沪电股份：汇率影响下仍实现同环比高增，中长期绩优股

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - Despite the impact of exchange rates, the company has achieved significant year-on-year and quarter-on-quarter growth, positioning it as a strong performer in the medium to long term [1] - The company expects a substantial increase in net profit for Q3 2024, with estimates ranging from 6.80 to 7.30 billion yuan, reflecting a year-on-year growth of 47.67% to 58.53% and a quarter-on-quarter growth of 8.62% to 16.61% [4][5] - The company is benefiting from structural demand for printed circuit boards driven by emerging computing scenarios such as high-performance servers and artificial intelligence [5] Financial Performance - For the first three quarters of 2024, the company anticipates a net profit attributable to shareholders of 18.21 to 18.71 billion yuan, representing a year-on-year increase of 91.05% to 96.29% [5] - The company has made significant investments in R&D in data communication, high-speed networking equipment, and data centers, leading to the successful launch of high-end products [5] - Revenue projections for 2024 to 2026 are set at 115.30 billion yuan, 148.22 billion yuan, and 192.70 billion yuan, respectively, with net profits expected to be 25.36 billion yuan, 32.72 billion yuan, and 44.73 billion yuan [5][6] Operational Developments - The construction of the company's production base in Thailand is progressing well, with the first phase expected to begin trial production in Q4 2024 [5] - The company is actively upgrading and expanding its production capabilities to ensure efficient operations across different production bases [5] Market Outlook - The company is well-positioned to capitalize on the increasing demand for high-speed switches and advanced networking products, with expectations of further penetration in the market [5] - The anticipated growth in the company's earnings and revenue reflects a strong outlook for the printed circuit board industry, driven by technological advancements and market demand [5][6]