研報掘金丨國金證券:滬電股份盈利能力有望進一步升級,予“買入”評級
國金證券研報指出,滬電股份(002463.SZ)預計25Q1歸母淨利潤為7.2~8.2億元,同比增長39.86%~59.28%;增長動力來自於高速運算服務器、人工智能等新興計算場景對印製電路板的結構性需求。雖然當前海外關税或對出口產業鏈有影響,但考慮到各大廠商仍在加快佈局、AI 硬件產品仍在升級,因此我們認為AI相關需求在當前的確定性仍然最高。考慮到公司綁定海外高端客户(2024年境外營收佔比83%、境外毛利佔比達到91%)、不斷投入研發以支撐產品升級(2024年研發費用率達到5.9%的高水平),認為公司有望乘AI發展東風實現快速發展。考慮到公司高端產品佈局、盈利能力有望進一步升級,給予“買入”評級。
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