Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 3.675 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 9.75%. The net profit attributable to the parent company was 483 million yuan, up 28.97% year-over-year. The gross margin and net margin were 23.55% and 12.54%, respectively [1]. - In Q3, the company achieved a revenue of 1.280 billion yuan, a year-over-year increase of 6.82% but a quarter-over-quarter decrease of 1.73%. The net profit attributable to the parent company was 180 million yuan, reflecting a year-over-year increase of 0.95% and a quarter-over-quarter increase of 7.20% [1]. - The company has established itself as a core supplier of PCBs for Tesla, particularly in the automotive sector, and is expected to benefit from the anticipated increase in Tesla's sales and the rollout of autonomous driving services [1]. - The company is also a key supplier of server PCBs for Tesla's Dojo project, which is expected to ramp up production and enhance the company's revenue growth [1]. Financial Forecast - The forecasted net profit attributable to the parent company for 2024 and 2025 is 672 million yuan and 874 million yuan, respectively. The report assigns a valuation of 24-27 times earnings for 2024, leading to target prices of 32 and 36 yuan per share [1][2].

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 提前赎回"世运转债"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"、"公司"）2021 年公开发行 可转换公司债券（以下简称"世运转债"）的保荐人，根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上海证券交易所上市公司自律监管指引第 12 号—可转换公司债券》等有关法 律法规规定，对公司提前赎回"世运转债"事项进行了专项核查，具体核查情况 如下： 一、"世运转债"发行上市概况 经中国证券监督管理委员会证监许可[2020]3160 号文核准，公司于 2021 年 1 月 20 日公开发行了 100 万手 A 股可转换公司债券，每张面值 100 元，发行总 额 100,000 万元。本次可转债期限 6 年，自 2021 年 1 月 20 日起至 2027 年 1 月 19 日止，票面利率为第一年 0.30%、第二年 0.60%、第三年 1.00%、第四年 1.50%、 第五年 1.80%、第六年 2.00%。 经上海证券交易所自律 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,279,628,006.02, representing a year-on-year increase of 6.82%[2] - The net profit attributable to shareholders for Q3 2024 was ¥180,169,772.77, with a slight increase of 0.95% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥169,847,149.39, showing a decrease of 2.19% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 3,675,282,514.55, an increase of 9.7% compared to CNY 3,348,846,049.99 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was CNY 460,940,368.75, compared to CNY 353,295,452.72 in 2023, representing a growth of 30.4%[16] - The total comprehensive income for the third quarter of 2024 was approximately CNY 481.18 million, compared to CNY 363.36 million in the same period of 2023, representing an increase of about 32.4%[17] - Basic earnings per share for the third quarter of 2024 increased to CNY 0.80 from CNY 0.70 in the same quarter of 2023, reflecting a growth of approximately 14.3%[17] Assets and Liabilities - The total assets at the end of the reporting period reached ¥8,566,200,306.61, reflecting a significant increase of 35.75% compared to the end of the previous year[3] - The total current assets as of September 30, 2024, amounted to CNY 6,123,296,647.90, a significant increase from CNY 3,806,722,395.12 in the previous year[11] - The total assets of the company as of the end of Q3 2024 amounted to CNY 8,566,200,306.61, compared to CNY 6,310,265,837.48 at the end of Q3 2023, indicating a growth of 36%[13] - The total liabilities increased to CNY 2,945,692,235.55 in Q3 2024 from CNY 2,785,995,665.03 in Q3 2023, reflecting a rise of 5.7%[13] - The company's total liabilities as of the end of the third quarter of 2024 were CNY 2,303,102,122.93, compared to CNY 2,196,380,692.86 in the same period of 2023, showing a slight increase of 4.86%[22] Shareholder Equity - The equity attributable to shareholders increased to ¥5,393,568,183.82, marking a substantial growth of 64.67% year-on-year[3] - The equity attributable to shareholders of the parent company reached CNY 5,393,568,183.82, up from CNY 3,275,365,479.28 in the previous year, an increase of 64.6%[13] - The company's total equity as of the end of the third quarter of 2024 was CNY 4,742,825,421.24, an increase from CNY 2,641,209,400.95 in the previous year, reflecting a growth of 79.67%[22] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥813,741,345.14, showing a decline of 13.01%[2] - Cash inflow from operating activities for the first three quarters of 2024 was CNY 3.95 billion, up from CNY 3.63 billion in the same period of 2023, indicating an increase of about 9.0%[18] - The net cash flow from operating activities for the third quarter of 2024 was CNY 813.74 million, down from CNY 935.43 million in the same quarter of 2023, a decrease of approximately 13.0%[19] - The total cash outflow from investing activities in the first three quarters of 2024 was CNY 3.42 billion, significantly higher than CNY 155.65 million in the same period of 2023, indicating a substantial increase in investment activities[19] - The net cash flow from financing activities for the first three quarters of 2024 was CNY 1.51 billion, compared to a negative cash flow of CNY 363.37 million in the same period of 2023, showing a turnaround in financing[19] Research and Development - Research and development expenses increased to CNY 149,228,840.28 in 2024 from CNY 113,974,072.25 in 2023, marking a rise of 30.9%[16] - Research and development expenses for the first three quarters of 2024 totaled CNY 98,286,948.22, an increase of 31.08% from CNY 75,053,264.09 in the previous year[23] Shareholder Information - The company reported a total of 315,536,703 shares held by its largest shareholder, New豪国际集团有限公司, representing 46.78% of total shares[8] - The second-largest shareholder, 广东顺德高新创业投资管理有限公司, holds 21,697,368 shares, accounting for 3.22%[8] Market and Product Development - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[10] - The company plans to expand its market presence and invest in new technologies to enhance product offerings in the upcoming quarters[16] Accounting and Reporting Changes - The company has adopted new accounting standards starting in 2024, which may affect future financial reporting[27]

