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 [1][22]. Core Insights - The company has achieved steady growth in the first three quarters of 2025, with revenue reaching 4.078 billion yuan, a year-on-year increase of 10.96%, and a net profit of 625 million yuan, up 29.46% year-on-year [7]. - The company is actively expanding into AI and robotics sectors to create a second growth curve, focusing on high-value products and optimizing its product structure [7]. - The company has established a strong foothold in the automotive sector, supplying major electric vehicle brands and developing advanced products for autonomous driving and AI servers [7]. - The company is also innovating with its "Chip-in-Board" technology, which enhances reliability and electrical performance while reducing costs [7]. - Profit forecasts indicate a net profit of 869 million yuan in 2025, 1.299 billion yuan in 2026, and 1.665 billion yuan in 2027, reflecting a robust growth trajectory [2][7]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 5.022 billion yuan, 5.880 billion yuan, 8.668 billion yuan, and 11.062 billion yuan respectively, with corresponding year-on-year growth rates of 11.1%, 17.1%, 47.4%, and 27.6% [2]. - The company's net profit is expected to grow from 675 million yuan in 2024 to 1.665 billion yuan in 2027, with growth rates of 36.2%, 28.8%, 49.4%, and 28.2% respectively [2]. - The earnings per share (EPS) are projected to increase from 0.94 yuan in 2024 to 2.31 yuan in 2027 [2]. Market Position - The company has a total market capitalization of 31.454 billion yuan and a circulating market value of the same amount, with a debt-to-asset ratio of 30.48% [3]. - The stock price target is set at 63 yuan, with the current price at 43.65 yuan, indicating significant upside potential [2].

Investment Rating - The report maintains a "Buy" rating for the company [5][23] Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 10.96%, and a net profit attributable to shareholders of 625 million yuan, up 29.46% year-over-year [1] - The third quarter of 2025 saw a revenue of 1.499 billion yuan, a year-over-year increase of 17.16% and a quarter-over-quarter increase of 10.13%, with a net profit of 241 million yuan, reflecting a year-over-year increase of 33.77% [1] - The company is expected to achieve a revenue of 5.724 billion yuan in 2025, a 14% increase year-over-year [2] Financial Performance - The gross margin and net margin for Q3 2025 were 22.92% and 15.66%, respectively [1] - The company has seen continuous improvement in gross margin since Q1 2025, attributed to the introduction of high-value-added products [3] - The net profit margin for Q3 2025 increased by 1.04 percentage points compared to the previous quarter, primarily due to a fair value change net income of 57 million yuan [3] Revenue and Profit Forecast - The forecast for revenue in 2025 and 2026 is 5.724 billion yuan and 7.224 billion yuan, respectively, with net profits of 859 million yuan and 1.148 billion yuan [4] - The expected price-to-earnings (P/E) ratios for 2025 and 2026 are 37x and 27x, respectively [3][4]

Core Insights - The company reported a total revenue of 4.078 billion yuan for Q3 2025, marking a year-on-year increase of 10.96% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 625 million yuan, reflecting a year-on-year increase of 29.46% and four consecutive years of growth [1] - The company’s operating cash flow was 787 million yuan, ranking 7th among peers [1] Financial Performance - The latest debt-to-asset ratio is 30.48%, a decrease of 3.90 percentage points compared to the same period last year, ranking 10th among peers [3] - The gross profit margin stands at 22.79%, with a slight increase of 0.08 percentage points from the previous quarter, achieving two consecutive quarters of growth [3] - Return on equity (ROE) is reported at 9.36%, an increase of 0.41 percentage points year-on-year, ranking 9th among peers [3] - The diluted earnings per share (EPS) is 0.87 yuan, up by 8.75% year-on-year, marking four consecutive years of growth [3] Operational Efficiency - The total asset turnover ratio is 0.43 times, while the inventory turnover ratio is 5.30 times, ranking 5th among peers [4] - The number of shareholders is 67,300, with the top ten shareholders holding 385 million shares, accounting for 53.44% of the total share capital [4] Shareholding Structure - The largest shareholder is Guangdong Shunde Holding Group Co., Ltd., holding 23.67% of shares [4] - The second-largest shareholder is New豪国际集团有限公司, with a 20.11% stake [4] - Other notable shareholders include Guangdong Shunde High-tech Venture Capital Management Co., Ltd. and Hong Kong Central Clearing Limited, holding 3.01% and 2.17% respectively [4]

