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研报掘金丨华鑫证券:维持世运电路“买入”评级,未来PCB业务成长空间广阔
Ge Long Hui· 2025-08-01 05:28
Core Viewpoint - The report from Huaxin Securities highlights that Shiyun Circuit's automotive PCB technology is leading, with significant growth potential linked to Tesla's expansion [1] Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 180 million yuan, representing a year-on-year increase of 65.61% [1] - The improvement in performance is attributed to increased business volume, optimized product structure, and higher unit prices [1] Industry Trends - The demand for computing power is expected to rise rapidly as xAI continues its training work on the next-generation model Grok [1] - With the imminent mass production of Dojo2, the AI computing cluster centered around Dojo is anticipated to play a crucial role in accelerating the iteration of Tesla's FSD system, the development of the Optimus robot, and the Grok model [1] Growth Potential - In the context of rapid advancements in electric vehicle intelligence, humanoid robots, and AI large models, the company is well-positioned with major technology clients, indicating a broad growth space for its PCB business in the future [1] - The investment rating is maintained at "Buy" [1]