沪电股份（002463.SZ）事件点评 产能扩张加速，彰显发展信心 2025 年 07 月 10 日 ➢ 事件：7 月 4 日沪电股份发布公告，经公司第八届董事会战略委员会提议， 出于子公司黄石沪士电子有限公司未来经营发展的需要，同意授权管理层与黄石 经济技术开发区管理委员会开展意向性项目投资磋商。授权具体内容如下：在 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，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，并签 署不具有法律约束力的意向书及相关文件。 ➢ 昆山+黄石+泰国三地投资，彰显扩产决心。昆山：公司于 24 年 10 月已公 告昆山扩产项目，公司拟投资约 43 亿人民币，计划建设年产约 29 万平方米人 工智能芯片配套高端印制电路板。其中第一阶段计划年产约 18 万平方米高层高 密度互连积层板，总投资约 26.8 亿元；第二阶段计划年产约 11 万平方米高层高 密度互连积层板，总投资约 16.2 亿元。25 年 6 月 24 日，该项目已在昆山奠基。 黄石：公司已于 24 年将青淞厂 26 层以内 PCB 产品以及沪利微电传统汽车板 ...

Group 1: Company Insights - Yapu Co., Ltd. is expanding its overseas business leveraging its global layout and brand influence, with significant growth potential in its fuel system business, which serves major international and domestic automotive manufacturers [1] - The company is focusing on the development of IV-type hydrogen storage bottles and has successfully launched some valve products in the market, while also expanding its thermal management product line [1] - The recent acquisition of Winshang Technology enhances Yapu's capabilities in rotary transformers and special motor products, catering to various automotive and industrial clients [1] Group 2: Industry Trends - Huitian Co., Ltd. emphasizes differentiated operations and sustainable long-term benefits, with projected revenues of approximately 10.093 billion yuan from the enterprise communications market and about 2.408 billion yuan from the automotive sector in 2024 [2] - The company is accelerating customer certification and product introduction at its Thailand production base, aiming to control initial costs while responding to the growing demand for 800G switches in the data center market [2] - Huitian is increasing capital expenditure for a new high-end printed circuit board expansion project, expecting capacity improvements by the second half of 2025 [2]

证券之星消息，根据市场公开信息及7月3日披露的机构调研信息，中银基金近期对3家上市公司进行了调研，相关名单如下： 1）中粮科技 （中银基金管理有限公司参与公司投资者交流会） 调研纪要：中粮科技阿洛酮糖生产获得国内合规地位，成为唯一一家用特定酶法生产阿洛酮糖获得新食品原料批复的企业。阿洛酮糖在代谢、口 感、加工特性上有优势，未来应用范围更广阔。中粮科技将加速产线建设，利用前期技术积累降低成本。阿洛酮糖增长空间值得期待，国外主要 用于饮料、烘焙和乳制品行业。食品饮料企业可以直接使用阿洛酮糖，只需符合理化指标和团体标准。单套产能规划1万吨，建设时间约10个月。 中粮做了大量实验，提供了详细安全性论证报告。批复文件可在2023年5月6日卫健委发布的公告中查看。 2）沪电股份 （中银基金参与公司特定对象调研&网络会议） 500质量成长ETF (产品代码: 560500) ★ 跟踪：中证500质量成长指数 近五日涨跌:1.85% 市盈率: 16.07倍 调研纪要：公司差异化经营，注重中长期可持续利益，保持客户均衡，持续投入技术创新。2024年企业通讯市场板收入约100.93亿元，汽车板收 入约24.08亿元。泰国生产基地 ...

Summary of Key Points Core Viewpoint - The company has provided a guarantee for its wholly-owned subsidiary, Jiangsu Bomin Electronics Co., Ltd., to secure a credit facility of RMB 60 million from Shanghai Pudong Development Bank for operational and business development needs [1][2]. Group 1: Guarantee Details - The guarantee amount is RMB 60 million, with a term from June 20, 2025, to April 25, 2026 [1]. - There is no counter-guarantee associated with this guarantee [1]. - The company has previously provided a total guarantee balance of RMB 1,042.08 million to Jiangsu Bomin, and after this guarantee, the company can provide an additional guarantee of RMB 1,320 million within the approved limits [3][4]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee during meetings held on April 24, 2025, and May 23, 2025, as part of the annual guarantee limit for 2025, which totals up to RMB 2.25 billion [2]. - The approved guarantee limit includes RMB 1.85 billion for subsidiaries with a debt-to-asset ratio above 70% and RMB 400 million for those below [2]. Group 3: Subsidiary Information - Jiangsu Bomin Electronics was established on June 8, 2011, with a registered capital of RMB 700 million and is engaged in the manufacturing and sales of high-end printed circuit boards and electronic components [3][4]. - As of December 31, 2024, Jiangsu Bomin had total assets of RMB 3,037.84 million and total liabilities of RMB 2,133.31 million, with a net profit of -RMB 51.35 million [4]. Group 4: Guarantee Agreement Terms - The guarantee is a joint liability guarantee, with the guarantee period calculated from the maturity of each debt obligation [5]. - The guarantee covers not only the principal debt but also interest, penalties, and other related costs incurred during the execution of the guarantee [5]. Group 5: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational funding needs of the subsidiary, which is under the company's control and has a stable operational status [6]. - The board believes that the guarantee poses a controllable risk and will not adversely affect the company's normal operations or business development [6]. Group 6: Total External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 3,427.58 million, which is 80.47% of the company's latest audited net assets [6]. - There are no overdue external guarantees, and the company has not provided guarantees for its controlling shareholders or related parties [6].

Group 1: Company Overview and Strategy - The company focuses on differentiated product competition strategy, relying on technology, management, and service advantages to maintain a balanced product layout and high-end differentiated products [3] - The top five customers reported significant revenue growth in 2024, emphasizing the company's long-term sustainable interests over short-term gains [3] - The company aims to enhance its resilience and competitive advantage through technological innovation and a diversified customer structure [3] Group 2: Capital Expenditure and Market Demand - Increased demand for AI-driven servers and high-speed network infrastructure has led to a rise in market opportunities, with the company investing heavily in key processes [4] - In Q1 2025, the company reported cash outflows of approximately 658 million for fixed assets and long-term assets [4] - A new project for AI chip-compatible high-end printed circuit board expansion is planned with a total investment of approximately 4.3 billion RMB, expected to enhance high-end product capacity [4] Group 3: Industry Challenges and Opportunities - The automotive PCB market faces oversupply in low-end segments, price competition, and fluctuating raw material costs, while also experiencing growth and increased competition [7] - The shift towards smart vehicles is accelerating, with companies focusing on L2-level assisted driving and smart cockpit technologies [7] - The company is leveraging its long-standing expertise in communication equipment and automotive electronics to enhance collaboration with clients in the new energy vehicle sector [7] Group 4: Production and Operational Efficiency - The company is transitioning its Thailand production base from trial to mass production, aiming to achieve expected production efficiency and product quality [8] - Efforts are being made to control initial costs through refined cost management and establish risk warning mechanisms for overseas operations [8]