证券代码：603920 证券简称：世运电路 公告编号：2025-066 广东世运电路科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司募集资金监管规则》和《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关规定，现将广东世运电路科技股份有限公司（以 下简称"公司"）2025 年半年度募集资金存放与实际使用情况说明如下： 一、募集资金基本情况 二、募集资金的管理情况 （一）募集资金管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 益，公司按照《中华人民共和国公司法》《中华人民共和国证券法》《上海证券 交易所股票上市规则》及《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等有关法律、法规和规范性文件的规定，结合公司实际情况，制定了《广 东世运电路科技股份有限公司募集资金管理制度》（以下简称《管理制度》）。 对募集资金的储存、审批、使用、管理与监督做出了明确的规定，以在制度上保 证募集资金的规范使用。 根据《管理制度》，公司对募集资金实行专户存储 ...

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][2] - The company is established as a joint-stock limited company in accordance with the Company Law and is registered with the Shenzhen Market Supervision Administration [1][2] - The company was approved for registration by the China Securities Regulatory Commission and listed on the Shanghai Stock Exchange on May 11, 2021, with an initial public offering of 33.39 million shares [1][3] Company Information - The registered capital of the company is RMB 133.39 million [2] - The company is located in the Bao'an District of Shenzhen [2] - The legal representative of the company is the chairman of the board, and the company will appoint a new legal representative within 30 days if the current one resigns [2][3] Business Objectives and Scope - The company's business objectives include cultivating top employees, manufacturing top products, and creating an industry brand to meet customized needs at various stages of research and production [3][4] - The business scope includes circuit design, sales of circuit boards and electronic components, domestic trade, and import/export of goods and technology [3][4] Shares and Capital - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [5][6] - The total number of shares issued by the company is 133.39 million, all of which are ordinary shares [5][6] - The company has specific regulations regarding the issuance, transfer, and repurchase of shares, ensuring fairness and equal rights among shareholders [6][7] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and request information [10][11] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [48][49] - Shareholder meetings require proper notification and must include detailed information about the agenda and voting procedures [61][62] - Decisions made at shareholder meetings can be classified as ordinary or special resolutions, with different voting thresholds required for each [80][81]

Core Viewpoint - The company is facing significant challenges in its various business segments, leading to declining revenues and profitability, particularly in the consumer electronics and new energy vehicle sectors, which are experiencing intense competition and price pressures [3][4][28]. Group 1: Financial Performance - The company's subsidiary, Zhuhai Yuntaili, reported a net profit of -141.36 million yuan in 2024, a decline of 176.42 million yuan from a profit of 35.06 million yuan in 2023, primarily due to decreased revenue and gross margin [6][9]. - Zhuhai Yuntaili's revenue from consumer electronics automation equipment dropped to 1.02847 billion yuan in 2024, with a gross margin of 37.52%, down from 1.21766 billion yuan and 42.54% in 2023, reflecting a significant decline in both revenue and profitability [7][8]. - The company's net profit for the optical testing business decreased to -127.51 million yuan in 2024, down from -70.84 million yuan in 2023, largely due to a drop in sales revenue and the recognition of goodwill impairment [9][10]. Group 2: Market Conditions - The consumer electronics and new energy vehicle sectors are experiencing high competition, leading to price reductions and increased pressure on profit margins, which is expected to continue [4][25]. - The market for smart glasses is uncertain, with the timing of market breakthroughs being unpredictable, which poses risks for the company's optical testing segment [26][29]. - The lithium battery material sector is facing oversupply issues, leading to reduced operational capacity and profitability across the industry, which is expected to persist [26][29]. Group 3: Goodwill Impairment - The company has recognized significant goodwill impairment, totaling 29.49 million yuan, primarily related to Zhuhai Yuntaili, which accounted for 23.23 million yuan of this impairment [5][21]. - The impairment testing for Zhuhai Yuntaili was based on a decline in market conditions and competitive pressures, leading to a reassessment of the recoverable amount of goodwill [21][24]. - The company has engaged professional institutions to conduct annual goodwill impairment tests, ensuring that the impairment recognition is based on adequate and reasonable assessments [21][24].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 58.8 CNY, compared to the current price of 37.09 CNY [5][24]. Core Insights - The company plans to fully acquire Solstice Optoelectronics for a maximum consideration of 629 million USD, which is expected to open a third growth curve for the company [2][3]. - The acquisition is anticipated to enhance the company's position in the optical communication sector, which is projected to experience significant growth due to increasing demand for high-speed optical modules [9][10]. - The company has a solid foundation in its PCB business and is expected to benefit from new product iterations in AI smartphones and foldable screens, as well as a growing automotive business [9][10]. Financial Summary - Total revenue is projected to grow from 36,770 million CNY in 2024 to 60,418 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 19.8% from 2024 to 2025 [4][10]. - Net profit is expected to rebound significantly from 1,086 million CNY in 2024 to 6,032 million CNY in 2027, reflecting a growth rate of 178.0% in 2025 [4][10]. - Earnings per share (EPS) is forecasted to increase from 0.64 CNY in 2024 to 3.54 CNY in 2027, indicating strong profitability growth [4][10]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 58 in 2024 to 10 in 2027, suggesting an attractive valuation as earnings grow [4][10].

