanced wastewater treatment technologies, achieving ultra-low emissions for COD, ammonia nitrogen, and total phosphorus, meeting Class IV surface water standards [187]. - The company has a water reuse rate of 70.2% and maintains a wastewater emergency storage capacity of over 3 days [187]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, enhancing its internal control systems and investor relations management [102]. - The board of directors consists of 9 members, including 3 independent directors, and held 11 meetings during the reporting period to discuss various topics including regular reports and stock options [105]. - The company has actively improved its governance level by enhancing information disclosure practices [102]. - The company has maintained independence in its operations, ensuring that major decisions are made by the shareholders' meeting [104]. - The company is committed to ensuring the protection of the legal rights of all shareholders through effective governance practices [138]. Strategic Initiatives - The company plans to invest approximately 510 million RMB in early 2024 for a technology upgrade project aimed at high-density, high-speed interconnect PCBs [37]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach, with a budget of 500 million yuan allocated for this purpose [97]. - The company is focused on expanding its market presence and enhancing its product offerings through new technology development and strategic partnerships [126]. - The company is considering strategic acquisitions to bolster its supply chain, with a budget of 100 million allocated for potential deals [130]. Employee and Management Changes - The total number of employees at the end of the reporting period was 8,431, with 6,070 in production, 1,787 in technology, and 94 in sales [141]. - The company experienced a change in board members, with independent director Li Shusong leaving after six years of service and new appointments including Lu Zongyuan and Wang Yongcui [117]. - The current management team includes experienced professionals with backgrounds in electronics and management, such as Wu Ligan, the founder and chairman, and Wu Chuanlin, the procurement director [118][120].

沪士电子股份有限公司关于择机投资印制电路板产业链相关优势企业暨对外投资公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-023 沪士电子股份有限公司 关于择机投资印制电路板产业链相关优势企业暨对外投资公告 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。 重要内容提示： 1、投资种类：投资于印制电路板产业链相关优势企业，投资方式包括但不限 于：购入非上市公司股权、证券投资、举办合营企业等。 2、投资金额：投资额度折合不超过1亿美元。如采取证券投资的方式，其额度 在有效期限内可循环使用，但在有效期限内任一时点的交易金额不应超过上述投资 额度。 3、特别风险提示：沪士电子股份有限公司（下称"公司"）目前尚未有明确 的待投资对象。受政策风险、行业风险、市场风险等多方面因素影响，对外投资的 收益具有不确定性，投资存在亏损的风险，敬请投资者及相关人士充分关注投资风 险。 一、对外投资概述 公司于 2024 年 3 月 24 日召开的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《关于择机投资印制电路板产业链相关优势企业的议案》， 同意公 ...

本人作为沪士电子股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》、《深圳证券交易所股票上市规则》、《上市公司自律 监管指引第 1 号——主板上市公司规范运作》、《上市公司独立董事管理办法》 等法律、法规、规范性文件以及《公司章程》、《公司独立董事制度》等规定的要 求，切实履行独立董事忠实诚信和勤勉尽责的义务，积极出席相关会议，认真审 议董事会各项议案，全面关注公司的经营状况、内部控制的建设情况及董事会决 议执行情况，积极参与公司治理，为公司经营和发展提出合理化的意见和建议， 努力维护公司和全体股东，特别是中小股东的合法权益。 沪士电子股份有限公司 2023 年度独立董事述职报告 （高启全） 成长 长青 共利 沪士电子股份有限公司2023年度独立董事述职报告 各位股东及股东代表： 现就本人 2023 年履职情况汇报如下： 一、本人基本情况 本人为美国北卡罗莱纳州立大学化工硕士，曾任美国 Fair Child 电子公司工 程师；英特尔 Intel 记忆体公司担任研发部经理；台积电 TSMC 一厂厂长；旺宏 公司 Macronix，为创办人之一；台塑企业旗下的 DRAM 存储器芯片公司 ...

成长 长青 共利 沪士电子股份有限公司2023年度独立董事述职报告 各位股东及股东代表： 本人作为沪士电子股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》、《深圳证券交易所股票上市规则》、《上市公司自律 监管指引第 1 号——主板上市公司规范运作》、《上市公司独立董事管理办法》 等法律、法规、规范性文件以及《公司章程》、《公司独立董事制度》等规定的要 求，切实履行独立董事忠实诚信和勤勉尽责的义务，积极出席相关会议，认真审 议董事会各项议案，全面关注公司的经营状况、内部控制的建设情况及董事会决 议执行情况，积极参与公司治理，为公司经营和发展提出合理化的意见和建议， 努力维护公司和全体股东，特别是中小股东的合法权益。现就本人 2023 年度履 职情况汇报如下： 一、本人基本情况 本人历任昆山市城北色织机械厂会计、厂长，昆山市城北镇工业办公室副主 任，昆山市城北镇副镇长、镇长，昆山市花桥镇党委书记，昆山市对外经济贸易 委员会副主任，昆山经济技术开发区管委会副主任、副书记，昆山出口加工区管 委会和昆山综合保税区管委会副主任、主任。现任昆山开发区研究会会长。 沪士电子股份有限公司 2023 ...