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 Insights - The company has achieved steady growth in the first three quarters of 2025, with revenue reaching 4.078 billion yuan, a year-on-year increase of 10.96%, and a net profit of 625 million yuan, up 29.46% year-on-year [7]. - The company is actively expanding into AI and robotics sectors to create a second growth curve, focusing on high-value products and optimizing its product structure [7]. - The company has established a strong foothold in the automotive sector, supplying major electric vehicle brands and developing advanced products for autonomous driving and AI servers [7]. - The company is also innovating with its "Chip-in-Board" technology, which enhances reliability and electrical performance while reducing costs [7]. - Profit forecasts indicate a net profit of 869 million yuan in 2025, 1.299 billion yuan in 2026, and 1.665 billion yuan in 2027, reflecting a robust growth trajectory [2][7]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 5.022 billion yuan, 5.880 billion yuan, 8.668 billion yuan, and 11.062 billion yuan respectively, with corresponding year-on-year growth rates of 11.1%, 17.1%, 47.4%, and 27.6% [2]. - The company's net profit is expected to grow from 675 million yuan in 2024 to 1.665 billion yuan in 2027, with growth rates of 36.2%, 28.8%, 49.4%, and 28.2% respectively [2]. - The earnings per share (EPS) are projected to increase from 0.94 yuan in 2024 to 2.31 yuan in 2027 [2]. Market Position - The company has a total market capitalization of 31.454 billion yuan and a circulating market value of the same amount, with a debt-to-asset ratio of 30.48% [3]. - The stock price target is set at 63 yuan, with the current price at 43.65 yuan, indicating significant upside potential [2].

Core Viewpoint - The company has developed a comprehensive technical capability in PCB products for humanoid robots, focusing on core control modules and drive systems, and is now entering the mass production phase with key partners in North America and China [1] Group 1: Collaboration and Development - Since 2020, the company has been collaborating with a leading North American humanoid robot enterprise on joint R&D, resulting in three generations of product iterations [1] - The company has established a technical moat in key indicators such as signal transmission stability and anti-interference [1] Group 2: Mass Production and Supply Chain - The company has reached a cooperation intention for product supply in the mass production phase and is preparing for key steps, including reserving dedicated production line capacity and completing supply chain coordination [1] - The first batch of mass production samples has been delivered and verified, with subsequent orders expected to be fulfilled as customer production capacity is released [1] Group 3: Domestic Market Expansion - In addition to its overseas advantages, the company is expanding into the domestic humanoid robot PCB market, having established partnerships with three leading domestic humanoid robot companies [1] - One project has entered the small batch supply stage, while another is in the late stage of sample verification, focusing on high-power drive module PCB products [1] Group 4: Future Investment and Growth - The company plans to increase R&D investment in the humanoid robot PCB field, with a focus on breakthroughs in high-density interconnection and lightweight substrate applications [1] - The goal is to deepen cooperation with domestic and international customers, gradually transforming the robotics-related business into a new growth driver for the company [1]

Core Insights - The company, Shiyun Electric Circuit (603920.SH), is leveraging its extensive experience in the research and production of electric vehicles to advance its humanoid robot business [1] - The company has successfully secured a new product designation from a leading North American humanoid robot enterprise, with design plans now frozen and entering the mass production preparation phase [1] - A new factory being built in Thailand is expected to commence production by the end of 2026, which will enhance the company's ability to meet overseas market demands and expand its supply chain for robotic products [1] Market Strategy - The company is extending its domestic PCB market presence by utilizing its first-mover advantage in the overseas electric vehicle PCB sector, positioning humanoid robots as a key development area [1] - Collaborations with leading domestic humanoid robot clients have already begun, indicating a proactive approach to securing project designations in the domestic market [1]

Core Viewpoint - The company is actively expanding its international and domestic robotics business, with significant developments in humanoid robot PCB products and new factory construction in Thailand to meet overseas demand [1] Group 1: International Market Development - Since 2020, the company has been collaborating with clients to develop and produce humanoid robot PCB products, successfully securing new product design points with a leading North American humanoid robot company [1] - The design plans have been finalized and are entering the mass production preparation phase [1] - A new factory in Thailand is expected to commence production by the end of 2025, which will enhance the company's ability to meet overseas market demands and further expand its international robotics business [1] Group 2: Domestic Market Strategy - The company is leveraging its first-mover advantage in the overseas electric vehicle PCB sector to extend its reach into the domestic PCB market [1] - Humanoid robots have been identified as a key development area, with ongoing collaborations and project designations with leading domestic humanoid robot clients [1]