公司研究 证 券 研 究 报 告 世运电路（603920）2024 年业绩快报&25Q1 业绩预告点评 强推（维持） 订单充足&产品结构优化，25Q1 业绩超预期 目标价：30 元 事项： 评论： 风险提示：原材料涨价，汇率波动，下游需求不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,519 | 5,022 | 6,716 | 8,218 | | 同比增速(%) | 2.0% | 11.1% | 33.7% | 22.4% | | 归母净利润(百万) | 496 | 674 | 874 | 1,087 | | 同比增速(%) | 14.2% | 35.9% | 29.8% | 24.4% | | 每股盈利(元) | 0.69 | 0.94 | 1.21 | 1.51 | | 市盈率(倍) | 34 | 25 | 19 | 15 | | 市净率(倍) | 5.1 | 3.1 | 2.9 | 2.6 | 资料来源：公司公告， ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for Q1 2025 to be between 170 million and 190 million CNY, an increase of 61.41 million to 81.41 million CNY compared to the same period last year, representing a year-on-year growth of 56.55% to 74.96% [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is also expected to be between 170 million and 190 million CNY, with a year-on-year increase of 61.53 million to 81.53 million CNY, reflecting a growth of 56.73% to 75.17% [4] - In the same period last year, the company reported a total profit of 123.86 million CNY and a net profit attributable to shareholders of 108.59 million CNY [5] Factors Contributing to Profit Increase - The company attributes the profit increase to sufficient orders and improved production capacity, driven by the accelerated release of convertible bond projects [6] - The company is optimizing its product structure, focusing on emerging businesses such as new energy vehicles, AI, and humanoid robots, which has led to an increase in gross margin [6] - The average layer count and the proportion of HDI and high-layer products have been continuously improved, contributing to the overall performance enhancement [6] Forecast Accuracy and Disclosure - There are no significant uncertainties affecting the accuracy of this profit forecast [7] - The forecast data is preliminary and has not been audited by an accounting firm; the final financial data will be disclosed in the official Q1 2025 report [8]

Financial Performance - The company achieved total operating revenue of CNY 5.02 billion, an increase of 11.13% compared to the previous year[4] - Operating profit reached CNY 762.38 million, reflecting a growth of 38.49% year-on-year[4] - Net profit attributable to shareholders was CNY 674.74 million, up 36.17% from the previous year[4] - Basic earnings per share rose to CNY 1.09, a 17.20% increase compared to the previous year[4] - The weighted average return on equity decreased by 2.06 percentage points to 14.02%[4] Asset and Equity Growth - The company reported a total asset increase of 42.45%, reaching CNY 8.99 billion at the end of the reporting period[4] - Shareholders' equity attributable to the company increased by 97.57%, amounting to CNY 6.47 billion[4] Strategic Focus and Optimization - The company optimized its product structure, focusing on emerging sectors such as new energy vehicles and artificial intelligence, which contributed to improved gross margins[5] - The issuance of A-shares to specific investors successfully raised funds, leading to an increase in asset scale and a decrease in the debt-to-asset ratio[5] Operational Performance - The company experienced sufficient orders and increased production capacity, driving overall performance growth[5]

证券代码：603920 证券简称：世运电路 公告编号：2025-019 广东世运电路科技股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年04月03日 (二)股东大会召开的地点：广东省鹤山市共和镇世运路8号世运电路公司三楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本公司董事会负责召集，以现场投票与网络投票相结合的方式表决，董事长林育成主持 本次股东大会。本次会议的召集、召开和表决方式符合《中华人民共和国公司法》及《公司章程》的规 定。 (五)公司董事、监事和董事会秘书的出席情况 审议结果：通过 ■ 表决情况： ■ （2）议案名称：股东会议事规则 审议结果：通过 表决情况： 1、公司在任董事7人，出席7人； 2、公司在任监事3人，出席3人； 3、董事 ...

Core Viewpoint - The legal opinion letter confirms that the procedures for the 2025 Second Extraordinary General Meeting of Guangdong Shiyun Circuit Technology Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy of the meeting and its outcomes [1][9]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors based on a resolution from the second meeting of the fifth board of directors held on March 18, 2025 [2]. - The notice for the meeting was published on March 19, 2025, on the Shanghai Stock Exchange website and other designated media [2]. - The meeting was held on April 3, 2025, combining both on-site and online voting methods [3]. Group 2: Attendance and Voting - A total of 946 shareholders participated in the online voting, representing 196,635,029 shares, which is a significant portion of the company's total shares [4]. - The qualifications of the attendees and the convenor were verified and found to be compliant with the relevant regulations [5]. Group 3: Voting Results - The voting results showed that 99.8628% of the shares represented at the meeting were in favor of the proposals, indicating strong support from shareholders [6]. - Specific results from minority investors indicated that 98.2072% voted in favor, with a small percentage opposing or abstaining [6]. - The meeting did not receive any temporary or new proposals, and all listed agenda items were approved [9]. Group 4: Conclusion - The legal opinion concludes that the meeting's procedures, attendance qualifications, and voting processes were all conducted in accordance with the law and the company's articles of association [9].

