| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：113619 | 转债简称：世运转债 | | 广东世运电路科技股份有限公司 关于提前赎回"世运转债"的提示性公告 ● 公司特别提醒"世运转债"持有人注意在限期内转股或卖出，以避免可 能面临的投资损失。 ● 敬请广大投资者详细了解相关规则，注意投资风险。 一、"世运转债"提前赎回的有关事项 自 2024 年 9 月 27 日至 2024 年 10 月 28 日，公司股票已有十五个交易日的 收盘价格不低于当期转股价格 17.59 元/股的 130%（即 22.87 元/股），根据公司 《募集说明书》的相关约定，已触发"世运转债"的有条件赎回条款。 1 公司于 2024 年 10 月 28 日召开了第四届董事会第二十八次会议，审议通过 了《关于提前赎回"世运转债"的议案》，决定行使"世运转债"的提前赎回权， 对赎回登记日收市后登记在册的"世运转债"按照债券面值加当期应计利息的价 格全部赎回。公司已于 2024 年 10 月 29 日披露了《世运电路关于提前赎回"世 运转债"的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in the third quarter, driven by the automotive and data communication sectors, indicating a strong potential for future growth [1] - The company has established long-term partnerships with leading automotive brands and is expanding its product offerings in the automotive electronics and data communication fields [1][3] Financial Summary - Revenue for 2022 was 4,432 million, with a projected increase to 5,339 million in 2024, reflecting an 18% year-over-year growth [1] - Net profit for 2022 was 434 million, expected to rise to 681 million by 2024, indicating a 37% year-over-year growth [1] - The company's gross margin is projected to improve from 21.3% in 2023 to 26.4% in 2026 [3] Key Financial Metrics - Earnings per share (EPS) is expected to grow from 0.74 in 2023 to 1.51 in 2026 [3] - The return on equity (ROE) is projected to increase from 14.1% in 2023 to 19.2% in 2026 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 37 in 2023 to 18 in 2026, indicating a potentially more attractive valuation over time [3] Market Position and Strategy - The company has been focusing on the automotive electronics sector for years, supplying major brands such as Tesla, BMW, and Volkswagen [1] - The company is also enhancing its capabilities in the data communication sector, which is expected to become a second growth driver [1][3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company reported a revenue of 3.675 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 9.75%. The net profit attributable to shareholders was 483 million yuan, up 28.97% year-over-year [1]. - The third quarter of 2024 saw a revenue of 1.28 billion yuan, a 6.82% increase year-over-year, with net profit of 180 million yuan, reflecting a modest growth of 0.95% year-over-year [1]. - The growth in revenue is attributed to strong order demand, a recovery in the electronics industry, and the acceleration of capacity release from convertible bond projects [1]. - The company is well-positioned in the automotive and data communication sectors, with a significant focus on PCB for electric vehicles and AI applications, which are expected to drive future growth [1]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 5.418 billion yuan, a growth rate of 19.9% compared to 2023. The net profit is expected to reach 665 million yuan, reflecting a growth rate of 34.3% [2]. - The earnings per share (EPS) is forecasted to be 1.00 yuan in 2024, with a price-to-earnings (P/E) ratio of 26 [2]. - The company’s total assets are projected to grow to 8.5 billion yuan by 2024, with a debt-to-asset ratio of 33.2% [5].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q3 2024 performance met expectations, with a revenue of 3.675 billion yuan, a year-on-year growth of 9.75%, and a net profit of 483 million yuan, reflecting a year-on-year increase of 28.97% [1][3]. - The company has established strong relationships with major automotive clients and is expanding into AI server markets, indicating a robust growth trajectory [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.675 billion yuan, with a net profit of 483 million yuan, and a non-recurring net profit of 468 million yuan [1]. - The Q3 2024 revenue was 1.280 billion yuan, with a net profit of 180 million yuan, showing a year-on-year growth of 0.95% [1]. - The company’s expense ratio for the first three