| | | 广东世运电路科技股份有限公司 关于开立账户及使用部分闲置募集资金进行现金管理的公告 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。 | 序号 | 开户机构 | 账户名称 | 资金账号 | 存管银行 | | --- | --- | --- | --- | --- | | 1 | 中信证券 | 三方存管账户 | 35000000283 | 工商银行 | | 2 | 广发证券 | 三方存管账户 | 30670935 | 中信银行 | | 3 | 广发证券 | 三方存管账户 | 30670939 | 农业银行 | 注：上述中信证券，全称为中信证券股份有限公司；广发证券，全称为广发证券股份有限公 司，下同。 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》《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（2022修订）》等 相关法律法规及《广东世运电路科技股份有限公司募集资金管理制度》的规定， 上述专户仅用于募集资金购买理财产品专用结算，不会存放非募集资金或者用作 其他用途。 序 号 受 ...

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 预计部分关联方 2024 年度日常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"或"公司"）公开发行可转换公司债券 的保荐人，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》等相关法律、法规和规范性文件的规定，对世运电路预 计部分关联方 2024 年度日常关联交易事项进行了认真、审慎的核查，核查情况 与意见如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、公司于2024年4月24日召开第四届董事会第二十二次会议，会议以5票同 意，0票反对，0票弃权，2票回避的表决结果审议通过《关于预计部分关联方2024 年度日常关联交易额度的议案》。关联董事佘英杰先生、佘晴殷女士回避表决。 2、公司独立董事在《关于预计部分关联方2024年度日常关联交易额度的议 案》提交董事会审议前进行了事前审议，并出具事前认可意见，同意提交本议案 至公司第四届董事会 ...

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 年开展期货套期保值业务的核查意见 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"或"公司"）公开发行可转换 公司债券的保荐人，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》等有关规定，对世运电路及控股子公司拟开展 期货套期保值业务事项进行了认真、审慎的核查，并出具核查意见如下： 一、开展期货套期保值业务的必要性和可行性 鉴于铜、钯、金等主要原材料占公司产品成本比重较大，采购价格受市场价 格波动影响明显,为降低原材料商品价格波动对公司生产经营的不利影响，公司 及子公司有必要适度开展期货套期保值业务，以降低公司经营风险，保证产品成 本的相对稳定。 二、拟开展的期货套期保值业务概述 1、主要涉及币种及业务品种：公司及控股子公司的期货套期保值业务只限 于与生产经营相关的大宗原材料，包括但不限于铜、钯、金等。 2、资金规模及资金来源：公司及控股子公司累计开展的期货套期保值业 ...

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 年开展外汇套期保值业务的核查意见 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"或"公司"）公开发行可转换 公司债券的保荐人，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》等有关规定，对世运电路及控股子公司拟开展 外汇套期保值业务事项进行了认真、审慎的核查，并出具核查意见如下： 一、开展外汇套期保值业务的必要性和可行性 公司及控股子公司产品主要出口海外市场，同时公司未来需要从海外进口部 分机器设备。受国际政治、经济不确定因素影响，外汇市场波动较为频繁，公司 经营不确定因素增加。为防范外汇市场风险，公司有必要根据具体情况，适度开 展外汇套期保值业务。 公司开展的外汇套期保值业务与公司业务紧密相关，基于公司外汇资产、负 债状况及外汇收支业务情况，能进一步提高公司应对外汇波动风险的能力，更好 地规避和防范公司所面临的外汇汇率、利率波动风险，增强公司财务稳健性。 二、拟开 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by 10%-20% over the next 6-12 months [30][33]. Core Views - The company reported a revenue of 4.519 billion RMB in 2023, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of 496 million RMB, up 14.17% year-on-year [3][4]. - The first quarter of 2024 showed a revenue of 1.093 billion RMB, representing a year-on-year increase of 7.71%, and a net profit of 109 million RMB, up 44.73% year-on-year [3]. - The company is focusing on optimizing its product structure, improving production efficiency, and reducing customer acquisition costs, which contributed to the profit margin improvements [3][4]. Financial Summary - The company achieved a gross margin of 21.32% in 2023, an increase of 2.49 percentage points year-on-year, and a net profit margin of 10.97%, up 1.17 percentage points year-on-year [3][4]. - For 2024, the company is projected to generate revenues of 5.423 billion RMB, with a net profit of 605 million RMB, reflecting a growth rate of 20.0% and 22.1% respectively [4][29]. - The earnings per share (EPS) for 2024 is estimated at 0.92 RMB, with a price-to-earnings (P/E) ratio of 18.6 [4][29]. Market and Growth Drivers - The company is leveraging both domestic and international markets for growth, with successful collaborations in the automotive electronics and AI sectors [3][31]. - The company has established partnerships with major brands like Tesla and Samsung, enhancing its position in the supply chain for new energy vehicles and AI products [3][31]. - The ongoing expansion of production capacity, particularly through a new project aimed at producing 3 million square meters of circuit boards, is expected to support long-term growth [3][31].

