证券研究报告 | 公司动态点评 2025 年 09 月 02 日 沪电股份（002463.SZ） 股价走势 -24% -4% 16% 36% 56% 76% 96% 116% 2024-09 2025-01 2025-05 2025-08 沪电股份 沪深300 作者 分析师 侯 宾 25H1 业绩持续高增，深化 AI 算力、汽车板领域布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,938 | 13,342 | 17,655 | 22,619 | 27,155 | | 增长率 yoy（%） | 7.2 | 49.3 | 32.3 | 28.1 | 20.1 | | 归母净利润（百万元） | 1,513 | 2,587 | 3,669 | 4,814 | 5,885 | | 增长率 yoy（%） | 11.1 | 71.1 | 41.8 | 31.2 | 22.3 | | ROE（%） | 15.1 | 21.6 | 25.1 | 25.6 | 24. ...

➢ 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].

Core Viewpoint - The leading PCB company, Huadian Co., reported significant growth in both revenue and net profit for the first half of 2025, indicating strong performance in the PCB industry driven by demand from AI and high-speed network infrastructure [1][4]. Financial Performance - Revenue for the first half of 2025 reached 8.494 billion yuan, a year-on-year increase of 56.59% compared to 5.424 billion yuan in the same period last year [2]. - Net profit attributable to shareholders was 1.683 billion yuan, reflecting a 47.50% increase from 1.141 billion yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was 1.644 billion yuan, up 47.90% from 1.111 billion yuan [2]. - Operating cash flow increased significantly by 75.67%, reaching 2.097 billion yuan compared to 1.194 billion yuan [2]. - Basic earnings per share rose to 0.8754 yuan, a 46.73% increase from 0.2966 yuan [2]. - Total assets at the end of the reporting period were 24.464 billion yuan, up 15.50% from 21.180 billion yuan at the end of the previous year [2]. Business Segments - The PCB business saw a revenue increase of 57.20%, amounting to approximately 8.152 billion yuan [4]. - The enterprise communication market segment was a key growth driver, with revenue of about 6.532 billion yuan, a year-on-year increase of 70.63% [5]. - High-speed network-related PCB products experienced remarkable growth, with a year-on-year increase of 161.46%, accounting for approximately 53% of the enterprise communication market revenue [5]. - The automotive PCB segment also performed well, with revenue of about 1.422 billion yuan, a 24.18% increase, and emerging automotive products growing by 81.86% [5]. Industry Outlook - The PCB industry is expected to continue its high growth trend, driven by the demand for AI computing power and the increasing penetration of new energy vehicles [4][9]. - The PCB sector has seen a strong market performance, with a cumulative increase of nearly 70% since April [6]. - Major PCB companies are actively expanding production capacity, with significant investments planned to meet the growing demand for high-end products [8][9].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 8.494 billion yuan, a year-on-year growth of 56.59%, and net profit attributable to shareholders at 1.683 billion yuan, up 47.5% [1] Financial Performance - Revenue for the first half of 2025 was 8.494 billion yuan, reflecting a year-on-year increase of 56.59% [1] - Net profit attributable to shareholders was 1.683 billion yuan, representing a growth of 47.5% compared to the previous year [1] - Operating cash flow net amount was 2.097 billion yuan, showing a substantial increase of 75.67% year-on-year [4] Growth Drivers - The surge in revenue was primarily driven by the explosive growth in demand for artificial intelligence and high-speed network infrastructure [1] - The enterprise communication market segment generated revenue of 65.32 billion yuan, a year-on-year increase of 70.63%, accounting for 76.9% of total revenue [1] - High-speed network switches and related PCB products were the fastest-growing segments, with a year-on-year growth of 161.46%, making up 53% of the enterprise communication market revenue [2] Profitability Challenges - Despite the revenue growth, the company's gross margin declined, with PCB business gross margin at 36.46%, down 1.49 percentage points year-on-year [3] - The decline in gross margin was attributed to increased stock incentive expenses and losses from the Thailand factory, which reported a loss of approximately 96 million yuan during the reporting period [3] Operational Risks - Inventory impairment losses increased significantly to 190 million yuan, up approximately 28.8% year-on-year, indicating inventory management pressures [4] - The provision for bad debts for accounts receivable was 823 million yuan, a substantial increase, raising concerns about customer credit risk [4] Strategic Initiatives - The company is undertaking a large-scale capacity expansion project with a total investment of approximately 4.3 billion yuan, aimed at meeting the long-term growth trend in AI computing power [5] - In terms of technology development, the company is advancing its 1.6T switch products into customer sampling and certification stages, and collaborating with leading companies to develop products based on a 224Gbps rate platform [5] - The automotive PCB business achieved revenue of 1.422 billion yuan, growing 24.18%, with emerging automotive products' share increasing from 37.68% to 49.34% [5]

Core Insights - The company reported a strong financial performance for the first half of 2025, with revenue reaching 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% [1] Financial Performance - Revenue of 8.494 billion yuan grew by 56.59% year-on-year, driven by the explosive demand in artificial intelligence and high-speed network infrastructure [1] - Net profit attributable to shareholders was 1.683 billion yuan, reflecting a 47.5% increase compared to the previous year [1] - Operating cash flow was robust, with a net amount of 2.097 billion yuan, representing a 75.67% year-on-year growth [4] Business Segments - The enterprise communication market segment generated revenue of 65.32 billion yuan, a 70.63% increase year-on-year, accounting for 76.9% of total revenue [1] - High-speed network switches and related PCB products were the fastest-growing segment, with a year-on-year growth of 161.46%, making up 53% of the enterprise communication market revenue [2] - AI servers and HPC-related PCB products grew by 25.34%, contributing approximately 23.13% to the enterprise communication market revenue [2] Profitability Challenges - The PCB business's gross margin was 36.46%, down 1.49 percentage points year-on-year, primarily due to increased stock incentive costs and losses from the Thailand factory [3] - The Thailand factory reported a loss of approximately 96 million yuan during the reporting period, attributed to high labor, depreciation, and utility costs [3] Operational Risks - Inventory impairment losses increased significantly to 190 million yuan, up about 28.8% year-on-year, indicating inventory management pressures [4] - The provision for bad debts on accounts receivable was 823 million yuan, a substantial increase, raising concerns about customer credit risk [4] Strategic Initiatives - The company is undertaking a large-scale capacity expansion project with a total investment of approximately 4.3 billion yuan, expected to start trial production in the second half of 2026 [6] - The company is also focusing on technological upgrades, with ongoing collaborations with leading companies to develop high-speed products [6] - The automotive PCB business achieved revenue of 1.422 billion yuan, growing by 24.18%, with an increasing share of emerging automotive products [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]