Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting significantly from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, a year-over-year increase of 51.64%, and a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, leading to an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, up 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7] Business Segment Insights - The enterprise communication segment is seeing rapid growth, particularly in AI server and HPC products, which accounted for approximately 29.48% of the segment [5] - The automotive segment is also growing, with new products in emerging fields, although profitability has been slightly impacted by price competition and raw material price fluctuations [5][6] Future Outlook - The company is expected to focus on the iteration of computing power segments and the turnaround of the automotive segment in 2025 [6] - The report highlights the company’s strong order backlog and technological advancements in GPU platform products, which are anticipated to support long-term growth [6]

Group 1: Impact of U.S. Tariffs and Market Dynamics - The company's direct export revenue to the U.S. is less than 5%, primarily exporting to Southeast Asia, and does not bear tariffs on products [3] - The PCB industry is mainly concentrated in Asia, with limited U.S. production capacity among competitors, making expansion difficult [3] - AI-driven demand in sectors like servers and data storage is expected to create growth opportunities, with significant investments planned to improve capacity by the second half of 2025 [3] Group 2: Strategic Planning and Market Outlook - The company remains optimistic about long-term structural demand in AI, high-speed networks, and automotive electronics, which are key growth drivers for the PCB market [3] - The Thai factory is set to enhance production capabilities for mid-to-high-end products, preparing for future market competition [3] - The Ethernet data center switch market is projected to exceed $180 billion from 2025 to 2029, indicating a strong growth trajectory [4] Group 3: Company Strategy and Resilience - The company adopts a differentiated strategy tailored to its circumstances, focusing on long-term sustainable benefits rather than short-term gains [4] - Maintaining a balanced customer base is crucial for stability in a changing market environment, with a focus on high-density integration and high-speed signal transmission [4] - The company emphasizes the importance of innovation and supply chain resilience to navigate uncertainties in the market [4] Group 4: Investor Engagement and Perception - The significance of the meeting may vary based on individual investor perspectives, influenced by objective facts or emotional factors [5] - The company's operational strategy is transparent, suggesting that the communication of its plans may not be as impactful as understanding investor sentiments [5]

Financial Performance Expectations - The company expects net profit attributable to shareholders to be between 72,000 and 82,000 thousand yuan, representing a year-on-year increase of 39.86% to 59.28% compared to 51,481.20 thousand yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 70,400 and 80,400 thousand yuan, reflecting a year-on-year growth of 41.77% to 61.91% from 49,657.94 thousand yuan last year [3]. - Basic earnings per share are estimated to be between 0.37 and 0.43 yuan per share, compared to 0.2694 yuan per share in the same period last year [3]. Revenue Growth Drivers - The expected growth in revenue and net profit is attributed to structural demand for printed circuit boards driven by emerging computing scenarios such as high-performance servers and artificial intelligence [5]. - The company emphasizes a balanced product portfolio and years of experience in mid-to-high-end products and mass production technology as key factors for growth [5]. Caution and Forecast Nature - The performance forecast is a preliminary estimate by the company's finance department, and actual financial data will be disclosed in the 2025 Q1 report [6]. - Investors are advised to exercise caution and be aware of investment risks related to the preliminary nature of the earnings forecast [6].

