沪电股份(002463):Q2延续高增趋势,加速产能扩张＆客户导入打开向上空间

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、25H1营收84.94亿元，同比增长56.59%；归母净利润16.83亿元，同比增长47.50%；扣非归母净利润16.44亿元，同比增长47.90%。2、AI算力需求驱动PCB业务高增长，企业通讯板收入65.32亿元，同比增长70.63%，占比79.86%；其中AI服务器和HPC相关产品占企业通讯板收入比重23.13%。3、汽车板收入14.22亿元，同比增长24.18%，新兴产品（毫米波雷达、HDI自动驾驶辅助、P2Pack等）收入同比增长81.86%，占比升至49.34%。4、子公司业绩分化，黄石沪士净利润同比增长139.52%至4.63亿元；胜伟策亏损同比大幅减亏；沪士泰国亏损0.96亿元。5、经营性净现金流同比增长75.6%至21.0亿元，盈利质量稳健。6、公司启动总投资43亿元的AI芯片配套高端PCB扩产项目，预计26H2投产。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预测25-27年营收为176.1亿、237.8亿、309.1亿，归母净利润为38.6亿、55.1亿、73.9亿，对应EPS为2.00元、2.86元、3.84元，对应PE为27.8倍、19.4倍、14.5倍，维持“强烈推荐”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：客户需求低于预期、同行竞争加剧、地缘政治风险加剧、新增产能爬坡不及预期。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>