格隆汇9月29日｜华鑫证券研报指出，沪电股份2025年上半年实现归母净利润16.83亿元，同比增加 47.50%；Q2实现归母净利润9.20亿元，同比增加47.01%。公司业绩高速增长主要源自企业通讯市场板 （AI 服务器、HPC等）需求持续旺盛带动订单上行，同时公司通过产线优化和新建产能释放，实现规 模扩张与结构升级并进。认为公司得益于持续的技术升级与精准的全球布局，不断优化产品结构并释放 优质产能，为增长奠定坚实基础。在此基础上，公司有望抓住AI服务器与汽车电子市场的结构性机 遇，实现强劲增长，首次覆盖，给予"买入"投资评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Insights - The company has demonstrated significant revenue growth driven by strong demand in AI and automotive applications, alongside capacity expansion and structural optimization [4][5]. - The PCB business is identified as the main revenue driver, with AI and automotive segments acting as dual core engines for growth [5][6]. - Continuous high-intensity R&D investment and smart manufacturing upgrades are enhancing the company's competitiveness in high-end communication manufacturing [7]. - The automotive PCB segment is experiencing structural optimization, with emerging products and subsidiary collaboration driving growth [8][9]. - The company is well-positioned to capitalize on structural opportunities in the AI server and automotive electronics markets, leading to robust growth prospects [10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 84.94 billion yuan, a year-on-year increase of 56.59%, and a net profit of 16.83 billion yuan, up 47.50% [3][4]. - The PCB segment generated approximately 81.52 billion yuan in revenue, accounting for 95.98% of total revenue, with a year-on-year growth of 57.20% [5]. Revenue Breakdown - The enterprise communication market PCB revenue reached approximately 65.32 billion yuan, growing 70.63% year-on-year, while automotive PCB revenue was 14.22 billion yuan, up 24.18% [5][6]. - Emerging automotive electronic products saw a revenue increase of approximately 81.86%, contributing significantly to overall revenue growth [8]. R&D and Manufacturing - The company invested 4.82 billion yuan in R&D in the first half of 2025, a 31.34% increase year-on-year, focusing on high-end PCB manufacturing capabilities [7]. - A new project for high-end PCB production related to AI chips is underway, with an expected trial production start in the second half of 2026 [7]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 178.78 billion yuan, 229.82 billion yuan, and 279.27 billion yuan, respectively, with corresponding EPS of 1.94 yuan, 2.61 yuan, and 3.25 yuan [10][12].

证券代码：002463 证券简称：沪电股份 心技术能力究竟是什么，需要大家共同深入思考与探索。 2、企业通讯市场板业务收入情况 2025 年上半年，受益于人工智能和高速网络基础设施的强劲需求，公司 企业通讯市场板实现营业收入约 65.32 亿元，同比大幅增长约 70.63%，其中 AI 服务器和 HPC 相关 PCB 产品同比增长约 25.34%，占公司企业通讯市场板 营业收入的比重约 23.13%。高速网络的交换机及其配套路由相关 PCB 产品成 为公司增长最快的细分领域，同比增长约 161.46%，占公司企业通讯市场板营 业收入的比重约 53.00%。 3、资本开支及市场情况 AI 驱动的服务器、数据存储和高速网络基础设施需求增长以及新兴应用 领域的拓展为行业带来发展机遇，公司近两年加快资本开支， 2025 年上半年 财报现金流量表中购建固定资产、无形资产和其他长期资产支付的现金约 13.88 亿。除了连续实施技改扩容外，公司在 2024 年 Q4 规划投资约 43 亿新建 人工智能芯片配套高端印制电路板扩产项目已于 2025 年 6 月下旬开工建设， 预期将在 2026 年下半年开始试产并逐步提升产能。 ...