quarters of 2024 was 8.98%, with a gross margin of 23.55% and a net margin of 12.54%, indicating improved profitability [2]. Earnings Forecast and Investment Recommendations - The company’s revenue projections for 2024-2026 are 5.065 billion yuan, 6.495 billion yuan, and 7.545 billion yuan, with respective year-on-year growth rates of 12.1%, 28.2%, and 16.2% [3][4]. - The forecasted net profits for the same period are 676 million yuan, 852 million yuan, and 1.084 billion yuan, with growth rates of 36.4%, 26.1%, and 27.2% respectively [3][4]. - The current stock price corresponds to a 2025 P/E ratio of 20.2x, supporting the "Buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 3.675 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 9.75%. The net profit attributable to the parent company was 483 million yuan, up 28.97% year-over-year. The gross margin and net margin were 23.55% and 12.54%, respectively [1]. - In Q3, the company achieved a revenue of 1.280 billion yuan, a year-over-year increase of 6.82% but a quarter-over-quarter decrease of 1.73%. The net profit attributable to the parent company was 180 million yuan, reflecting a year-over-year increase of 0.95% and a quarter-over-quarter increase of 7.20% [1]. - The company has established itself as a core supplier of PCBs for Tesla, particularly in the automotive sector, and is expected to benefit from the anticipated increase in Tesla's sales and the rollout of autonomous driving services [1]. - The company is also a key supplier of server PCBs for Tesla's Dojo project, which is expected to ramp up production and enhance the company's revenue growth [1]. Financial Forecast - The forecasted net profit attributable to the parent company for 2024 and 2025 is 672 million yuan and 874 million yuan, respectively. The report assigns a valuation of 24-27 times earnings for 2024, leading to target prices of 32 and 36 yuan per share [1][2].

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,279,628,006.02, representing a year-on-year increase of 6.82%[2] - The net profit attributable to shareholders for Q3 2024 was ¥180,169,772.77, with a slight increase of 0.95% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥169,847,149.39, showing a decrease of 2.19% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 3,675,282,514.55, an increase of 9.7% compared to CNY 3,348,846,049.99 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was CNY 460,940,368.75, compared to CNY 353,295,452.72 in 2023, representing a growth of 30.4%[16] - The total comprehensive income for the third quarter of 2024 was approximately CNY 481.18 million, compared to CNY 363.36 million in the same period of 2023, representing an increase of about 32.4%[17] - Basic earnings per share for the third quarter of 2024 increased to CNY 0.80 from CNY 0.70 in the same quarter of 2023, reflecting a growth of approximately 14.3%[17] Assets and Liabilities - The total assets at the end of the reporting period reached ¥8,566,200,306.61, reflecting a significant increase of 35.75% compared to the end of the previous year[3] - The total current assets as of September 30, 2024, amounted to CNY 6,123,296,647.90, a significant increase from CNY 3,806,722,395.12 in the previous year[11] - The total assets of the company as of the end of Q3 2024 amounted to CNY 8,566,200,306.61, compared to CNY 6,310,265,837.48 at the end of Q3 2023, indicating a growth of 36%[13] - The total liabilities increased to CNY 2,945,692,235.55 in Q3 2024 from CNY 2,785,995,665.03 in Q3 2023, reflecting a rise of 5.7%[13] - The company's total liabilities as of the end of the third quarter of 2024 were CNY 2,303,102,122.93, compared to CNY 2,196,380,692.86 in the same period of 2023, showing a slight increase of 4.86%[22] Shareholder Equity - The equity attributable to shareholders increased to ¥5,393,568,183.82, marking a substantial growth of 