Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve rapid growth in 2024, with projected revenue of approximately 13.34 billion yuan, representing a year-on-year increase of about 49.26%. The net profit attributable to shareholders is expected to be around 2.59 billion yuan, reflecting a year-on-year growth of approximately 71.05% [4][5] - The PCB business is anticipated to generate revenue of about 12.84 billion yuan in 2024, with a year-on-year growth of approximately 49.78%. The gross margin for the PCB business is expected to rise to about 35.85%, an increase of approximately 3.56 percentage points year-on-year [4][5] Summary by Sections Company Overview - The company is a leading player in the enterprise communication board market, benefiting from the recovery in consumer electronics and the strong demand driven by artificial intelligence, high-speed networks, and automotive intelligence [5] Financial Performance - In 2024, the enterprise communication market board is projected to achieve revenue of approximately 10.09 billion yuan, a significant year-on-year increase of about 71.94%. The gross margin for this segment is expected to improve by 4.09 percentage points year-on-year [5] - The automotive board business is expected to generate revenue of about 2.41 billion yuan in 2024, with a year-on-year growth of approximately 11.61%. However, the gross margin for this segment is anticipated to decrease by about 1.20 percentage points due to price competition and fluctuations in raw material prices [7] Market Trends - The demand for automotive PCBs is being driven by the increasing penetration of electric vehicles, with the average PCB value in pure electric vehicles being approximately 5 to 6 times that of traditional fuel vehicles [8][9] - The company is focusing on optimizing its capacity structure, product structure, and customer structure to align with the dynamic long-term market demand [5] Future Projections - Revenue projections for the company from 2025 to 2027 are estimated to be 15.77 billion yuan, 19.18 billion yuan, and 22.15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 3.32 billion yuan, 4.25 billion yuan, and 4.92 billion yuan for the same period [10][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has benefited from the AI wave, achieving significant profit growth, with a projected revenue of 13.34 billion yuan for 2024, representing a year-on-year increase of 49.26% [1]. - The company's net profit attributable to shareholders is expected to reach 2.59 billion yuan in 2024, reflecting a year-on-year growth of 71.05% [1]. - The report highlights the strong performance of the PCB business, particularly in the enterprise communication market, which saw a revenue increase of approximately 71.94% year-on-year [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.33 billion yuan, a year-on-year increase of 51.64%, and a net profit of 739 million yuan, up 32.07% year-on-year [2]. - The overall gross margin for 2024 is projected to be 34.54%, an increase of 3.37 percentage points year-on-year, while the net profit margin is expected to be 19.24%, up 2.58 percentage points year-on-year [3]. - The PCB business is anticipated to have a gross margin of approximately 35.85% in 2024, an increase of about 3.56 percentage points year-on-year [3]. Business Segments - The PCB business achieved revenue of approximately 12.84 billion yuan in 2024, with a year-on-year growth of about 49.78% [2]. - The enterprise communication market segment generated approximately 10.09 billion yuan in revenue, marking a significant year-on-year increase of 71.94% [2]. - The automotive PCB segment is expected to generate revenue of 2.41 billion yuan in 2024, reflecting an 11.61% year-on-year growth [2]. Industry Trends - The report emphasizes the ongoing AI wave, which is expected to drive significant growth in the demand for high-performance PCB solutions, particularly in data centers and HPC-related products [4]. - The company is strategically expanding its production capacity, with an investment of approximately 4.3 billion yuan planned for new projects targeting the AI-driven data center market [5]. Profitability Forecast - The net profit forecast for 2025 and 2026 has been adjusted to 3.4 billion yuan and 4.3 billion yuan, respectively, with a projected net profit of 5.3 billion yuan in 2027 [6].

