➢ 汽车板：胜伟策减亏，新兴产品快速放量。1H25 公司汽车板实现营业收入 14.22 亿元，同比增长 24.18%，占公司总营收的 16.74%。其中毫米波雷达、 HDI 自动驾驶辅助、智能座舱域控制器、厚铜、P2Pack 等新兴产品收入同比增 长 81.86%，占汽车板营收比重提升至 49.34%。公司对控股子公司胜伟策持续实 施业务改善，推动其营收同比增长 159.63%，其中 P2Pack 产品营收同比增长 400.69%，大幅减亏。 ➢ 事件： 8 月 21 日，沪电股份发布 2025 年半年报，1H25 公司实现营业收 入84.94亿元，同比增长56.59%；实现归母净利润16.83亿元，同比增长47.50%； 实现销售毛利率 35.14%，同比下降 1.32pct；实现销售净利率 19.76%，同比下 降 1.04pct 。 ➢ 投资建议：1H25 公司保持业绩高增，AI 服务器及交换机产品显著增长；随 着交换机速率升级、海外 ASIC 加速放量，预计公司 25/26/27 年实现归母净利 润 37.4/55.5/70.7 亿元，对应当前股价 PE 分别为 29/19/15 倍。我们看好公司 在 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a significant increase in performance, with a revenue of 8.494 billion yuan in the first half of 2025, representing a year-on-year growth of 56.59%. The net profit attributable to shareholders reached 1.683 billion yuan, up 47.50% year-on-year [2][5]. - The company's gross margin and net margin were 35.14% and 19.76%, respectively, showing a slight decline compared to the previous year [5]. - In Q2 2025, the company achieved a revenue of 4.456 billion yuan, a year-on-year increase of 56.91% and a quarter-on-quarter increase of 10.37%. The net profit for the same period was 920 million yuan, reflecting a year-on-year growth of 47.01% and a quarter-on-quarter growth of 20.70% [2][5]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 8.494 billion yuan, with a year-on-year growth of 56.59%. The net profit attributable to shareholders was 1.683 billion yuan, up 47.50% year-on-year. The gross margin was 35.14%, and the net margin was 19.76%, both showing slight declines [2][5]. - In Q2 2025, the company reported a revenue of 4.456 billion yuan, a year-on-year increase of 56.91% and a quarter-on-quarter increase of 10.37%. The net profit for Q2 was 920 million yuan, reflecting a year-on-year growth of 47.01% and a quarter-on-quarter growth of 20.70% [2][5]. Business Segments - The enterprise communication market segment generated approximately 6.532 billion yuan in revenue, a year-on-year increase of about 70.63%. AI server and HPC-related PCB products accounted for about 23.13% of this segment's revenue [10]. - The automotive PCB segment achieved approximately 1.422 billion yuan in revenue, a year-on-year increase of about 24.18%. New automotive PCB products accounted for 49.34% of this segment's revenue [10]. Capacity Expansion - The company is accelerating capacity expansion through technology upgrades and new projects. A new project for high-end printed circuit boards related to AI chips, with a total investment of approximately 4.3 billion yuan, commenced construction in late June 2025 and is expected to start trial production in the second half of 2026 [10]. - The Thailand production base began small-scale production in Q2 2025, with ongoing efforts to gain customer recognition for AI servers and switches [10]. Future Outlook - The company is expected to maintain strong growth driven by demand for AI servers and high-speed network infrastructure. Projections indicate that the net profit attributable to shareholders will reach 3.812 billion yuan, 5.496 billion yuan, and 7.358 billion yuan for 2025, 2026, and 2027, respectively [10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][7]. Core Views - The company is accelerating capacity expansion, demonstrating confidence in future growth, with a total investment of up to RMB 3.6 billion planned for projects in collaboration with the Huangshi Economic and Technological Development Zone [3]. - The company is investing in three locations: Kunshan, Huangshi, and Thailand, with a total investment of nearly RMB 8 billion, which is expected to significantly improve production capacity starting from the second half of 2025 [4]. - AI demand is driving substantial revenue growth, particularly in the enterprise communications market, with AI server and HPC-related PCB products contributing approximately 29.48% of revenue, and high-speed network switch-related products accounting for about 38.56% [5]. Summary by Sections Investment Plans - The company has authorized management to negotiate potential project investments in Huangshi, with a total investment cap of RMB 3.6 billion from July 2025 to June 2031 [3]. - In Kunshan, the company plans to invest approximately RMB 4.3 billion to build high-end printed circuit boards (PCBs) for AI chips, with the first phase targeting an annual production of 180,000 square meters [4]. Financial Projections - The company expects to achieve net profits of RMB 3.69 billion, RMB 5.09 billion, and RMB 6.33 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 25, 18, and 15 [6][9]. - Revenue is projected to grow from RMB 13.34 billion in 2024 to RMB 26.81 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [9][10]. Market Position - The company is well-positioned to benefit from the increasing demand for high-speed PCBs driven by AI applications, with significant investments in R&D to enhance product reliability and performance [5][6].