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-090 | | --- | --- | --- | | 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 关于提前赎回"世运转债"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： 19 日止，票面利率为第一年 0.30%、第二年 0.60%、第三年 1.00%、第四年 1.50%、 第五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2021]58 号文同意，公司 10.00 亿元 A 股 可转换公司债券于 2021 年 2 月 19 日起在上海证券交易所挂牌交易，债券简称 "世运转债"，债券代码"113619"。 根据《上海证券交易所股票上市规则》有关规定及《募集说明书》的相关约 定，公司本次发行的"世运转债"自 2021 年 7 月 26 日起可转换为本公司股份。 "世运转债"初始转股价格为 26.50 元/股。由于公司实施 2020 年、2021 年、2022 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-091 | | --- | --- | --- | | 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 关于使用部分闲置募集资金进行现金管理 的进展公告 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： 注：公司与上述受托方不存在关联关系。 二、风险控制措施 1、公司将严格遵守审慎投资原则，投资期限不超过一年（含一年）的保本 型投资产品。 2、公司将实时分析和跟踪产品的净值变动情况，如评估发现存在可能影响 公司资金安全的风险因素，将及时采取相应措施，控制投资风险。 3、公司财务必须建立台账对短期理财产品进行管理，建立健全完整的会计 账目，做好资金使用的账务核算工作。 广东世运电路科技股份有限公司（以下简称"本公司"或"公司"）于 2024 年 4 月 1 日召开了第四届董事会第二十次会议和第四届监事会第十七次会议， 审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。同意公司使用 最高不超 ...

| 证券代码：603920 | 证券简称：世运电路 | 公告编号：2024-089 | | --- | --- | --- | | 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（以下简称"公司"）第四届董事会第二十 八次会议（以下简称"会议"）通知、议案材料已于 2024 年 10 月 23 日以书面、 电话等形式发出。本次会议于 2024 年 10 月 28 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 广东世运电路科技股份有限公司 第四届董事会第二十八次会议决议公告 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 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 及指定 信息披露媒 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has over 10 years of experience in the automotive electronics sector and has established strong partnerships with leading global brands, particularly in the electric vehicle market [1]. - The global PCB market is expected to grow significantly, with projections indicating a market size of $98.39 billion by 2027 and a domestic market size of 346.90 billion yuan in 2024, driven by the demand from the electric vehicle sector and advancements in AI and communication technologies [2]. - The company has deepened its collaboration with Tesla, becoming a key supplier for various AI projects, which is anticipated to drive future revenue growth [2]. - The company is expected to enter a period of rapid revenue growth, with projected revenues of 5.33 billion yuan, 6.33 billion yuan, and 7.60 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 17.9%, 18.9%, and 19.9% [2]. Summary by Sections Company Overview - The company, founded in 1985, specializes in PCB manufacturing and has developed a production capacity for high-layer boards and HDI boards, focusing on the electric vehicle sector [1][13]. - It has established long-term relationships with major clients such as Tesla, Panasonic, and Hyundai Mobis, enhancing its market presence [1][13]. Market Analysis - The PCB market is experiencing steady growth, with a shift towards high-density and high-performance products driven by technological advancements [2]. - China is positioned as the largest PCB producer globally, benefiting from the increasing demand in the electric vehicle and AI sectors [2]. Financial Projections - The company forecasts significant growth in both revenue and net profit from 2024 to 2026, with net profits expected to reach 694 million yuan, 874 million yuan, and 1.13 billion yuan, respectively, indicating growth rates of 40.1%, 25.9%, and 29.2% [2][5]. - The current stock price corresponds to a P/E ratio of 19.6x for 2025, suggesting a favorable valuation for potential investors [2].

