沪电股份(002463) - 2025年5月15日投资者关系活动记录表

Group 1: Revenue Structure - In 2024, the enterprise communication market is expected to generate approximately CNY 10.093 billion, with AI server and HPC-related PCB products accounting for about 29.48% [2] - High-speed network switches and related PCB products are projected to contribute around 38.56% to the revenue [2] - The automotive segment is anticipated to achieve revenue of approximately CNY 2.408 billion, with emerging automotive board products accounting for about 37.68% [2] Group 2: Automotive PCB Market Situation - The automotive PCB market is characterized by oversupply in the mid-to-low end, price competition, and fluctuations in raw material costs [3] - The trend towards smart technology is accelerating, with automakers pushing for intelligent upgrades [3] - The market is expected to undergo optimization and adjustment due to increasing competition and changing demand structures [3] Group 3: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand [4] - The top five customers reported significant growth in 2024, emphasizing the importance of maintaining a balanced customer base for sustainable growth [4] - The company aims to enhance its technological capabilities and adaptability to market changes through continuous investment in innovation [4] Group 4: Supply Situation for High-Complexity Boards - The demand for AI-driven servers and high-speed network infrastructure is creating opportunities, but supply for high-end products remains limited [5] - The company has increased investments in key processes and bottleneck processes, expecting improved capacity by the second half of 2025 [5] - In Q1 2025, cash outflow for fixed assets and long-term assets was approximately CNY 658 million [5] Group 5: Thailand Factory Development - The company is transitioning its Thailand production base from trial production to mass production, aiming to achieve expected production efficiency and product quality [6] - Efforts are underway to accelerate customer certification and product introduction, gradually releasing capacity [6] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas factory construction [6]