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]

2025 年 04 月 16 日 世运电路(603920.SH) 拥抱 AI 新兴产业，一季度业绩大幅增 长 事件： 4 月 16 日公司发布 2025 年一季度报告，报告期内，公司实现营 业收入 12.17 亿元，同比增长 11.33%，归母净利润 1.8 亿元，同 比增长 65.61%；扣非归母净利润 1.71 亿元，同比增长 57.26%。 深耕核心领域，加速发展 AI 新兴产业： 公司深耕 PCB 行业多年，积累大量优质稳定的客户，并通过引入新产 品、新料号，不断优化公司产品结构，加速开拓 AI 新兴产业。2024 年报披露，公司成功通过海外低空飞行龙头企业（主研电动垂直起降 飞行器 eVTOL）、Panasonic Energy（松下能源）、人形机器人龙头企 业、北美科技龙头企业 A 公司、M 公司、T 公司等客户的新产品定 点，同时通过 OEM 方式进入 AMD 的供应链体系，公司前期取得认证 的客户中，亚马逊（amazon） 、三星（Samsung）等客户的产品已经 实现量产。国内市场中，公司通过前期服务海外客户积累的先发优势， 以新能源汽车、低空飞行器/无人飞行器以及人形机器人/人工智能+ 应 ...

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.

证券代码：603920 证券简称：世运电路 公告编号：2025-033 广东世运电路科技股份有限公司 关于召开 2024 年年度股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024 年年度股东会 召开的日期时间：2025 年 5 月 6 日 13 点 30 分 召开地点：广东省鹤山市共和镇世运路 8 号世运电路公司三楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年5月6日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 6 日 至 2025 年 5 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间 ...

2024 年年度股东会会议资料 2025 年 4 月 - 1 - 世运电路 2024 年年度股东会会议资料 世运电路 2024 年年度股东会会议资料 广东世运电路科技股份有限公司 2024 年年度股东会会议资料目录 - 2 - 一、会议须知 二、会议议程 三、会议议案 四、现场表决结果计票监票办法 五、股东现场投票注意事项 世运电路 2024 年年度股东会会议资料 广东世运电路科技股份有限公司 2024 年年度股东会会议须知 为了维护投资者的合法权益，确保股东在本公司 2024 年年度股东会期间依 法行使权利，保证股东会的正常秩序和议事效率，依据《上市公司股东会规则》 等有关规定，制定如下有关规定： 一、董事会在股东会的召开过程中，应当以维护股东的合法权益，确保正常 程序和议事效率为原则，认真履行法定职责。 二、参加公司 2024 年年度股东会的股东，依法享有发言权、表决权等权利， 不得侵犯其他股东合法权益、扰乱会议的正常秩序，共同维护好股东会秩序。 三、股东（代表）在会上有权发言和提问，有发言意向的股东（代表）报到 时向工作人员登记，由主持人视会议的具体情况合理安排股东（代表）发言，并 安排公司有关人员回答 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-023 广东世运电路科技股份有限公司 第五届监事会第三次会议决议公告 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"）第五届监事会第三次 会议（以下简称"会议"）通知于 2025 年 4 月 5 日以电子邮件方式发出，于 2025 年 4 月 15 日在公司三楼一号会议室以现场表决的方式召开，并以记名的方式进 行了表决。会议由监事会主席林玉媛主持，会议应参加监事 3 人，实际参加 3 人， 公司董事会秘书列席本次会议。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，会议合法有效。 二、监事会会议审议情况 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及选 定信息披露媒体《上海证券报》《中国证券报》《证券日报》《证券时报》上的《世 运电路 2024 年年度报告》及其摘要。 该议案表决结果：3 票赞成、0 票反对、0 票弃权、0 票回避表 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-038 广东世运电路科技股份有限公司 第五届董事会第三次会议决议公告 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。 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"）第五届董事会第三次 会议（以下简称"会议"）通知于 2025 年 4 月 5 日以电子邮件方式发出，于 2025 年 4 月 15 日在公司三楼一号会议室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。会议由董事长林育成主持，会议应参加董事 7 人，实际参加 7 人（其中：以通讯表决方式出席的董事 2 名）。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，会议合法有效。 二、董事会会议审议情况 （一）审议并通过《关于〈世运电路 2024 年年度报告〉及其摘要的议案》 （二）审议并通过《关于〈世运电路 2024 年度董事会工作报告〉的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse ...

证券代码：603920 证券简称：世运电路 公告编号：2025-028 广东世运电路科技股份有限公司 2024 年年度利润分配方案的公告 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。 重要内容提示： 每股分配比例：广东世运电路科技股份有限公司（以下简称"公司"）2024 年度拟以每10股派发现金红利6.00元（含税）；不送红股，也不以资本公积金转 增股本。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发生 变动的，拟维持每股分配比例不变，相应调整分配总额，并在相关公告中披露。 公司不存在触及《上海证券交易所股票上市规则》（以下简称《股票上市 规则》）第9.8.1条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至2024年12月31日，公司母公司报表中期末未分配利润为人民币 574,671,953.02元。经董事会决议，公司2024年度拟以实施权益分派股权登记日登 记的总股本为基 ...