中邮证券：维持世运电路“买入”评级，AI、储能加速成长

Core Viewpoint - The report from Zhongyou Securities highlights strong downstream energy storage demand and a full order book for Shiyun Circuit, indicating a robust growth outlook for the company in the energy storage sector [1] Industry Summary - The global energy storage market is expected to experience a significant boom by 2026, driven by a combination of policy, technology, and market factors, with a landscape characterized by "China leading, Europe and the US making strides, and emerging markets rising" [1] - The company has established partnerships with leading international and domestic energy storage enterprises, currently entering a phase of bulk supply [1] Company Summary - The demand for energy storage from T customers is strong, with a high market share in overseas markets, and additional production capacity is expected to be continuously deployed [1] - In the domestic market, the company has formed collaborations with several energy storage firms, focusing on core supply of high-frequency power conversion and high-voltage energy storage inverter PCB products, with future order volumes expected to steadily increase alongside domestic market growth [1] - The company has entered the supply chain of Nvidia and AMD, participating in the research, testing, and certification of next-generation products [1] - The company is also investing in embedded chip technology, with production expected to commence by mid-2026 [1] - The rating for the company is maintained at "Buy" [1]