沪电股份年报点评：精益求精积极布局，AI时代再创佳绩

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing a golden period of performance growth driven by the strong and sustained momentum of AI development, with significant revenue increases in server and network-related businesses [3] - The company is actively deepening its engagement in automotive intelligence and electrification, with steady growth in its automotive business [3] - The company is expected to achieve substantial revenue and profit growth in the coming years, with projected revenues of 168.68 billion, 201.04 billion, and 234.76 billion yuan for 2025E, 2026E, and 2027E respectively [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 133.42 billion yuan, a year-on-year increase of 49.26%, and a net profit attributable to shareholders of 25.87 billion yuan, up 71.05% year-on-year [1][3] - The gross profit margin and net profit margin were 34.64% and 19.24%, respectively, with increases of 3.37 and 2.58 percentage points year-on-year [1][3] - For Q4, the company reported revenue of 43.31 billion yuan, a year-on-year increase of 51.64%, and a net profit of 7.39 billion yuan, up 32.07% year-on-year [1] Business Segments - The enterprise communication market segment generated revenue of 100.93 billion yuan in 2024, reflecting a year-on-year growth of 71.94%, with a gross margin of 38.35% [3] - The automotive segment achieved revenue of approximately 24.08 billion yuan in 2024, a year-on-year increase of about 11.61%, despite challenges such as price competition and raw material price fluctuations [3] Future Outlook - The company is expected to continue benefiting from the AI server and HPC-related PCB products, which are projected to grow at an accelerated pace in 2024 [3] - The automotive business is anticipated to grow rapidly due to improvements in product structure and operational optimization [3] - The company is projected to maintain strong growth momentum, with net profits expected to reach 38.02 billion, 48.14 billion, and 54.09 billion yuan for 2025E, 2026E, and 2027E respectively [3]