沪士电子股份有限公司关于开展外汇衍生品交易的公告 证券代码：002463 证券简称：沪电股份 公告编号：2024-021 沪士电子股份有限公司 关于开展外汇衍生品交易的公告 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。 重要内容提示： 1、交易目的：以锁定成本、规避和防范汇率或利率风险为目的。 2、交易种类：包括但不限于远期、互换、期权等产品或上述产品的组合， 对应基础资产包括汇率、利率、货币或上述资产的组合，但不包括作为稳健型理 财产品的与利率、汇率等挂钩的保本型结构性存款。 3、交易金额：外汇衍生品交易额度折合不超过1亿美元，上述额度在有效期 限内可循环使用，但在有效期限内任一时点的合计金额折合不超过1亿美元。 4、有效期限为：自公司2023年度股东大会批准之日起12个月内有效。 5、审议程序：该事项已经沪士电子股份有限公司（下称"公司"）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，并已提交公司 2023年度股东大会审议，待股东大会审议批准后方可生效。 6、其他：《公司关于开展外汇衍生品交易的可行性分析报告》详见2024年3 月26日 ...

沪士电子股份有限公司 2023 年度内部控制审计报告 内部控制审计报告 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了沪士电子股份有限公司(以下简称"沪电股份")2023 年 12 月 31 日的财 务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是沪电股份 董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审 计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 按照中国证监会发布《上市公司实施企业内部控制规范体系监管问题解答》 (2011 年第 1 期，总第 1 期)的相关豁免规定，沪电股份未将于 2023 年度并购 的子公司胜伟策电子(江苏)有限公司的内部控制包括在沪电股份 2023 年度内 部控制自我评价范围内。同样地，按照《企业内部控制审计指引实施意见》的 相关指引，我们对沪电股份财务报告内部控制执行审计工作时，也未将上述新 并购的子公司的内部控制包括在财务报告内部控制审计 ...

证券研究报告 | 公司深度 2024年03月14日 沪电股份（002463.SZ） AI 算力驱动，PCB 龙头迎新发展周期 国内是全球领先的高端PCB制造商，维持“买入”评级。公司PCB产品以 买入（维持） 通信通讯设备、数据中心、汽车电子为核心应用领域，辅以工业设备、半导 股票信息 体芯片测试等应用领域，公司收入中企业通讯市场板营收占比超六成，下游 行业 元件 应用主要集中在数通领域。 前次评级 买入 AI算力拉动数通市场需求，汽车电子智能化加速与新能源渗透率提升共振， 3月14日收盘价(元) 30.10 前者为公司创造行业弹性空间，后者为公司夯实汽车PCB业绩基础： 总市值(百万元) 57,443.05 总股本(百万股) 1,908.41 ➢ AI算力：AIGC大趋势下算力需求指数级上升，驱动网络基础设备存量 其中自由流通股(%) 99.94 和增量空间增长，一方面，交换机加速由 400G迭代至 800G，另一方 30日日均成交量(百万股) 63.37 面，AI服务器加速放量，两大边际变化推动PCB需求空间进一步扩张； 股价走势 此外，伴随高速率AI服务器（如英伟达H100/H200等）需求量的逐步 提 ...

公司研 究 证 券研究 报 告 PCB 2024年03月06日 沪 电股份（002463）深度研究报告 强推 （维持） AI 算力需求星辰大海，曲棍球成长模型有望 目标价：34.2元 复现 当 前价：28.38元  数通老将厚积薄发，AI算力开启新征程。5G基站为公司贡献了2年近6倍的 华创证券研究所 盈利成长，公司历时3年完成从无线基站到数通市场转换，依托海外数通市场 夯实业绩平台。AI正成为全球科技创新的核心驱动，算力作为AI发展的基石 证券分析师：熊翊宇 迎来指数级增长，AI服务器/交换机产品迭代加速，推动高端数通PCB快速扩 容，公司有望凭借其在高端市场的前瞻卡位迎来新一轮成长机遇。 邮箱：xiongyiyu@hcyjs.com 执业编号：S0360520060001  战略布局前瞻，管理阿尔法凸显。公司长期以来坚持战略聚焦，围绕最擅长的 通讯板和汽车板发力，与全球顶级客户合作开发最前沿的 PCB 产品，放弃在 证券分析师：耿琛 中低端内卷竞争，战术上谨慎扩张，战略上积极布局高端市场，公司在22年 电话：0755-82755859 低谷期选择赴海外建厂，积极开拓北美大客户，围绕高端交换路由、超算服 ...

