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 2024年度持续督导报告书 | 上市公司：广东世运电路科技股份有限公司（以下简称"世运电路"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：王笑雨 | 联系电话：010-60837521 | | 保荐代表人姓名：申飞 | 联系电话：0755-23835888 | 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的批复》（证监许可［2023］1017 号）核准，并经上海 证券交易所同意，公司于 2025 年 3 月 19 日向特定对象发行人民币普通股（A 股） 11,796.42 万股，每股发行价格为 15.20 元，募集资金总额为 1,793,056,493.60 元， 扣除各类发行费用之后实际募集资金净额 1,775,125,928.66 元。天健会计师事务 所（特殊普通合伙）于 2024 年 3 月 25 日对广东世运电路科技股份有限公司本次 向特定对象发行 A 股的资金到位情况进行了审验，并出具了"天健验字 ...

Core Viewpoint - The company reported significant growth in revenue and profit for 2024 and Q1 2025, driven by increased business volume, higher product prices, and gains from foreign exchange and financial investments [1][2]. Financial Performance - For 2024, the company's revenue reached 5.022 billion yuan, representing an 11.13% year-on-year increase; net profit attributable to shareholders was 675 million yuan, up 36.17%, while the net profit after deducting non-recurring items was 656 million yuan, increasing by 34.15% [1][2]. - In Q1 2025, revenue was 1.217 billion yuan, a year-on-year growth of 11.33%; net profit attributable to shareholders was 180 million yuan, up 65.61%, and net profit after deducting non-recurring items was 171 million yuan, increasing by 57.26% [1][2]. Profitability - The company's gross margin for the full year 2024 was 23.09%, an increase of 1.77 percentage points year-on-year, driven by product structure optimization and a higher proportion of high-value-added products; the net profit margin was 12.70%, up 2.37 percentage points [2]. - In Q1 2025, the gross margin was 22.67%, an increase of 2.19 percentage points year-on-year; the net profit margin was 14.11%, up 4.67 percentage points [2]. Market Expansion - The company is leveraging both overseas and domestic markets for growth; in the overseas market, it is deepening existing customer relationships and expanding its client base with new products, successfully partnering with leading companies in low-altitude flight, energy, and robotics [3]. - Domestically, the company is focusing on three key development areas: new energy vehicles, low-altitude flying vehicles/unmanned aerial vehicles, and humanoid robots/artificial intelligence applications, while benefiting from the support of the state-owned Shunkong Group to enhance market penetration and customer structure [3]. Investment Outlook - The company is projected to have earnings per share (EPS) of 1.23 yuan and 1.53 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 16 times [3].

关于广东世运电路科技股份有限公司2024年度持续督导工作现 场检查结果及提请公司注意事项 广东世运电路科技股份有限公司： 附件：《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 2024 年度持续督导工作现场检查报告》 中信证券股份有限公司 1 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项：建议公司继 续严格按照《公司法》、《证券法》、《上海证券交易所股票上市规则》等法律法规 的要求，不断完善公司治理结构，及时履行信息披露义务，合规合理使用募集资 金，有序推进募投项目的建设及实施，确保募投项目完成并实现预期收益。 (本页无正文,为《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 2024 年度持续督导工作现场检查结果及提请公司注意事项》之盖章页 ) 保荐人:中信运 ...