Group 1: Industry Outlook and Growth Drivers - The demand for AI-driven servers, data storage, and high-speed network infrastructure is expected to grow, alongside the increasing electrification, intelligence, and connectivity of vehicles, creating opportunities for industry development [1][4]. - Emerging application fields are anticipated to further drive growth in the PCB market, with artificial intelligence, high-speed networks, and automotive electronics (EV and ADAS) being key growth drivers [3][5]. Group 2: Company Performance and Strategy - The company’s revenue from direct exports to the U.S. is less than 5%, with the majority of products exported to Southeast Asia, minimizing exposure to tariffs [1][6]. - The company maintains a normal production operation, with orders aligning with overall industry demand, indicating a stable performance [3][5]. - The company is focusing on technology innovation and a diversified customer structure to maintain resilience and competitive advantage in a complex environment [2][7]. Group 3: Future Capacity and Production - The company is increasing R&D investment and focusing on key and bottleneck processes, expecting effective capacity improvements in the second half of 2025 [1][4]. - The Thailand production base has entered the trial production phase, which will gradually develop into large-scale production capabilities [1][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve rapid growth in 2024, with projected revenue of approximately 13.34 billion yuan, representing a year-on-year increase of about 49.26%. The net profit attributable to shareholders is expected to be around 2.59 billion yuan, reflecting a year-on-year growth of approximately 71.05% [4][5] - The PCB business is anticipated to generate revenue of about 12.84 billion yuan in 2024, with a year-on-year growth of approximately 49.78%. The gross margin for the PCB business is expected to rise to about 35.85%, an increase of approximately 3.56 percentage points year-on-year [4][5] Summary by Sections Company Overview - The company is a leading player in the enterprise communication board market, benefiting from the recovery in consumer electronics and the strong demand driven by artificial intelligence, high-speed networks, and automotive intelligence [5] Financial Performance - In 2024, the enterprise communication market board is projected to achieve revenue of approximately 10.09 billion yuan, a significant year-on-year increase of about 71.94%. The gross margin for this segment is expected to improve by 4.09 percentage points year-on-year [5] - The automotive board business is expected to generate revenue of about 2.41 billion yuan in 2024, with a year-on-year growth of approximately 11.61%. However, the gross margin for this segment is anticipated to decrease by about 1.20 percentage points due to price competition and fluctuations in raw material prices [7] Market Trends - The demand for automotive PCBs is being driven by the increasing penetration of electric vehicles, with the average PCB value in pure electric vehicles being approximately 5 to 6 times that of traditional fuel vehicles [8][9] - The company is focusing on optimizing its capacity structure, product structure, and customer structure to align with the dynamic long-term market demand [5] Future Projections - Revenue projections for the company from 2025 to 2027 are estimated to be 15.77 billion yuan, 19.18 billion yuan, and 22.15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 3.32 billion yuan, 4.25 billion yuan, and 4.92 billion yuan for the same period [10][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has benefited from the AI wave, achieving significant profit growth, with a projected revenue of 13.34 billion yuan for 2024, representing a year-on-year increase of 49.26% [1]. - The company's net profit attributable to shareholders is expected to reach 2.59 billion yuan in 2024, reflecting a year-on-year growth of 71.05% [1]. - The report highlights the strong performance of the PCB business, particularly in the enterprise communication market, which saw a revenue increase of approximately 71.94% year-on-year [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.33 billion yuan, a year-on-year increase of 51.64%, and a net profit of 739 million yuan, up 32.07% year-on-year [2]. - The overall gross margin for 2024 is projected to be 34.54%, an increase of 3.37 percentage points year-on-year, while the net profit margin is expected to be 19.24%, up 2.58 percentage points year-on-year [3]. - The PCB business is anticipated to have a gross margin of approximately 35.85% in 2024, an increase of about 3.56 percentage points year-on-year [3]. Business Segments - The PCB business achieved revenue of approximately 12.84 billion yuan in 2024, with a year-on-year growth of about 49.78% [2]. - The enterprise communication market segment generated approximately 10.09 billion yuan in revenue, marking a significant year-on-year increase of 71.94% [2]. - The automotive PCB segment is expected to generate revenue of 2.41 billion yuan in 2024, reflecting an 11.61% year-on-year growth [2]. Industry Trends - The report emphasizes the ongoing AI wave, which is expected to drive significant growth in the demand for high-performance PCB solutions, particularly in data centers and HPC-related products [4]. - The company is strategically expanding its production capacity, with an investment of approximately 4.3 billion yuan planned for new projects targeting the AI-driven data center market [5]. Profitability Forecast - The net profit forecast for 2025 and 2026 has been adjusted to 3.4 billion yuan and 4.3 billion yuan, respectively, with a projected net profit of 5.3 billion yuan in 2027 [6].

