Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 41 CNY per share for 2026, based on a 25x valuation of the estimated EPS [3][13]. Core Insights - The company reported a revenue of 2.579 billion CNY for H1 2025, representing a year-over-year increase of 7.64%. The net profit attributable to shareholders was 384 million CNY, up 26.89% YoY, with gross and net profit margins at 22.72% and 14.38%, respectively [1][7]. - The company is expanding its production capacity with new manufacturing bases in Thailand and Heshan, which are expected to alleviate capacity constraints and support future growth [3][10]. - The automotive product matrix is being enhanced, with successful integration into the supply chains of major automotive companies, and the company is also making strides in the AI sector by entering the supply chains of Nvidia and AMD [2][9]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 2.579 billion CNY, a YoY increase of 7.64%, and a net profit of 384 million CNY, reflecting a YoY growth of 26.89%. The gross margin was 22.72%, and the net margin was 14.38% [1][7]. - In Q2 2025, the revenue was 1.361 billion CNY, with a YoY growth of 4.55% and a QoQ increase of 11.83%. The net profit for the quarter was 204 million CNY, up 5.23% YoY and 13.59% QoQ [1][7]. Automotive Sector - The company has successfully launched high-speed 3rd and 4th generation HDI PCBs and has developed various millimeter-wave radar PCBs. It has secured contracts with leading automotive manufacturers such as Geely and Ideal [2][8]. - The company is also benefiting from the North American EV subsidy reduction and the upcoming model releases from major clients, which are expected to enhance revenue elasticity [2][8]. AI Sector - The company has made significant progress in the AI server market, achieving mass production of various PCBs required for AI applications. It has entered the supply chains of Nvidia and AMD through OEM partnerships [9]. - The company is also involved in projects related to humanoid robots and low-altitude flying vehicles, with successful collaborations and product deliveries [9]. Capacity Expansion - The company plans to build a new factory in Thailand with an initial capacity of 1 million square meters per year, expected to commence operations by the end of 2025. Additionally, a new manufacturing base in Heshan is planned with a capacity of 660,000 square meters per year, projected to start production in mid-2026 [3][10]. Valuation and Forecast - The company is forecasted to achieve net profits of 862 million CNY and 1.167 billion CNY for 2025 and 2026, respectively, with corresponding P/E ratios of 30x and 22x [3][13].

证券代码：603920 证券简称：世运电路 公告编号：2025-071 广东世运电路科技股份有限公司 注：公司与上述受托方不存在关联关系。 二、截至本公告披露日，公司使用闲置募集资金进行现金管理尚未到期的 金额为40,000万元。 特此公告。 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 2025 年 4 月 15 日召开了第五届董事会第三次会议和第五届监事会第三次会议，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 不超过人民币 110,000 万元的暂时闲置募集资金进行现金管理，主要用于购买安 全性高、流动性好、保本型约定存款或理财产品，且产品不得用于质押，单项投 资产品期限不超过 12 个月，决议有效期自公司董事会审议通过之日起 12 个月内 有效，公司可在上述额度及期限内滚动使用投资额度。具体内容详见公司于 2025 年 4 月 16 日在上海证券交易所网站（www.sse.com.cn）及其他选定信息披露媒 体披露的《世运电路关于使用部分闲置募集资金进行现金管理的公告》（公告编 号：2025-025）。 一、部分闲置募集资金进行现金管理赎回的情况 | ...

Market Performance - The component sector increased by 2.69% on August 29, with Jianghai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers - Jianghai Co., Ltd. (002484) closed at 33.31, up 10.01% with a trading volume of 1.3678 million shares [1] - Xinsen Technology (002436) also rose by 10.01% to 21.00, with a trading volume of 2.5926 million shares [1] - Other notable gainers include: - Qiaohui Fushi (300852) up 9.16% to 39.55 [1] - Dongshan Precision (002384) up 8.34% to 66.02 [1] - Huhua Electric (002463) up 7.28% to 68.79 [1] Top Losers - Fangbang Co., Ltd. (688020) saw a decline of 9.16%, closing at 68.91 [2] - Huilun Crystal (300460) decreased by 7.54% to 10.54 [2] - Other significant declines include: - Zhongfu Circuit (300814) down 6.30% to 45.10 [2] - Zecheng Electronics (837821) down 5.72% to 34.29 [2] Capital Flow - The component sector experienced a net outflow of 748 million yuan from institutional investors, while retail investors saw a net outflow of 198 million yuan [2][3] - Conversely, speculative funds recorded a net inflow of 945 million yuan [2][3] Individual Stock Capital Flow - Xinsen Technology (002436) had a net inflow of 5.71 billion yuan from institutional investors, while it faced a net outflow of 2.15 billion yuan from speculative funds [3] - Other stocks with notable capital flows include: - Shiyun Circuit (603920) with a net inflow of 3.05 billion yuan from institutional investors [3] - Huhua Electric (002463) with a net inflow of 2.40 billion yuan from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - 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%, and a net profit attributable to shareholders of 384 million yuan, with a year-on-year growth of 26.89% [1] - The growth in revenue is attributed to increased business volume and product structure optimization, with a focus on high-value-added products [1][2] - The company is actively expanding into domestic and international markets, particularly in emerging industries such as AI applications, low-altitude flying vehicles, and humanoid robots [2] - The company has established three key development sectors: new energy vehicles, low-altitude flying vehicles/unmanned aerial vehicles, and humanoid robots/AI applications [2] Financial Performance Summary - The company is projected to achieve revenues of 6.254 billion yuan, 7.797 billion yuan, and 9.749 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.5%, 24.7%, and 25.0% [3][4] - The net profit attributable to shareholders is expected to be 1.104 billion yuan, 1.586 billion yuan, and 2.255 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 63.6%, 43.6%, and 42.2% [3][4] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 24.2x, 16.8x, and 11.8x, respectively [3][4]