Summary of Dongshan Precision's Q1 2025 Earnings Call Company Overview - Dongshan Precision reported business growth in Q1 2025, primarily driven by the increase in revenue from the PCB (Printed Circuit Board) segment, with the new energy business achieving over 100% growth in a single quarter. Non-PCB businesses, including touch display and LED manufacturing, turned losses into profits year-on-year. [2][4] - The gross margin improved year-on-year due to stable PCB performance and the recovery of other business segments. The reduction in operating expense ratio was attributed to controlled sales and management expenses, although R&D investment increased. [2][4] Key Business Segments New Energy Business - The new energy business generated 2.63 billion, a year-on-year increase of 44%. Successful product introduction from major clients and smooth ramp-up of new production capacity contributed to this growth. [3] - The company aims to enhance the value and market share of its products in the new energy sector, targeting the establishment of a 100 billion intelligent manufacturing platform. [3] LED and Touch Display Business - The LED and touch display segments, which had previously reported losses, showed signs of recovery with reduced losses in Q1 2025. The LED segment is expected to continue reducing losses throughout the year, potentially turning profitable in certain quarters. [4][6] - The touch display segment is anticipated to achieve revenue growth as demand from major clients gradually increases. [4] Market Dynamics - The company noted that the LED industry has faced severe competition due to oversupply and weak demand, leading to a challenging environment. However, structural adjustments in product and client mix have started to yield positive results. [4][6] - The company does not foresee significant pricing pressure in the soft board segment, maintaining stable gross margins despite ongoing price reductions. [5] Future Outlook - The second quarter is traditionally a slow season for consumer electronics, but the company expects continued improvement in precision components and LED segments. The demand for PCBs remains uncertain due to trade conflicts and structural adjustments. [6] - For the full year, the company is optimistic about ASP (Average Selling Price) increases and the introduction of new products from major clients. [6] Production and Capacity - The company is focusing on high-end multilayer PCB technology for next-generation computing needs and is investing in automation and AI technologies in its manufacturing processes. [2] - The Thai factory is positioned to support module production, with expectations of achieving a 1:3 input-output ratio once soft board production reaches full capacity. [17] Strategic Partnerships and Innovations - The company is collaborating with DingTalk to build a digital platform that optimizes production planning and supply chain management through AI technology. [2] - The company is also involved in the development of AI glasses and has positioned itself as a key supplier for lightweight and high-performance soft boards. [18] Conclusion - Dongshan Precision is navigating a complex market landscape with strategic adjustments in product offerings and client relationships. The company is optimistic about future growth driven by new energy and advanced technology applications, while also managing challenges in traditional segments like LED and touch displays. [2][3][4][6]

