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研報掘金丨中銀證券:維持滬電股份“買入”評級,AI+HPC需求延續高景氣

中銀證券研報指出,受益AI+HPC需求延續高景氣,2025年上半年滬電股份實現營收淨利潤同比雙增,公司產品結構有望持續優化,不斷推進高端產能建設,維持“買入”評級。根據公司2025年7月3日投資者關係活動記錄表,AI驅動的服務器、數據存儲和高速網絡基礎設施需求增長以及新興應用領域的拓展爲行業帶來發展機遇,市場上相關高階產品的產能供應並不充裕,公司近兩年已加大對關鍵製程和瓶頸製程的投資力度,預計2025年下半年產能將得到有效改善。除了連續實施技改擴容外,公司在2024年Q4規劃投資約爲43億元新建人工智能芯片配套高端印製電路板擴產項目已啓動建設,該項目的實施能進一步擴大公司的高端產品產能,並更好的配合滿足客戶對高速運算服務器、人工智能等新興計算場景對高端印製電路板的中長期需求,增強公司核心競爭力,提高經濟效益。

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