人民财讯11月20日电，沪电股份（002463）11月20日公告，公司拟以1900.91万欧元的价格购买关联方 Schweizer Electronic AG.(下称"Schweizer")持有的胜伟策15%股权，本次交易完成后，公司持有胜伟策 的股权比例将由84%增加至99%。同时为进一步完善胜伟策在嵌入式封装技术(P2Pack)等领域的技术布 局，增强核心技术能力，提升产品竞争力与市场壁垒，同意胜伟策199.1万欧元的价格向Schweizer购买 一组专利及技术资产。 ...

Group 1 - The core point of the article is that Hu Dian Co., Ltd. announced a board meeting to discuss the purchase of equity, patents, and technology assets, indicating strategic growth initiatives [1] - For the first half of 2025, Hu Dian's revenue composition shows that PCB accounted for 95.98%, other businesses for 3.99%, and housing sales for 0.03%, highlighting the company's strong focus on PCB manufacturing [1] - As of the report, Hu Dian's market capitalization stands at 125 billion yuan, reflecting its significant position in the market [1]

每经AI快讯，11月20日，沪电股份（002463）(002463.SZ)公告称，公司拟以1900.91万欧元购买 Schweizer持有的胜伟策15%股权，交易完成后，公司对胜伟策的控制力和经营决策效率将提升。同时， 胜伟策将以199.09万欧元向Schweizer购买一组专利及技术资产，以完善技术布局。本次交易涉及的相关 专利及技术资产与胜伟策现有业务具有高度协同性，通过购买相关专利及技术资产，胜伟策可直接获得 相关技术的自主权和控制权；有助于加快技术迭代速度，进一步完善胜伟策在嵌入式封装技术(P2Pack) 等核心业务领域的技术布局和储备。 ...

沪士电子股份有限公司关于购买股权、专利及技术资产暨关联交易的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-074 沪士电子股份有限公司 关于购买股权、专利及技术资产暨关联交易的公告 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。 一、本次关联交易概述 经沪士电子股份有限公司（下称"公司"）第八届董事会战略与 ESG 委员会提 议，公司于 2025 年 11 月 20 日召开第八届董事会第十一次会议，审议通过《关于 购买股权、专利及技术资产暨关联交易的议案》，为进一步提升对胜伟策电子（江 苏）有限公司（下称"胜伟策"）的控制力和经营决策效率，同意公司以 19,009,050 欧元的价格购买关联方 Schweizer Electronic AG.（下称"Schweizer"）持有的胜伟策 15%股权，本次交易完成后，公司持有胜伟策的股权比例将由 84%增加至 99%。 同时为进一步完善胜伟策在嵌入式封装技术（P 2Pack） 等领域的技术布局，增 强核心技术能力，提升产品竞争力与市场壁垒，同意胜伟策 1,990,950 欧元的价格 向 Sc ...

沪士电子股份有限公司 第八届董事会第十一次会议决议公告 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。 沪士电子股份有限公司第八届董事会第十一次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-073 为进一步提升对胜伟策电子（江苏）有限公司（下称"胜伟策"）的控制力 和经营决策效率，经公司第八届董事会战略与ESG委员会提议，同意公司以 19,009,050欧元的价格购买关联方Schweizer Electronic AG.（下称"Schweizer"） 持有的胜伟策15%股权，本次交易完成后，公司持有胜伟策的股权比例将由84% 增加至99%。 同时为进一步完善胜伟策在嵌入式封装技术（P 2Pack） 等领域的技术布局， 增强核心技术能力，提升产品竞争力与市场壁垒，同意胜伟策1,990,950欧元的价 1 沪士电子股份有限公司第八届董事会第十一次会议决议公告 一、董事会会议召开情况 沪士电子股份有限公司（下称"公司"）董事会在2025年11月17日以通讯方 式发出召开公司第八届董事会第十一次会议通知。会议于2025年11月20日在公 ...