世运电路（603920）2023 年报&2024 年一季报点评 强推（维持） 2024 年 4 月 24 日公司发布 2023 年报：公司 2023 年实现营收 45.19 亿元（YOY 1.96%），毛利率 21.32%（YOY +2.49pct），归母净利润 4.96 亿元（YOY 14.17%）， 扣非净利润 4.89 亿元（YOY 12.35%）。单 Q4 实现营收 11.70 亿元（YOY 7.43%）， 毛利率 24.87%（YOY -1.50pct），归母净利润 1.21 亿元（YOY -10.92%），扣非 净利润 1.23 亿元（YOY -10.47%）。 同时公司发布 2024 年第一季度业绩报告：公司 2024 年 Q1 实现营收 10.93 亿 元（YOY 7.71%），毛利率 20.48%（YOY +1.45pct），归母净利润 1.09 亿元（YOY 44.73%），扣非净利润 1.08 亿元（YOY 45.90%）。 评论： PCB 2024 年 04 月 25 日 华创证券研究所 市场表现对比图(近 12 个月) -30% -11% 7% 25% 23/04 23/07 23/ ...

Customer and Supplier Contributions - The top five customers contributed sales of CNY 1,070.23 million, accounting for 23.68% of the total annual sales, with no sales from related parties[3]. - The top five suppliers accounted for CNY 1,105.35 million in purchases, representing 45.00% of the total annual procurement, with no purchases from related parties[4]. Financial Performance - The company's operating revenue for 2023 was CNY 4,519,080,877.22, representing a year-on-year increase of 1.96% due to product structure optimization[48]. - The net profit attributable to shareholders for 2023 was CNY 495,524,652.31, reflecting a 14.17% increase compared to the previous year, driven by improved gross margins[48]. - The net cash flow from operating activities for 2023 reached CNY 1,438,023,245.44, a significant increase of 45.59% year-on-year, attributed to increased sales collections and bill settlements[48]. - The total assets at the end of 2023 amounted to CNY 6,310,265,837.4, showing a growth of 7.63% compared to the end of 2022[47]. - The company's net assets attributable to shareholders at the end of 2023 were CNY 3,275,365,479.2, an increase of 9.53% from the end of 2022[48]. - The company achieved a basic earnings per share of CNY 0.93 in 2023, representing a 13.41% increase compared to CNY 0.82 in 2022[73]. - The company's revenue for the reporting period was 45.19 billion yuan, an increase of 1.96% year-on-year[80]. - Net profit attributable to shareholders was 4.96 billion yuan, representing a year-on-year growth of 14.17%[80]. - The net profit excluding non-recurring gains and losses was 489 million yuan, up 12.35% compared to the previous year[145]. - The company maintained a healthy financial status with a debt ratio of 18.65%, down 1.45 percentage points from the previous year, and an interest coverage ratio of 11.50, up 22.68%[165]. Research and Development - Total R&D investment amounted to CNY 161.89 million, which is 3.58% of the operating revenue, with no capitalized R&D expenses[6]. - R&D investment reached CNY 16,188.98 million, accounting for 3.58% of the company's revenue, with the addition of 10 utility model patents and 1 invention patent during the reporting period[63]. - The company is actively pursuing partnerships with academic institutions to enhance its R&D capabilities and drive innovation in PCB technology[64]. - The company has made significant investments in R&D, focusing on high-reliability and high-density materials for automotive applications[142]. - The company has a strong focus on R&D, with 635 R&D personnel, accounting for 9.7% of the total workforce[176]. Market Expansion and Product Development - The company successfully expanded its overseas market presence, obtaining certifications from major clients such as Amazon and Samsung, and entering NVIDIA's supply chain[57]. - The company established wholly-owned subsidiaries in Japan and Singapore to enhance customer service quality and support overseas market development[57]. - The company is focusing on the new energy vehicle market as a key growth area in China, aiming for dual-market expansion[84]. - The company has expanded its automotive PCB supply to major brands such as Tesla, BMW, and Volkswagen, further increasing its market share in the new energy vehicle segment[60]. - The company is actively pursuing new product development and has successfully launched strategic new products into mass production[91]. - The company is focused on expanding its product offerings, including new products for automotive radar and 5G communication, to meet market demands[66]. - The company is actively expanding its PCB business in artificial intelligence, low-altitude flight, wind power, photovoltaics, and energy storage, achieving significant progress in these areas[126]. Production and Operational Efficiency - The company has implemented a fully automated drilling production line, improving efficiency and reducing labor costs[68]. - The company has established a comprehensive supplier evaluation and management system to mitigate supply chain risks[104]. - The company has a stable order flow in automotive PCBs, particularly in the electric vehicle sector, which is a key development area[159]. - The company has made progress in developing high-frequency, high-layer PCBs, with mass production capabilities for up to 24 layers and manufacturing capacity for 28-layer products[114]. - The company has developed production capabilities for 24-layer ultra-low loss server PCBs and 5G communication PCBs, with manufacturing capabilities for 28-layer products for AI servers[164]. - The company has successfully launched high thermal conductivity HDI PCBs and high-voltage thick copper PCBs for applications in new energy vehicle energy management systems[65]. - The company has implemented an automated online desorption system to enhance efficiency and reduce energy consumption in production processes[115]. - The company is enhancing automation and smart manufacturing to improve production efficiency and product quality[93]. Risk Management and Compliance - The company has not reported any significant changes in non-operating profit or loss during the reporting period[6]. - The company has not identified any major risks that could materially affect its production and operations during the reporting period[37]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[37]. - The company’s annual report has been audited by Tianjian Accounting Firm, which issued a standard unqualified opinion[36]. - The company has maintained a robust quality control system, certified by multiple international standards, ensuring high product reliability and safety[143]. Strategic Partnerships and Client Relationships - The company has established long-term stable partnerships with well-known brands, enhancing customer loyalty and recognition in the market[132]. - The company has deepened cooperation with leading international technology clients, maintaining high growth in business volume[86]. - The company is actively pursuing partnerships with academic institutions to enhance its R&D capabilities and drive innovation in PCB technology[64].

