2025 年第三次临时股东会的法律意见书 致：广东世运电路科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）以及中国证券监 督管理委员会颁布的《上市公司股东会规则》（以下简称"《股东会规则》"）的 规定，北京市竞天公诚律师事务所（以下简称"本所"）指派律师出席了广东世运 电路科技股份有限公司（以下简称"公司"）2025年第三次临时股东会（以下简称 "本次股东会"），并就本次股东会的有关事宜出具本法律意见书。 本所在此同意，公司可以将本法律意见书作为本次股东会公告的法定文件， 随其他公告文件一并提交上海证券交易所予以审核公告。 本所律师根据《股东会规则》第六条的要求，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，对本次股东会的召集、召开，人员资格以及表决的有 关事实及公司提供的文件进行了核查和验证，并出席了本次股东会，现出具法律 意见如下： 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 一、本次股东会 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-073 2025年第三次临时股东会决议公告 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 09 月 11 日 (二)股东会召开的地点：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 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。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 518 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 347,411,482 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 48.2119 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 广东世运电路科技股份有限公司 本次股东会由本公司董事会负责召集，以现场投票与网络投票相结合的方式表决， 董事长林育成主持本次股东会。本次会议的召集、召开和 ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company, indicating a positive outlook based on its growth potential in the automotive electronics and AI server sectors [5][51]. Core Insights - The company has a strong foundation in the PCB industry, with over 40 years of experience, and is well-positioned to benefit from the rapid expansion of AI server demand and the growth of automotive electronics [11][50]. - The company has established deep partnerships with major clients like Tesla, which significantly contributes to its revenue growth, particularly in the electric vehicle sector [39][50]. - The report highlights the company's ongoing capacity expansion, including a new factory in Thailand expected to commence operations by the end of 2025, which will enhance its production capabilities for AI servers [7][24]. Summary by Relevant Sections Financial Performance - The company achieved a revenue of 50.22 billion yuan in 2024, representing an 11.13% year-on-year growth, and a net profit of 6.75 billion yuan, up 36.17% year-on-year, marking a historical high [18][50]. - Forecasts for 2025 project revenues of 63.78 billion yuan and net profits of 10.05 billion yuan, with respective growth rates of 27.00% and 48.91% [6][51]. Market Position and Strategy - The company has diversified its product offerings across various sectors, including automotive, energy storage, consumer electronics, and servers, with a significant focus on high-value products [9][50]. - The automotive sector is expected to see a revenue growth of 20% annually from 2025 to 2027, driven by increasing demand for electric vehicles [50][51]. Industry Trends - The global AI server market is projected to grow from 125.1 billion USD in 2024 to 222.7 billion USD by 2028, indicating a compound annual growth rate (CAGR) of approximately 15.5% [10][28]. - The report emphasizes the increasing electronic content in electric vehicles, which is expected to drive demand for PCBs significantly, with the average PCB usage in electric vehicles being 5-8 square meters, compared to 0.6-3 square meters in traditional vehicles [37][38]. Competitive Landscape - The company is compared with peers such as Huadian Technology, Jingwang Electronics, and Shennan Circuit, with a projected price-to-earnings (P/E) ratio of 29.18 for 2025, significantly lower than the average P/E of 37.16 for comparable companies [8][52]. - The report notes that the company has successfully entered the supply chains of major players like NVIDIA and AMD, enhancing its competitive position in the AI server market [10][33].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 2.579 billion yuan for the first half of 2025, representing a year-on-year growth of 7.64%, with a net profit attributable to the parent company of 384 million yuan, up 26.89% year-on-year [4][5] - The market share of AI products continues to increase, with a shift towards high-end product development. The AI and server products, along with energy storage and industrial control businesses, are expected to dominate future growth, while traditional consumer products may see stable or slight declines [5] - The company has made significant advancements in cutting-edge technologies, achieving mass production of various automotive electronic products and high-frequency PCBs for AI servers, which are crucial for smart driving and data center applications [5] Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 6.32 billion yuan, 8.05 billion yuan, and 9.78 billion yuan respectively, with net profits of 889 million yuan, 1.2 billion yuan, and 1.42 billion yuan [6][8] - The company’s earnings per share (EPS) are expected to be 1.23 yuan, 1.67 yuan, and 1.97 yuan for the years 2025, 2026, and 2027 respectively, with a price-to-earnings (P/E) ratio decreasing from 44.34 in 2024 to 21.12 in 2027 [8][11]

