证券代码：002463 证券简称：沪电股份 沪士电子股份有限公司 投资者活动记录表 编号：2025-0924-027 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： | | 参与单位名称 | 国泰海通证券、方瀛研究与投资、立格资本、法国巴黎资产管理、三井住友、 富达国际、安本资产管理、Sunrise Asset亘曦资产、TrivestAdvisors、国泰基金、 | | | 交银基金、国海证券、常春藤基金 | | | （参会者已签署书面调研承诺函，在交流活动中，我公司严格遵守相关规 | | | 定，保证信息披露真实、准确、及时、公平，没有发生未公开重大信息泄露 | | | 等情况。下文会议纪要中的内容不代表公司对未来的盈利预测和业绩指引， | | | 请投资者注意投资风险并谨慎投资。） | | 时间 | 年 月 日 10:20-11:30；12:00-13:00 2025 9 24 | | 地点 | 公司会议室 | | 形式 | 实地调研 | | 公司接待 | 钱元君、王术 ...

编号：2025-0923-026 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： 参与单位名称 JP Morgan Asset Management （参会者已签署书面调研承诺函，在交流活动中，我公司严格遵守相关规 定，保证信息披露真实、准确、及时、公平，没有发生未公开重大信息泄露 等情况。下文会议纪要中的内容不代表公司对未来的盈利预测和业绩指引， 请投资者注意投资风险并谨慎投资。） 时间 2025 年 9 月 23 日 15:00-16:15 地点 公司会议室 形式 实地调研 公司接待 人员姓名 钱元君、王术梅 投资者关系活动 主要内容介绍 1、公司整体经营策略 公司差异化经营，将技术能力、制程能力、产能结构动态适配市场中长期 的需求结构，坚持面向整体市场的主要头部客户群体开展业务。公司向来注重 中长期的可持续利益，而非仅仅局限于眼前的短期利益。公司深知只有着眼长 远，保持客户均衡，才能在不断变化的市场环境中稳健发展，实现可持续增长。 面向整体市场的主要头部客户群体开展业务，对公司的综合竞争力提出了 更高要求，这意味着公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company has shown significant revenue growth, with a 56.59% year-over-year increase in revenue for the first half of 2025, reaching 8,494 million yuan, and a net profit increase of 47.50%, amounting to 1,683 million yuan [2][3]. - The company is focusing on expanding its presence in AI computing and automotive sectors, with substantial investments in new projects and R&D [3][8]. - The company’s revenue from the enterprise communication market has surged, particularly in AI server and HPC-related PCB products, which grew by 25.34% and accounted for 23.13% of the segment's revenue [2][3]. Financial Performance Summary - Revenue projections show a steady increase from 8,938 million yuan in 2023 to 27,155 million yuan by 2027, with growth rates of 7.2% in 2023 and peaking at 49.3% in 2024 [1][9]. - Net profit is expected to rise from 1,513 million yuan in 2023 to 5,885 million yuan in 2027, with a notable growth rate of 71.1% in 2024 [1][9]. - The company’s return on equity (ROE) is projected to improve from 15.1% in 2023 to 24.5% in 2027, indicating enhanced profitability [1][9]. Investment and R&D Focus - The company has committed approximately 4.82 billion yuan to R&D in the first half of 2025, marking a 31.36% increase year-over-year, focusing on next-generation high-speed and high-density products [3][8]. - A new AI chip-related PCB expansion project, with a total investment of about 4.3 billion yuan, commenced construction in June 2025, expected to start trial production in the second half of 2026 [2][3]. Market Position and Growth Areas - The automotive PCB segment has also shown growth, with revenue reaching 1,422 million yuan in the first half of 2025, a 24.18% increase, driven by products like millimeter-wave radar and advanced driver-assistance systems [3][8]. - The company is actively expanding its overseas production capacity, particularly in Thailand, where it has gained recognition from multiple clients in AI server and switch applications [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to benefit significantly from the booming demand in AI and high-performance computing sectors, with a strong revenue growth forecast for the upcoming years [8][10] - The company achieved substantial revenue growth in the first half of 2025, driven by the robust demand for PCB products, particularly in AI servers and high-speed networking [7][10] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company reported revenue of 8,494 million yuan, a year-on-year increase of 56.59%, and a net profit attributable to shareholders of 1,683 million yuan, up 47.5% year-on-year [6] - The second quarter of 2025 saw revenue of 4,456 million yuan, a year-on-year increase of 56.91%, and a net profit of 920 million yuan, reflecting a 47.01% year-on-year growth [6] Revenue and Profit Forecast - The company’s revenue is projected to grow from 8,938 million yuan in 2023 to 34,373 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 35% [4] - Net profit is expected to increase from 1,513 million yuan in 2023 to 7,303 million yuan in 2027, indicating a strong growth trajectory [4] Market Trends and Drivers - The company is capitalizing on the increasing demand for PCBs in AI and high-speed networking applications, with significant investments in expanding production capacity [8][10] - The company has initiated a new project for high-end PCB production, expected to start trial production in the second half of 2026, which will further support growth [10]