只限于与生产经营相关的大宗原材料，包括但不限于铜、钯、金等。 交易额度 | 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-031 | | --- | --- | --- | | 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 关于开展期货套期保值业务的公告 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： 交易目的 鉴于铜、钯、金等主要原材料占公司产品成本比重较大，采购价格受市场 价格波动影响明显,为降低原材料商品价格波动对公司生产经营的不利影响，公 司及子公司拟开展期货套期保值业务，以降低公司经营风险，保证产品成本的 相对稳定。 交易品种 公司及子公司开展的期货套期保值业务的保证金余额不得超过人民币4,000 万元，前述额度在有效期内可循环使用；保值比例上限为库存的50%。 已履行的审议程序：《关于开展期货套期保值业务的议案》经公司第四 届董事会第二十二次会议审议通过，公司履行了相关的审批程序。 特别风险提示：公司进行期货套期保值业务遵循合法 ...

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：2024-027 | | --- | --- | --- | | 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 2023 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"）2023 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 （一）首次公开发行 A 股股票募集资金基本情况 经中国证券监督管理委员会证监许可〔2017〕351 号文核准，并经上海证券 交易所同意，本公司由主承销商金元证券股份有限公司（以下简称"金元证券"） 采用余额包销方式，向社会公众公开发行人民币普通股（A 股）股票 8,880.00 ...

广东世运电路科技股份有限公司 内部控制审计报告 目 录 | | | | 二、附件……………………………………………………………… | 第 | 3—6 | 页 | | --- | --- | --- | --- | | （一）本所执业证书复印件……………………………………… | | 第 3 | 页 | | （二）本所营业执照复印件……………………………………… | | 第 4 | 页 | | （三）本所注册会计师执业证书复印件…………………… | 第 | 5—6 | 页 | 内部控制审计报告 广东世运电路科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了广东世运电路科技股份有限公司（以下简称世运电路公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是世运 电路公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意 ...