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 2024 年度持续督导工作现场检查报告 根据《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、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对广东世运电路科技股份有限公司（以下简称"世运电路""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王笑雨、申飞 （三）现场检查人员 申飞 （四）现场检查时间 2025 年 4 月 11 日，2025 年 4 月 12 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6]. Core Insights - The company is projected to experience significant profit growth in 2024 and Q1 2025, with a 2024 revenue forecast of 5.022 billion yuan, representing an 11.13% year-on-year increase. The net profit attributable to shareholders is expected to reach 675 million yuan, a 36.17% increase year-on-year [2][3]. - For Q1 2025, the company anticipates a revenue of 1.217 billion yuan, up 11.33% year-on-year, with net profit attributable to shareholders expected to be 180 million yuan, reflecting a substantial 65.61% growth [2][3]. - The growth in performance is attributed to increased business volume, higher product prices, and gains from foreign exchange and investment income [3]. Financial Summary - The company's total revenue for 2024 is projected at 5,022.03 million yuan, with a net profit of 674.74 million yuan. For 2025, revenue is expected to rise to 6,247.73 million yuan, with net profit reaching 885.45 million yuan [4]. - The earnings per share (EPS) for 2025 and 2026 are estimated to be 1.23 yuan and 1.53 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 16 times [3][4]. - The company's gross margin for 2024 is forecasted at 23.09%, an increase of 1.77 percentage points year-on-year, while the net margin is expected to be 12.70%, up 2.37 percentage points [3]. Market Dynamics - The company is benefiting from dual market drivers, with significant growth in both overseas and domestic markets. It is expanding its customer base and optimizing product structure, successfully securing contracts with leading companies in various sectors [3]. - The domestic market focus includes key development areas such as new energy vehicles, low-altitude flying vehicles, and humanoid robots, supported by the backing of a state-owned enterprise, which enhances market penetration and customer structure optimization [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 [2][23]. Core Insights - The company's Q1 2025 performance met expectations, with sufficient orders and optimized product structure. The revenue for Q1 2025 reached 1.217 billion yuan, reflecting a year-on-year growth of 11.33%. The net profit attributable to the parent company was 180 million yuan, showing a significant year-on-year increase of 65.61% [8]. - The company is experiencing robust growth driven by the automotive and data communication sectors, with a strong focus on electric vehicles and artificial intelligence applications. The company has established partnerships with leading clients such as Tesla and BMW, leveraging its early entry into the automotive PCB market [8]. - The report forecasts a steady increase in revenue and net profit over the next few years, with projected revenues of 6.716 billion yuan in 2025 and 9.862 billion yuan in 2027, alongside net profits of 879 million yuan and 1.35 billion yuan respectively [3][8]. Financial Summary - The total revenue for 2024 is projected at 5.022 billion yuan, with a year-on-year growth rate of 11.1%. The net profit attributable to the parent company is expected to be 675 million yuan, reflecting a growth rate of 36.2% [3][8]. - The earnings per share (EPS) is forecasted to increase from 0.94 yuan in 2024 to 1.87 yuan by 2027, indicating a strong upward trend in profitability [3][8]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 26 times in 2024 to 13 times in 2027, suggesting an attractive valuation as earnings grow [3][8].

Core Viewpoint - The company, Shiyun Circuit (世运电路), reported a revenue of 5.022 billion yuan for 2024, marking an 11.13% year-on-year increase, and a net profit of 675 million yuan, which is a 36.17% increase compared to the previous year. The company plans to distribute a cash dividend of 6 yuan per 10 shares, totaling 432 million yuan [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 1.217 billion yuan, reflecting an 11.33% year-on-year growth, and a net profit of 180 million yuan, which is a significant increase of 65.61% [1] - The overall net profit growth in 2024 was attributed to increased business volume, optimized product structure, and higher unit prices [1] Group 2: Market Expansion - The company is actively exploring both domestic and international markets, focusing on core sectors while accelerating development in emerging industries such as artificial intelligence, low-altitude aircraft, and humanoid robots [1] - In overseas markets, the company is enhancing existing customer demand by introducing new products and optimizing product structure, while also successfully expanding its customer base [2] Group 3: Strategic Partnerships - The company has deepened its collaboration with XPeng Motors, jointly developing an 800V high-voltage architecture embedded project, and has achieved mass production for several key components [3] - Partnerships with major automotive companies like GAC Group and Great Wall Motors have been established, focusing on various electronic control systems and components for electric vehicles [3] Group 4: Emerging Industries - The company is actively engaging in the burgeoning sectors of low-altitude aircraft, unmanned aerial vehicles, humanoid robots, and AI applications, with plans to support product development and reliability testing for leading clients in these fields [4] - Future projects in these emerging industries are expected to achieve mass production by 2025, with a continued focus on three key areas: electric vehicles, low-altitude aircraft/unmanned aerial vehicles, and humanoid robots/AI applications [4]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 31.18 CNY [4][7]. Core Views - The company reported a significant increase in Q1 2025 performance, achieving revenue of 1.217 billion CNY, a year-on-year growth of 11.33%, and a net profit of 180 million CNY, up 65.61% year-on-year [1]. - The company is focusing on the PCB industry while accelerating its development in the emerging AI sector, leveraging its established customer base and optimizing product structure [2]. - Successful implementation of refinancing projects is expected to enhance the company's growth trajectory, with funds directed towards new production projects and technology upgrades [3]. Financial Projections - Revenue projections for 2025 to 2027 are 6.519 billion CNY, 7.887 billion CNY, and 9.544 billion CNY respectively, with net profits expected to be 898 million CNY, 1.097 billion CNY, and 1.34 billion CNY [4][10]. - The company anticipates a net profit margin improvement, with net profit margins projected at 13.8% in 2025, 13.9% in 2026, and 14.0% in 2027 [11]. Market Position - The company has established a strong position in the domestic market by leveraging its experience with overseas clients, particularly in sectors like electric vehicles and AI applications [2]. - The company has successfully entered the supply chain of major clients such as AMD and has achieved mass production for products from clients like Amazon and Samsung [2]. Valuation Metrics - The report estimates a price-to-earnings (PE) ratio of 25 for 2025, indicating a favorable valuation compared to industry peers [4][10]. - The projected earnings per share (EPS) for 2025 is 1.25 CNY, with a decreasing PE ratio forecasted from 36.7 in 2023 to 20.2 in 2025 [10][11].

