沪电股份：33亿投资！

Core Viewpoint - The company plans to invest 3.3 billion yuan in a new high-end printed circuit board (PCB) production project to meet the growing demand for high-performance computing servers and next-generation high-speed network switches, capitalizing on the AI computing boom [1][4]. Investment Details - The project aims to bid for approximately 66,700 square meters of land in Kunshan High-tech Zone, adjacent to the existing factory, with a construction period of 2 years [3][6]. - Total investment includes 2.7 billion yuan for land and fixed assets, and 600 million yuan for working capital, funded through self-owned or self-raised sources [3][6]. - Upon reaching full production, the project is expected to add 140,000 square meters of annual capacity, generating annual revenue of 3.05 billion yuan and a net profit of about 500 million yuan, with an after-tax internal rate of return of 13.9% and a payback period of 7.6 years, including the construction period [3][6]. Market Context - The global demand for AI server PCBs is surging, with Goldman Sachs predicting a compound annual growth rate of 140% from 2025 to 2027, and an increasing share of high-end products with over 30 layers [3][6]. - The company's strategic move aligns with the industry's trend towards high-end products, enhancing its capacity and optimizing product structure to strengthen its core supply capabilities and improve market share and profitability [3][6][7]. Strategic Importance - This project represents a significant step in the company's differentiation strategy, aimed at expanding high-end capacity and reinforcing its position in the high-end electronic manufacturing sector [4][7]. - The company has authorized management to adjust the total investment by up to 30% to enhance project adaptability [3][6].