沪电股份（002463）：产能扩张加速，彰显发展信心

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][7]. Core Views - The company is accelerating capacity expansion, demonstrating confidence in future growth, with a total investment of up to RMB 3.6 billion planned for projects in collaboration with the Huangshi Economic and Technological Development Zone [3]. - The company is investing in three locations: Kunshan, Huangshi, and Thailand, with a total investment of nearly RMB 8 billion, which is expected to significantly improve production capacity starting from the second half of 2025 [4]. - AI demand is driving substantial revenue growth, particularly in the enterprise communications market, with AI server and HPC-related PCB products contributing approximately 29.48% of revenue, and high-speed network switch-related products accounting for about 38.56% [5]. Summary by Sections Investment Plans - The company has authorized management to negotiate potential project investments in Huangshi, with a total investment cap of RMB 3.6 billion from July 2025 to June 2031 [3]. - In Kunshan, the company plans to invest approximately RMB 4.3 billion to build high-end printed circuit boards (PCBs) for AI chips, with the first phase targeting an annual production of 180,000 square meters [4]. Financial Projections - The company expects to achieve net profits of RMB 3.69 billion, RMB 5.09 billion, and RMB 6.33 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 25, 18, and 15 [6][9]. - Revenue is projected to grow from RMB 13.34 billion in 2024 to RMB 26.81 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [9][10]. Market Position - The company is well-positioned to benefit from the increasing demand for high-speed PCBs driven by AI applications, with significant investments in R&D to enhance product reliability and performance [5][6].