证券研究报告·公司点评报告·元件 沪电股份（002463） 赴港递表加速全球化，谷歌 TPU 放量迎量价 齐升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,938 | 13,342 | 18,339 | 25,492 | 29,315 | | 同比（%） | 7.23 | 49.26 | 37.46 | 39.00 | 15.00 | | 归母净利润（百万元） | 1,513 | 2,587 | 3,615 | 5,745 | 7,028 | | 同比（%） | 11.09 | 71.05 | 39.72 | 58.92 | 22.34 | | EPS-最新摊薄（元/股） | 0.79 | 1.34 | 1.88 | 2.99 | 3.65 | | P/E（现价&最新摊薄） | 100.99 | 59.04 | 42.26 | 26.59 | 21.74 | [Table_Tag] [Table_Summ ...

Core Viewpoint - The AI demand surge is causing shortages and price increases in the upstream supply chain of the printed circuit board (PCB) industry, particularly affecting high-end raw materials like CCL (copper-clad laminate), electronic copper foil, and electronic fabric [1][2]. Group 1: Industry Impact - The demand for high-end products is consuming production capacity rapidly, and the growth in AI demand is outpacing the speed of capacity expansion in the industry [1][2]. - Currently, there is no shortage of low-end products in the PCB market, but AI-related products are experiencing shortages [1][2]. Group 2: Company Responses - Companies such as Pengding Holdings and Chongda Technology are implementing technological innovations and optimizing product structures to mitigate the impact of rising costs from upstream price and supply changes [1][2].

Core Viewpoint - Huada Technology Co., Ltd. (沪电股份) has submitted an application for H-share listing on the Hong Kong Stock Exchange to raise funds for capacity expansion and high-performance PCB projects, indicating strong growth prospects in the data communication and smart automotive sectors [1][2]. Group 1: Company Overview - Huada Technology is a leading provider of PCB solutions in data communication and smart automotive fields, with products including high-speed network switches, AI servers, and smart automotive domain controllers [1]. - The company operates five production bases, including two in Kunshan, China, and one in Thailand, which is expected to start production in 2024 with a capacity utilization rate of 73.5% in the first half of 2025 [1]. Group 2: Market Position - As of June 30, 2025, Huada Technology holds the top global market share in several PCB categories: 10.3% in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in switch and router PCBs, and 15.2% in L2+ autonomous driving domain controller HDI PCBs [1]. Group 3: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a nearly 50% year-on-year growth, with a revenue of 8.494 billion yuan in the first half of this year, up 56.6% year-on-year [1]. - In the third quarter of 2025, the company is expected to report record-high quarterly revenue and net profit, with net profit surpassing 1 billion yuan for the first time [1]. Group 4: Fundraising and Investment Plans - The funds raised from the H-share listing will be allocated to production capacity expansion, high-end PCB product R&D, strategic investments, and general corporate purposes [2]. - The company plans to focus on advanced technologies such as CoWoP and next-generation technology directions like optical copper integration, enhancing product capabilities in signal transmission and power distribution [2]. Group 5: Future Projects - A project for expanding high-end PCBs for AI chips, planned at 4.3 billion yuan, is set to commence construction in late June 2025, with trial production expected in the second half of 2026 [3]. - The Thai production base is anticipated to enter small-scale production in the second quarter of 2025, with initial customer recognition in AI servers and switches [3].

根据灼识咨询的资料，以截至2025年6月30日止18个月的收入统计，公司的数据中心领域PCB位居全球 第一，占市场份额10.3%；公司的22层及以上PCB位于全球第一，占市场份额25.3%；另外，交换机及 路由器用PCB位居全球第一，占市场份额12.5%；L2+自动驾驶域控制器高阶HDI PCB位于全球第一， 占市场份额15.2%。 从股权结构来看，吴礼淦家族通过碧景控股(持股19.32%)和合拍友联(持股1.03%)合计持有公司20.35% 表决权；假设超额配售权未行使，吴礼淦家族仍为单一最大股东集团。 本次沪电股份H股募集资金将用于生产基地产能扩张，主要聚焦高端PCB产品；数据通讯及智能汽车领 域高性能PCB研发与前瞻技术创新；战略性投资并购；以及营运资金及一般公司用途。据披露，公司计 划重点投入CoWoP等前沿技术的研究与先进工艺的创新，并提前布局光铜融合等下一代技术方向，系 统提升产品的信号传输、电源分配及功能集成能力。同时，公司将投入用于下一代AI服务器、3.2T高速 网络交换机等数通领域的高端PCB产品差异化定制化技术开发，针对性地提升产品的高密、高频高速及 高通流性能。 在11月接受机构调研时， ...

