Changcheng Securities: Maintains a "buy" rating on Huadian Stock and is optimistic about the company's future performance.

The Great Wall Securities research report pointed out that Shanghai Electric Power is expected to achieve a net profit attributable to the parent company of 16.5-17.5 billion yuan in the first half of the year, an increase of 44.63%-53.40% year-on-year; benefiting from the structural demand for printed circuit boards in emerging computing scenarios such as high-speed computing servers and artificial intelligence, the company relies on years of deep cultivation and the technical basis of middle and high-end products. The company is expected to achieve year-on-year growth in revenue and net profit in the first half of 2025. Against the backdrop of rapid development of AI, the demand for servers, data storage, and high-speed network infrastructure continues to grow, coupled with the expansion of emerging fields, driving the demand for high-end products in the PCB market. In the short term, production capacity is not sufficient. In terms of overseas layout, the company's production base in Thailand has started small-scale production as of July 2025, while stabilizing production yield, accelerating customer certification and product introduction work. With the continuous advancement of the company's product research and development and the accelerated construction of overseas production capacity, we are optimistic about the company's future performance development and maintain a "buy" rating.