沪电股份：2Q24业绩同比持续高增

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 49.50 RMB from the previous 38.00 RMB [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 10.8-11.6 billion RMB for 1H24, with a median of 11.2 billion RMB, representing a year-on-year growth of 127%. For 2Q24, the expected net profit is 5.65-6.45 billion RMB, with a median of 6.05 billion RMB, indicating a year-on-year growth of 107% and a quarter-on-quarter growth of 18% [1][10]. - The growth is primarily driven by the increasing demand for high-end PCB products related to AI and high-performance computing (HPC). The revenue share of AI-related PCB products is expected to rise from 14% in 2023 to 25% in 2024 [2][3]. - The company is well-positioned to benefit from the ongoing investments in AI by major tech companies, particularly in overseas cloud computing and computing power sectors [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 have been increased by 9%, 25%, and 37% respectively, with net profit estimates adjusted to 26 billion RMB, 38 billion RMB, and 47 billion RMB for the same years [1][4][10]. - The gross profit margin expectations have also been raised by 1.6 percentage points, 2.1 percentage points, and 2.2 percentage points for 2024, 2025, and 2026 respectively [1][10]. Market Position and Expansion - The company has acquired land in Thailand for a new production facility, which is expected to commence mass production in 4Q24, alleviating current capacity concerns and supporting revenue growth in 2025-2026 [3]. - The company is recognized as a leading supplier of PCBs for AI servers and switches, with optimistic forecasts for the demand in the 400G/800G switch PCB market [10].