沪电股份（002463）：AI类产品持续助力业绩高增

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 48.50 [6][4] Core Views - The company reported a revenue of RMB 4 billion in Q1 2025, a year-on-year increase of 56%, primarily driven by the demand for AI-related products [1] - The gross margin was 32.8%, a decrease of 1.1 percentage points, influenced by increased stock incentive costs and lower initial operating rates at the new factory in Thailand [1] - The net profit attributable to the parent company was RMB 760 million, aligning with the company's previous guidance of RMB 720-820 million, representing a 48% year-on-year increase [1] Revenue and Profit Forecast - The company is expected to achieve revenues of RMB 18.28 billion, RMB 21.74 billion, and RMB 23.42 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 37.03%, 18.89%, and 7.77% [10] - The net profit attributable to the parent company is forecasted to be RMB 3.73 billion, RMB 4.56 billion, and RMB 4.99 billion for the same years, reflecting growth rates of 44.21%, 22.11%, and 9.43% [10] AI Product Contribution - AI-related PCB products are expected to account for 51% of total revenue in 2024, with enterprise communication boards generating RMB 10.1 billion, a 72% increase year-on-year [2] - AI server PCBs are projected to generate RMB 2.98 billion in 2024, a 140% increase, while switch PCBs are expected to reach RMB 3.89 billion, with a 90% increase in the second half of 2024 [2] Capacity Expansion Strategy - The company plans to alleviate production capacity concerns through "technological upgrades and capacity expansion," focusing on optimizing bottlenecks and key processes in the short term [3] - In the long term, the company aims to build high-end AI-related PCB capacity, with an expected cumulative addition of RMB 4.8 billion in high-end HDI output by 2031, reflecting confidence in the long-term AI industry trend [3] Valuation Comparison - The company's current valuation stands at 14.2x 2025 PE, which is a premium compared to the industry average of 19.7x, reflecting its leading position in the global AI computing chain [4][13] - The target price has been adjusted down to RMB 48.50 from RMB 58.20, corresponding to a 30.0x 2025 target PE [4]