| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-097 | | --- | --- | --- | | 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 关于实施"世运转债"赎回暨摘牌的第三次提示性公告 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： ● 赎回登记日：2024 年 12 月 2 日 ● 赎回价格：101.3027 元/张 ● 赎回款发放日：2024 年 12 月 3 日 ● 最后交易日：2024 年 11 月 27 日。截至 2024 年 11 月 18 日收市后，距 离 11 月 27 日（"世运转债"最后交易日）仅剩 7 个交易日，11 月 27 日为"世 运转债"最后一个交易日。 ● 最后转股日：2024 年 12 月 2 日。截至 2024 年 11 月 18 日收市后，距离 12 月 2 日（"世运转债"最后转股日）仅剩 10 个交易日，12 月 2 日为"世运转 债"最后一个转股日。 ● 本次提前赎回完成后，"世运 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-096 | | --- | --- | --- | | 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 关于实施"世运转债"赎回暨摘牌的第二次提示性公告 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： ● 赎回登记日：2024 年 12 月 2 日 ● 赎回价格：101.3027 元/张 ● 赎回款发放日：2024 年 12 月 3 日 ● 最后交易日：2024 年 11 月 27 日。截至 2024 年 11 月 15 日收市后，距 离 11 月 27 日（"世运转债"最后交易日）仅剩 8 个交易日，11 月 27 日为"世 运转债"最后一个交易日。 ● 最后转股日：2024 年 12 月 2 日。截至 2024 年 11 月 15 日收市后，距离 12 月 2 日（"世运转债"最后转股日）仅剩 11 个交易日，12 月 2 日为"世运转 债"最后一个转股日。 ● 本次提前赎回完成后，"世运 ...

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。 | 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-095 | | --- | --- | --- | | 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 关于实施"世运转债"赎回暨摘牌的第一次提示性公告 ● 最后交易日：2024 年 11 月 27 日。截至 2024 年 11 月 14 日收市后，距 离 11 月 27 日（"世运转债"最后交易日）仅剩 9 个交易日，11 月 27 日为"世 运转债"最后一个交易日。 ● 最后转股日：2024 年 12 月 2 日。截至 2024 年 11 月 14 日收市后，距离 12 月 2 日（"世运转债"最后转股日）仅剩 12 个交易日，12 月 2 日为"世运转 债"最后一个转股日。 ● 本次提前赎回完成后，"世运转债"将自 12 月 3 日起在上海证券交易所 摘牌。 ● 投资者所持可转债除在规定时限内通过二级市场继续交易或按 17.59 元/ 股的转股价格进行转股 ...

| 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].

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 ...