Core Viewpoint - The PCB industry is experiencing significant growth driven by demand from AI computing, automotive electronics, and data centers, with many companies reporting substantial profit increases in the first half of the year [1][2][4]. Group 1: Industry Performance - Nearly 70% of PCB listed companies reported growth in net profit, with notable increases from companies like Shenghong Technology (up 367%), Junya Technology (up 333%), and Huazheng New Materials (up 328%) [2]. - The PCB market is projected to grow from $73.57 billion in 2024 to $94.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.2% [4]. Group 2: Product Upgrades - The industry is shifting towards high-end products, particularly in AI servers and automotive electronics, with high-frequency and high-speed copper-clad laminates seeing increased demand [2][3]. - Companies like Shenghong Technology are focusing on high-density interconnect (HDI) boards, which require advanced manufacturing processes and have seen supply tightness due to increased demand [3]. Group 3: Cost Pressures - Rising copper prices have led to increased operating costs for PCB manufacturers, with over half of the companies experiencing cost growth outpacing revenue growth [5][6]. - The copper price is expected to remain high, with analysts predicting further increases in the second half of the year, adding pressure on PCB companies to manage costs effectively [6]. Group 4: Capacity Expansion - Companies are actively expanding production capacities, particularly in Southeast Asia, to meet the growing demand for high-end multi-layer PCBs [7][9]. - Significant investments are being made by companies like Jingwang Electronics and Shenghong Technology in new facilities and technology upgrades to enhance their market share in high-end PCB products [7][9]. Group 5: Regional Developments - Southeast Asia is becoming a key region for PCB production, with countries like Thailand and Vietnam attracting investments from major PCB manufacturers [7][8]. - The region is expected to have the highest CAGR of 7.8% from 2024 to 2029, driven by the shift of production from China [7].

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 Views - The company has shown a revenue growth of 7.64% year-on-year in H1 2025, achieving a total revenue of 2.579 billion yuan. The net profit attributable to shareholders increased by 26.89% year-on-year to 384 million yuan [7]. - The growth is attributed to an increase in business volume and optimization of product structure, with a focus on high-value products and new customer acquisition [7]. - The company is actively expanding into emerging sectors such as AI and robotics, which are expected to create a second growth curve [1][7]. - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 871 million yuan, 1.245 billion yuan, and 1.651 billion yuan respectively, reflecting a strong growth outlook [7]. Financial Summary - Total revenue is projected to grow from 5.022 billion yuan in 2024 to 11.062 billion yuan in 2027, with a compound annual growth rate (CAGR) of 27.6% [2]. - The net profit attributable to shareholders is expected to increase from 675 million yuan in 2024 to 1.651 billion yuan in 2027, with a CAGR of 32.6% [2]. - Earnings per share (EPS) is forecasted to rise from 0.94 yuan in 2024 to 2.29 yuan in 2027 [2]. - The company maintains a healthy financial position with a debt-to-equity ratio of 8.8% in 2024, expected to decrease to 6.8% by 2027 [8].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by increased business volume and product structure optimization [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.579 billion yuan, representing a year-over-year increase of 7.64% - The net profit attributable to shareholders was 384 million yuan, up 26.89% year-over-year - The non-recurring net profit was 357 million yuan, reflecting a year-over-year increase of 19.55% - In Q2 2025, revenue reached 1.361 billion yuan, a year-over-year increase of 4.55% - The net profit attributable to shareholders for Q2 was 204 million yuan, up 5.23% year-over-year - The non-recurring net profit for Q2 was 186 million yuan, showing a year-over-year decrease of 2.00% [1][2]. Business Development - The company is actively expanding its automotive business, particularly in the new energy vehicle market, supplying major brands such as Tesla, BMW, and Toyota - It is also introducing high-value products related to autonomous driving, including smart cockpit controllers and radar circuit boards - In the AI server segment, the company has achieved mass production capabilities for various types of PCBs required for mainstream AI servers - The company has entered the supply chain of NVIDIA and AMD through OEM partnerships and is involved in the development of next-generation products - In the robotics sector, the company has been developing PCBs for humanoid robots since 2020 and has secured partnerships with leading companies in this field [3]. Profit Forecast and Investment Recommendation - The company is expected to maintain steady growth, with a positive outlook in the automotive and data communication PCB industries - The profit forecast for 2025-2027 has been adjusted to 871 million yuan, 1.245 billion yuan, and 1.651 billion yuan respectively - Based on comparable companies' valuations, a target price of 51.9 yuan has been set for 2026, maintaining a "strong buy" rating [4].

