沪电股份：AI占比持续提升，单季度毛利率增长显著

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 47.93 CNY per share, compared to the current price of 34.17 CNY [4]. Core Insights - The company reported a significant increase in gross margin in Q2 2024, with a gross margin of 38.83%, up by 4.97 percentage points from the previous quarter. For the first half of 2024, the company achieved a revenue of 54.24 billion CNY, a year-on-year growth of 44.13%, and a net profit attributable to shareholders of 11.41 billion CNY, representing a year-on-year increase of 131.59% [2][3]. - The company's enterprise communication market revenue reached approximately 38.28 billion CNY in the first half of 2024, a year-on-year increase of about 75.49%. The proportion of AI servers and HPC-related PCB products increased to approximately 31.48%, with the communication board gross margin rising to 41.59%, an increase of 8.44 percentage points year-on-year [2]. - The company is advancing its technological upgrades and capacity expansion, with plans for HDI technological upgrades and the transfer of PCB production to a new facility. The first phase of the Thailand factory is expected to begin trial production in Q4 2024 [2]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 26.23 billion CNY in 2024, 32.56 billion CNY in 2025, and 41.90 billion CNY in 2026, reflecting strong growth potential driven by the AI wave [2][3]. Financial Summary - For the first half of 2024, the company achieved a revenue of 54.24 billion CNY, with a net profit of 11.41 billion CNY. The Q2 2024 revenue was 28.40 billion CNY, with a net profit of 6.26 billion CNY [2]. - The company’s revenue is projected to grow from 11,847 million CNY in 2024 to 16,070 million CNY in 2026, with corresponding net profits expected to rise from 26,230 million CNY to 41,900 million CNY during the same period [3][9]. - The report highlights a significant increase in gross margin from 30.3% in 2022 to an expected 37.7% in 2026, indicating improved profitability [9].