沪士电子股份有限公司关于与专业投资机构共同投资的进展公告 上述具体内容详见2023年1月17日、2023年2月27日、2023年3月18日公司刊 登 在 指 定 披 露 信 息 的 媒 体 《 证 券 时 报 》 以 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《公司关于与专业投资机构共同设立投资基金 的公告》 (公告编号:2023-002)、《公司关于与专业投资机构共同投资的进展公 告》（公告编号：2023-009）、《公司关于与专业投资机构共同投资的进展公告》 （公告编号：2023-011）。 证券代码：002463 证券简称：沪电股份 公告编号：2024-015 沪士电子股份有限公司 关于与专业投资机构共同投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资的基本情况 沪士电子股份有限公司（下称"公司"）使用自有资金与昆山华开私募基金 管理有限公司及其他有限合伙人合作，共同投资设立昆山市台商发展投资基金合 伙企业（有限合伙）（下称"昆山台商基金"）。昆山台商基金已认缴出资总额为 16 ...

Investment Rating - The investment rating for the company is "Buy" [1][5]. Core Views - The company is experiencing accelerated revenue growth driven by the surge in AI-related demand, with 2023 revenue reaching 8.938 billion yuan, a year-on-year increase of 7.2%, and a net profit of 1.513 billion yuan, up 11.1% year-on-year [1]. - The company has optimized its product structure in the PCB business, leading to an increase in gross margin to approximately 32.46%, up 0.74 percentage points year-on-year [1]. - The company is expanding its production capabilities and upgrading its facilities to enhance efficiency and profitability, including the construction of a production base in Thailand [2]. Financial Performance Summary - The company reported a revenue of 28.56 billion yuan in Q4 2023, representing a year-on-year increase of 11.0% and a quarter-on-quarter increase of 23.2% [1]. - The PCB business generated approximately 8.572 billion yuan in revenue for 2023, reflecting a year-on-year growth of about 8.09% [1]. - The projected net profit for 2023 is revised to 1.513 billion yuan, with future estimates for 2024 and 2025 set at 2.501 billion yuan and 3.009 billion yuan, respectively [2][3]. Financial Metrics - The company's earnings per share (EPS) for 2023 is estimated at 0.79 yuan, with projections of 1.31 yuan for 2024 and 1.58 yuan for 2025 [3]. - The price-to-earnings (P/E) ratio is projected to be 24.9 for 2023, decreasing to 15.0 in 2024 and 12.5 in 2025 [3]. - The return on equity (ROE) is expected to be 16.2% in 2023, increasing to 22.6% in 2024 and 22.8% in 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.82 RMB [6] Core Views - The company's Q4 2023 performance showed accelerated growth, with revenue reaching 28.56 billion RMB (YoY +11.02%) and net profit attributable to shareholders at 5.59 billion RMB (YoY +27.16%) [2] - The growth is driven by strong demand for high-layer PCBs due to the AI wave, with PCB business revenue reaching 85.72 billion RMB (YoY +8.09%) and gross margin improving to 32.46% [3] - The company is well-positioned to benefit from the 800G switch and AI server iteration opportunities, with Pre800G products already in mass production and 800G products in small-batch delivery [4] Financial Performance - For 2023, the company achieved revenue of 89.38 billion RMB (YoY +7.23%) and net profit attributable to shareholders of 15.13 billion RMB (YoY +11.09%) [1] - The company's 2024-2025 net profit forecasts are adjusted to 22/28 billion RMB, with corresponding P/E ratios of 18/14x [5] - The company's PCB business revenue is expected to grow further, driven by structural demand from high-speed computing servers and AI applications [3] Industry Trends - The AI wave is driving demand for high-layer PCBs, with the company benefiting from its leading technology and long-term layout in this area [3] - By 2027, nearly half of data center switch ports are expected to be driven by 400Gbps and higher speeds, with 800Gbps surpassing 400Gbps by 2025 [4] - The company is expected to benefit from the increasing value of PCBs due to AI server and 800G switch iterations [4] Financial Projections - Revenue is projected to grow to 119.73 billion RMB in 2024 (YoY +33.95%) and 146.11 billion RMB in 2025 (YoY +22.04%) [9] - Net profit attributable to shareholders is expected to reach 21.91 billion RMB in 2024 (YoY +44.82%) and 27.54 billion RMB in 2025 (YoY +25.69%) [9] - The company's gross margin is forecasted to improve to 31.96% in 2024-2025, with ROE expected to reach 20.20% by 2025 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance in Q4 2023 was impressive, driven by the rapid development of the AI industry, leading to significant revenue growth [4] - The company reported a revenue of 8.938 billion yuan in 2023, a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.512 billion yuan, up 11.09% year-on-year [4] - The forecast for net profit attributable to shareholders for 2023-2025 has been raised to 1.512 billion, 2.076 billion, and 2.644 billion yuan respectively, with corresponding EPS of 0.79, 1.09, and 1.39 yuan [4] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.856 billion yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 23.15% [4] - The net profit attributable to shareholders for Q4 2023 was 559 million yuan, representing a year-on-year increase of 27.16% and a quarter-on-quarter increase of 21.50% [4] - The company's PCB business revenue grew by 8.09% year-on-year in 2023, with a gross margin increase to 32.46% [5] Market Position and Future Outlook - The company is focusing on high-value products in the AI server and high-speed switch sectors, benefiting from the growing demand in emerging computing fields [5][6] - The company has begun bulk shipments of AI servers and 800G switch products, indicating strong future demand for high-layer and high-frequency PCBs [6] - The expected revenue growth rates for 2024 and 2025 are 21.9% and 23.4% respectively, reflecting the company's optimistic outlook [7]

