Group 1 - The company has approved the use of up to RMB 110 million of temporarily idle raised funds for cash management, primarily for purchasing low-risk financial products with high safety and liquidity [1][2] - The company has signed an agreement with GF Securities to invest a total of RMB 10 million in floating income certificates using idle raised funds [2] - This cash management initiative is aimed at improving the efficiency of fund usage and generating investment returns for the company and its shareholders, without affecting the normal investment plans of the raised funds [2]

Group 1 - The company aims to establish an integrated capability of "PCB - semiconductor - packaging" with automotive electronics as the foundation, focusing on high integration modular products [1] - In the first half of the year, the company achieved operating revenue of 2.579 billion yuan, a year-on-year increase of 7.64%, and a net profit attributable to shareholders of 384 million yuan, a year-on-year increase of 26.89% [1] - The PCB industry is experiencing high prosperity, with the company holding significant advantages in the automotive PCB sector while also expanding into AI, humanoid robots, low-altitude aircraft, AI smart glasses, and energy storage products [1] Group 2 - The deep integration of PCB and advanced packaging has become a core trend in the industry, addressing the dual challenges of "speed enhancement" and "power optimization" [2] - The company plans to invest 1.5 billion yuan to build a new generation PCB manufacturing base, producing embedded chip PCBs and enhancing high-end HDI product capacity [2] - The embedded PCB packaging technology is a semiconductor packaging technology that breaks through the physical boundaries of existing PCBs, integrating upstream and downstream value chains [2]

证券代码：603920 证券简称：世运电路 公告编号：2025-072 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法律责任。 重要内容提示： 基本情况 | 产品名称 | 广发证券收益凭证"收益宝"4 | | | | | | 号 | | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方名称 | 广发证券股份有限公司 | | | | | | | | 购买金额 | 5,000 | 万元 | | | | | | | 产品期限 | 2025 3 年 | 年 9 | 月 | 日-2025 | 12 | 月 | 3 日 | | 产品名称 | 广发证券收益凭证"收益宝"11 号 | | --- | --- | | 受托方名称 | 广发证券股份有限公司 | | 购买金额 | 5,000 万元 | | 产品期限 | 2025 年 9 月 3 日-2026 年 3 月 4 日 | 风险提示 公司使用部分闲置募集资金进行现 ...

Core Viewpoint - The company is experiencing growth driven by increasing demand for computing power and a recovery in the electronics industry, with a focus on high-end orders and product structure optimization to enhance profitability [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.579 billion yuan, a year-on-year increase of 7.64% - The net profit attributable to the parent company was 384 million yuan, up 26.89% - Operating cash flow net amount reached 428 million yuan, exceeding the net profit scale [1]. Business Segments - The automotive circuit board segment holds the highest proportion, particularly in the electric vehicle sector, while also expanding into emerging businesses such as AI, humanoid robots, and low-altitude drones [2]. - Major clients include well-known companies like Tesla, Panasonic, Mitsubishi, Bosch, Siemens, Dyson, Xiaopeng, GAC, Toyota, and Volkswagen [2]. Production Capacity and Strategy - The company maintains a high capacity utilization rate, with expectations for further increases due to rising demand in the electric vehicle and server sectors, as well as accelerated capacity release from convertible bond projects [2]. - The overall product prices have seen a slight year-on-year increase, with future price improvements anticipated through a shift from low-end to high-end products [2]. Strategic Development - The company aims to leverage opportunities from domestic industrial upgrades in AI applications, smart driving, humanoid robots, and low-altitude economy, focusing on automotive electronics as a foundation [3]. - Plans include a 1.5 billion yuan investment to establish a new PCB manufacturing base for embedded chip products and to enhance high-end HDI product capacity [3]. Emerging Opportunities - The company has established a leading position in humanoid robot PCB products and has secured new product design freezes with leading humanoid robot companies [4]. - In the AI glasses sector, the company has entered mass production with a major overseas client and is in the certification phase with a domestic client, indicating potential for significant order growth [4].

Core Viewpoint - The report from Dongguan Securities indicates that Shiyun Circuit's net profit attributable to shareholders and net profit after deducting non-recurring gains and losses for the first half of 2025 are projected to be 384 million and 357 million yuan respectively, representing year-on-year growth of 26.89% and 19.55% [1] Business Development - Business expansion and product structure optimization are driving the performance growth in the first half of the year [1] - The company is consolidating its automotive application base and actively promoting AI+ applications [1] Product Innovations - In the humanoid robot sector, the company's products cover various systems including central control, visual perception, joint drive, motion control, dexterous hands, and power management [1] - The company has secured new product design freezes and is preparing for mass production with a leading humanoid robot enterprise, referred to as Company F [1] - Collaborations with top domestic humanoid robot clients are ongoing, with new generation humanoid robot projects being validated [1] AI Glasses Development - In the AI glasses segment, the company has entered mass production supply for a project with a leading overseas client, referred to as Client M, while a new product certification phase is ongoing with a top domestic client, referred to as Client A [1] Factory Expansion - The construction of the Thailand factory has completed its main engineering phase, with ongoing installation of electromechanical equipment, and is expected to commence operations by the end of this year, focusing on high-layer and HDI products [1] Future Projects - The company plans to establish a new project called "Chip Innovation and Intelligence" around its headquarters in Heshan, with a total investment of approximately 1.5 billion yuan [1] - The main products will include chip-embedded PCBs and advanced HDI, with designed production capacities of 180,000 and 480,000 square meters per year, respectively, expected to commence production by mid-2026 [1]

