Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on the development of high-voltage architecture chips for electric vehicles [1] Group 1 - The company has been working with Xiaopeng since 2021, starting from vehicle control domains to central control domains [1] - The joint project for the 800V high-voltage architecture chip embedded circuit board has successfully passed a series of tests, achieving its goals as of the 2025 semi-annual report [1]

Core Viewpoint - The company has established a strong partnership with T customer, which has become its largest automotive terminal client since 2019, supplying PCB products related to autonomous driving [1] Group 1: Automotive Sector - T customer's automotive delivery volume has returned to a growth trajectory, reaching a historical high, which is expected to further increase market share as its autonomous taxi moves from pilot to mass production [1] - The growth of T customer's automotive business will directly drive the demand for the company's PCBs [1] Group 2: Humanoid Robotics Sector - The company has been collaborating with a leading North American client in humanoid robotics for over five years, focusing on key PCB products for core control modules and drive systems [2] - The company has developed a full-process technical capability from customized design to performance optimization, completing three product iterations with improvements in signal transmission stability and anti-interference [2] - The company has reached a cooperation intention for mass production product supply and is preparing for key steps, including reserving dedicated production line capacity and completing supply chain coordination [2] - In the domestic market, the company has partnered with three leading humanoid robotics enterprises, with one project entering small batch supply and another in the late stage of sample verification [2] - The company plans to increase R&D investment in humanoid robotics PCBs, focusing on breakthroughs in high-density interconnection and lightweight substrate applications [2]

Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on various vehicle control domains and achieving significant milestones in joint projects [1] Group 1: Collaboration and Projects - The company has been working with Xiaopeng since 2021, starting from vehicle control domains to central control domains, indicating a deepening partnership [1] - As of the 2025 semi-annual report, a new project involving 800V high-voltage architecture chips embedded in circuit boards has successfully passed a series of tests [1] - The company has achieved mass production increases in smart cockpit domain controllers and other platform projects, securing a designated project for the high-performance Thor chip smart driving domain controller [1] Group 2: Product Development and Production - The company continues to increase production of smart driving visual COB camera circuit boards, perception laser radar, and millimeter-wave radar circuit boards [1] - The project for HSP thermal paste circuit boards, which supports third-generation power semiconductor devices, has also achieved mass production and delivery [1] - The company has successfully delivered semi-rigid and flexible circuit boards, which are high-value-added products for vehicles [1]

Core Viewpoint - The company is focusing on the development of embedded chip PCB products, primarily for the electric vehicle sector, which enhances electrical performance and extends driving range [1] Group 1: Product Application and Market Demand - Embedded chip PCB products are mainly used in the power domain of new energy vehicles, significantly improving electrical performance by reducing system noise and switching losses [1] - The demand for embedded chip PCB products is expanding as they have gained recognition from major automotive OEMs and terminal manufacturers [1] Group 2: Future Plans and Production - To meet customer demand, the company plans to establish a new generation PCB manufacturing base called "Chip Innovation Smart Manufacturing," expected to commence production in mid-2026 [1] Group 3: Broader Applications - Beyond electric vehicles, embedded chip PCB products have promising applications in data centers, high-power communication devices, humanoid robots, energy storage, and aerospace, enhancing system efficiency, heat dissipation, and reliability [1]

Core Viewpoint - The company has established a strong partnership with a major client in the automotive sector, which is expected to drive demand for its PCB products due to the client's growth in vehicle deliveries and expansion into autonomous driving [1][2] Group 1: Automotive Sector - The company has been collaborating with client T since 2015, and T has become the largest automotive terminal client since 2019, supplying PCB products related to autonomous driving [1] - T's automotive delivery volume has returned to a growth trajectory, reaching a historical high in Q3, which is anticipated to further increase the company's PCB demand as T expands its market share in autonomous taxi production [1] Group 2: Humanoid Robotics - The company has been engaged in joint R&D with a leading North American client in the humanoid robotics field for over five years, focusing on key PCB products for core control modules and drive systems [1] - The company has developed a full-process technical capability from customized design to performance optimization, completing three product iterations and establishing a technological moat in signal transmission stability and anti-interference [1] - The company has reached a cooperation intention for mass production product supply with its client and is preparing for key steps towards mass production, including reserving dedicated production line capacity and completing supply chain coordination [2] - The company has established partnerships with three leading domestic humanoid robot enterprises, with one project entering small batch supply and another in the late stage of sample verification [2] - Future plans include increasing R&D investment in humanoid robot PCBs, focusing on breakthroughs in high-density interconnection and lightweight substrate applications, and deepening cooperation with domestic and international clients [2]

Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on various automotive electronic components and systems, with successful project developments and mass production achieved in several areas [1] Group 1: Collaboration and Development - The company has been collaborating with Xiaopeng since 2021, starting from vehicle control domains to central control domains [1] - As of the 2025 semi-annual report, a jointly developed 800V high-voltage architecture chip embedded circuit board project has successfully passed a series of tests [1] - The smart cockpit domain controller and three-electric platform projects have achieved increased mass production [1] Group 2: Product Achievements - The company has secured a project for the high-performance Thor chip smart driving domain controller [1] - Mass production and delivery have been achieved for high-value-added circuit boards, including smart driving visual COB camera circuit boards, perception laser radar, and millimeter-wave radar circuit boards [1] - The project for HSP thermal paste circuit boards, compatible with third-generation power semiconductor devices, has also reached mass production [1]

Core Viewpoint - The company, Shiyun Circuit (603920), is focusing on embedded chip PCB products primarily used in the power domain of electric vehicles, which enhance electrical performance and extend driving range [1] Group 1: Product Application and Performance - Embedded chip PCB products are mainly applied in the power domain of new energy vehicles, significantly improving electrical performance through higher integration and power density [1] - These products reduce system noise and switching losses, greatly increasing switching speed, which contributes to enhanced driving range [1] Group 2: Market Demand and Recognition - The demand for embedded chip PCB products is expanding as they have gained recognition from several mainstream automotive OEMs and terminal manufacturers [1] Group 3: Future Plans - To meet customer demand, the company plans to establish a new generation PCB manufacturing base project named "Chip Innovation Smart Manufacturing," expected to commence production in mid-2026 [1]

Group 1 - The core viewpoint of the news is that Shiyun Circuit experienced a 5.16% increase in stock price, reaching 42.59 CNY per share, with a trading volume of 974 million CNY and a turnover rate of 3.24%, resulting in a total market capitalization of 30.69 billion CNY [1] - Shiyun Circuit Technology Co., Ltd. is located in Heshan City, Guangdong Province, and was established on May 11, 2005, with its listing date on April 26, 2017. The company specializes in the research, production, and sales of various printed circuit boards (PCBs) [1] - The main revenue composition of Shiyun Circuit includes 85.44% from hard boards, 7.43% from rigid-flex boards, and 7.13% from other sources [1] Group 2 - From the perspective of fund holdings, Hongtu Innovation Fund has a significant position in Shiyun Circuit, with its Hongtu Innovation Emerging Industry Mixed Fund (001753) holding 477,100 shares, accounting for 4.09% of the fund's net value, ranking as the tenth largest holding [2] - The Hongtu Innovation Emerging Industry Mixed Fund was established on September 23, 2015, with a latest scale of 532 million CNY. It has achieved a return of 132% year-to-date, ranking 6th out of 8149 in its category, and a return of 117.93% over the past year, ranking 15th out of 8053 [2] - The fund manager, Liao Xinghao, has been in position for 3 years and 350 days, with the fund's total asset scale at 804 million CNY. The best return during his tenure is 67.26%, while the worst return is 36.78% [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 4.078 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 10.96%, with a net profit of 625 million yuan, up 29.46% year-on-year [7] - The company is focusing on an integrated direction of "PCB + packaging," with significant growth potential in the fields of electric vehicles and humanoid robots, which demand higher performance and specifications for PCB products [7] - The company has successfully mass-produced various PCB products for AI servers and has entered the high-speed connector and power module sectors through ODM manufacturers [7] - The company is expected to achieve revenues of 62.47 billion yuan, 86.08 billion yuan, and 126.44 billion yuan from 2025 to 2027, with corresponding net profits of 8.70 billion yuan, 12.57 billion yuan, and 19.22 billion yuan [7] Financial Performance - The company reported a revenue of 14.99 billion yuan in Q3 2025, a year-on-year increase of 17.16%, and a net profit of 2.41 billion yuan, up 33.77% year-on-year [7] - The gross margin improved to 22.92%, and the net margin increased to 15.66% in Q3 2025 [7] - The projected earnings per share (EPS) for 2025 is 1.21 yuan, with a price-to-earnings (PE) ratio of 35.1 [6][8] Revenue and Profit Forecast - Revenue is forecasted to grow from 4.519 billion yuan in 2023 to 12.644 billion yuan in 2027, with a compound annual growth rate (CAGR) of 46.9% [6][8] - Net profit is expected to increase from 496 million yuan in 2023 to 1.922 billion yuan in 2027, with a CAGR of 53.0% [6][8] - The company’s return on equity (ROE) is projected to rise from 15.1% in 2023 to 20.2% in 2027 [6][8]

