世运电路 OLYMPIC CIRCUIT TECHNOLOGY CO.,LTD. 2024 年度 环境、社会和公司治理（ESG）报告 广东世运电路 科技股份有限公司 目录 | 关于报告 | 1 | | --- | --- | | 关于我们 | 2 | | 创始人致辞 | 3 | | 智造焕新 | | | 数智技术驱动工厂转型与效率革命 | | | 智启鸿图·数智工厂转型方法论 | 4 | | 破茧成蝶·全链路智能生产重塑 | 4 | | 创新图谱·智造创新生态价值转化 | 4 | 智造焕新 数智技术驱动工厂转型与效率革命 | 智启鸿图·数智工厂转型方法论 | | --- | | 破茧成蝶·全链路智能生产重塑 | | 创新图谱·智造创新生态价值转化 | 世臻善治 可持续发展战略体系构建 | 擘画蓝图：可持续发展管理架构 | | --- | | 同筑共识：利益相关方沟通 | | 明辨航向：重要性议题分析 | | 绩效指标表 | | 指标索引表 | | 意见反馈表 | 运策惟精 科学治理与风险防控双擎驱动 | 行稳致远：董事会多元化与专业委员会 | | --- | | 监事督行：监事会监督效能与履职保障 | | 固 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-039 广东世运电路科技股份有限公司 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 广东世运电路科技股份有限公司（以下简称"公司"）第五届董事会第四次 会议（以下简称"会议"）通知于 2025 年 4 月 24 日以电子邮件方式发出，于 2025 年 4 月 29 日在公司三楼一号会议室以通讯表决的方式召开，并以记名的方式进 行了表决。会议由董事长林育成先生主持，会议应参加董事 7 人，实际参加 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《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 （一）审议并通过《世运电路 2024 年度环境、社会和公司治理（ESG）报 告》。 该议案表决结果：7 票赞成、0 票反对、0 票弃权、0 票回避表决。 第五届董事会第四次会议决议公告 《广东世运电路科技股份有限公司第五届董事会第四次会议决议》 特此公告。 广东世运电路科技股份有限公司董事会 2025 年 4 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 49.95 CNY, indicating an expected relative return of over 20% within six months [6][17]. Core Insights - The company's revenue for 2024 reached 5.02 billion CNY, a year-on-year increase of 11.13%, while the net profit attributable to the parent company was 674.74 million CNY, up 36.17% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 1.22 billion CNY, reflecting a year-on-year growth of 11.33%, and a net profit of 180 million CNY, which is a significant increase of 65.61% year-on-year [1]. - The growth in performance is attributed to the company's strong position as a core supplier for Tesla, particularly in the automotive electronics sector, and its involvement in emerging business areas such as humanoid robots and supercomputing [2][3]. Financial Performance Summary - The company is projected to achieve revenues of 6.29 billion CNY, 8.05 billion CNY, and 10.46 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 894.48 million CNY, 1.18 billion CNY, and 1.52 billion CNY [4][5]. - The EBITDA for 2025 is estimated at 1.34 billion CNY, with a growth rate of 32.57% compared to the previous year [5]. - The company’s R&D expenses in Q1 2025 were 49 million CNY, a year-on-year increase of 23.2%, indicating a commitment to innovation and product development [3]. Strategic Developments - The company is strategically expanding its operations with the construction of a factory in Thailand, which is expected to commence operations by the end of 2025, aimed at reducing trade friction and leveraging cost advantages [3]. - The company has established partnerships with various domestic clients, including Xpeng, NIO, and Li Auto, to develop high-value products in the electric vehicle sector [3]. Market Position - The company is recognized as one of the few PCB manufacturers capable of keeping pace with Tesla's advancements, particularly in the fields of autonomous driving and energy storage [2]. - The report highlights the company's deepening collaboration with Tesla across multiple sectors, including solar energy and energy storage systems, which are expected to drive future growth [2].

公司报告 | 季报点评 世运电路（603920） 证券研究报告 Q1 归母同比增长 65.61%，汽车电子与新兴业务共驱 事件：公司 2025 年 4 月 16 日发布 2024 年度报告和 2025 年一季报，2024 年度实 现了营收 50.22 亿元，同比增长 11.13%，实现归母利润 6.75 亿元，同比增长 36.17%， 实现扣非归母净利润 6.56 亿元，同比增长 34.15%；2025Q1 实现营收 12.17 亿元， 同比增长 11.33%，实现归母利润 1.80 亿元，同比增长 65.61%。 点评：我们认为，公司业绩增长主要受益于以下原因：1）在特斯拉自动驾驶战略 的驱动下，公司持续发展且盈利能力提升，2025 年一季度毛利率 22.67%，同比上 升 2.19 个 pct。2）优质客户资源丰富，与国内客户多个合作项目落地，包括小鹏、 蔚来、极氪、理想等。3）未来展望：公司在特斯拉的新兴业务如人形机器人 Optimus 和 Dojo 超算项目中占据重要供应地位，长坡厚雪。 公司深耕 PCB 行业多年，深度绑定特斯拉，我们认为，是少数有意愿且能跟上特 斯拉前进步伐的 PCB 公司。在新能 ...

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].