长江商报消息 ●长江商报记者 沈右荣 近几年，沪电股份的股价也呈上涨趋势。近三年，公司股价累计上涨了约3倍。 PCB行业头部企业沪电股份（002463.SZ）经营业绩继续稳增长。 7月10日晚间，沪电股份发布业绩预告，今年上半年，公司预计实现归母净利润16.50亿元至17.50亿元， 同比增长44.63%至53.40%。 2024年，公司实现的归母净利润、扣非净利润均超过25亿元，同比增速均超过70%。 2024年3月，沪电股份创始人、83岁的董事长吴礼淦宣布辞职，随后去世，由79岁的遗孀陈梅芳接下董 事长一职。 对于2025年上半年的业绩继续快速增长，沪电股份表示，高速运算服务器、人工智能等新兴计算场景对 印制电路板的结构性需求旺盛，公司多年深耕中高阶产品与量产技术，使得收入和利润均快速增长。 长江商报记者发现，总体而言，沪电股份具备较强盈利能力，经营业绩呈增长趋势。 Wind数据显示，上市以来，公司累计盈利超过120亿元。 对于2025年上半年的经营业绩快速增长，沪电股份解释，受益于高速运算服务器、人工智能等新兴计算 场景对印制电路板的结构性需求，依托平衡的产品布局以及深耕多年的中高阶产品与量产技术，预计 ...

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） ...