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 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-055 广东世运电路科技股份有限公司 特此公告。 根据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（草案）》及中国证券登记结算有限责任公司上海分公司关于股票 期权自主行权的相关规定，结合公司 2025 年半年度报告披露计划，现就 2021 年股票期权激励计划的股票期权限制行权时间公告如下： 一、2021 年股票期权激励计划首次授予股票期权第三个行权期（期权代码： 0000000763）为 2024 年 10 月 25 日至 2025 年 8 月 19 日，目前尚处于行权阶段； 2021 年股票期权激励计划预留授予股票期权第二个行权期（期权代码： 1000000290）为 2025 年 1 月 14 日至 2025 年 12 月 6 日，目前尚处于行权阶段。 二、本次限制行权期为 2025 年 7 月 28 日至 2025 年 8 月 26 日，在此期间全 部激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权的相关事宜。 关于 2021 年股票期权激励计划限 ...

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 拟协议受让莱尔科技部分股份暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为广东世运 电路科技股份有限公司（以下简称"世运电路"或"公司"）的保荐机构，根据《证 券发行上市保荐业务管理办法》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《上海证券交易所上市公司自律监管指引第 11 号——持续 督导》等有关法律、法规及规范性文件的规定，就世运电路拟协议受让广东特耐 尔投资有限公司（以下简称"特耐尔"）持有的广东莱尔新材料科技股份有限公 司（股票代码：688683，以下简称"莱尔科技"）5%股权进行了认真、审慎的核 查，核查情况及核查意见如下： 一、关联交易概述 （一）交易情况 为促进与莱尔科技的战略合作，在汽车电子、新能源电池、低空飞行、人形 机器人、AI 服务器等领域开展业务合作与资源整合，2025 年 7 月 3 日，公司与 特耐尔签署了《股份转让协议》，公司拟受让特耐尔持有的莱尔科技 7,759,000 股无限售流通股，占莱尔科技总股本的 5.00%，转让价格为 19.74 元/股，转让总 价为 1 ...

中信证券股份有限公司 1 为促进与莱尔科技的战略合作，在汽车电子、新能源电池、低空飞行、人形 机器人、AI 服务器等领域开展业务合作与资源整合，2025 年 7 月 3 日，公司与 特耐尔签署了《股份转让协议》，公司拟受让特耐尔持有的莱尔科技 7,759,000 股无限售流通股，占莱尔科技总股本的 5.00%，转让价格为 19.74 元/股，转让总 价为 153,162,660 元。 （二）关联关系 本次交易前，公司未持有莱尔科技股份，关联方佛山市顺德区德鑫创业投资 有限公司（以下简称"德鑫创投"）持有莱尔科技 772,077 股，占莱尔科技总股 本约 0.50%，根据《上海证券交易所股票上市规则》等相关规定，本次交易构成 公司与德鑫创投共同投资莱尔科技，因此本次交易构成关联交易。截至本公告披 露日，过去 12 个月内公司与同一关联人或与不同关联人之间相同交易类别下标 的相关的关联交易金额未达到 3,000 万元以上，且未占公司最近一期经审计净资 （一）交易情况 拟协议受让莱尔科技部分股份暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为广东世运 电路科技股份有限公司（以下简 ...

Core Viewpoint - 莱尔科技 is expanding its business landscape and has secured a significant strategic investment from 世运电路, which will enhance its growth potential and market position [1][2][4]. Group 1: Strategic Investment and Partnership - 莱尔科技's controlling shareholder, 广东特耐尔投资有限公司, plans to transfer 7.759 million shares (5% of total equity) to 世运电路 for approximately 153 million yuan, establishing 世运电路 as the third-largest shareholder [1][4]. - The partnership between 莱尔科技 and 世运电路 focuses on technology innovation, joint research and development, and resource sharing, aiming for efficient integration and competitive advantage [2][5]. Group 2: Financial Performance - In 2024, 莱尔科技 reported a revenue of 526 million yuan, a year-on-year increase of 19.95%, and a net profit of 37.36 million yuan, up 27.69% [3][7]. - The revenue from the new energy battery materials segment accounted for 17.44% of total revenue, indicating a strategic focus on this high-potential area [3][7]. Group 3: Employee Stock Ownership Plan - 莱尔科技 has introduced an employee stock ownership plan with a total fund of up to 25.32 million yuan, aiming to enhance employee engagement and drive long-term growth [8]. - The plan sets a target for revenue growth of at least 30% in 2025, with an average growth rate of no less than 20% for 2025 and 2026 [8].