Core Viewpoint - The company aims to enhance its control and operational decision-making efficiency over Shengweica by acquiring an additional 15% stake from the related party Schweizer for €19.09 million, increasing its ownership from 84% to 99% [1] Group 1 - The acquisition of the 15% stake is part of the company's strategy to strengthen its control over Shengweica [1] - The company will also purchase a set of patents and technical assets from Schweizer for €1.9909 million to improve Shengweica's technology layout in embedded packaging technology (P2Pack) [1] - This move is expected to enhance the core technological capabilities of Shengweica, thereby increasing product competitiveness and market barriers [1]

Core Viewpoint - The report from Zhongyou Securities highlights the structural demand for high-end PCBs driven by emerging computing scenarios such as high-speed switches and AI servers, with Huadian Co., Ltd. achieving a net profit of 2.718 billion yuan in the first three quarters, representing a year-on-year increase of 47.03% [1] Group 1: Financial Performance - Huadian Co., Ltd. reported a net profit of 1.035 billion yuan in Q3, reflecting a year-on-year growth of 46.25% and a quarter-on-quarter increase of 12.44% [1] - The company's net profit for the first three quarters reached 2.718 billion yuan, marking a significant year-on-year increase [1] Group 2: Market Demand and Production Capacity - The demand for PCBs is expected to grow due to the modular construction needs of complex systems, with the cabinet PCB orthogonal backplane solution anticipated to accelerate implementation [1] - A new expansion project for high-end printed circuit boards, supporting AI chip production, was initiated in June 2023, with an investment of 4.3 billion yuan and expected to commence production in the second half of 2024 [1] - The Thai production base of Huadian entered small-scale production in Q2 2023, gaining formal recognition from clients in the AI server and switch application fields, with capacity gradually being released [1] Group 3: Investment Rating - The report maintains a "Buy" rating for Huadian Co., Ltd. based on its strong financial performance and growth prospects in the high-end PCB market [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][10] Core Insights - The demand for high-end PCBs is continuously driven by high-speed switches and AI servers, with the company achieving a revenue of 13.512 billion yuan in the first three quarters, a year-on-year increase of 49.96%, and a net profit of 2.718 billion yuan, up 47.03% year-on-year [2] - The introduction of cabinet PCB orthogonal backplanes is expected to open new market opportunities due to their high-density interconnection capabilities, which meet the needs of multi-module data interaction [2] - The company is actively investing in capital expenditures, with cash payments for fixed assets and other long-term assets amounting to approximately 2.104 billion yuan in the first three quarters of 2025, and plans for a new AI chip supporting high-end PCB expansion project [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 18.81 billion yuan, 24.26 billion yuan, and 30.42 billion yuan respectively, with net profits expected to be 3.81 billion yuan, 5.32 billion yuan, and 6.78 billion yuan [4][6] - The company is expected to maintain a strong growth rate, with revenue growth rates of 49.26% in 2024, 40.96% in 2025, and 29.01% in 2026 [6][9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.98 yuan, 2.76 yuan, and 3.52 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 32.11, 23.01, and 18.05 [6][9]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

Core Viewpoint - The company Huadian Co., Ltd. (002463) has successfully held its first extraordinary general meeting of shareholders in 2025, approving several key resolutions including the issuance of H-shares and amendments to corporate governance [1]. Group 1: Stock Performance - As of November 18, 2025, Huadian Co., Ltd. closed at 63.02 yuan, up 0.99% from the previous trading day, with a total market capitalization of 121.27 billion yuan [1]. - The stock opened at 61.89 yuan, reached a high of 64.68 yuan, and a low of 61.72 yuan, with a trading volume of 2.67 billion yuan and a turnover rate of 2.19% [1]. Group 2: Shareholder Meeting Resolutions - The extraordinary general meeting held on November 17, 2025, had a shareholder representation of 50.9290% of the total share capital [1]. - Key resolutions passed include: - The proposal to not establish a supervisory board - Amendments to the company’s articles of association and related governance systems - Election of directors and independent non-executive directors - Approval for the issuance of H-shares and listing on the Hong Kong Stock Exchange, including the issuance plan and use of raised funds [1]. - The board was authorized to handle all matters related to the H-share issuance and listing, and the company’s articles of association were revised accordingly [1].