国浩律师（南京）事务所 关 于 沪士电子股份有限公司 2024 年度股东会 之 法律意见书 南京市汉中门大街 309 号 B 座 5、7、8 层 邮编：210036 5、7、8th Floor, Block B, 309 Hanzhongmen Street, Nanjing 210036, China 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 8966 0966 网址/Website: http://www.grandall.com.cn 2025 年 4 月 | 一、 | 关于本次年度股东会的召集、召开程序 | 2 | | --- | --- | --- | | 二、 | 关于本次年度股东会出席人员的资格和召集人资格 | 3 | | 三、 | 关于本次年度股东会的表决程序及表决结果 | 4 | | 四、 | 结论意见 | 8 | | | 签署页 | 9 | 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 关于沪士电子股份有限公司 2024年度股东会之法律意见书 致：沪士电子股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共 ...

沪士电子股份有限公司 2024 年度股东会决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-036 沪士电子股份有限公司 2024 年度股东会决议公告 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。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 4 月 28 日（星期一）15:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 4 月 28 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投 票系统投票的具体时间为：2025 年 4 月 28 日 09:15 至 15:00。 2、现场会议召开地点：昆山市黑龙江北路 8 号御景苑二楼会议室 3、表决方式：采用现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 公司董事长陈梅芳女士、副董事长吴传林先生以视频方式出席本次股东会。经公 司过半数董事共同推举，本次股东会由 ...

智通财经4月28日电，沪电股份(002463.SZ)公告称，公司持股5%以上股东沪士控股拟自公告披露之日起 15个交易日后的三个月内，以集中竞价交易的方式减持公司股份不超过1200万股，占公司目前总股本的 比例不超过0.625%。减持原因为自身资金需要，减持方式为集中竞价交易，减持价格区间按照市场价 格确定。 沪电股份：股东拟减持公司股份不超过1200万股 ...

沪士电子股份有限公司关于持股 5%以上股东拟减持公司股份的预披露公告 特别提示： WUS GROUP HOLDINGS CO., LTD.（沪士集团控股有限公司，下称"沪士 控股"）持有公司股份228,711,023股，占公司目前总股本的比例约11.89%。 公司于2025年4月28日收到沪士控股出具的《WUS GROUP HOLDINGS CO., LTD.拟减持股份告知函》，拟自本公告披露之日起15个交易日后的三个月内，暨 2025年5月26日至2025年8月25日期间，以集中竞价交易的方式减持公司股份不超 过1,200万股（占公司目前总股本的比例不超过0.625%）。 一、沪士控股的基本情况 截至本公告披露之日，沪士控股持有公司股份的数量、约占公司目前总股本 的比例情况如下： 证券代码：002463 证券简称：沪电股份 公告编号：2025-035 沪士电子股份有限公司 关于持股5%以上股东拟减持公司股份的预披露公告 WUS GROUP HOLDINGS CO., LTD.保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。本公司及董事会全体成 员保证公告内容与信息披露义务人 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 沪电股份(002463) 投资评级 买入 上次评级 买入 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 相关研究 [Table_OtherReport] 沪电股份年报点评：精益求精积极布 局，AI 时代再创佳绩 AI 引擎动能强劲，投资扩产夯实中长 期成长基础 2024 年半年度报告点评：深度受益 AI 服务器放量及交换网络升级，800G 交 换机已量产出货 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] AI 强劲释放动能，业绩持续高速增长 [Table_ReportDate] 2025 年 04 月 25 日 [Table_S 事件：4ummar 月 25y]日，公司发布 2025 年一季度报告，公司实现营业收入 40.38 亿元，yoy+56.27%，qoq-6.77% ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing strong performance driven by AI product demand, with a significant increase in revenue and profit margins [1][4] - The company is well-positioned to benefit from the growing demand for AI infrastructure and high-performance computing [4] - The company is actively expanding its production capacity to meet market demands, particularly in AI-related products [4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 4.038 billion, representing a year-over-year increase of 56.27% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to the parent company for Q1 2025 was 762 million, with a year-over-year increase of 47.96% and a quarter-over-quarter increase of 3.11% [1] - The gross margin for Q1 2025 was 32.75%, showing a year-over-year decrease of 1.11 percentage points but a quarter-over-quarter increase of 0.95 percentage points [1] Revenue and Profit Forecast - The projected revenue for 2025, 2026, and 2027 is 16.868 billion, 20.104 billion, and 23.476 billion respectively, with year-over-year growth rates of 26%, 19%, and 17% [4] - The forecasted net profit attributable to the parent company for the same years is 3.711 billion, 4.809 billion, and 5.397 billion, with year-over-year growth rates of 43%, 30%, and 12% [4] - The company's gross margin is expected to improve to 38.5% in 2025 and stabilize around 38% in 2027 [3][4]