Group 1 - The PCB industry is experiencing active investments, with companies like Shiyun Circuit and Shenghong Technology making strategic moves to enhance their competitive advantages [1][2] - Shiyun Circuit plans to acquire 7.759 million shares of Lail Technology for a total price of 153 million yuan, representing 5% of Lail Technology's total equity, to promote strategic cooperation in various high-tech fields [1] - Shenghong Technology is increasing its investment in its Thai subsidiary by 250 million USD to optimize capacity layout and enhance supply chain stability, which is expected to positively impact its main business [2] Group 2 - Pengding Holdings is also actively investing, with a projected capital expenditure of 5 billion yuan for 2025, focusing on high-end HDI and advanced SLP manufacturing projects, digital transformation, and production capacity expansion [3] - The PCB industry in China has become a global production center, showing rapid development, especially in high-value products, with increasing competitive advantages for domestic companies [3] - The investments in the PCB sector are aimed at vertical and horizontal expansion of the industry chain, allowing companies to better seize new opportunities brought by technological advancements like AI [3]

Core Viewpoint - The strategic partnership between Lair Technology and Shiyun Circuit aims to leverage their strengths in various emerging fields, enhancing competitiveness and achieving synergistic effects through resource integration and collaboration [1][4][5] Group 1: Strategic Partnership - Lair Technology has introduced Shiyun Circuit as a strategic investor and long-term partner, focusing on collaboration in automotive electronics, new energy batteries, low-altitude flight, humanoid robots, and AI servers [1][4] - A strategic cooperation framework agreement has been signed, indicating comprehensive collaboration from capital to business, enhancing resource integration and competitive advantages [1][4] Group 2: Business Expansion - Lair Technology has successfully upgraded its functional adhesive films and FFC application products, expanding its business into high-growth sectors such as new energy vehicles and lithium batteries [2][5] - Shiyun Circuit specializes in printed circuit boards (PCBs) and has established a strong presence in the automotive electronics sector, with key clients including Tesla, BMW, and Volkswagen [2][3] Group 3: Collaboration Focus - The partnership will focus on five key areas: joint R&D on "film + FFC + PCB" technology, resource sharing between electric vehicle and battery clients, building a global sales network, supply chain collaboration, and joint investments in strategic fields [4][5] - The combination of their technologies aims to provide one-stop services from R&D to mass production, enhancing existing customer collaborations and targeting strategic clients like Tesla and LG [5]

Core Viewpoint - The report outlines the equity change of Guangdong Lier New Materials Technology Co., Ltd. (Lier Technology) due to an agreement transfer of shares from Guangdong Shiyun Circuit Technology Co., Ltd. (Shiyun Circuit) [1][2] Group 1: Equity Change Details - The equity change involves Shiyun Circuit acquiring 7,759,000 shares of Lier Technology, representing 5.00% of the total share capital, at a price of 19.74 RMB per share, totaling approximately 153.16 million RMB [6][8] - The transfer agreement was signed on July 3, 2025, and the shares are classified as unrestricted circulating shares [10][16] - Following the transfer, Shiyun Circuit will hold 7,759,000 shares, while the controlling shareholder of Lier Technology remains unchanged [10][11] Group 2: Purpose and Future Plans - The purpose of this equity change is to enhance synergy and shareholder returns, particularly in expanding the domestic market for key materials in emerging fields such as intelligent cockpits and advanced driving assistance systems [5] - Shiyun Circuit has no immediate plans to increase its stake in Lier Technology within the next 12 months but may adjust its holdings based on market conditions [5][11] Group 3: Company Information - Shiyun Circuit is based in Guangdong Province, with a registered capital of approximately 658.39 million RMB and operates in the research, production, and sales of circuit boards and electronic components [4] - The company has a diverse shareholder structure, with major shareholders including Guangdong Shunde Holding Group Co., Ltd. and New豪 International Group Co., Ltd. [4]