Core Viewpoint - The company, Guangdong Shiyun Circuit Technology Co., Ltd., has announced the results of its fifth board meeting, which includes the approval of the third quarter report for 2025 and the use of raised funds for investment projects [10][11][45]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The company reported a net profit of 0 yuan for the merged entity prior to the merger [6]. Shareholder Information - The total number of ordinary shareholders and the status of preferred shareholders with restored voting rights were not applicable [5]. Board Meeting Details - The fifth board meeting was held on October 28, 2025, with all seven directors present, and the meeting was deemed legal and effective [11]. - The board approved the third quarter report and the mid-term profit distribution plan, which will be submitted for review at the fourth extraordinary shareholders' meeting [15][37]. Use of Raised Funds - The company plans to use 520 million yuan of raised funds to increase capital or provide loans to its wholly-owned subsidiary, Hong Kong Shiyun, for the implementation of the "Thailand Peak Green Industrial Park" project [17][50]. - The total raised funds amounted to approximately 1.793 billion yuan, with a net amount of 1.777 billion yuan after deducting fees [48]. Capital Changes - The registered capital will be adjusted to 720,592,317 yuan following the implementation of the stock option incentive plan [20][40]. - The company will no longer have a supervisory board, with its responsibilities transferred to the audit committee of the board [20]. Governance and Compliance - The board and supervisory board have ensured that all reports and announcements are accurate and complete, taking legal responsibility for their content [2][10]. - The company has revised several governance documents to align with new regulations and improve operational efficiency [23][25].

Core Viewpoint - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.96% [1] - The net profit attributable to shareholders reached 625 million yuan, marking a year-on-year increase of 29.46% [1] - The non-recurring net profit was 540 million yuan, showing a year-on-year growth of 15.26% [1] - The basic earnings per share stood at 0.87 yuan [1] Financial Performance - Revenue for the first three quarters: 4.078 billion yuan, up 10.96% year-on-year [1] - Net profit attributable to shareholders: 625 million yuan, up 29.46% year-on-year [1] - Non-recurring net profit: 540 million yuan, up 15.26% year-on-year [1] - Basic earnings per share: 0.87 yuan [1]

Core Viewpoint - The company reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved total operating revenue of 4.078 billion yuan, representing a year-on-year growth of 10.96% [1] - The net profit attributable to shareholders reached 625 million yuan, showing a year-on-year increase of 29.46% [1] - Basic earnings per share were reported at 0.87 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares to all shareholders [1]

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 使用募集资金向子公司增资或借款 以实施募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）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"）的保荐机构， 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《上市公司募集资金监管规则》等有关法律、法规及 规范性文件的规定，就世运电路使用募集资金向子公司增资或借款以实施募投项 目事项进行了认真、审慎的核查，核查情况及核查意见如下： 注：以上"募集资金承诺投资总额"不含购置理财产品产生的投资收益、现金管理收益及累 计收到的银行存款利息。 一、募集资金基本情况 根据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批复》（证监许可〔2023〕1017 号），公司向特定对 象发行人民币普通股股票 117,964,243 股，发行价为每股人民币 15.20 元，共计 募集资金 179,305.65 万元，坐扣承销及保荐费 1,393.06 万元（该部分为不含税金 额，属于发行费用），持续督 ...

Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters, representing a year-on-year increase of 10.96% [2] - The net profit reached 625 million yuan, showing a year-on-year growth of 29.46% [2] - The growth in performance is attributed to increases in operating income, investment income, and foreign exchange gains [2]

广东世运电路科技股份有限公司 募集资金管理制度 （2025 年 10 月修订） 第一章 总则 第一条 为进一步规范广东世运电路科技股份有限公司（以下简称"公司"） 募集资金的使用和管理，提高资金使用效率，保护投资者的利益，根据《中华人 民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、《上市公司募集资金监管规则》《上海证券交易所股票上市 规则》（以下简称《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》及《广东世运电路科技股份有限公司章程》（以下简称 《公司章程》）等有关法律、法规和规范性文件的规定，结合公司的实际情况， 制定本制度。 第五条 公司控股股东、实际控制人及其他关联人不得直接或者间接占用或 者挪用公司募集资金，不得利用公司募集资金及募集资金投资项目（以下简称"募 投项目"）获取不正当利益。 第六条 公司应当接受保荐机构按照《证券发行上市保荐业务管理办法》等 相关法律法规对公司募集资金的管理和使用履行保荐职责和进行持续监督。 第七条 公司应当将募集资金存放于经董事会批准设立的专项账户集中管 理和使用，并在募集资金到位后一个月内与 ...

广东世运电路科技股份有限公司 对外担保制度 （2025 年 10 月修订） 第一章 总则 第一条 为维护广东世运电路科技股份有限公司（以下简称"公司"）股东利 益，规范公司的对外担保行为，控制公司资产运营风险，促进公司健康稳定地发 展，根据《中华人民共和国公司法》《中华人民共和国民法典》《中华人民共和国 证券法》《上海证券交易所股票上市规则》（以下简称《上市规则》）、《上市公司 监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关法律、法规的规定以及《广 东世运电路科技股份有限公司章程》（以下简称"公司章程"），特制定本制度。 第二条 公司制定本制度的目的是强化公司内部监控，完善对公司担保事项 的事前评估、事中监控、事后追偿与处置机制，尽可能地防范因被担保人财务状 况恶化等原因给公司造成的潜在偿债风险，合理避免和减少可能发生的损失。 第三条 本制度适用于公司直接或间接控股 50%以上的及其他纳入公司合并 会计报表的子公司（以下简称"子公司"）为第三人提供下列担保的行为：被担 保企业因向金融机构借款、票据贴现、融资租赁等原因向公司申请为 ...