研报掘金丨华鑫证券：沪电股份上半年业绩实现高速增长，维持“买入”评级

Core Viewpoint - The report from Huaxin Securities indicates that Huadian Co., Ltd. achieved a net profit attributable to shareholders of 1.683 billion yuan in the first half of 2025, representing a year-on-year increase of 47.50% [1] - The company’s Q2 net profit attributable to shareholders reached 920 million yuan, also reflecting a year-on-year growth of 47.01% [1] - The rapid growth in performance is primarily driven by strong demand in the enterprise communication market, particularly in AI servers and HPC, leading to an increase in orders [1] Company Performance - The company has optimized its production lines and released new capacity, achieving both scale expansion and structural upgrades [1] - Continuous technological upgrades and precise global layout have allowed the company to optimize its product structure and release high-quality production capacity, laying a solid foundation for growth [1] Market Opportunities - The company is expected to seize structural opportunities in the AI server and automotive electronics markets, which could lead to robust growth [1] - The report initiates coverage with a "Buy" investment rating, highlighting the company's potential for strong performance in the future [1]