Company and Industry Summary Company Overview - The company reported total revenue of 2.58 billion RMB for the first half of 2025, representing a year-on-year growth of 7.64% [2] - Net profit attributable to shareholders reached 384 million RMB, with a growth exceeding 20% [2] - Operating cash flow surpassed net profit, increasing by 30%, indicating robust growth [2] Industry and Market Position - The company has entered the AI supply chain of NVIDIA and AMD through ODM, becoming one of the few PCB manufacturers capable of mass production for both clients [2][9] - Significant revenue growth of over 6 times was noted from a specific customer in North America [2][9] - The automotive electronics segment's revenue share decreased to 48%, while AI-related products increased to 15%, and energy storage and industrial control businesses rose to 23% [2][11] Technological Advancements - The company is investing in embedded chip technology, collaborating with XPeng Motors to develop an 800V high-voltage architecture embedded electric board project [2][6] - Embedded technology significantly enhances product value, potentially increasing it by five to ten times compared to traditional PCB [2][13] - The embedded chip packaging technology is in small-scale production and is expected to enter mass production soon, with a focus on reducing system noise and power consumption [6][12] Future Development Plans - The company plans to build an advanced manufacturing park in Thailand and a new embedded PCB manufacturing base in Jiangmen, with a total investment of 1.5 billion RMB [4][7] - Expected product shipments in the automotive sector by 2026, with energy storage business projected to grow by at least 50% year-on-year in the second half of 2025 [4][26] Financial Performance and Projections - The company aims to achieve significant improvements in financial performance in the second half of 2025, targeting a reduction in losses and potential profitability [19] - The embedded technology is expected to enhance the overall value and profitability of products, with projected high profit margins [30][31] Competitive Landscape - The company differentiates itself from competitors by integrating semiconductor packaging capabilities with PCB manufacturing, providing unique advantages in precision circuit handling and power chip packaging [23] Market Trends - The automotive sector is expected to remain strong, with significant sales growth anticipated for XPeng Motors and other clients [25] - The energy storage business is projected to maintain high growth rates, driven by strong demand and competitive products in the market [26][27] Conclusion - The company is strategically positioned to leverage advancements in technology and market trends, focusing on sustainable growth through innovation and expansion in key sectors such as AI, automotive electronics, and energy storage [28]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company achieved revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64% [2][5] - The net profit attributable to shareholders reached 384 million yuan, with a year-on-year increase of 26.89% [2][5] - The gross margin and net margin were 22.72% and 14.38%, showing a slight decrease of 0.04 percentage points and an increase of 2.37 percentage points year-on-year, respectively [2][5] - In Q2 2025, the company reported revenue of 1.361 billion yuan, a year-on-year growth of 4.55% and a quarter-on-quarter growth of 11.83% [2][5] - The net profit attributable to shareholders for Q2 was 204 million yuan, reflecting a year-on-year increase of 5.23% and a quarter-on-quarter increase of 13.59% [2][5] Summary by Relevant Sections Business Development - The company has embraced AI applications and is developing a second growth curve by focusing on emerging technology sectors [11] - It has received certification from Denso's electrification division, a major TIER 1 customer, and has made progress in the automotive sector, particularly in new energy vehicle components [11] - The company is also expanding into AI server boards, achieving mass production of high-layer PCBs for AI applications [11] Financial Forecast - The company is expected to achieve net profits of 912 million yuan, 1.106 billion yuan, and 1.401 billion yuan for the years 2024, 2025, and 2026, respectively [11] - Corresponding price-to-earnings ratios are projected to be 28.70, 23.67, and 18.68 times [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - 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%, and a net profit of 384 million yuan, up 26.89% year-on-year [8] - Significant customer expansion has been noted, particularly in high-value products, with successful certifications from top-tier overseas clients and entry into the supply chains of major technology firms [8] - The company is strategically investing in new production lines, particularly in embedded PCB packaging technology, with a total investment of approximately 1.5 billion yuan planned for the "Chip Innovation Smart Carrier" project [8] - Revenue projections for 2025-2027 are estimated at 6.247 billion yuan, 7.730 billion yuan, and 8.980 billion yuan respectively, with corresponding net profits of 884 million yuan, 1.152 billion yuan, and 1.402 billion yuan [8] Financial Performance - The company reported a revenue growth rate of 2.0% in 2023, 11.1% in 2024, and is expected to achieve 24.4% in 2025 [7] - The net profit growth rate is projected at 14.2% for 2023, 36.2% for 2024, and 31.1% for 2025 [7] - Earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, increasing to 1.23 yuan in 2025 and reaching 1.95 yuan by 2027 [7] Market Performance - The company's stock has shown a market performance of -4% over the last 12 months, while the industry benchmark (CSI 300) has seen a performance of 21% [4]