Investment Rating - The report upgrades the investment rating to "Buy" [2][6] Core Insights - The company's revenue from the communication board increased by 72% year-on-year, with switches becoming a new growth engine [1][6] - The financial performance for 2024 met expectations, with a total revenue of 13.34 billion yuan, a 49.3% increase year-on-year, and a net profit of 2.59 billion yuan, a 71.1% increase year-on-year [6][8] - The company anticipates significant growth in the AI server and high-speed switch markets, with the latter expected to see over 90% quarter-on-quarter growth in the second half of 2024 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 8.94 billion yuan - 2024: 13.34 billion yuan - 2025E: 15.38 billion yuan - 2026E: 16.97 billion yuan - 2027E: 18.27 billion yuan - Year-on-year growth rates for total revenue are projected at 7.2% for 2023, 49.3% for 2024, and 15.3% for 2025E [5][8] - Net profit forecasts are as follows: - 2023: 1.51 billion yuan - 2024: 2.59 billion yuan - 2025E: 3.20 billion yuan - 2026E: 3.53 billion yuan - 2027E: 3.69 billion yuan - The projected return on equity (ROE) is expected to be 22.0% in 2025 [5][8] Market Position and Competitive Analysis - The company is positioned favorably compared to peers, with a projected price-to-earnings (PE) ratio of 20X for 2025, which is 39% lower than the average PE of comparable companies at 27X [6][8] - The communication board revenue is expected to account for a significant portion of the company's growth, driven by AI server and high-speed switch products [6]

沪士电子股份有限公司 沪士电子股份有限公司关于投资设立全资污水处理子公司的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-025 1、公司名称：昆山青淞污水处理有限公司（下称"青淞水务"） 2、公司类型：有限责任公司 3、注册资本：不超过 5,000 万元人民币 关于投资设立全资污水处理子公司的公告 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。 一、对外投资概述 1、为持续深化绿色制造实践，进一步改善区域水环境质量，经沪士电子股份有 限公司（下称"公司"）第八届董事会战略委员会提议，同意投资设立全资污水处 理子公司，建设运营日处理量不超过1.5万吨的污水处理厂，项目总投资预计不超过 1.5亿元人民币，用于处理公司生产过程中产生的各类废水，以确保生产废水能够得 到高效、专业的处理与净化，从而更好地满足环保要求及公司生产运营需求。 2、公司于2025年3月31日召开的第八届董事会第四次会议审议并一致通过《关 于投资设立全资污水处理子公司的议案》，并同意授权管理层具体办理工商注册登 记、资质与证照审批及其他各项必要事务。 3、根据相关规定，上 ...

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"）董事会于2025年3月20日以通讯方 式发出召开公司第八届董事会第四次会议通知。会议于2025年3月31日在公司会 议室以现场结合通讯表决的方式召开，其中陈梅芳女士、林明彦先生、高启全先 生、吴传林先生、王永翠女士以通讯表决方式参加，会议应到董事9人，实到董 事9人，公司监事和高级管理人员列席了会议。公司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。 沪士电子股份有限公司第八届董事会第四次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-024 沪士电子股份有限公司 第八届董事会第四次会议决议公告 1 沪士电子股份有限公司第八届董事会第四次会议决议公告 三、备查文件 沪士电子股份有限公司董事会 二、董事会会议审议情况 会议审议并一致通过如下决议： 1、审议通过《关于投资设立全资污水处理子公司的议案》。 表决结果：同意 9 票；反对 0 票 ...

丨证券研究报告丨 公司研究丨点评报告丨沪电股份（002463.SZ） [Table_Title] 沪电股份 2024 年报点评：业绩稳步高增，结构 持续优化 报告要点 [Table_Summary] 沪电股份发布 2024 年报：2024 年，公司实现营业收入 133.42 亿元，同比增长 49.26%；实现 归母净利润 25.87 亿元，同比增长 71.05%。从盈利能力来看，2024 年公司分别实现毛利率和 净利率 34.54%和 19.24%，分别同比+3.37pct 和+2.58pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 沪电股份（002463.SZ） cjzqdt11111 [Table_Title 沪电股份 2024 2] 年报点评：业绩稳步高增，结构 持续优化 [Table_Summary2] 事件描述 沪电股份发布 2024 年报：2024 年，公司实现营业收入 133.42 亿元，同比增长 49.26%；实现 归母净利润 ...