Investment Rating - The report maintains a "Recommended" investment rating for the company [1][12]. Core Views - The company is experiencing strong growth driven by robust demand in AI and high-speed communication sectors, with a significant increase in revenue and net profit in the first half of 2025 [4][7]. - The company is expanding its high-end PCB production capacity, which is expected to further enhance its profitability and competitive position in the market [8]. Summary by Sections Company Overview - The company, Hu Dian Co., Ltd. (002463.SZ), operates in the electronics industry and has a total market capitalization of 107 billion yuan [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 8.494 billion yuan, a year-on-year increase of 56.59%, and a net profit attributable to shareholders of 1.683 billion yuan, up 47.5% year-on-year [4][7]. - The company's PCB business revenue grew by 57.2% to 8.152 billion yuan in the same period [7]. Business Segments - The enterprise communication market segment saw revenue of 6.532 billion yuan, a 70.63% increase year-on-year, with high-speed network products being the fastest-growing area [7]. - The automotive segment generated revenue of 1.422 billion yuan, a 24.18% increase, with significant growth in emerging automotive products [8]. Future Outlook - The company is investing 4.3 billion yuan in high-end PCB expansion projects, which commenced in June 2025, with production expected to start in the second half of 2026 [8]. - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted upwards to 3.607 billion yuan, 4.829 billion yuan, and 5.858 billion yuan respectively [8]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 29.7, 22.2, and 18.3 respectively, indicating a favorable valuation outlook as the company continues to grow [8][10].

（编辑 袁冠琳） 证券日报网讯 沪电股份8月22日在互动平台回答投资者提问时表示，通信通讯设备、高速运算服务器、 人工智能、数据中心基础设施、汽车电子等是公司产品的核心应用领域，公司与国内外众多终端客户展 开多领域深度合作，公司经营团队会坚持做好自己的事情，把握行业发展趋势，保持战略定力，积极应 对外部环境带来的挑战，坚持以技术创新和产品升级为内核，加快推进新项目的建设，甄别并抓牢目标 产品市场涌现的新业务机会，紧抓人工智能、高速网络等对高端PCB的结构性需求，大力开展相关业 务，以实现更长远的发展目标，为投资者创造更多价值。 ...

| | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 増減 | | 营业收入(元) | 16.375.291.624.65 | 13.126.081.516.38 | 24. 75% | | 归属于上市公司股东的净利润(元) | 1,233,023,885.96 | 784, 251, 417. 46 | 57.22% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 1, 148, 508, 663. 87 | 756, 111, 326. 94 | 51.90% | | 经营活动产生的现金流量净额(元) | 4, 276, 933, 506. 84 | 2, 790, 005, 762. 81 | 53. 29% | | 基本每股收益(元/股) | 0. 53 | 0. 34 | 55. 88% | | 稀释每股收益(元/股) | 0. 53 | 0. 34 | 55. 88% | | 加权平均净资产收益率 | 3.76% | 2.61% | 1. 15% | | | 本报告期末 | 上年度末 | 本报告期末比上年度 ...