Market Overview - The Shanghai Composite Index fell by 0.07% on April 25, with 21 out of the 28 sectors rising, led by utilities and communications, which increased by 1.36% and 1.15% respectively [1] - The electronic sector rose by 0.43% [1] - The real estate and coal sectors experienced the largest declines, falling by 0.60% and 0.59% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 4.975 billion yuan, with 14 sectors seeing net inflows [1] - The computer sector had the highest net inflow, totaling 3.368 billion yuan, while the utilities sector followed with a net inflow of 1.581 billion yuan [1] - A total of 17 sectors experienced net outflows, with the non-ferrous metals sector leading with a net outflow of 942 million yuan, followed closely by the basic chemicals sector with 930 million yuan [1] Electronic Sector Performance - The electronic sector saw a net inflow of 1.568 billion yuan, with 272 out of 461 stocks rising, including 5 hitting the daily limit [2] - The top three stocks with the highest net inflow were Huadian Co. (4.37 billion yuan), Luxshare Precision (2.83 billion yuan), and Dongshan Precision (1.73 billion yuan) [2] - Six stocks in the electronic sector experienced net outflows exceeding 100 million yuan, with the largest outflows from SMIC (246 million yuan), Xilong Science (190 million yuan), and Shengbang Co. (122 million yuan) [2][3] Electronic Sector Capital Inflow and Outflow Rankings - The top inflow stocks included: - Huadian Co. (5.72% increase, 436.55 million yuan inflow) - Luxshare Precision (2.76% increase, 283.40 million yuan inflow) - Dongshan Precision (3.48% increase, 173.16 million yuan inflow) [2] - The top outflow stocks included: - SMIC (-0.76% decrease, -246.14 million yuan outflow) - Xilong Science (-2.04% decrease, -190.37 million yuan outflow) - Shengbang Co. (-8.27% decrease, -121.81 million yuan outflow) [3]

证券代码：002463 证券简称：沪电股份 沪士电子股份有限公司 公司正在全员攻坚，推动沪士泰国生产基地从试生产到量产，并尽快达到 预期的生产效率和产品质量，形成规模化量产能力，争取在 2025 年第二季度 全面加速开启客户认证与产品导入工作，逐步释放产能，并进一步验证中高端 产品的生产能力，为逐步提高产品梯次打好基础，为未来的市场竞争做好准 备。同时借助精细化成本管控手段，以有效控制初期成本；搭建全方位风险预 警与应对机制以应对海外工厂建设运营风险，夯稳实现经营性盈利目标的桩 基。 5、800G 交换机市场情况。 答：这个在我们 2024 年报中也多次提及，2024 年下半年，高速网络的交 换机及其配套路由相关 PCB 产品是公司增长最快的细分领域，环比增长超 90%。AI 的快速发展也驱动数据中心交换机市场的深刻变革。传统上，数据中 心交换机支出主要用于连接通用服务器的前端网络，然而人工智能与高性能 计算集群的连接需要一个数据中心规模的架构，即人工智能后端网络，同时前 端网络也需要额外的容量来支持后端部署，调研机构 Dell'Oro Group 近期发 布的报告预测，以太网数据中心交换机销售在未来五年（2 ...

Group 1 - The Shanghai Composite Index closed at 3302.19 points, above the five-day moving average, with a slight increase of 0.15% [1] - The total trading volume of A-shares reached 733.14 billion yuan [1] - A total of 837 A-shares have prices that surpassed the five-day moving average, with notable stocks including Jiuzhou Group, Nanguo Real Estate, and Proya, showing significant deviation rates of 11.67%, 7.92%, and 7.86% respectively [1] Group 2 - The top stocks with the highest deviation rates from the five-day moving average include: - Jiuzhou Group (16.74% increase, 34.11% turnover rate, latest price 7.60 yuan, deviation rate 11.67%) [1] - Nanguo Real Estate (10.32% increase, 3.16% turnover rate, latest price 1.39 yuan, deviation rate 7.92%) [1] - Proya (10.00% increase, 2.50% turnover rate, latest price 84.71 yuan, deviation rate 7.86%) [1] - Other notable stocks with significant increases include: - Fangda Group (9.95% increase, 6.42% turnover rate, latest price 4.31 yuan, deviation rate 7.53%) [1] - Luolai Life (9.68% increase, 1.71% turnover rate, latest price 9.18 yuan, deviation rate 7.24%) [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 48.50 [6][4] Core Views - The company reported a revenue of RMB 4 billion in Q1 2025, a year-on-year increase of 56%, primarily driven by the demand for AI-related products [1] - The gross margin was 32.8%, a decrease of 1.1 percentage points, influenced by increased stock incentive costs and lower initial operating rates at the new factory in Thailand [1] - The net profit attributable to the parent company was RMB 760 million, aligning with the company's previous guidance of RMB 720-820 million, representing a 48% year-on-year increase [1] Revenue and Profit Forecast - The company is expected to achieve revenues of RMB 18.28 billion, RMB 21.74 billion, and RMB 23.42 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 37.03%, 18.89%, and 7.77% [10] - The net profit attributable to the parent company is forecasted to be RMB 3.73 billion, RMB 4.56 billion, and RMB 4.99 billion for the same years, reflecting growth rates of 44.21%, 22.11%, and 9.43% [10] AI Product Contribution - AI-related PCB products are expected to account for 51% of total revenue in 2024, with enterprise communication boards generating RMB 10.1 billion, a 72% increase year-on-year [2] - AI server PCBs are projected to generate RMB 2.98 billion in 2024, a 140% increase, while switch PCBs are expected to reach RMB 3.89 billion, with a 90% increase in the second half of 2024 [2] Capacity Expansion Strategy - The company plans to alleviate production capacity concerns through "technological upgrades and capacity expansion," focusing on optimizing bottlenecks and key processes in the short term [3] - In the long term, the company aims to build high-end AI-related PCB capacity, with an expected cumulative addition of RMB 4.8 billion in high-end HDI output by 2031, reflecting confidence in the long-term AI industry trend [3] Valuation Comparison - The company's current valuation stands at 14.2x 2025 PE, which is a premium compared to the industry average of 19.7x, reflecting its leading position in the global AI computing chain [4][13] - The target price has been adjusted down to RMB 48.50 from RMB 58.20, corresponding to a 30.0x 2025 target PE [4]