沪电股份赴港上市推进全球化 受益需求增长前三季营收增50%

Core Viewpoint - Huitian Co., Ltd. (沪电股份) is advancing its global strategy by planning to issue H-shares and list on the Hong Kong Stock Exchange, with significant revenue growth driven by emerging computing demands [1][6]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 13.512 billion yuan, a year-on-year increase of 49.96%, and a net profit attributable to shareholders of 2.718 billion yuan, up 47.03% [3]. - The third quarter of 2025 marked a milestone with quarterly revenue surpassing 5 billion yuan for the first time, reaching 5.019 billion yuan [3]. - Total assets increased from 95.56 billion yuan in 2020 to 263.15 billion yuan by the end of September 2025, reflecting a growth of 24.24% year-on-year [2]. Market Position and Strategy - Huitian has established itself as a key player in the PCB industry, with products widely used in telecommunications, automotive, industrial equipment, and data centers [2]. - The company is focusing on R&D, with expenditures rising from 469 million yuan in 2022 to 792 million yuan in the first three quarters of 2025, indicating a commitment to innovation [4]. Expansion Plans - The company is investing approximately 4.3 billion yuan in a new project to expand high-end PCB production for AI chips, expected to begin trial production in the second half of 2026 [5]. - Huitian's overseas production base in Thailand has commenced small-scale production, supporting its international strategy [5]. Revenue Composition - In 2024, external sales accounted for 83.23% of total revenue, with external sales in the first half of 2025 reaching 6.893 billion yuan, a 48.59% increase year-on-year [6]. - The gross profit margin for external sales was 37.83%, significantly higher than the 28.96% margin for domestic sales [6]. Shareholder Returns - Since its IPO in 2010, Huitian has distributed a total of 4.112 billion yuan in cash dividends, maintaining a stable dividend policy with an average payout ratio of 34.66% [7].