Core Insights - The company achieved a total revenue of 5.022 billion yuan, representing a year-on-year growth of 11.13%, and a net profit of 675 million yuan, with a year-on-year increase of 36.17% in 2024, driven by the recovery of the global electronics industry [1] - The company's strategic focus on optimizing product structure and expanding into emerging markets has laid a solid foundation for future growth, particularly in the fields of new energy vehicles, low-altitude aircraft, and artificial intelligence [1] Group 1: Growth in New Energy Vehicles and AI - The company has made significant strides in the new energy vehicle sector, successfully integrating with domestic automotive clients such as Geely, Chery, and Li Auto, and collaborating with XPeng Motors on an 800V high-voltage architecture project [4] - The company has secured a project for high-performance Thor chip smart driving domain controllers and has achieved mass production of high-value products like smart driving vision COB camera circuit boards and perception laser radar circuit boards [4] - In the AI sector, the company has entered the AI server market, achieving mass production of 28-layer AI server circuit boards and 5-layer HDI products, successfully integrating into the supply chains of NVIDIA and AMD [4] Group 2: Overseas Market Expansion and Capacity Deployment - The company has made notable progress in expanding its overseas market presence, successfully passing new product qualifications with leading companies in low-altitude flight, Panasonic Energy, and humanoid robotics [5] - The company has maintained stable partnerships with clients such as Amazon and Samsung, with related products already in mass production [5] - To better meet overseas customer demands, the company is investing up to 200 million USD in a new factory in Thailand, expected to commence operations by the end of 2025, enhancing its scale and competitiveness in the global market [6] Group 3: Automation and Intelligent Construction - The company has significantly improved production efficiency and product quality through the introduction of advanced equipment such as dual-surface vacuum plug machines and automatic large-size four-line testing machines [7] - The company has implemented a comprehensive traceability system for production processes, enhancing visibility and electronic quality data management [7] - The introduction of automated DI exposure machines and PCB sorting machines has further elevated the automation level of production lines, supporting the company's long-term sustainable development goals [7]

Summary of Conference Call on Shiyun Electric Road Company and Industry Overview - **Company**: Shiyun Electric Road - **Industry**: PCB (Printed Circuit Board) sector Key Points and Arguments Impact of U.S. Tariff Policy - The U.S. tariff policy has significantly impacted the PCB sector, affecting stock market performance and overall industry dynamics [1][2][3] - Tariffs are primarily paid by downstream customers, leading to potential price renegotiations [2][3] - The long-term impact of tariffs on the PCB market is expected to be substantial, with costs potentially passed on to consumers and brand manufacturers [3][4] Short-term vs Long-term Effects - In the short term, the impact of tariffs is manageable, with current orders remaining stable and no immediate price adjustments being emphasized by customers [4][5] - Long-term, the PCB industry is expected to face challenges due to tariffs, but the overall demand remains strong, driven by technological advancements in AI and robotics [6][10] Market Dynamics and Customer Relationships - The PCB industry is increasingly concentrated in China, which now holds a significant share of global production capacity (70-80%) [8][9] - Customers are prioritizing supply chain stability over price, indicating a strong reliance on Chinese manufacturers [10][11] - The negotiation power in pricing is shifting, with PCB manufacturers maintaining a strong position due to the essential nature of their products [21][22] Emerging Trends and Customer Diversification - The electric vehicle (EV) market is experiencing rapid growth, with companies like Xiaopeng showing strong sales, which benefits PCB suppliers [12][16] - The humanoid robot sector is also emerging, with Shiyun Electric Road positioned as a key supplier [13][14] - Diversification of customer base is evident, reducing dependency on single clients and enhancing stability [13][18] Future Outlook and Strategic Plans - Shiyun Electric Road is optimistic about future growth, particularly in the EV and AI sectors, despite uncertainties related to tariffs [18][19] - The company is exploring expansion opportunities, including potential factory setups in Thailand, while maintaining a cautious approach to investment [25][26][27] - Continuous communication with customers regarding tariff impacts and pricing strategies is ongoing, with a focus on ensuring stable production capacity [31] Conclusion - The PCB industry is navigating a complex landscape influenced by tariffs, customer demands, and technological advancements. Shiyun Electric Road is strategically positioned to leverage its strengths in a rapidly evolving market, with a focus on maintaining strong customer relationships and adapting to changing conditions.