世运电路(603920) / 元件 / 公司点评 / 2024.08.24 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-23 | | 收盘价 ( 元 ) | 18.87 | | 流通股本 ( 亿股 ) | 5.41 | | 每股净资产 ( 元 ) | 7.52 | | 总股本 ( 亿股 ) | 6.59 | | 最近 12 月市场表现 | | -28% -10% 7% 25% 42% 60% 世运电路 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《预告业绩亮眼，地方国资入主赋能 PCB 业务》 2024-07-10 2. 《近四十年沉淀，造就 PCB 业务璀 璨前景》 2024-03-10 3. 《去伪存真》 2021-01-09 业绩高增，通过主业优势地位向新业务延伸 证券研究报告 ❖ 事 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-076 | | --- | --- | --- | | 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 关于召开 2024 年半年度业绩说明会的公告 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： （http://roadshow.sseinfo.com/） 一、说明会类型 本次业绩说明会通过网络互动方式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 8 月 30 日（周五）上午 9:00-10:00 会议召开时间：2024年8月30日（星期四）上午9:00-10:00 会议召开方式：上证路演中心网络互动 会议召开地点：上海证券交易所上证路演中心 （二）会议召开方式：上证路演中心网络互动 投资者可以在2024年8月24日（星期六 ...

世运电路：24H1 业绩高增，汽车+数通驱动公司未来高成长 世运电路（603920.SH）/电子 证券研究报告/公司点评 2024 年 8 月 23 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：18.99 元/股 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：刘博文 执业证书编号：S0740524030001 Email：liubw@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 659 | | 流通股本 ( 百万股 ) | 541 | | 市价 ( 元 ) | 18.99 | | 市值 ( 百万元 ) | 12,507 | | 流通市值 ( 百万元 ) | 10,266 | [股价与行业 Table_QuotePic] -市场走势对比 -40% -20% 0% 20% 40% 60% 2023-082023- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 23.5 CNY, compared to the current price of 18.99 CNY [1]. Core Views - The company's performance in the first half of 2024 met expectations, driven by strong demand in the automotive and data communication sectors. The company achieved a revenue of 2.396 billion CNY (YOY +11.38%), a gross margin of 22.76% (YOY +5.15 percentage points), and a net profit attributable to shareholders of 303 million CNY (YOY +54.49%) [1]. - The growth in profits is attributed to several factors: the overall recovery in the electronics industry, the company's proactive business expansion, and the optimization of product structure, which has led to improved gross margins. Additionally, the depreciation of the RMB against the USD has resulted in foreign exchange gains [1]. - The company has established a strong foothold in the automotive PCB market, collaborating with leading clients such as Tesla and BMW. The long-term trend towards electric and intelligent vehicles is expected to boost the demand for automotive PCBs [1]. - The report forecasts the company's net profit for 2024-2026 to be 613 million CNY, 700 million CNY, and 823 million CNY, respectively, indicating a robust growth outlook [2]. Financial Summary - For the first half of 2024, the company reported a revenue of 2.396 billion CNY, with a net profit of 303 million CNY, reflecting a year-over-year increase of 54.49% [1]. - The second quarter of 2024 saw a revenue of 1.302 billion CNY (YOY +14.65%, QOQ +19.09%) and a net profit of 194 million CNY (YOY +60.54%, QOQ +78.78%) [1]. - The company is projected to achieve total revenues of 5.461 billion CNY in 2024, with a year-over-year growth rate of 20.8% [2]. Market Position and Growth Drivers - The company is well-positioned in the automotive and data communication PCB sectors, with a focus on emerging technologies such as AI and 5G, which require advanced PCB materials and manufacturing processes [1]. - The report highlights the company's strategic initiatives in expanding its product offerings and enhancing its technological capabilities, which are expected to drive future growth [1].