Core Insights - The company, Shiyun Circuit, has experienced performance growth in the first half of the year due to business expansion and product structure optimization [1] Group 1 - The business development efforts have led to increased revenue and market presence for Shiyun Circuit [1] - Product structure optimization has contributed to improved profitability and operational efficiency [1] - The overall performance growth reflects the company's strategic initiatives in enhancing its competitive edge in the industry [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%. The net profit attributable to shareholders was 384 million yuan, a 26.89% increase year-on-year, while the net profit after deducting non-recurring items was 357 million yuan, up 19.55% year-on-year [3][4]. - The growth in revenue is attributed to the expansion of new customers and products, as well as an optimization of the product structure, which has led to an increase in the average price of high-value products [4]. - The company's gross margin for the first half of 2025 was 22.72%, remaining stable year-on-year, while the net margin improved by 2.37 percentage points to 14.38% [4]. Business Development and Product Optimization - The company is consolidating its automotive application base and actively advancing AI+ applications. It has secured contracts with major domestic automotive clients for intelligent driving projects and has entered mass production supply [4]. - In the AI server sector, the company has achieved mass production capabilities for various products and has entered the supply chains of major players like NVIDIA and AMD [4]. - The company is also expanding its production capacity in Thailand, with a factory expected to commence operations by the end of this year, focusing on high-layer and HDI products [4]. Financial Forecast - The company is projected to achieve total revenue of 6.248 billion yuan in 2025 and 7.834 billion yuan in 2026, with net profits expected to reach 885 million yuan and 1.177 billion yuan respectively [5]. - The earnings per share (EPS) are forecasted to be 1.23 yuan for 2025 and 1.63 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 32 and 24 [4][5].

Group 1 - The stock of Shiyun Circuit fell by 0.30% on September 1, closing at 39.55 yuan, with a significant block trade of 256,900 shares totaling 10.16 million yuan [1] - The first transaction occurred at a price of 39.55 yuan for 256,900 shares, with a premium rate of 0.00%. The buyer was CITIC Securities Co., Ltd. Hangzhou Fengqi Road Securities Business Department, and the seller was China Galaxy Securities Co., Ltd. Beijing Anzhenmen Securities Business Department [1] - Over the past three months, the stock has recorded one block trade with a total transaction amount of 10.16 million yuan. In the last five trading days, the stock has increased by 6.43%, with a net inflow of main funds amounting to 3.53 million yuan [1]

Group 1 - On September 1, 2025, Shiyun Circuit conducted a block trade of 256,900 shares, with a transaction amount of 10.1596 million yuan, accounting for 0.54% of the total transaction amount for the day [1] - The transaction price was 39.55 yuan, which was flat compared to the market closing price of 39.55 yuan [1][2] - The buying brokerage was CITIC Securities Co., Ltd., while the selling brokerage was China Galaxy Securities Co., Ltd. [2]

Core Insights - The company reported a revenue of 2.579 billion yuan for H1 2025, representing a year-over-year increase of 7.64% [1] - The net profit attributable to shareholders reached 384 million yuan, with a year-over-year growth of 26.89% [1] - The gross margin and net margin were 22.72% and 14.38%, respectively [1] Financial Performance - In Q2 2025, the company achieved a revenue of 1.361 billion yuan, showing a year-over-year increase of 4.55% and a quarter-over-quarter increase of 11.83% [1] - The net profit attributable to shareholders for Q2 was 204 million yuan, reflecting a year-over-year growth of 5.23% and a quarter-over-quarter growth of 13.59% [1] - The gross margin and net margin for Q2 were 22.75% and 14.62%, respectively [1] Product Development and Market Position - The company has successfully developed a comprehensive automotive product matrix, including high-density interconnect (HDI) boards and millimeter-wave radar PCBs [1] - The company has entered the supply chains of leading automotive manufacturers such as Geely, Chery, and Li Auto, and has received certifications from international Tier 1 suppliers [1] - The performance outlook is positively influenced by the decline in North American new energy subsidies and the launch of new models by major clients [1] Expansion into AI and New Markets - The company has successfully entered the supply chains of NVIDIA and AMD through OEM partnerships, achieving mass production [2] - The company has secured new product contracts with humanoid robot client F and is advancing projects in low-altitude flying vehicles [2] - The company is providing one-stop supply solutions for AI smart glasses, with overseas projects already in mass production and domestic projects in the certification phase [2] Capacity Expansion - The company is planning to establish new manufacturing bases in Thailand and Heshan, with the Thailand factory expected to have an annual capacity of 1 million square meters [2] - The Heshan new manufacturing base is projected to have an annual capacity of 660,000 square meters, focusing on chip-embedded PCBs and high-end HDI [2] - Both facilities are expected to commence operations in late 2025 and mid-2026, respectively [2] Profit Forecast and Valuation - The company is projected to achieve net profits of 862 million yuan and 1.167 billion yuan for 2025 and 2026, respectively [2] - The corresponding price-to-earnings ratios are estimated at 30x for 2025 and 22x for 2026 [2] - A target price of 41 yuan is set for 2026, maintaining a "buy" rating [2]