证券代码：603920 证券简称：世运电路 公告编号：2025-019 广东世运电路科技股份有限公司 2025 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 948 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 341,675,136 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.4305 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本公司董事会负责召集，以现场投票与网络投票相结合的方式表 决，董事长林育成主持本次股东大会。本次会议的召集、召开和表决方式符合《中 (一) 股东大会召开的时间：2025 年 04 月 03 日 (二) 股东大会召开的地点：广东省鹤山市共和镇世运路 8 号世运电路公司三 楼会议室 (三) 出席会议的普通股股东和恢复 ...

根据《中华人民共和国公司法》（以下简称"《公司法》"）以及中国证券 监督管理委员会颁布的《上市公司股东会规则》（以下简称"《股东会规则》"） 的规定，北京市竞天公诚律师事务所（以下简称"本所"）指派律师出席了广东 世运电路科技股份有限公司（以下简称"公司"）2025年第二次临时股东大会（以 下简称"本次股东大会"），并就本次股东大会的有关事宜出具本法律意见书。 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 本所及指派律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实 真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性 陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供公司为本次股东大会之目的使用。未经本所事先书面同 意，本法律意见书不得向任何第 ...

Core Viewpoint - The announcement details the results of the stock option incentive plan for the first quarter of 2025, highlighting the execution of the plan and the number of stock options exercised by the participants. Group 1: Stock Option Incentive Plan Overview - The company has completed the approval procedures and information disclosure for the 2021 stock option incentive plan, including various resolutions and independent opinions from the board and supervisors [1][2][3]. - The first grant of stock options under the 2021 plan has been verified and approved by the supervisory board, with no objections received during the public notice period [2]. Group 2: Exercise Results - In the first quarter of 2025, a total of 959,100 shares were exercised from the stock option incentive plan, with 854,500 shares from the reserved grant and 104,600 shares from the first grant [4][9]. - The cumulative exercise amount for the first grant's third exercise period reached 3,878,357 shares, accounting for 95.84% of the total available options [9]. Group 3: Stock Listing and Share Structure Changes - The exercised shares will be listed for trading on the second trading day after the exercise date, following the self-exercise model [11]. - The total number of unrestricted circulating shares increased to 720,370,877 shares after the exercise, with no change in the actual controller of the company [12]. Group 4: Financial Impact - The exercise of stock options is not expected to have a significant impact on the company's financial status or operating results [13].

证券代码：603920 证券简称：世运电路 公告编号：2025-018 广东世运电路科技股份有限公司（以下简称"公司"）2021 年股票期权激励 计划已履行的审批程序和信息披露情况具体如下： 1、2021 年 6 月 2 日，公司召开第三届董事会第二十四次会议，会议审议通 过了《关于公司<2021 年股票期权激励计划（草案）>及其摘要的议案》、《关于 公司<2021 年股票期权激励计划实施考核管理办法>的议案》以及《关于提请股 东大会授权董事会办理股权激励相关事宜的议案》等议案。公司独立董事就 2021 年股票期权激励计划相关议案发表了独立意见。 广东世运电路科技股份有限公司 关于公司股票期权激励计划 2025 年第一季度自主行权结果 暨股份变动公告 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。 重要提示内容： 2021 年股票期权激励计划首次授予股票期权行权结果：2021 年股票期 权激励计划首次授予股票期权第三个行权期可行权股票期权数量为 4,046,497 股，行权方式为自主行权，行权期为 2024 年 10 月 25 ...

Core Viewpoint - Guangdong Shiyun Circuit Technology Co., Ltd. has announced the use of idle raised funds for cash management, with a maximum amount of RMB 1.5 billion allocated for investment in low-risk, high-liquidity products [1]. Group 1: Cash Management Announcement - The company’s board approved the use of up to RMB 1.5 billion of temporarily idle raised funds for cash management, focusing on safe and liquid investment products that meet capital preservation requirements [1]. - The investment products must not be used for pledging, and the duration of each investment product should not exceed 12 months [1]. Group 2: Redemption of Cash Management Products - Recent cash management redemption details include various financial products, with specific amounts and dates outlined in the announcement [1]. - The company has redeemed a total of RMB 2 million from the "Yinhe Jinding" financial product, with a total of RMB 10 million from other products also redeemed [1]. Group 3: Financial Performance and Management - Over the past twelve months, the company has invested a total of RMB 3.925 billion in cash management, with actual recoveries amounting to RMB 2.825 billion and total earnings of RMB 1.822 million [3]. - The highest single-day investment amount in the last twelve months reached RMB 1.24 billion, representing 35.18% of the company's net assets for the past year [3]. - The cumulative earnings from cash management in the last twelve months accounted for 3.90% of the company's net profit for the same period [3].