| 证券代码：603920 | 证券简称：世运电路 公告编号：2024-088 | | --- | --- | | 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董事及高级管理人 员集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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： 董事及高级管理人员持股的基本情况 本次集中竞价减持计划实施前，董事及高级管理人员的持股情况如下： 1、广东世运电路科技股份有限公司（下称"公司"）董事杨智伟先生持有公 司人民币普通股 86,400 股，全部为无限售条件流通股份，占公司总股本的 0.013%。 2、公司董事会秘书尹嘉亮先生持有公司人民币普通股 71,390 股，全部为无 限售条件流通股份，占公司总股本的 0.011%。 集中竞价减持计划的实施结果情况 截至本公告日，上述减持计划实施主体的减持期限已届满，减持计划的实施 结果如下： 1、董事杨智伟先生已减持 20,000 股。 2、董事会秘书尹嘉亮先生已减持 17,600 股。 | 股东名称 | 股东身份 ...

Company Overview - The company, Shihua Circuit (603920 SH), is a global PCB manufacturer with nearly 40 years of experience, specializing in the automotive electronics and AI sectors [1][13] - It has a comprehensive product portfolio, including double-sided, multi-layer, HDI, flexible, rigid-flex, and metal-based boards, with automotive PCBs being the largest segment [13] - Key clients include Tesla, Panasonic, Mitsubishi, Bosch Siemens, Dyson, Toyota, and Volkswagen [13] Industry Overview - The global PCB market is expected to reach $98 39 billion by 2027, with the Chinese market projected to grow to 346 9 billion yuan by 2024, driven by the rapid development of downstream applications such as new energy vehicles, AI, and communication technologies [2] - China is the largest PCB producer globally, accounting for 54 37% of the global market in 2023, with the industry characterized by both cyclical and growth trends [37] - The PCB industry is shifting towards high-density, high-integration, and high-flexibility products, with HDI and IC substrate boards expected to become more prevalent [2][36] Financial Performance - The company's revenue is forecasted to grow from 5 33 billion yuan in 2024 to 7 6 billion yuan in 2026, with net profit expected to increase from 694 million yuan to 1 13 billion yuan during the same period [2] - Overseas revenue accounts for over 80% of total revenue, with rigid-flex boards showing increasing revenue contribution [25] - The company's gross margin and net margin have remained stable, except for a temporary dip in 2021 due to exchange rate fluctuations and rising raw material costs [29] Key Growth Drivers - The company has a deep partnership with Tesla, supplying PCBs for projects such as Dojo, FSD, and humanoid robots, which are expected to drive future growth [2][13] - The new energy vehicle market is a key growth area, with PCB usage in EVs being 5-8 times higher than in traditional vehicles, driven by the electrification and智能化 of automobiles [57][59] - The AI and data center markets are also significant growth drivers, with increasing demand for high-performance PCBs in servers, storage, and communication equipment [62][63] Technological Capabilities - The company has advanced production capabilities, including 28-layer AI server PCBs, 24-layer rigid boards, 5-step HDI, and 6oz thick copper multi-layer boards, meeting the requirements of mainstream AI server PCBs [17] - It has a strong focus on R&D, with a dedicated HDI production line established since 2013, and has successfully produced PCBs for international clients' supercomputer projects [17] Market Position - The company is a leading player in the automotive PCB market, with over 10 years of experience in the new energy vehicle sector, and has established long-term relationships with global top-tier clients [1][13] - It is well-positioned to benefit from the growth of high-end PCB markets driven by AI, 5G, and new energy vehicles, with its technological expertise and strong client relationships [2][13]

G 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于广东世运电路科技股份有限公司 2021 年股票期权激励计划首次授予股票期权第三个行权期 行权条件成就及注销首次授予部分股票期权相关事项的 法律意见书 二零二四年八月 北京市竞天公诚律师事务所 关于广东世运电路科技股份有限公司 2021 年股票期权激励计划首次授予股票期权第三个行权期 行权条件成就及注销首次授予部分股票期权相关事项的 2. 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前 已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原 则，对本次行权条件成就和本次注销进行了充分的核查验证，保证本法律意见书 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 记载、误导性陈述及重大遗漏； 3. 在为出具本法律意见书而进行的调查过程中，公司向本所声明，其已提供 了本所认为出具本 ...