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 investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - In the first half of 2025, the company achieved an operating revenue of approximately 8.494 billion yuan, a year-on-year increase of about 56.59%, and a net profit attributable to shareholders of approximately 1.683 billion yuan, a year-on-year increase of about 47.50% [5] - The PCB business generated an operating revenue of approximately 8.152 billion yuan, with a year-on-year growth of about 57.20%, although the gross margin was impacted by increased stock incentive costs and losses from the Thailand factory, decreasing by approximately 1.49 percentage points year-on-year [5] - The company has increased its investment in the enterprise communication board market, which saw a significant revenue increase of approximately 70.63% to about 6.532 billion yuan, driven by strong demand in AI and high-speed network infrastructure [6] - The Thailand production base has entered a small-scale production phase, with losses of approximately 96 million yuan in the first half of 2025, but it has received formal recognition from two key customers in AI server and switch applications [6] Financial Performance - The company expects operating revenues of 18.654 billion yuan, 22.743 billion yuan, and 25.608 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.042 billion yuan, 5.069 billion yuan, and 5.681 billion yuan for the same years [10] - The projected P/E ratios for 2025, 2026, and 2027 are 26.48X, 21.12X, and 18.84X respectively, indicating a strong growth outlook [10] - The gross margin is expected to improve slightly to 36.7% in 2025 and remain stable in the following years [11] Market Trends - The automotive board market has shown steady growth, with revenues reaching approximately 1.422 billion yuan, a year-on-year increase of about 24.18%, driven by emerging products in autonomous driving and electrification [8] - The company continues to focus on R&D in high-power, high-density, and high-frequency technologies, collaborating with leading companies to develop next-generation products [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [4][10]. Core Insights - The company's strong performance in the first half of 2025 is driven by robust demand for AI-related products, with a revenue increase of 56.59% year-on-year, reaching 8.494 billion yuan [5][7]. - The net profit attributable to shareholders for the same period was 1.683 billion yuan, reflecting a year-on-year growth of 47.50% [5][7]. - The company is actively expanding its high-end production capacity to meet increasing demand, particularly in the enterprise communications market, which saw a revenue increase of 70.63% [7]. Financial Performance Summary - The company's total revenue for the first half of 2025 was 84.94 billion yuan, with a significant contribution from AI servers and switches, which are part of the data center infrastructure [5][7]. - The second quarter alone generated 44.56 billion yuan in revenue, marking a 56.91% increase year-on-year and a 10.37% increase quarter-on-quarter [7]. - The automotive board segment also showed steady growth, with a revenue increase of 24.18% to 1.422 billion yuan, driven by emerging automotive products [7][8]. Earnings Forecast - The report projects earnings per share (EPS) of 1.96 yuan for 2025 and 2.66 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 28 and 21 times, respectively [7][8].

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].

Core Insights - The main business of the company includes the research, production, and sales of printed circuit boards, with the enterprise communication market boards accounting for 75.65% of revenue and automotive boards at 18.05% [3] - The company has shown significant growth in net profit, increasing from 326 million yuan in 2010 to 2.587 billion yuan in 2024, representing a cumulative growth of 693.32% over 15 years [3] - Revenue has also grown from 7.460 billion yuan in 2020 to 13.342 billion yuan in 2024, with a notable revenue growth rate of 49.26% in 2024 [3] - The company's market capitalization has increased 6.61 times since its IPO, reaching a peak of 112.71 billion yuan on July 31, 2025 [5] Financial Performance - The company achieved a net profit of 1.343 billion yuan in 2020, which rose to 2.587 billion yuan in 2024, with a year-on-year growth of 71.05% in 2024 [3] - The company experienced a slight revenue decline in 2021 but has maintained a growth trend from 2022 to 2024 [3] - The company has recorded net profit growth in 11 out of the 15 years since its listing, indicating a strong profitability trend [3] Market Capitalization - As of August 15, the company's market capitalization was 106.478 billion yuan, down 62.33 million yuan from its peak, reflecting a 5.53% decrease [5]