Investment Rating - The report maintains a "Positive" investment rating for the PCB industry [3][11]. Core Insights - The PCB industry is experiencing growth driven by strong demand from AI applications and technological upgrades, leading to increased capital expenditures in downstream sectors [8][21]. - The global PCB market is expected to see differentiated growth across product segments, with high-density interconnect (HDI) boards benefiting from AI server demand, projected to grow by 18.8% year-on-year to reach $12.5 billion in 2024 [11][12]. - The report highlights a trend towards high-density, high-performance PCB products, with the combined market share of HDI and packaging substrates exceeding 34% [11][12]. Summary by Sections PCB Product Overview - PCB products are categorized into rigid boards, flexible boards, rigid-flex boards, and packaging substrates, with HDI boards widely used in consumer electronics and high-frequency boards for 5G communication [8][9]. Market Segmentation and Growth - In 2024, the global PCB market is projected to reach $73.57 billion, with multilayer boards holding the largest share at 38.1% [11][12]. - The smartphone sector accounts for 19% of the PCB market, with a projected value of $13.89 billion, while the server/storage sector is expected to grow by 33.1% year-on-year to $10.92 billion [15][16]. Regional Market Dynamics - China is expected to dominate the PCB market, with its share increasing from 54.4% in 2023 to 56.0% in 2024, reflecting its significant role in global PCB production [22][23]. Technological Advancements - The report emphasizes the need for PCB manufacturers to adapt to higher complexity and performance requirements driven by AI and high-speed networking, necessitating advancements in design and manufacturing processes [21][24]. Equipment and Supply Chain - The report outlines the production processes and key equipment used in PCB manufacturing, highlighting the importance of drilling equipment, which holds the highest market share in the PCB production process [31][34]. - The global drilling equipment market is projected to grow from $1.17 billion in 2020 to $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% expected from 2024 to 2029 [38][43]. Market Trends and Future Outlook - The PCB industry is expected to continue evolving with the increasing demand for high-density and high-layer count boards, particularly in AI server applications, which are pushing the boundaries of PCB technology [27][28].

Group 1: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand, emphasizing sustainable growth over short-term profits [2] - Maintaining a balanced customer base among top clients is crucial for stable development in a changing market environment [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥100.93 billion in revenue from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch products for approximately 38.56% [4] - The automotive sector is projected to achieve around ¥24.08 billion in revenue, with emerging automotive PCB products representing about 37.68% [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and production yield while managing initial costs through refined cost control measures [5] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches [6] - Increased capital expenditure is anticipated, with approximately ¥6.58 billion allocated for fixed assets and long-term investments in Q1 2025, alongside a planned investment of ¥43 billion for AI chip-related PCB expansion [7][8] - The market for high-performance PCB products is expected to grow, driven by the complexity of AI and network infrastructure needs, necessitating enhanced technical and innovative capabilities from PCB manufacturers [8]

Group 1: Company Strategy - The company focuses on differentiated operations, dynamically adapting its technical and production capabilities to meet long-term market demands [2][3] - Emphasis on maintaining a balanced customer base among top clients to ensure sustainable growth rather than short-term profits [3] Group 2: Revenue Structure - In 2024, revenue from AI-driven servers, data storage, and high-speed network infrastructure is projected to be approximately ¥10.093 billion, with AI servers and HPC-related PCB products accounting for about 29.48% [4] - The automotive sector is expected to generate around ¥2.408 billion in revenue, with emerging automotive PCB products making up approximately 37.68% [4] Group 3: Market Trends - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches to support AI and high-performance computing [5] - The PCB market is anticipated to experience growth due to the increasing complexity and performance requirements of AI and network infrastructure [8] Group 4: Production and Capital Expenditure - The Thailand production facility has commenced small-scale production, with efforts to enhance production efficiency and stability [6] - The company has increased capital expenditure, with approximately ¥658 million spent on fixed assets in Q1 2025, and plans to invest around ¥4.3 billion in AI chip-related PCB expansion projects [7] Group 5: Competitive Landscape - The automotive PCB market faces challenges such as oversupply in the low-end segment and increasing competition, necessitating adjustments in product and capacity structure [8] - Collaboration with industry partners is crucial for advancing product technology and commercializing applications in electric vehicle systems [8]

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion, a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million, reflecting a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The gross margin was 32.75%, down 1.11 percentage points year-over-year but up 0.95 percentage points quarter-over-quarter [1] Group 2: Market Trends and Opportunities - The company benefits from strong demand for PCBs driven by high-performance computing servers and artificial intelligence, leading to significant revenue and profit growth [2] - The increasing complexity and performance requirements in the data communication field are pushing PCBs towards higher complexity, performance, and HDI development, which the company is well-positioned to capitalize on [3] Group 3: Research and Development - The company is actively investing in R&D, with GPU platform products already in mass production supporting rates of 112/224Gbps, and next-generation products under development [3] - In the automotive electronics sector, the company is focusing on high-reliability materials and advanced processing capabilities, with successful integration of low-voltage power chip technology [3] Group 4: Investment Outlook - The company is projected to achieve net profits of 3.559 billion, 4.589 billion, and 5.599 billion in 2025, 2026, and 2027 respectively, with a PE ratio of 15.8, 12.2, and 10 times based on the closing price on April 25, 2025 [4]