沪电股份分析师会议-20250728

Group 1: Research Basic Information - The research object is Huadian Co., Ltd., belonging to the electronic components industry, with a reception time of July 28, 2025, and the listed company's reception staff is Qian Yuanjun [16] Group 2: Detailed Research Institutions - The research institutions include 9 individual investors, Wanghua Excellence (Qingdao) (an investment company), Beijing Runze Brothers (an asset management company), Chengtong Securities (a securities company), and Guishan Private Equity (others) [17] Group 3: Main Content Company Overview - The company's PCB products are mainly used in communication equipment, data center infrastructure, and automotive electronics. It adheres to a differentiated product competition strategy [22] Business Strategy - The company differentiates its operations, dynamically matching technical, process, and production capacity structures to the medium - and long - term market demand. It focuses on long - term sustainable interests and conducts business with major leading customers in the overall market [22] Revenue Structure in 2024 - The enterprise communication market boards for AI - driven servers, data storage, and high - speed network infrastructure achieved about 1.0093 billion yuan in revenue, with AI servers and HPC - related PCB products accounting for about 29.48%, and high - speed network switches and related routing PCB products accounting for about 38.56% [23] - The automotive boards achieved about 240.8 million yuan in revenue, with emerging automotive board products such as millimeter - wave radars, HDI - based autonomous driving assistance, and intelligent cockpit domain controllers accounting for about 37.68% [23] Thailand Factory - The company's Thailand production base has started small - scale mass production. It is working hard to improve production efficiency and yield, accelerating customer certification and product introduction, and gradually releasing production capacity [23][24] Switch Market - The rapid development of AI has driven changes in the data center switch market. The demand for high - end switches is good [24] Capital Expenditure and Market - The growth in demand for AI - driven servers, data storage, and high - speed network infrastructure has brought development opportunities. The company has increased investment in key and bottleneck processes in the past two years, and production capacity is expected to improve in the second half of 2025 [24][25] - The company plans to invest about 4.3 billion yuan in a high - end printed circuit board expansion project for AI chips, which started construction in late June [25]