【私募调研记录】明世伙伴基金调研沪电股份

Group 1 - Ming Shi Partners Fund recently conducted research on a listed company, Hu Dian Co., focusing on its differentiated operations and dynamic adaptation to market demand [1] - The company expects to achieve approximately 10.093 billion yuan in revenue from the enterprise communications market in 2024, with PCB products related to servers and HPC accounting for about 29.48% and high-speed network switches and routers accounting for approximately 38.56% [1] - The automotive board segment is projected to generate around 2.408 billion yuan in revenue, with emerging automotive board products making up about 37.68% [1] - The demand for 800G switch market is strong, driven by the rapid development of data center switches [1] - The Thai factory has begun small-scale production, focusing on improving production efficiency and stability, gradually releasing capacity [1] - The company is increasing capital expenditure for new high-end printed circuit board expansion projects, with capacity improvements expected in the second half of 2025 [1] Group 2 - Ming Shi Partners Fund Management was established in August 2018 and registered as a private securities investment fund manager in January 2019 [2] - The founder, Qi Liang, has 28 years of experience in the capital market and has held senior management positions in leading securities firms [2]