Group 1: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand, emphasizing sustainable growth over short-term profits [2] - Maintaining a balanced customer base among top clients is crucial for stable development in a changing market environment [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥100.93 billion in revenue from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch products for approximately 38.56% [4] - The automotive sector is projected to achieve around ¥24.08 billion in revenue, with emerging automotive PCB products representing about 37.68% [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and production yield while managing initial costs through refined cost control measures [5] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches [6] - Increased capital expenditure is anticipated, with approximately ¥6.58 billion allocated for fixed assets and long-term investments in Q1 2025, alongside a planned investment of ¥43 billion for AI chip-related PCB expansion [7][8] - The market for high-performance PCB products is expected to grow, driven by the complexity of AI and network infrastructure needs, necessitating enhanced technical and innovative capabilities from PCB manufacturers [8]

Group 1: Company Strategy - The company focuses on maintaining a balanced customer base among industry leaders, emphasizing long-term sustainable benefits over short-term gains [2] - It aims to adapt its technical and production capabilities to meet the evolving market demands, particularly in high-density integration and high-speed signal transmission [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network products for 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products representing 37.68% of this figure [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and stabilizing yield rates while managing initial costs [5] - The company is implementing a comprehensive risk management mechanism to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches [6] - Increased capital expenditure is anticipated, with approximately ¥658 million spent on fixed assets in Q1 2025 and a planned investment of ¥4.3 billion for AI chip-related PCB expansion [7][8] - The market for complex and high-performance PCB products is expected to grow, driven by the needs of AI and network infrastructure [8]

Group 1: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand, emphasizing sustainable growth over short-term profits [2] - Maintaining a balanced customer base among top clients is crucial for stable development in a changing market environment [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch products for approximately 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products making up about 37.68% [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and production yield while managing initial costs through refined cost control measures [5] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, necessitating a robust architecture to support AI and HPC clusters [6] - Increased demand for AI-driven servers and high-speed network infrastructure is creating growth opportunities, prompting the company to enhance capital expenditures, with approximately ¥658 million allocated for fixed and intangible assets in Q1 2025 [7][8] - A new project for expanding high-end PCB production to support AI chip development is expected to launch soon, aimed at meeting long-term market demands [8]

Group 1: Company Strategy and Market Position - The company focuses on a balanced approach to long-term sustainable growth rather than short-term profits, emphasizing the importance of maintaining a diverse customer base among major clients [2] - The company aims to enhance its comprehensive competitiveness by continuously improving its technical and process capabilities to adapt to market demands [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately CNY 10.093 billion in revenue from the enterprise communication market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch and router-related PCB products making up approximately 38.56% [4] - The automotive sector is projected to achieve around CNY 2.408 billion in revenue, with emerging automotive PCB products representing about 37.68% of this total [4] Group 3: Market Trends - The rapid development of AI is transforming the data center switch market, necessitating a robust architecture to support both front-end and back-end networks [5] - The demand for 800G switches is currently strong, driven by the need for enhanced connectivity in AI and high-performance computing environments [5] Group 4: Production and Supply Chain - The company's Thailand factory has commenced small-scale production, focusing on improving production efficiency and product quality while managing initial costs through refined cost control measures [6] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas manufacturing [6] Group 5: Capital Expenditure and Future Investments - The company has increased capital expenditures in response to growing demand for AI-driven servers and high-speed network infrastructure, with significant investments planned for 2024 [7][8] - Approximately CNY 658 million was allocated for fixed assets and long-term investments in Q1 2025, with plans for a new AI chip-related PCB expansion project expected to enhance high-end product capacity [8]

