Core Viewpoint - The company, Huadian Co., Ltd. (002463.SZ), continues to experience stable growth in its operating performance, with a significant increase in net profit expected for the first half of the year [1][6]. Financial Performance - For the first half of the year, the company anticipates a net profit attributable to shareholders of between 16.50 billion to 17.50 billion yuan, representing a year-on-year growth of 44.63% to 53.40% [1][6]. - The company also expects a non-recurring net profit of 16.10 billion to 17.10 billion yuan, with a year-on-year increase of 44.85% to 53.85% [6]. - In 2024, the company achieved a net profit of 25.87 billion yuan and a non-recurring net profit of 25.46 billion yuan, both showing a year-on-year growth of over 70% [2][7]. Market Demand and Growth Drivers - The growth in operating performance is attributed to strong structural demand for printed circuit boards (PCBs) driven by emerging computing scenarios such as high-performance servers and artificial intelligence [2][7]. - The company has a balanced product portfolio and has focused on high-end products and mass production technology, which has contributed to rapid revenue and profit growth [2][7]. Historical Performance - Since its listing, the company has accumulated profits exceeding 120 billion yuan [4][12]. - Over the past three years, the company's stock price has increased approximately threefold [5]. R&D and Innovation - The company emphasizes research and development, with investments of 5.39 billion yuan and 7.90 billion yuan in 2023 and 2024, respectively, accounting for 6.03% and 5.92% of revenue [9][10]. - A significant investment of approximately 5.1 billion yuan has been allocated for upgrading production lines for high-density interconnect PCBs aimed at computing networks [9]. Revenue Structure - In 2024, the company generated approximately 100.93 billion yuan from enterprise communication market boards, with AI server-related PCB products accounting for about 29.48% [10]. - The automotive board segment achieved revenue of approximately 24.08 billion yuan, with new automotive products making up 37.68% [10]. International Presence - The company has established a production base in Thailand, which has begun small-scale production [11]. - In 2024, external sales revenue reached approximately 111.04 billion yuan, representing 83.23% of total revenue [12]. Dividend Policy - The company has maintained a stable cash dividend policy, distributing a total of 41.12 billion yuan in cash dividends since its listing, with an average dividend payout ratio of 34.66% [13].

Core Viewpoint - The company is expected to achieve significant growth in its performance driven by the increasing demand for high-end products related to AI computing and high-speed switches, supported by its capacity expansion plans in Huangshi and other locations [2][3]. Financial Performance - The company forecasts a net profit attributable to shareholders for the first half of 2025 between RMB 16.5 billion and RMB 17.5 billion, representing a year-on-year increase of 44.63% to 53.40%. The non-recurring net profit is expected to be between RMB 16.1 billion and RMB 17.1 billion, also reflecting a growth of 44.85% to 53.85% [2]. - For Q2, the estimated net profit is around RMB 9.4 billion, showing a year-on-year increase of 49.8% and a quarter-on-quarter increase of 23.0% [2]. Capacity Expansion - The company plans to invest up to RMB 36 billion in potential projects in Huangshi from July 2025 to June 2031 to meet future operational needs [2]. - The company is accelerating domestic capacity upgrades and expansions, with a planned investment of RMB 4.3 billion in Kunshan for AI high-density interconnect multilayer board capacity [2]. - The expansion in Huangshi is expected to enhance the company's ability to secure orders for AI server PCBs from overseas ASIC clients [2][3]. Market Positioning - The company is strategically positioned to capture demand from leading North American clients in the AI computing sector, with a focus on high-layer HDI/HLC designs that are increasingly complex [3]. - The anticipated increase in the proportion of high-layer boards and high-end HDI products is expected to significantly enhance the company's profitability [3]. Long-term Growth Outlook - The company’s long-term growth logic is clear, with a focus on expanding high-end production capacity domestically and internationally, which is expected to open up new growth opportunities [3]. - The company has adjusted its revenue forecasts for 2025-2027, reflecting a positive outlook based on the strong Q2 performance and capacity release [3].

证券研究报告 | 公司点评报告 2025 年 07 月 11 日 % 1m 6m 12m 绝对表现 30 8 14 相对表现 26 0 -3 资料来源：公司数据、招商证券 -60 -40 -20 0 20 40 Jul/24 Nov/24 Feb/25 Jun/25 (%) 沪电股份 沪深300 相关报告 沪电股份（002463.SZ） Q2 业绩超预期，拟加码黄石基地扩产，看好中长线 AI 订单承接能力 TMT 及中小盘/电子 事件：1）公司发布 2025 年业绩预告。2）公司近期公告同意出于黄石沪士未 来经营发展的需求，2025 年 7 月至 2031 年 6 月期间，在不超过人民币 36 亿 元的总投资额度范围内，授权管理层可就潜在项目投资与黄石经济技术开发区 管理委员会进行磋商。我们点评如下： 强烈推荐（维持） 当前股价：47.25 元 基础数据 | 总股本（百万股） | 1923 | | --- | --- | | 已上市流通股（百万股） | 1922 | | 总市值（十亿元） | 90.9 | | 流通市值（十亿元） | 90.8 | | 每股净资产（MRQ） | 6.6 | | ROE（TTM） ...