研报掘金丨中邮证券：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 demand for energy storage, with Shiyun Circuit having a full order book. The global energy storage market is expected to experience a triple resonance of policy, technology, and market dynamics by 2026, characterized by "China leading, Europe and the US making efforts, and emerging markets rising" [1] Group 1: Market Dynamics - The global energy storage market is projected to enter a significant growth phase by 2026 due to a combination of policy, technology, and market factors [1] - The company has established partnerships with several energy storage enterprises in the domestic market, focusing on high-frequency power conversion and high-voltage energy storage inverter PCB products [1] Group 2: Company Positioning - Shiyun Circuit's energy storage clients include leading international and domestic companies, and it has entered a mass supply phase [1] - The company is experiencing strong demand from T clients in the energy storage sector and has a high market share in overseas markets, with additional production capacity expected to be released [1] Group 3: Future Prospects - 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]