Group 1: Company Insights - 思特威 - 思特威 has become a leading supplier of CMOS image sensors in smart security, smartphones, and automotive electronics [1] - In 2024, the company ranks first in global security CIS shipments, fourth in automotive CIS globally, second domestically, and fifth in smartphone CIS [1] - The smartphone business generated revenue of 329,115.57 million yuan, accounting for 55.15% of total revenue, with high-end flagship products contributing over 50% and experiencing a year-on-year growth of 269.05% [1] - R&D investment for 2024 is projected at 44,740.33 million yuan, a year-on-year increase of 56.35%, with a total of 464 authorized patents [1] - The company offers a range of products that meet various market demands, maintaining competitive advantages against firms like Sony [1] Group 2: Company Insights - 沪电股份 - 沪电股份 focuses on differentiated operations, dynamically adapting its technical capabilities, process capabilities, and production structure to meet long-term market demands [2] - The company expects to achieve approximately 10.093 billion yuan in revenue from the enterprise communications market in 2024, with server and HPC-related PCB products accounting for 29.48% and high-speed network switch and router-related PCB products for 38.56% [2] - Revenue from automotive boards is projected at around 2.408 billion yuan, with emerging automotive board products making up 37.68% [2] - The demand for 800G switches is strong, driven by rapid developments in data center switch markets [2] - A factory in Thailand has begun small-scale production, focusing on improving production efficiency and yield, with plans to gradually release capacity [2] - The company is increasing capital expenditure for new high-end printed circuit board expansion projects, expecting capacity improvements by the second half of 2025 [2] Group 3: Institutional Overview - 盘京投资 - 盘京投资, established in 2016, is recognized as one of China's leading private equity investment fund managers [3] - The firm operates on a partnership system and focuses on investment opportunities in Chinese listed companies while also having a significant presence in overseas markets, particularly in Chinese concept stocks [3] - The company emphasizes research-driven investment decisions, supported by a strong internal research team and extensive external research resources [3] - 盘京投资 aims to uncover and capitalize on business and investment opportunities rooted in the Chinese economy, striving to deliver sustainable and stable returns for clients [3]

Group 1: Company Strategy - The company focuses on differentiated operations, dynamically adapting its technical and production capabilities to meet long-term market demands [2][3] - Emphasis on maintaining a balanced customer base among top clients to ensure sustainable growth rather than short-term profits [3] Group 2: Revenue Structure - In 2024, revenue from AI-driven servers, data storage, and high-speed network infrastructure is projected to be approximately ¥10.093 billion, with AI servers and HPC-related PCB products accounting for about 29.48% [4] - The automotive sector is expected to generate around ¥2.408 billion in revenue, with emerging automotive PCB products making up approximately 37.68% [4] Group 3: Market Trends - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches to support AI and high-performance computing [5] - The PCB market is anticipated to experience growth due to the increasing complexity and performance requirements of AI and network infrastructure [8] Group 4: Production and Capital Expenditure - The Thailand production facility has commenced small-scale production, with efforts to enhance production efficiency and stability [6] - The company has increased capital expenditure, with approximately ¥658 million spent on fixed assets in Q1 2025, and plans to invest around ¥4.3 billion in AI chip-related PCB expansion projects [7] Group 5: Competitive Landscape - The automotive PCB market faces challenges such as oversupply in the low-end segment and increasing competition, necessitating adjustments in product and capacity structure [8] - Collaboration with industry partners is crucial for advancing product technology and commercializing applications in electric vehicle systems [8]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The company aims to achieve sustainable growth by balancing its customer portfolio, focusing on long - term interests, and adapting its technology, process, and capacity structures to market demand. It invests in key technologies and innovation to maintain a competitive edge in a complex market environment [24]. - The AI - driven server, data storage, and high - speed network infrastructure sectors offer growth opportunities. The company has increased investment in key and bottleneck processes, and expects capacity improvement in the second half of 2025 [25]. - The company is promoting the Thai production base from trial production to mass production, aiming to achieve expected efficiency and quality, and is taking measures to control costs and manage risks [26]. 3. Summary by Directory 3.1. Research Basic Information - The research object is Huadian Co., Ltd., belonging to the electronic components industry. The reception time was May 15, 2025, and the listed company's receptionist was Qian Yuanjun [17]. 3.2. Detailed Research Institutions - The institutions participating in the research include Changjiang Securities Co., Ltd. (a securities company) and Shanghai Dongfanghong (others) [18]. 3.3. Research Institution Proportion No relevant information provided. 3.4. Main Content - **Company Revenue Structure**: In 2024, the enterprise communication market boards applied in AI - driven servers, data storage, and high - speed network infrastructure achieved about 10 billion and 93 million yuan in revenue. AI servers and HPC - related PCB products accounted for about 29.48%, and high - speed network switches and related PCB products accounted for about 38.56%. The automotive boards achieved about 2 billion and 40.8 million yuan in revenue, with emerging automotive board products accounting for about 37.68% [21]. - **Automotive PCB Market**: The automotive PCB market is in a complex environment with over - supply at the mid - low end, price competition, raw material price fluctuations, and R & D pressure. It features scale growth, intensified competition, changing demand structure, and accelerated technological innovation. The company is collaborating with customers in new energy vehicle systems, and adjusting its product and capacity structure to meet market challenges [22]. - **High - Complexity High - Multi - Layer Board Supply**: The growth of AI - driven demand and the expansion of emerging application areas bring opportunities. The company has increased investment in key and bottleneck processes, and expects capacity improvement in the second half of 2025. In Q1 2025, cash spent on fixed assets, intangible assets, and other long - term assets was about 658 million [25]. - **Thailand Factory**: The company is promoting the Thai production base from trial production to mass production, accelerating customer certification and product introduction, and using cost - control and risk - management measures to achieve profitability [26].