沪电股份-公司研究报告：数据中心和汽车PCB双轮驱动-240924（27页）.pdf

1、!#$%&()*+,-.*/01234 Table_Title!#$%&()*+,PCB-./0 Table_StockNameRptType!#$!#$%002463&!#$!#$%!#$%&()*+()*+!#$%2024-09-23 56789:32.17;12?/89:41.96/18.80 ABC8DEB:1915.16 FGBC8DEB:1912.88 FGBHI8%:100.0 AJK8L9:616 FGJK8L9:615 !%&()!%&()300*+,-*+,-Table_Author./01./01234234&()*%&()*%S0010523060001+,%+,% .

2、/01./01567567&()*%&()*%S0010524070001+,%+,% ,-./%,-./%l(89:1(89:1;?ABCDEFGHIJK=?ABCDEFGHIJK!L 1992 MNOPQBRSTMUVWXYZB!R_abcaNdaefaghijklNmnopq+BrstuvwxBy PCB stzU|ef!|t8Uam!PCB ePDD“”aC”aFG8=B Pt”ai!U=e8U|-.U GPUX/0U;Y123B456st7123gh 2022 MU7 100 6Y 2024 MU 780 6BOmdia 2029 MBgh8 1510 6 PCB e|9:&;Z?3

3、-5 MB NZ?2-3 M ABC&#DEFGaCFGHIaJKLijk|B PCB eM|mN(OEP_UQ9R)*B7:UB7:UeSTBnU PCB UC7:BnUUXUV,AWU7:X%&mU5 l FG8KX.7XYvFG8KX.7XYvPCBstst GGPCBZNYQL8KGB8KGZNYQL8KGB8KGBEV_G#G#PCB%ZFabcGU%ZFabcGU56$BGz$BGzPCB%Z%Zdc;e8fgaBGdc;e8fgaBGPCB%ZUB%ZUBh8fga-30%-10%10%30%50%70%90%9/2312/233/246/24沪电股份沪深300Table_Com

4、panyRptType1 (89:(89:002463_ !#$%&()*+,-.*2/27/01234 U BMSBattery Management SystemB8ijkga_|lKmno8KGpc+BqQl FPCFlexible Printed CircuitBrst8_ Bv08fgaU PCB%Zdc ALKuviNXB#Gwxyz8i8ALKuviNXB#Gwxyz8i8eCcM7X0B GeCcM7X0B GPCBPP48B hLugaB hLugaTl%-;UTl%-;UHDIHigh Density Interconnect_ B%&_ B%&48UU3$B$BL3PLu

5、gawUPLugawULIDARLight Detection and RangingB|8_lUB|8_lUHDI%&8C6BqQG%&8C6BqQGPCBZcU|QZcU|Q l !U=e8U|e8U|B|g=AI9-;UstX(89:y9-;UstX(89:yAI,&B&BPCB|?AB!e-B|?AB!e-BYB#$“”NYB#$“”N l*AI 7ZB!V7ZBPCB stopBPCB=Nd;Table_Profit l|xx:66-./012-./012 2023A 2024E 2025E 2026E MN5O 8938 11828 14711 17147 5OPH8%:7.2%3

6、2.3%24.4%16.6%QRSTUVWX 1513 2474 3280 3899 VWXPH8%:11.1%63.6%32.6%18.9%YWZ8%:31.2%36.1%37.3%37.5%ROE8%:15.5%21.5%22.2%20.9%B589:0.79 1.29 1.71 2.04 P/E 27.84 24.89 18.77 15.79 P/B 4.31 5.36 4.17 3.30 EV/EBITDA 20.35 19.36 14.38 11.67 _awindbcd/012e Table_CompanyRptType1 (89:(89:002463_ !#$%&()*+,-.*