您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[华安证券]:沪电股份:Q3营收稳健增长,扩产体现AI未来需求信心 - 发现报告
当前位置:首页/公司研究/报告详情/

沪电股份:Q3营收稳健增长,扩产体现AI未来需求信心

2024-10-28陈耀波、李元晨华安证券�***
AI智能总结
查看更多
沪电股份:Q3营收稳健增长,扩产体现AI未来需求信心

!Ø#$%002463& $%KL !Ø#$%Q3&'()*+,-./0AI123456 $%ffiM‡NO300PÉ8Q 140% 120% 100% 80% 60% 40% 20% 0% -20%10/23 -40% 1/24 4/247/24 160% 沪电股份沪深300 jRS#TUV &'()*%S0010523060001 +,%chenyaobo@hazq.comjRS#W5X&'()*%S0010524070001 +,%liyc@hazq.com !"#$% &'()%*+,-./ !"#$% 2024-10-28 56ffi89: 41.99 ;12<=>?/>@89: 46.86/19.14 ABC8DEB: 1915.16 FGBC8DEB: 1912.88 FGBHI8%: 100.00 AJK8L9: 804.3 FGJK8L9: 803.8 !"#$%&'()* $%2024+,()-./012335.87456789:54.67%;< ()-./012390.11456789:48.15%=>?@A6$% 2024+,()-./BCDEF>?6.95456789:60.28%;< ()-./BCDEF>?18.06456789:105.8%=$%0123GHIJKL<()-MNOP6QR789S=$%GTUVWX YZ[\GJK]^_`ab1cffiefghi_`ef=2024+H1 jkl80123G73.81%g22.09%= $%mnopqrstuvPCBfiV6xy$%fi[|AI]1~U $%∞ÄPCBef&ÅÇÉ6ÑÖÜáAI&Åàâ6äãfiVåçåé-èêÑç\6ëíìåîïñóòôöopqrõmúùñfûfiå^XYZ[\Gü:†°¢=£§•j¶ffi®.©6™´¨g˙ù4345oÆØ= 13,±ffi®™´¨¸–26.845oÆØ;+V–18¥µ@Œåçåé-èêÑç\;,±ffi®.©sçe6˙Cm9+0123–a3045oÆØ6F>?–a4.745oÆØ= 23,ªffi®™´¨¸–16.245oÆØ;+V–11¥µ@Œåçåé-èêÑç\;,ªffi®.©sçe6˙Cm9+0123–a1845oÆØ6F>?–a2.8545oÆØ= AIst°¢ºW6stæø¿¡¬VPCBƒn°¢ ∞ÄOmdiaGùÄy«6•<`»…ùñgùÄüUopqrGGPUg ÀSîstGåî9:Ã]ÕŒœ6–—K”‘’]1÷<'ÕŒœ=efÿŸ⁄¤2022+G'‹1004›59:‹2024+G7804 ›56Omdia˙ù‹2029+6efÿŸfiÃ]fl‹15104›5=óòôPCBVW°K‡óòôst·æ7‚¡„‰¿6VWÂÊÁ†±Ë—3-5+6çȆ±Ë—2-3+=ffiÎÏ¡stµę—~ÓÔÈîÒöùÄÔÈÚÛö'Ùé-õ@AK¢HI6óòôPCBVWı°Kˆ _I˜=∞į˘˙˚G¸˝˛y«6'7Góòôst6'7GVW ˇ!6fi_GPCBGçù'76fi_G\aga#8$ffi%stG'7g¿¡&ˆ_G”'= hiZV'gqr''()*PCB]1°¢ i`PCBV+ç:J,|-ZVi3/ÒHI60ZVi1BEV32 iµ$PCBffi+–aÔ456iG5~676 üi8PCBffi+9: Ãå;aZ<L46–l‘iPCBffi+G±=6>Z<L4üGBMS 1BatteryManagementSystem6Z?@AL43•<JKB`ÙCêD=—ZViE:'ÇÉF6[|fiG‚B`FPC1FlexiblePrintedCircuit6HIXJZ[\36fi*±‚9SZ<L4GPCBffi+9:= ffi-VZ[õ˜g3/ÒæøHI6µ$2iu\]^_`flõZaVWù:ıfi'(9S6•<i`PCBë4~8ç\aJ6>-ZL4bBNffiQåGHDI\1HighDensityInterconnect36 ffiM–a4~8ç\G376L3ëc-ZL4u\GLIDAR1LightDetectionandRanging6dfl3eB`GHDIffiMfflùg›56ha[|i`PCBV+9:GJK|i= ™´nj $%GTUVWXYZ[\GJK]^_`ab1cffiefghi_ `ef=2024+H1jkl80123G73.81%g22.09%= kl˙ùb1cffief$%XYZ[\G01232024E-2026E+jka86.28456112.91456132.47456jk789:47%631% g17%= hi_`efXYZ[\G01232024E-2026Ejka24456 25.245630456jk789:11%65%g19%= kl˙ù$%PCBef23¨m2024E-2026Ejka115456144 45g16845=¨m$%022024E-2026Ejka118456147 45g17145= ¤$%•<n>Òo6b1cffief`XYZ[\n>ÒæøHI¤ 2015+G10.10%6HIp2024+c=+G41.59%6JKLTUAI qr·æQåG]1ûs-g9î=kltaNZ˝YuAIñ,v¡6óòôüPCBwKx_y6z[$%VW|>r,Qº6]02æø ~E9:67v$%æøfiÄóòô_`Vr=ÅæÇ3L˜= ÉÑH« AI°¢'_˙†6$%Ö&'_˙†6PCB]1Üáàâ6PCBTU cäãåç£åb= wKçòéè Nê:ë¥5 -./012 2023A 2024E 2025E2026E MN5O íìîí ññíóí ñòôñññôñòô 5OPH8%: ô.óõ îó.îõ óò.òõñú.