64.67% year-on-year[3] - The equity attributable to shareholders of the parent company reached CNY 5,393,568,183.82, up from CNY 3,275,365,479.28 in the previous year, an increase of 64.6%[13] - The company's total equity as of the end of the third quarter of 2024 was CNY 4,742,825,421.24, an increase from CNY 2,641,209,400.95 in the previous year, reflecting a growth of 79.67%[22] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥813,741,345.14, showing a decline of 13.01%[2] - Cash inflow from operating activities for the first three quarters of 2024 was CNY 3.95 billion, up from CNY 3.63 billion in the same period of 2023, indicating an increase of about 9.0%[18] - The net cash flow from operating activities for the third quarter of 2024 was CNY 813.74 million, down from CNY 935.43 million in the same quarter of 2023, a decrease of approximately 13.0%[19] - The total cash outflow from investing activities in the first three quarters of 2024 was CNY 3.42 billion, significantly higher than CNY 155.65 million in the same period of 2023, indicating a substantial increase in investment activities[19] - The net cash flow from financing activities for the first three quarters of 2024 was CNY 1.51 billion, compared to a negative cash flow of CNY 363.37 million in the same period of 2023, showing a turnaround in financing[19] Research and Development - Research and development expenses increased to CNY 149,228,840.28 in 2024 from CNY 113,974,072.25 in 2023, marking a rise of 30.9%[16] - Research and development expenses for the first three quarters of 2024 totaled CNY 98,286,948.22, an increase of 31.08% from CNY 75,053,264.09 in the previous year[23] Shareholder Information - The company reported a total of 315,536,703 shares held by its largest shareholder, New豪国际集团有限公司, representing 46.78% of total shares[8] - The second-largest shareholder, 广东顺德高新创业投资管理有限公司, holds 21,697,368 shares, accounting for 3.22%[8] Market and Product Development - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[10] - The company plans to expand its market presence and invest in new technologies to enhance product offerings in the upcoming quarters[16] Accounting and Reporting Changes - The company has adopted new accounting standards starting in 2024, which may affect future financial reporting[27]

中信证券股份有限公司 关于广东世运电路科技股份有限公司 提前赎回"世运转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为广东世 运电路科技股份有限公司（以下简称"世运电路"、"公司"）2021 年公开发行 可转换公司债券（以下简称"世运转债"）的保荐人，根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上海证券交易所上市公司自律监管指引第 12 号—可转换公司债券》等有关法 律法规规定，对公司提前赎回"世运转债"事项进行了专项核查，具体核查情况 如下： 一、"世运转债"发行上市概况 经中国证券监督管理委员会证监许可[2020]3160 号文核准，公司于 2021 年 1 月 20 日公开发行了 100 万手 A 股可转换公司债券，每张面值 100 元，发行总 额 100,000 万元。本次可转债期限 6 年，自 2021 年 1 月 20 日起至 2027 年 1 月 19 日止，票面利率为第一年 0.30%、第二年 0.60%、第三年 1.00%、第四年 1.50%、 第五年 1.80%、第六年 2.00%。 经上海证券交易所自律 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-089 | | --- | --- | --- | | 转债代码：113619 | 转债简称：世运转债 | | 广东世运电路科技股份有限公司（以下简称"公司"）第四届董事会第二十 八次会议（以下简称"会议"）通知、议案材料已于 2024 年 10 月 23 日以书面、 电话等形式发出。本次会议于 2024 年 10 月 28 日以现场结合通讯表决的方式召 开，并以记名的方式进行了表决。会议由董事长佘英杰先生主持，会议应出席董 事 7 人，实际出席董事 7 人。公司监事及高级管理人员列席了本次会议。本次会 议的召开符合有关法律法规和《广东世运电路科技股份有限公司章程》的规定， 会议形成的决议合法有效。 二、董事会会议审议情况 广东世运电路科技股份有限公司 第四届董事会第二十八次会议决议公告 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。 一、董事会会议召开情况 具体内容详见公司同日披露于上海证券交易所网站 www.sse.com.cn 及指定 信息披露媒 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-091 | | --- | --- | --- | | 转债代码：113619 | 转债简称：世运转债 | | 广东世运电路科技股份有限公司 关于使用部分闲置募集资金进行现金管理 的进展公告 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个别及连带责任。 重要内容提示： 注：公司与上述受托方不存在关联关系。 二、风险控制措施 1、公司将严格遵守审慎投资原则，投资期限不超过一年（含一年）的保本 型投资产品。 2、公司将实时分析和跟踪产品的净值变动情况，如评估发现存在可能影响 公司资金安全的风险因素，将及时采取相应措施，控制投资风险。 3、公司财务必须建立台账对短期理财产品进行管理，建立健全完整的会计 账目，做好资金使用的账务核算工作。 广东世运电路科技股份有限公司（以下简称"本公司"或"公司"）于 2024 年 4 月 1 日召开了第四届董事会第二十次会议和第四届监事会第十七次会议， 审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。同意公司使用 最高不超 ...