沪电股份分析师会议-20250723

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The company adopts a differentiated business strategy, dynamically matching technical, process, and production capacity structures to the medium - and long - term market demand structure. It focuses on long - term sustainable benefits and conducts business with major leading customers in the overall market. It also needs to enhance comprehensive competitiveness, increase resource investment in technology and innovation, and maintain resilience and competitive advantages in a complex market environment [22]. - With overseas customers emphasizing the dispersion of geopolitical supply chain risks, the company's Thai production base has started small - scale mass production. The company is working hard to improve production efficiency and yield, accelerate customer certification and product introduction, and control costs and risks to achieve the goal of operating profit [23]. - The company's planned investment of approximately 4.3 billion in a high - end printed circuit board expansion project for AI chips in Q4 2024 started construction in late June. The project is expected to expand high - end product capacity and meet market demand. In the long run, the development of AI and network infrastructure brings new opportunities and challenges to the PCB market, and the company needs to make strategic adjustments to enhance competitiveness [23][24]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is沪电股份, belonging to the electronic components industry. The reception time was July 23, 2025, and the listed company's reception staff were李明贵and钱元君[16]. 3.2 Detailed Research Institutions - The research institutions include证券公司such as华源证券and民生证券,寿险公司such as平安养老保险, and保险资产管理公司such as平安资管[17]. 3.3 Research Institution Proportion -证券公司account for 50%,寿险公司account for 25%, and保险资产管理公司account for 25% [18]. 3.4 Main Content Data - Company's Overall Business Strategy: The company conducts differentiated operations, focuses on long - term sustainable benefits, and does business with major leading customers in the overall market. It needs to improve comprehensive competitiveness and increase investment in technology and innovation [22]. - Thai Factory: The Thai production base has started small - scale mass production. The company is striving to improve production efficiency and yield, accelerate customer certification and product introduction, control costs, and manage risks to achieve operating profit [23]. - Capital Expenditure and Market Situation: The company's high - end printed circuit board expansion project for AI chips started construction in late June 2025. In the long run, the development of AI and network infrastructure brings opportunities and challenges to the PCB market, and the company needs to make strategic adjustments [23][24].