沪电股份分析师会议-20250626

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The company adopts a differentiated business strategy, dynamically adapting technical, process, and production capacity structures to the medium - and long - term market demand structure, and focuses on serving the main leading customers in the overall market [21]. - AI development drives changes in the data center switch market, and the 800G switch market has good demand [25]. - The growth of AI - driven server, data storage, and high - speed network infrastructure demand brings development opportunities to the industry, but also intensifies competition. The company needs to accurately grasp the strategic rhythm, increase investment, and improve product competitiveness [26]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Huadian Co., Ltd., belonging to the electronic components industry. The reception time is June 26, 2025, and the reception personnel are Qian Yuanjun and Wang Shumei [17]. 3.2 Detailed Research Institutions - The participating research institutions include Minsheng Securities (a securities company) and ICBC Credit Suisse (a fund management company) [18]. 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data 3.4.1 Company Overall Business Strategy - The company conducts business with leading customers in the overall market, aiming for long - term sustainable benefits. It needs to continuously improve comprehensive process and technical capabilities and increase resource investment in technology and innovation [21]. 3.4.2 Company Revenue Structure - In 2024, the enterprise communication market boards applied in AI - driven servers, data storage, and high - speed network infrastructure achieved an operating income of about 1.0093 billion yuan, with AI servers and HPC - related PCB products accounting for about 29.48% and high - speed network switches and related PCB products accounting for about 38.56%. - In 2024, the company's automotive boards achieved an operating income of about 240.8 million yuan, with emerging automotive board products such as millimeter - wave radar and HDI - based autonomous driving assistance accounting for a certain proportion [22]. 3.4.3 Thailand Factory - The company's Thailand production base has started small - scale mass production. It is working to improve production efficiency and yield, accelerate customer certification and product introduction, and control costs and risks [24]. 3.4.4 Switch Market Situation - The rapid development of AI drives the transformation of the data center switch market. The 800G switch market has good demand [25]. 3.4.5 Capital Expenditure and Market Situation - The growth of AI - driven demand brings development opportunities to the industry, but the supply of high - end product capacity is insufficient. The company has increased investment in key and bottleneck processes, and the capacity is expected to improve in the second half of 2025. - In Q1 2025, the cash paid for the purchase and construction of fixed assets, intangible assets, and other long - term assets was about 658 million yuan. A high - end printed circuit board expansion project worth about 4.3 billion yuan started construction recently [26].