Investment Rating - The report upgrades the investment rating to "Buy" [2][6] Core Insights - The company's revenue from the communication board increased by 72% year-on-year, with switches becoming a new growth engine [1][6] - The financial performance for 2024 met expectations, with a total revenue of 13.34 billion yuan, a 49.3% increase year-on-year, and a net profit of 2.59 billion yuan, a 71.1% increase year-on-year [6][8] - The company anticipates significant growth in the AI server and high-speed switch markets, with the latter expected to see over 90% quarter-on-quarter growth in the second half of 2024 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 8.94 billion yuan - 2024: 13.34 billion yuan - 2025E: 15.38 billion yuan - 2026E: 16.97 billion yuan - 2027E: 18.27 billion yuan - Year-on-year growth rates for total revenue are projected at 7.2% for 2023, 49.3% for 2024, and 15.3% for 2025E [5][8] - Net profit forecasts are as follows: - 2023: 1.51 billion yuan - 2024: 2.59 billion yuan - 2025E: 3.20 billion yuan - 2026E: 3.53 billion yuan - 2027E: 3.69 billion yuan - The projected return on equity (ROE) is expected to be 22.0% in 2025 [5][8] Market Position and Competitive Analysis - The company is positioned favorably compared to peers, with a projected price-to-earnings (PE) ratio of 20X for 2025, which is 39% lower than the average PE of comparable companies at 27X [6][8] - The communication board revenue is expected to account for a significant portion of the company's growth, driven by AI server and high-speed switch products [6]

沪士电子股份有限公司 沪士电子股份有限公司关于投资设立全资污水处理子公司的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-025 1、公司名称：昆山青淞污水处理有限公司（下称"青淞水务"） 2、公司类型：有限责任公司 3、注册资本：不超过 5,000 万元人民币 关于投资设立全资污水处理子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资概述 1、为持续深化绿色制造实践，进一步改善区域水环境质量，经沪士电子股份有 限公司（下称"公司"）第八届董事会战略委员会提议，同意投资设立全资污水处 理子公司，建设运营日处理量不超过1.5万吨的污水处理厂，项目总投资预计不超过 1.5亿元人民币，用于处理公司生产过程中产生的各类废水，以确保生产废水能够得 到高效、专业的处理与净化，从而更好地满足环保要求及公司生产运营需求。 2、公司于2025年3月31日召开的第八届董事会第四次会议审议并一致通过《关 于投资设立全资污水处理子公司的议案》，并同意授权管理层具体办理工商注册登 记、资质与证照审批及其他各项必要事务。 3、根据相关规定，上 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 沪士电子股份有限公司（下称"公司"）董事会于2025年3月20日以通讯方 式发出召开公司第八届董事会第四次会议通知。会议于2025年3月31日在公司会 议室以现场结合通讯表决的方式召开，其中陈梅芳女士、林明彦先生、高启全先 生、吴传林先生、王永翠女士以通讯表决方式参加，会议应到董事9人，实到董 事9人，公司监事和高级管理人员列席了会议。公司董事长陈梅芳女士主持本次 会议。本次会议的通知、召开以及参会董事人数均符合《中华人民共和国公司法》 等有关法律法规及《公司章程》的规定。 沪士电子股份有限公司第八届董事会第四次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-024 沪士电子股份有限公司 第八届董事会第四次会议决议公告 1 沪士电子股份有限公司第八届董事会第四次会议决议公告 三、备查文件 沪士电子股份有限公司董事会 二、董事会会议审议情况 会议审议并一致通过如下决议： 1、审议通过《关于投资设立全资污水处理子公司的议案》。 表决结果：同意 9 票；反对 0 票 ...

丨证券研究报告丨 公司研究丨点评报告丨沪电股份（002463.SZ） [Table_Title] 沪电股份 2024 年报点评：业绩稳步高增，结构 持续优化 报告要点 [Table_Summary] 沪电股份发布 2024 年报：2024 年，公司实现营业收入 133.42 亿元，同比增长 49.26%；实现 归母净利润 25.87 亿元，同比增长 71.05%。从盈利能力来看，2024 年公司分别实现毛利率和 净利率 34.54%和 19.24%，分别同比+3.37pct 和+2.58pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 沪电股份（002463.SZ） cjzqdt11111 [Table_Title 沪电股份 2024 2] 年报点评：业绩稳步高增，结构 持续优化 [Table_Summary2] 事件描述 沪电股份发布 2024 年报：2024 年，公司实现营业收入 133.42 亿元，同比增长 49.26%；实现 归母净利润 ...