[Table_Title] 证券研究报告 业绩超预期，AI 借力扶摇直上 公司研究 [Table_ReportDate] 2024年02月04日 [Table_ReportType] 公司点评报告 [Table_Summary] 事件：2024年2月1日，沪电股份发布业绩快报，2023年实现营收89.38 [沪Ta电bl股e_份Sto(c0k0A2n4d6R3an)k ] 亿元，yoy+7.23%；归母净润15.13亿元，yoy+11.09%；扣非净利润14.07 投资评级 买入 亿元，yoy+11.27%。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%；扣非净利润5.29亿元，yoy+35.48%。 上次评级 买入 点评： [莫Ta文b宇le _电Au子th行o业r] 首席分析师 执业编号：S1500522090001 ➢ 数通PCB龙头，AI服务器&高阶交换机需求火爆。公司系数通领域PCB 邮箱：mowenyu@cindasc.com 龙头，AI 服务器及交换机产品技术领先，卡位算力核心产业链。当前 AI GPU出货进一步走高，公司相关产品生 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 8.94 billion yuan in 2023, representing a year-on-year increase of 7.2%, and a net profit of 1.51 billion yuan, up 11.1% year-on-year. In Q4, revenue is projected to reach 2.86 billion yuan, a year-on-year increase of 11.0% and a quarter-on-quarter increase of 23.2%, with a net profit of 559 million yuan, up 27.2% year-on-year and 21.5% quarter-on-quarter [4] - The growth in 2023 is primarily driven by the demand for high-end PCBs from high-performance computing servers and artificial intelligence applications, with PCB business revenue expected to reach 8.57 billion yuan, an 8.09% increase year-on-year, and a gross margin of 32.46%, a historical high [4] - The company has strong competitiveness in the high-layer, high-frequency PCB market required for AI servers and switches, benefiting from the explosion in downstream demand. It has passed product certifications from major overseas internet clients and has begun bulk deliveries of 800G switch products [4] Financial Summary - The company is projected to achieve revenues of 8.94 billion yuan in 2023, 11.6 billion yuan in 2024, and 14.3 billion yuan in 2025, with net profits of 1.51 billion yuan, 2.13 billion yuan, and 2.54 billion yuan respectively. The corresponding P/E ratios are expected to be 26, 18, and 15 times [4][6] - The gross margin is expected to increase from 32.1% in 2023 to 32.6% in 2024, and then slightly decrease to 31.2% in 2025 [6] - The net profit margin is projected to be 16.9% in 2023, 18.3% in 2024, and 17.8% in 2025 [6]