Core Viewpoint - The company plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries regarding the issuance and listing details [1] Group 1 - The company is currently in the planning stage for the H-share issuance and listing [1] - Relevant intermediaries are being consulted for the upcoming H-share issuance [1] - Specific details regarding the H-share issuance and listing have not yet been finalized [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 沪电股份(002463.SZ)公告称，公司拟筹划在境外发行股份（H股）并在香港联交所主板挂牌上市，以优化海外业务布局，拓展多元化融资渠道。 相关细节尚未最终确定，待确定具体方案后，需提交公司董事会和股东会审议，并需取得相关政府机构、监管机构备案、批准或核准。该事项存 在较大不确定性，公司将及时履行信息披露义务。 ...

Group 1 - The company plans to issue shares overseas (H-shares) and list on the main board of the Hong Kong Stock Exchange to optimize its overseas business layout and diversify financing channels [1] - Specific details of the plan have not been finalized and will require approval from the company's board, shareholders, and relevant government and regulatory agencies [1] - The matter carries significant uncertainty, and the company will fulfill its information disclosure obligations in a timely manner [1]

Core Viewpoint - The company, Huadian Co., Ltd. (002463), announced plans to issue shares (H-shares) overseas and list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company is currently in discussions with relevant intermediaries regarding the H-share issuance and listing [1] - Specific details of the H-share issuance and listing have not yet been finalized [1]

Group 1 - The company plans to issue shares overseas (H-shares) and list on the main board of the Hong Kong Stock Exchange [1] - Details of the H-share issuance and listing are not yet finalized [1] - The issuance and listing require approval from the company's board, shareholders, and relevant regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission [1]

证券代码：002463 证券简称：沪电股份 公告编号：2025-054 沪士电子股份有限公司关于筹划发行 H 股股票并在香港联合交易所有限公司上市的提示性公告 沪士电子股份有限公司 关于筹划发行H股股票并在香港联合交易所有限公司上市的提 二〇二五年九月二十日 - 1 - 示性公告 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。 根据沪士电子股份有限公司（下称"公司"）总体发展战略及运营需要，为 进一步优化海外业务布局，拓展多元化融资渠道，公司拟筹划在境外发行股份（H 股）并在香港联合交易所有限公司（下称"香港联交所"）主板挂牌上市（下称 "本次H股发行上市"）。截至目前，公司正计划与相关中介机构就本次H股发行 上市的相关工作进行商讨，相关细节尚未最终确定。 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所 股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交易所 有限公司证券上市规则》以及中国香港法律对在中国境内注册成立的发行人在香 港发行股票并上市等相关法律法规的要求，待确定具体方案后，本次H股发行上 市尚需提交公司董事会 ...

Group 1 - The company has reported revenue from industrial robotic arms in its 2024 annual report and 2025 semi-annual report [1] - Currently, the industrial robotic arms are primarily used in the printed circuit board production sector [1] - At this stage, the robotic arms are only utilized internally within the company's production bases and are not available for external sales [1]

Group 1 - On September 18, among the 31 first-level industries tracked by Shenwan, 15 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 1.83 billion yuan [1] - Other industries with significant net financing inflows included banking, pharmaceuticals and biotechnology, automotive, food and beverage, and public utilities, each exceeding 300 million yuan in net inflows [1] - A total of 1,723 individual stocks received net financing inflows on September 18, with 134 stocks having net inflows exceeding 50 million yuan [1] Group 2 - Among the stocks, 17 had net financing inflows exceeding 200 million yuan, with Hu Dian Co., Ltd. leading at a net inflow of 354 million yuan [1] - Other notable stocks with high net financing inflows included Shenghong Technology, Sanhua Intelligent Control, Sunshine Power, Fuda Co., Ltd., China Ping An, and Xingsen Technology [1]

Summary of WUS Printed Circuit Conference Call Company Overview - **Company**: WUS Printed Circuit (Ticker: 002463.SZ) - **Industry**: Technology, specifically in the Printed Circuit Board (PCB) sector - **Key Customers**: Cisco, Oracle, Amazon, Huawei [12][12] Key Points and Arguments Earnings Forecast and Target Price - **Earnings Increase**: Earnings forecasts for 2025, 2026, and 2027 have been raised by 5.6%, 11%, and 8% respectively due to stronger growth outlook on AI PCBs [1][15] - **Target Price**: Target price raised to CNY 86.8, implying approximately 21% upside from the current price of CNY 71.90 [1][5] - **Valuation**: Target price based on a P/E multiple of 38x 2026F EPS of CNY 2.28, close to the high-end of its historical range [1][25] Market Dynamics - **AI PCB Demand**: Anticipated substantial upgrades in AI ASIC PCB specifications starting from 2H26, driven by new-gen ASICs catching up with competitors like nVidia [2][2] - **New Content Additions**: CSPs' ASICs will enhance scale-up connectivity, requiring more scale-up switches and new PCB content [2][2] Production and Operational Updates - **Thailand Plant**: The Thailand plant recorded losses of approximately CNY 96 million in 1H25 due to limited scale ramp-up. However, it has been qualified by two AI and switch customers, with expectations to qualify four more in 2H25 [3][3] - **Product Focus**: The plant aims to manufacture mid-to-high-end products and is expected to reach reasonable economies of scale by the end of 2025 [3][3] Financial Performance - **Revenue Growth**: Projected revenues for FY25, FY26, and FY27 are CNY 17,746 million, CNY 21,618 million, and CNY 25,307 million respectively, reflecting significant growth [4][15] - **Net Profit**: Normalized net profit forecasts for FY25, FY26, and FY27 are CNY 3,345 million, CNY 4,390 million, and CNY 5,194 million respectively [4][15] - **Margins**: Gross margin expected to stabilize around 34.6% in FY26 and FY27 [15][15] Risks and Challenges - **Market Risks**: Potential risks include slower-than-expected PCB growth from 5G basestation PCBs, weaker datacenter demand, and slower upgrades from major players like Intel and AMD [13][26] ESG Commitment - **Sustainability Efforts**: WUS is committed to recycling water, achieving a reuse rate of over 50% [14][14] Additional Important Information - **Stock Performance**: The stock has shown strong performance with a 125.7% increase over the past 12 months [8][8] - **Market Capitalization**: Approximately USD 19.43 billion [5][5] This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, financial outlook, and market positioning within the technology sector.

Core Viewpoint - The company plans to invest approximately 4.3 billion in a new high-end printed circuit board production project for artificial intelligence chips, expected to start construction in late June 2025 and begin trial production in the second half of 2026 [2] Group 1: Investment and Production Plans - The investment in the new project aims to expand the company's high-end product capacity to meet the long-term demand for high-end printed circuit boards in emerging computing scenarios such as high-speed computing servers and artificial intelligence [2] - The Thai production base is set to enter small-scale production in the second quarter of 2025, with formal recognition from clients in AI servers and switches [2] Group 2: Strategic Importance and Future Outlook - The successful operation of the Thai production base is crucial for the company's overseas strategic layout, with efforts focused on improving production efficiency and product quality [2] - As customer expansion and product introduction progress, production capacity will be gradually released, laying a foundation for optimizing the product structure and achieving operational profitability goals by the end of 2025 [2]