电子 2025年03月29日 沪电股份(002463.SZ) 公 司 报 告 AI与高速通信需求强劲，助推公司业绩步入高增长 推荐 ( 维持) 股价:32.52元 行情走势图 相关研究报告 【平安证券】沪电股份（002463.SZ）*季报点评*季 度净利润创历史新高，扩充高端产能夯实长期竞争力 *推荐20241026 【平安证券】沪电股份（002463.SZ）*半年报点评* 高端产品占比提升，利润率创季度新高*推荐 20240823 【平安证券】沪电股份（002463.SZ）*首次覆盖报 事项： 3月26日，沪电股份发布2024年年度报告，2024年公司实现营收133.42亿 元，同比+49.3%，实现归母净利润25.87亿元，同比+71.1%。公司拟每10股 派发现金5元（含税）。 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 告*数通PCB领域传统强者，乘AI之风实现业绩高增* 推荐20240424 证券分析师 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN62 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 沪电股份(002463) [Table_Title] 沪电股份年报点评：精益求精积极布局，AI 时代再创佳绩 [Table_ReportDate] 2025 年 03 月 28 日 [Table_S 事件：3ummar 月 25y]日，公司发布 2024 年度报告，公司实现营业收入 133.42 亿 元，yoy+49.26%；归母净利润 25.87 亿元，yoy+71.05%；实现销售 毛利率/销售净利率 34.64%/19.24%，yoy+3.37/+2.58pct。其中，Q4 单季实现营收 43.31 亿元，yoy+51.64%；归母净利润 7.39 亿元， yoy+32.07%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 投资评级 买入 上次评级 买入 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 联系电话：13437172818 邮箱：mowenyu@cindasc.com ➢ AI ...

[Table_Title] 沪电股份年报点评：精益求精积极布局，AI 时代再创佳绩 [Table_ReportDate] 2025 年 03 月 28 日 [Table_S 事件：3ummar 月 25y]日，公司发布 2024 年度报告，公司实现营业收入 133.42 亿 元，yoy+49.26%；归母净利润 25.87 亿元，yoy+71.05%；实现销售 毛利率/销售净利率 34.64%/19.24%，yoy+3.37/+2.58pct。其中，Q4 单季实现营收 43.31 亿元，yoy+51.64%；归母净利润 7.39 亿元， yoy+32.07%。 点评： 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 沪电股份(002463) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 投资评级 买入 上次评级 买入 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 联系电话：13437172818 邮箱：mowenyu@cindasc.com ➢ AI ...

事件：公司披露2024年年报。2024年公司实现营收133.42亿元，同比增长49.26%；归母净利润25.87亿 元，同比增长71.05%；扣非后归母净利润为25.46亿元，同比增长80.80% AI相关需求推动PCB行业整体复苏，公司业绩再创新高。受益于全球头部云服务厂商增加资本开支积极 部署AI数据中心，AI服务器和高速网络设备为PCB市场增长提供关键动力，2024年全球PCB产值同比增 长5.8%至740亿美元。其中，18层以上多层板产值同比增长40.2%，HDI板产值同比增长18.8%。2024年 公司营收和归母净利润均取得大幅增长，再创新高。其中，Q4单季度营收为43.31亿元，同比增长 51.64%；归母净利润为7.39亿元，同比增长32.07%。在公司产品结构持续优化，高阶产品、新兴应用领 域产品营收占比提升的情况下，整体良品率保持相对稳定。 企业通讯板毛利率提升，AI驱动网络基础设施升级带动PCB产值增加2024年公司企业通讯板业务实现营 收100.93亿元，同比增长71.94%，毛利率同比提升4.09pcts至38.35%，2024年上半年，AI服务器和HPC 相关产品同比倍速成长；202 ...