世运电路涨1.83%，报41.82元/股，股价再创新高，总市值突破301.33亿元，成交额达7.36亿元。（第一 财经AI快讯） ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company's revenue and profit have shown steady growth in the first half of 2025, with a focus on expanding into AI+ applications to create new growth avenues [3][8] - The company is expected to achieve revenues of RMB 62.51 billion, RMB 75.01 billion, and RMB 90.01 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 8.89 billion, RMB 11.37 billion, and RMB 14.36 billion [5][7] Financial Performance Summary - For the first half of 2025, the company reported revenue of RMB 25.79 billion, a year-on-year increase of 7.64%, and a net profit of RMB 3.84 billion, up 26.89% year-on-year [8] - The company's gross margin for the first half of 2025 was 22.72%, slightly down from the previous year [8] - The company is expected to maintain a steady growth trajectory with projected revenue growth rates of 24.5% in 2025, 20.0% in 2026, and 20.0% in 2027 [7][9] Shareholder and Market Information - The total market capitalization of the company is approximately RMB 27.35 billion, with a circulating share count of 720.55 million [3][4] - The major shareholder is Guangdong Shunde Holdings Group Co., Ltd., holding 23.67% of the shares [3] Valuation Metrics - The report projects earnings per share (EPS) of RMB 1.23, RMB 1.58, and RMB 1.99 for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 30.8, 24.1, and 19.1 [5][10] - The company is expected to maintain a dividend yield of around 1.6% for the years 2025 to 2027 [7][10]

Group 1 - The core viewpoint of the article highlights a significant surge in the robotics sector, with multiple stocks reaching their daily limit up, driven by Tesla's recent developments in humanoid robots [1] - Notable stocks that experienced a surge include Sanhua Intelligent Control, Mingzhi Electric, Shiyun Circuit, and Riying Electronics, all hitting the daily limit up [1] - Other companies such as Green Harmonic, Huami New Materials, and Anpeilong saw increases exceeding 10%, indicating a broader positive sentiment in the robotics industry [1] Group 2 - Tesla launched its official Weibo account "TeslaAI" on September 7, showcasing its humanoid robot for the first time [1] - The company proposed a record-breaking compensation package for Elon Musk, valued at $1.2 trillion, contingent upon the delivery of 1 million units of the Optimus humanoid robot [1]

Group 1 - The company has commenced mass production supply of its AI glasses products for a major overseas client [1][2] - In the AI server sector, the company has achieved mass production of 28-layer AI server circuit boards, 24-layer ultra-low loss servers, and 5G communication PCBs [2] - The company has entered the high-speed connector and power module fields through ODM manufacturers and has completed certification for all AMD products [2] Group 2 - The company is providing products to major computing power center clients in Europe [2] - In the first half of 2025, the company secured a new product project with humanoid robot client F, entering the mass production preparation phase [2] - The company is actively advancing collaborations with leading domestic humanoid robot clients to obtain new generation humanoid robot project designations through client certifications [2]

Core Viewpoint - The company has successfully entered mass production for its AI glasses products for major overseas clients and has achieved significant milestones in the AI server and PCB sectors [1] Group 1: AI Glasses and Production - The company's AI glasses products have entered mass production for targeted projects with leading overseas clients [1] Group 2: AI Server and PCB Developments - The company has achieved mass production of 28-layer AI server circuit boards, 24-layer ultra-low loss servers, and 5G communication PCBs [1] - The company has entered the high-speed connector and power module sectors through ODM manufacturers [1] - The company has completed certification for all AMD products and is supplying products to major computing center clients in Europe [1] Group 3: Robotics Collaboration - In the first half of 2025, the company is preparing for mass production of new products for humanoid robot client F, following design freeze and project targeting [1] - The company is actively advancing collaborations with leading domestic humanoid robot clients to secure new generation humanoid robot project targeting through client certification [1]

Core Viewpoint - The company has successfully entered mass production for its AI glasses products for major overseas clients and has made significant advancements in the AI server and PCB sectors [1] Group 1: AI Glasses and Production - The company's AI glasses products have entered mass production for targeted projects with leading overseas clients [1] Group 2: AI Server and PCB Developments - The company has achieved mass production of 28-layer AI server circuit boards, 24-layer ultra-low loss servers, and 5G communication PCBs [1] - The company has entered the high-speed connector and power module sectors through ODM manufacturers and has completed certification for all AMD products [1] Group 3: Robotics Collaboration - In the first half of 2025, the company is preparing for mass production of new products for humanoid robot client F, following project designation and design freeze [1] - The company is actively advancing collaborations with leading domestic humanoid robot clients to obtain project designations for the next generation of humanoid robots [1]