úõ QRSTUVWX ñùñî óòôì îîññîìòò VWXPH8%: ññ.ñõ úî.ìõ îî.úõñì.ñõ YWZ8%: îñ.óõ îú.ñõ îô.îõîô.ùõ ROE8%: ñù.ùõ óñ.úõ óó.òõóñ.ûõ [B5\89: û.ôì ñ.óì ñ.ôîó.ûú P/E óô.íò îó.òò óò.óíóû.îì P/B ò.îñ ô.ûû ù.òîò.óì EV/EBITDA óû.îù óù.ñî ñí.ôûñù.îú ]^_`awindbcd/012e !"#$%&'() ]fghi jk:DE9 WXi jk:DE9 lmno 2023A 2024E 2025E 2026E lmno 2023A 2024E 2025E 2026E Fp]f 7841 10545 14773 19608 MN5O 8938 11828 14711 17147 qr 2098 2267 4860 8330 MNsC 6152 7563 9219 10717 t5uv 2687 3296 4106 4793 MNwr+xy 66 89 118 137 z[t5v 23 33 41 48 |]~â 280 355 456 532 ÄÅuv 16 15 18 21 ÇÉ~â 196 237 309 360 ÑÖ 1749 2001 2361 2677 Üá~â -68 -34 -37 -88 z[Fp]f 1267 2934 3387 3739 ]fàKâä -163 -140 -135 -130 ãFp]f 8195 9213 9454 9629 TåffiKçp5\ 1 -30 45 50 éèê] 49 64 79 94 ê]V5\ 19 30 44 51 ëí]f 3689 3743 3776 3790 MNWX 1706 2862 3823 4554 ìî]f 375 465 505 545 MNï5O 6 7 7 7 z[ãFp]f 4081 4942 5094 5201 MNïñó 7 7 7 7 ]fAm 16035 19758 24227 29237 WXAò 1705 2862 3823 4553 Fpgh 5023 6987 8120 9157 eôw 216 358 478 569 öèÀv 1434 1584 1734 1884 VWX 1490 2504 3345 3984 tÅuv 2250 3151 3841 4465 úùBûâ\ -23 25 33 40 z[Fpgh 1339 2251 2544 2807 QRSTUVWX 1513 2479 3311 3944 ãFpgh 1175 1204 1194 1184 EBITDA 2100 3244 4227 4932 éèÀv 846 836 826 816 EPS89: 0.79 1.29 1.73 2.06 z[ãFpgh 329 368 368 368 ghüm 6198 8191 9314 10341 †(ÜáHZ úùBû°\ 53 78 111 151 lmno 2023A 2024E 2025E 2026E BC 1909 1914 1914 1914 s颣 ]CT§ 557 660 660 660 MN5O 7.2% 32.3% 24.4% 16.6% •Ñ5\ 7319 8916 12227 16171 MNWX 8.5% 67.8% 33.6% 19.1% QRSTUBû° 9785 11490 14801 18746 QR¶STUVW 11.1% 63.9% 33.6% 19.1% ghßBû°\ 16035 19758 24227 29237 ®W¢£YWZ8%: 31.2% 36.1% 37.3% 37.5% qrF©i !":#$% VWZ8%: 16.9% 21.0% 22.5% 23.0% lmno 2023A 2024E 2025E 2026E ROE8%: 15.5% 21.6% 22.4% 21.0% ™M´pqrF 2243 2742 3162 3987 ROIC8%: 11.8% 16.6% 18.0% 17.3% VWX 1490 2504 3345 3984 ¨h¢£ fÆffi| 419 417 442 467 ]fghZ8%: 38.7% 41.5% 38.4% 35.4% Üá~â 3 8 8 9 VghHZ8%: 63.0% 70.8% 62.5% 54.7% ê]âä -22 -30 -44 -51 FpHZ 1.56 1.51 1.82 2.14 M™]rçp 167 -260 -692 -518 ±pHZ 0.97 0.82 1.13 1.46 z[™MqrF 1510 2868 4139 4598 M™¢£ ê]´pqrF -1870 -2559 -700 -647 A]fN©Z 0.63 0.66 0.67 0.64 ]Cñó -798 -762 -673 -626 t5uvN©Z 3.63 3.95 3.97 3.85 éèê] -95 -65 -65 -65 tÅuvN©Z 3.22 2.80 2.64 2.58 z[ê]qrF -977 -1731 37 44 [B¥µ89: ì]´pqrF 428 -69 132 131 [B5\ 0.79 1.29 1.73 2.06 öèÀv 29 150 150 150 [B™MqrFŠ: 1.17 1.43 1.65 2.08 éèÀv 769 -10 -10 -10 [BV]f 5.13 6.00 7.73 9.79 sGBRy 12 5 0 0 /KHZ ]CT§Ry 201 103 0 0 P/E 27.84 32.44 24.28 20.39 z[ì]qrF -581 -317 -8 -9 P/B 4.31 7.00 5.43 4.29 qrVRyò 816 169 2593 3471 EV/EBITDA 20.35 25.13 18.70 15.36 ]^_`aTUT4bcd/012e 0123456789 jRS#TUV6ü†°¢Za]1£§jRS=•¶Äß