Core Viewpoint - The company emphasizes the importance of advanced technology research and development to lead in the PCB industry, focusing on high-performance and high-reliability technologies [2] Group 1: Technology Development - The company has a clear technical roadmap based on industry trends and future market demand insights [2] - Key research areas include high-layer count, high-frequency and high-speed, high-density interconnect, and high current-carrying capacity PCB technologies [2] - The company has established a leading technical capability through systematic layout in foundational research areas such as signal integrity, power integrity, and system integration [2] Group 2: Competitive Advantage - The company aims to respond promptly to technological iterations and industry changes to maintain a long-term competitive edge [2]

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 公司专注于高性能与高信赖性 PCB 所需的核心技术，包括高多层、高频 高速、高密度互连及高通流等 PCB 关键技术研究。通过对信号完整性、电源 完整性与系统集成等基础研发方向的系统布局，公司建立起了系统领先的技术 能力。凭借深厚的技术积累，公司能够及时响应技术迭代，应对行业变革，长 期保持竞争优势。公司与国内外众多终端客户展开多领域深度合作，适配多技 术平台，构建广泛覆盖的技术生态，通过技术创新、均衡的多元化客户结构、 供应链韧性及区域布局，在复杂的市场环境中保持韧性和竞争优势，在不确定 中锚定确定性。 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 年前三季 度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 21.04 亿。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 制电路板扩产项目于 2025 年 6 月下旬开工建设，目前也正有序推进，预期将 在 2026 年下半年 ...

Group 1: Financial Performance - In Q3 2025, the company achieved record-high quarterly revenue and net profit, with net profit exceeding 1 billion RMB for the first time [2] - The revenue structure for Q3 2025 is not yet fully reported, but the H1 2025 report indicates that the largest revenue source is from high-speed network switches and related PCB products [2] - The company incurred a foreign exchange loss of approximately 18 million RMB and a loss of about 43 million RMB from its Thailand subsidiary in Q3 2025 [2] Group 2: Business Strategy - The company focuses on high-growth, high-tech barrier PCB products, including high-speed network switches, AI servers, and smart automotive applications [3] - The strategy emphasizes long-term sustainable benefits over short-term gains, targeting major head customers in the overall market [3] - The company aims to maintain a balanced customer base to ensure stable growth in a changing market environment [3] Group 3: Technological Development - The company specializes in core technologies required for high-performance and reliable PCBs, including high-layer, high-frequency, and high-density interconnect technologies [4] - It has established a leading technical capability through systematic research on signal integrity and system integration [4] - The company collaborates with numerous domestic and international clients to build a resilient technology ecosystem [4] Group 4: Capital Expenditure and Market Outlook - The company accelerated capital expenditures, with cash payments for fixed assets and long-term assets amounting to approximately 2.104 billion RMB in the first three quarters of 2025 [5] - A planned investment of about 4.3 billion RMB for a new AI chip-related PCB expansion project is set to begin construction in late June 2025 [5] - The company anticipates that this project will enhance its high-end product capacity and better meet the long-term demand for high-performance servers and AI applications [6] Group 5: Thailand Factory Operations - The Thailand production base began small-scale production in Q2 2025, focusing on AI servers and switches [6] - The factory is working to improve production efficiency and product quality, with capacity expected to gradually increase as customer base expands [6]