Investment Rating - The report maintains an "Outperform" rating for the PCB industry [2]. Core Insights - The industry is entering a new AI-driven cycle, fundamentally changing demand structures. The construction of AI server clusters is leading to simultaneous upgrades in PCB demand and pricing. The expected market for wired communication PCBs will reach 206.9 billion RMB by 2027, with a CAGR of 20% over the next two years [4]. - High-end PCBs are expected to remain in tight supply until 2027, with major global manufacturers expanding production aggressively. The combined output of 13 leading PCB manufacturers is projected to reach 186 billion RMB by 2027, with a CAGR of 54% from 2025 to 2027 [4]. - The trend towards high-end PCB manufacturing is accelerating due to technological iterations and material upgrades. The industry is expected to see a three-pronged evolution in materials, processes, and architectures driven by AI [4]. - The demand surge and profit improvement in upstream materials present opportunities for domestic substitution. The price of copper-clad laminates has risen significantly, and domestic manufacturers are making notable progress in high-end materials [4]. - The PCB industry is experiencing a long-term trend of simultaneous growth in volume, price, and structure, driven by AI. The report recommends focusing on leading companies with high-end manufacturing capabilities and overseas delivery layouts [4]. Summary by Sections AI-Driven Growth - The AI cycle is expected to drive significant growth in PCB demand, particularly in AI servers, high-speed switches, and optical modules. The total market for wired communication PCBs is projected to reach 1,433 billion RMB by 2025 and 1,815 billion RMB by 2026 [19]. Production Capacity Expansion - Major PCB manufacturers are announcing aggressive expansion plans, with significant investments in new production facilities in Southeast Asia and domestic high-end capacity [15]. Technological Advancements - The report highlights the rapid adoption of mSAP technology in AI servers and switches, which is essential for meeting the demands of high-density signal transmission [4][21]. Market Dynamics - The report notes that the global PCB market is expected to face a supply-demand gap of nearly 20 billion RMB by 2026, although this gap is anticipated to narrow by 2027 [19]. Key Players - The report identifies leading companies such as Huada Technology, Jingwang Electronics, and Shenghong Technology as key players to watch in the PCB industry due to their high-end manufacturing capabilities and strategic expansion plans [4].

每经AI快讯，有投资者在投资者互动平台提问：请问在手机PCB行业，公司在国内的市场份额大概多 少？行业排名第几？公司产品有没应用到AI手机领域？谢谢！ （文章来源：每日经济新闻） 崇达技术（002815.SZ）11月28日在投资者互动平台表示，在手机PCB领域，公司产品已广泛应用于智 能手机等终端设备，并积极布局AI手机等新兴应用领域。关于具体市场份额及排名，目前未有权威机 构的公开数据支持，不便提供确切信息。 ...

Core Viewpoint - Jinlu Electronics (301282.SZ) has indicated that its PCB products are utilized in hardware facilities related to the elderly care sector [1] Group 1 - The company has confirmed the application of its PCB in the elderly care industry [1]

Core Viewpoint - The company, Fangzheng Technology, reported that its main PCB business has a portion of its products exported, with overseas operating revenue expected to reach 540 million yuan in the first half of 2025 [1] Group 1 - The company is engaged in the PCB business, which includes export activities [1] - The expected overseas operating revenue for the PCB business in the first half of 2025 is 540 million yuan [1]

Core Viewpoint - The company primarily engages in PCB (Printed Circuit Board) as its core business, while its fusion communication segment contributes a smaller portion to revenue and profit [1]. Group 1 - The main business of the company is PCB [1] - The fusion communication segment has a relatively small share in terms of revenue and profit [1]

Core Viewpoint - The company has demonstrated strong financial performance with a 20% year-on-year increase in net profit and a remarkable 157% surge in orders, indicating robust demand and operational efficiency in emerging sectors like AI, robotics, and optical modules [1][2][4][14]. Financial Performance - The net profit for the third quarter reached 314 million yuan, reflecting a 20% year-on-year growth, showcasing stable performance [2]. - The company received orders totaling 27.12 million yuan, marking a historical high with a year-on-year increase of 157.85% [4]. - Cash flow from operating activities increased by 11.03% to 331 million yuan, indicating high revenue quality [7]. Operational Efficiency - The sales cycle has improved significantly, with product sales speed reduced to 60 days, a 4% year-on-year acceleration [6]. - The accounts receivable turnover days decreased to 80.71 days, also a 4% improvement, suggesting enhanced cash flow and reduced operational risk [7]. - The company’s inventory turnover rate stands at 4.46 times, with inventory turnover days at 60.49 days, both showing positive trends [7]. Order Growth - The substantial order increase of 157.85% is attributed to breakthroughs in various emerging fields, including AI servers and optical modules [8]. - The company has successfully delivered 800G optical modules and holds a technological reserve for 1.6T, positioning itself advantageously in the CPO sector [6][9]. - The company is actively involved in the AI computing core sector through collaborations with domestic GPU manufacturers [8]. Technological Positioning - The company’s subsidiary, Punowei, has achieved mass production capabilities for 800G optical modules and is well-positioned in the CPO field [9]. - An investment of 400 million yuan has been made to establish a new m-SAP production line, enhancing capacity to meet market demands [9]. - The company is transitioning from MEMS substrates to advanced packaging substrates, covering high-end fields such as RF, SIP packaging, and optical communications [9]. Capacity Expansion - The second phase of the Zhuhai project is set to begin trial production in June 2024, adding 60,000 square meters per month of high-layer PCB capacity, primarily for server applications [10]. - The company has established a strong customer base, including major server manufacturers, ensuring a steady demand for its products [10]. Industry Positioning - The company is strategically positioned in high-growth sectors such as robotics and smart manufacturing, with applications in humanoid and industrial robots [11]. - The transition from a traditional PCB manufacturer to a high-end integrated circuit carrier service provider is opening new growth avenues [14].