广东世运电路科技股份有限公司 关于注销部分股票期权的公告 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。 广东世运电路科技股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日 召开第四届董事会第二十六次会议、第四届监事会第二十一次会议，审议通过了 《关于注销部分股票期权的议案》，现将有关事项公告如下： 一、本次激励计划已履行的相关审批程序及实施情况 | 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-071 | | --- | --- | --- | | 转债代码：113619 | 转债简称：世运转债 | | 3、2021年6月25日，公司召开2021年第二次临时股东大会，审议并通过了 《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》。2021年6月26日，公司于上海 证券交易所网站（www.sse.com.cn）上披露了《关于2021年股票期权 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥2,395,654,508.53, representing an increase of 11.38% compared to ¥2,150,904,307.48 in the same period last year[14]. - Net profit attributable to shareholders for the first half of 2024 was ¥302,735,169.28, a significant increase of 54.49% from ¥195,957,511.63 in the previous year[14]. - Basic earnings per share for the first half of 2024 were ¥0.51, up 37.84% from ¥0.37 in the same period last year[15]. - The diluted earnings per share increased by 29.73% to ¥0.48 from ¥0.37 in the previous year[16]. - The weighted average return on equity rose to 6.89%, an increase of 0.58 percentage points compared to 6.31% in the previous year[16]. - The company reported a total comprehensive income of CNY 289,822,629.94 for the first half of 2024, compared to CNY 191,954,188.50 in the same period of 2023, an increase of 51.1%[141]. Assets and Liabilities - The company's total assets as of June 30, 2024, amounted to ¥8,177,459,325.34, reflecting a 29.59% increase from ¥6,310,265,837.48 at the end of the previous year[14]. - The net assets attributable to shareholders increased by 54.81% to ¥5,070,536,221.10 compared to ¥3,275,365,479.28 at the end of the previous year[14]. - The company's total liabilities amounted to CNY 2,311,492,901.21, an increase from CNY 2,196,380,692.86 year-over-year[138]. - Owner's equity reached ¥5,304,537,309.48, a significant increase from ¥3,524,270,172.45, showing a growth of approximately 50.5%[135]. Cash Flow - The net cash flow from operating activities decreased by 48.88% to ¥329,614,300.45, primarily due to increased procurement expenses from maturing acceptance bills[16]. - The company's cash and cash equivalents decreased by 37.52% to ¥1,218,241,104.69 from ¥1,949,880,656.78, largely due to increased investments in financial products[61]. - The cash flow from operating activities generated a net amount of CNY 408,686,827.83, an increase of 23.3% compared to CNY 331,524,168.37 in the same period of 2023[147]. Research and Development - Research and development expenses increased by 37.49% to ¥94,618,267.83, up from ¥68,817,503.59, indicating a focus on innovation[60]. - R&D investment reached CNY 94.6183 million, accounting for 3.95% of total revenue, with 6 new utility model patents and 2 invention patents granted during the reporting period[54]. - The company is actively investing in R&D to meet the evolving demands of high-performance computing and AI applications, increasing the proportion of high-value products[40]. Market Position and Strategy - The company ranks 32nd among the top 100 global PCB manufacturers, improving by 4 positions from 2022[26]. - The company is ranked 9th among global automotive PCB suppliers according to N.T. Information[26]. - The company is actively expanding into emerging sectors such as electric vehicles, artificial intelligence, and renewable energy, optimizing its product structure and enhancing gross margins[34]. - The company has established long-term partnerships with numerous well-known brands, enhancing its competitive position in the PCB market[33]. Environmental Responsibility - The company is committed to maintaining compliance with environmental regulations, which may increase costs if stricter standards are imposed in the PCB industry[83]. - The company has implemented a wastewater recycling system using "UF+RO" membrane technology, reducing water consumption significantly[94]. - The company has established environmental management systems and continuously invests in environmental protection measures, including upgrading pollution control equipment to ensure compliance with environmental standards[104]. Investment and Financing - The company raised approximately 1.777 billion RMB through a private placement of 117,964,243 shares at a price of 15.20 RMB per share, which will be used for new projects and working capital[49][50]. - The company plans to invest up to 200 million USD in a new factory in Thailand to enhance overseas market capabilities and improve service quality[48]. - The company has a total fundraising amount of RMB 179,305.65 million, with a net amount of RMB 177,700.23 million after deducting issuance costs[113]. Shareholder Information - The total number of shares increased to 658,588,012, with 117,964,243 new shares issued during the reporting period[120]. - The largest shareholder, New豪国际集团有限公司, holds 315,536,703 shares, representing 47.91% of the total shares[122]. - The company has 117,964,243 restricted shares, representing 17.91% of total shares, with various institutional investors holding significant portions[120]. Compliance and Governance - The integrity status of the company and its controlling shareholders is good, with no unfulfilled court judgments or significant overdue debts[109]. - The company has not engaged in any non-operating fund occupation by shareholders or related parties[110]. - The company has not reported any changes or terminations in fundraising projects during the reporting period[118].

广东世运电路科技股份有限公司 | 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-075 | | --- | --- | --- | | 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 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《上 市公司监管指引第 2 号－－上市公司募集资金管理和使用的监管要求》等有关规 定，现将广东世运电路科技股份有限公司（以下简称"世运电路"、"本公司"、 "公司"）2024 年半年度募集资金存放与实际使用情况说明如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东世运电路科技股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2023〕1017 号）核准，公司向特定对 象发行人民币普通股（A 股）股票 117,964,243 股，每股面值 1 元，每股发行价 格为人民币 15.20 元，共 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-073 | | --- | --- | --- | | 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 第四届董事会第二十六次会议决议公告 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 六次会议（以下简称"会议"）通知、议案材料已于 2024 年 8 月 17 日以书面、 电话等形式发出。本次会议于 2024 年 8 月 22 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 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 （一）审议并通过《关于注销部分股票期权的议案》 该议案已经提名与薪酬委员会 2024 年第一次会议审 ...

| 证券代码：603920 | 证券简称：世运电路 公告编号：2024-074 | | --- | --- | | 转债代码：113619 | 转债简称：世运转债 | （二）审议并通过《关于 2021 年股票期权激励计划首次授予股票期权第三 个行权期符合行权条件的议案》 广东世运电路科技股份有限公司 第四届监事会第二十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 广东世运电路科技股份有限公司（以下简称"公司"）第四届监事会第二十一 次会议（以下简称"会议"）通知已于 2024 年 8 月 17 日通过电话及邮件等方式发 出。会议于 2024 年 8 月 22 日在公司会议室以现场会议的方式召开，由监事会主 席张天亮召集并主持，会议应出席监事 3 名，实际出席 3 名。本次会议的通知、 召开和表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《公 司章程》及监事会议事规则的有关规定，会议形成的决议合法有效。 二、监事会会议审议情况 （一）审议并通过《关于注销部分股票期权的 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-070 | | --- | --- | --- | | 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 2021 年股票期权激励计划首次授予股票期权第三个行 权期符合行权条件的公告 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： 广东世运电路科技股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日 召开了第四届董事会第二十六次会议、第四届监事会第二十一次会议，审议通过 了《关于 2021 年股票期权激励计划首次授予股票期权第三个行权期符合行权条 件的议案》。现将有关事项公告如下： 一、本次激励计划批准及实施情况 （一）本次激励计划已履行的相关审批程序 5、2022年4月7日，公司召开第三届董事会第三十二次会议与第三届监事会 第二十七次会议，审议通过了《关于向公司2021年股票期权激励计划激励对象授 予预留部分股票期权的议案》。公司独立董事对相关事项发表了独立意见，监事 会对预留授 ...