Company and Industry Summary Company: 世运电路 (Shiyun Circuit) Key Points Strategic Transformation - The company is undergoing a strategic transformation to position itself as a provider of high-reliability hardware integration solutions, transitioning from 2D to 3D space development with a target of exceeding 10 billion RMB in revenue within five years [2][3][4] Revenue and Financial Performance - In Q3 2025, the company reported total revenue nearing 4.1 billion RMB, a year-on-year increase of over 10%. Q3 revenue reached a historical high of 1.5 billion RMB, up approximately 17% year-on-year. Operating cash flow was close to 800 million RMB, with a stable gross margin of around 23% and net profit around 15% [3][4] Capital Expenditure Plans - The company plans to invest 2 billion RMB in capital expenditures in 2026, with 800 million RMB allocated to Thailand and 1.2 billion RMB domestically. This includes 500 million RMB for the first phase of embedded chip PCB investment and 200 million RMB for technology upgrades [6][22] Market Opportunities - The market for high-voltage and high-frequency applications is projected to reach 150 billion RMB, with potential growth areas identified in electric vehicles, data centers, humanoid robots, and aerospace [2][5][4] Order Backlog - The order backlog is primarily focused on autonomous driving (FSD), AI-related products, humanoid robots, and data center power supplies. Traditional business is expected to benefit from new model launches and a surge in the energy storage sector [7][8] Cost Management Strategies - In response to rising raw material prices, the company is enhancing production efficiency through technological collaboration and supply chain optimization, aiming to maintain stable profitability [9][10] Embedded Technology Development - Embedded technology is expected to have broad applications in electric vehicle power systems and data center power supplies, with a market size projected to exceed 100 billion RMB by 2026 [4][11] Product Structure and Future Outlook - Current product structure includes automotive (48%), energy storage (23%), consumer electronics (14%), and AI-related products (15%). The AI segment is expected to grow significantly, while automotive and consumer segments will maintain stable growth [14] Humanoid Robot Business - The humanoid robot segment is anticipated to see significant advancements in 2026, with the company leveraging embedded technology to enhance power supply and reduce energy consumption [20][21] Tesla Collaboration - The company is the first supplier certified by Tesla for products exceeding 1,500 volts, indicating strong collaboration and a focus on high-performance applications [13] Future Trends in PCB Industry - The PCB industry is expected to trend towards high integration, with significant advancements in embedded technology that enhance reliability and performance across various applications [27][28] Additional Insights - The company is actively recruiting and training personnel for its Thailand project, which aims to address labor challenges and enhance production efficiency [22][23] - The embedded technology is not limited to automotive applications but is expected to expand into various sectors, including data centers and high-frequency applications [24][25] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, market opportunities, and technological advancements.