Group 1 - The company has achieved mass production capabilities for 28-layer AI server PCBs, 5-level HDI (including any layer interconnection), 6oz thick copper multilayer boards, multilayer flexible boards, and multilayer HDI rigid-flex boards [2]

每经AI快讯，有投资者在投资者互动平台提问：董秘您好！贵司从今年二季度开始供应Dojo项目的PCB 产品。据我所知有两个完全不同领域的Dojo项目。一个是特斯拉的超级计算机项目，另一个是区块链游 戏引擎项目。请问贵司生产的PCB产品是用于其中哪一个领域的？或者是这西个领域都有？贵司今年 Dojo项目的PCB产品的生产量销售量分别是多少？该类产品今年能够实现销售收入是多少？相应的利润 贡献是多少？ （文章来源：每日经济新闻） 世运电路（603920.SH）8月6日在投资者互动平台表示，公司与特斯拉合作的Dojo项目，PCB产品主要 用于其超级计算机领域。关于产销经营数据，请您关注公司后续发布的相关公告。 ...

Group 1 - The company has entered NVIDIA's supply chain through OEM methods [2] - In the AI server sector, the company has achieved mass production capabilities for various products, including 28-layer AI server circuit boards and 24-layer ultra-low loss servers [2] - The company also produces 5-stage HDI boards, 6oz thick copper multilayer boards, multilayer flexible boards, and multilayer HDI rigid-flex boards [2]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问泰国产能是否正常？ 世运电路（603920.SH）8月6日在投资者互动平台表示，泰国工厂一期的产能规划约100万平方米/年， 主要包括高多层和中高阶的HDI产品。今年6月，公司泰国工厂一期厂房已经封顶。 ...

Core Viewpoint - The company has been collaborating with leading international clients in the electric vehicle sector for over a decade, which positions it favorably for future product supply as new products are launched by these clients [1] Group 1: Collaboration and Supply Chain - The company has established a long-term partnership with leading international clients in the electric vehicle industry, focusing on new products and technologies [1] - As new products from these clients are introduced, the company will have a certain priority in supplying these new products [1] Group 2: AI Server Capabilities - The company has developed the capability to supply PCBs required for mainstream AI servers in bulk [1] - The company's products have successfully entered the supply chains of major players like NVIDIA and AMD through OEM arrangements [1]

Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]

Core Viewpoint - The report from Huaxin Securities highlights that Shiyun Circuit's automotive PCB technology is leading, with significant growth potential linked to Tesla's expansion [1] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 180 million yuan, representing a year-on-year increase of 65.61% [1] - The improvement in performance is attributed to increased business volume, optimized product structure, and higher unit prices [1] Industry Trends - The demand for computing power is expected to rise rapidly as xAI continues its training work on the next-generation model Grok [1] - With the imminent mass production of Dojo2, the AI computing cluster centered around Dojo is anticipated to play a crucial role in accelerating the iteration of Tesla's FSD system, the development of the Optimus robot, and the Grok model [1] Growth Potential - In the context of rapid advancements in electric vehicle intelligence, humanoid robots, and AI large models, the company is well-positioned with major technology clients, indicating a broad growth space for its PCB business in the future [1] - The investment rating is maintained at "Buy" [1]

Group 1 - The report highlights the resilience of the overseas economy, tariff developments, and expectations for a rate cut in September, with a focus on technology growth and opportunities for clearing internal competition in the domestic market [4][14][18] - The A-share market is expected to challenge last year's highs, with a strong focus on technology growth and sectors that can benefit from the reduction of internal competition, such as steel, coal, cement, glass, photovoltaic, new energy vehicles, and live pigs [21][4] - The report recommends a diversified portfolio of stocks, including companies in electronics, new energy, power equipment, non-ferrous metals, chemicals, and pharmaceuticals, with specific companies highlighted as top picks [5][12][22] Group 2 - The electronics sector is represented by companies like Zhongji Xuchuang, which is expected to see significant profit growth due to increased demand for high-speed optical modules driven by AI infrastructure [22][23] - The semiconductor industry is recovering, with Tongfu Microelectronics reporting a notable increase in revenue and profit, driven by the resurgence in the consumer electronics market [31][33] - The new energy sector, represented by Qiangrui Technology, is experiencing rapid growth in smart automotive and AI server equipment, indicating strong future growth potential [37][39] Group 3 - The power equipment sector, represented by Xinshi Da, is focusing on industrial automation and robotics, with a strong market position in elevator control systems and a growing presence in the robotics industry [43][44] - The non-ferrous metals sector, represented by Xingye Yinxin, is benefiting from rising prices of silver and tin, with significant production increases and strategic acquisitions to enhance future growth [49][51][54]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][12] Core Views - The company has demonstrated strong performance in the PCB sector, particularly in automotive applications, with significant growth potential in AI servers and humanoid robots [10][12] - The company achieved a revenue of 5.022 billion yuan in 2024, representing an 11.13% year-on-year increase, and a net profit of 675 million yuan, up 36.17% [5] - The company is well-positioned to benefit from the growth of electric vehicles and AI technologies, with a projected revenue increase to 6.378 billion yuan in 2025 and 9.567 billion yuan in 2026 [12][14] Company Performance - In 2024, the company reported a revenue of 50.22 billion yuan, a year-on-year growth of 11.13%, and a net profit of 6.75 billion yuan, up 36.17% [5] - For Q1 2025, the company achieved a revenue of 12.17 billion yuan, reflecting an 11.33% year-on-year increase, and a net profit of 1.80 billion yuan, which is a 65.61% increase [5] Market Position and Strategy - The company has deepened its focus on automotive PCBs while actively expanding into emerging fields such as AI servers and humanoid robots [10] - The company has established a strong supply chain relationship with major clients, successfully entering the Dojo supply chain and securing projects with European AI supercomputing clients [11] Financial Forecast - The company is projected to achieve revenues of 63.78 billion yuan in 2025, 95.67 billion yuan in 2026, and 115.76 billion yuan in 2027, with corresponding EPS of 1.24, 2.07, and 2.63 yuan [12][14] - The report anticipates a significant growth rate in revenue, with a forecasted increase of 27.0% in 2025 and 50.0% in 2026 [14]

证券代码：603920 证券简称：世运电路 公告编号：2025-056 保荐代表人简历 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广东世运电路科技股份有限公司董事会 2025 年 7 月 29 日 附件 关于更换持续督导保荐代表人的公告 广东世运电路科技股份有限公司（以下简称"世运电路"或"公司"）于近 日收到中信证券股份有限公司（以下简称"中信证券"）出具的《关于变更广东 世运电路科技股份有限公司持续督导保荐代表人的函》。中信证券作为世运电路 2022年度向特定对象发行A股股票持续督导项目的保荐人，原指定保荐代表人王 笑雨女士和申飞先生履行持续督导职责。现申飞先生因个人原因，不再担任公司 2022年度向特定对象发行A股股票持续督导项目的保荐代表人。为保证持续督导 工作有序进行，中信证券委派于云偲先生（简历详见附件）接替申飞先生担任世 运电路持续督导期间的保荐代表人，继续履行持续督导职责。 本次变更不影响中信证券对公司的持续督导工作。本次变更后，公司2022 年度向特定对象发行A股股票持续督导项目的保荐代表人为王笑雨女士 ...