Event Overview - The company reported Q1 2025 revenue of 5.611 billion yuan, a year-over-year increase of 26.86% and a quarter-over-quarter decrease of 0.57% [1] - The net profit attributable to shareholders was 564 million yuan, up 43.76% year-over-year and up 53.82% quarter-over-quarter [1] - The non-recurring net profit was 560 million yuan, reflecting a year-over-year increase of 44.97% and a quarter-over-quarter increase of 54.46% [1] - The gross margin was 24.6%, an increase of 3.3 percentage points year-over-year and 2.51 percentage points quarter-over-quarter [1] - The net profit margin was 11.31%, up 2.18 percentage points year-over-year and 3.92 percentage points quarter-over-quarter [1] - The significant growth in Q1 performance was driven by increased sales volume and optimized sales structure in the copper-clad laminate segment, as well as growth in the circuit board sector due to rising demand for high-layer, high-precision, and high-density multi-layer printed circuit boards [1] Product Technology Planning - The company is proactively planning product technology and has received certifications from advanced end customers for various self-developed products, which are widely used in high-performance computing, AI servers, 5G antennas, and other electronic products [2] - Continuous R&D investment is being made in products such as halogen-free low-loss copper-clad laminates for next-generation server platforms and high thermal conductivity copper-clad laminates for 5G communication power supplies [2] - The company is well-positioned for future growth as downstream demand is expected to recover, leading to potential price increases in copper-clad laminates, which could enhance both performance and valuation [2] Investment Recommendations - The company is projected to achieve net profits attributable to shareholders of 2.704 billion yuan, 3.455 billion yuan, and 4.12 billion yuan for the years 2025, 2026, and 2027 respectively [3] - Based on the closing prices for 2025, 2026, and 2027, the price-to-earnings ratios are estimated to be 21.8, 17.1, and 14.3 times respectively [3] - The recommendation to maintain a "buy" rating reflects confidence in the company's growth trajectory [3]

点击招商研究小程序查看PDF报告原文 生益科技发布25年一季报，我们依旧坚定看好公司在PCB上游材料的技术引领、核心卡位和长线空 间以及优秀管理能力会持续被市场认知和发掘，25年高速板材放量将驱动新一轮高质量成长。结合 公司近况，点评如下： Q1收入&利润均创一季度新高，主要系高速板材放量和通用产品结构改善，验证我们此前趋势向好 判断。 25Q1收入56.1亿同比+26.9%环比-0.6%，归母净利5.6亿同比+43.8%环比+53.8%，扣 非归母5.6亿同比+45.0%环比+54.5%，毛利率24.6%同比+3.3pcts环比+2.5pcts，净利率 11.3% 同 比 +2.2pcts 环 比 +3.9pcts ， 销 管 研 财 费 用 率 2.1%/4.3%/5.2%/0.3% ， 合 计 同 比 +0.8pct环比-1pct。归母净利大幅增长，主要系：1）公司覆铜板产销量同比上升，优化销售结 构，其中AI领域所需的高速材料在海外大客户供应链逐步起量，且目前行业上下游环境利于CCL涨 价，使得覆铜板产品营收与毛利率同比上升，推动盈利增加；2）线路板板块，公司持续优化产品 结构，积极完善产品业务区域布 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company is expected to experience a new round of high-quality growth driven by the ramp-up of high-speed boards in 2025, supported by its technological leadership and strong management capabilities [1][6]. - Q1 2025 revenue reached 5.61 billion, a year-on-year increase of 26.9%, while net profit grew by 43.8% year-on-year, indicating a strong performance driven by the increase in high-speed board production and improved product mix [1][6]. - The company is well-positioned to capture more market share in high-speed materials due to its leading technology and sufficient production capacity, particularly in the context of tight supply and demand for high-grade CCL [6][7]. Financial Performance - Q1 2025 revenue composition includes approximately 4.02 billion from CCL-related business and 1.58 billion from PCB business, with net profit margins of 10.9% for CCL, reflecting improved profitability [1][6]. - The company forecasts revenues of 23.88 billion, 27.47 billion, and 31.59 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.61 billion, 3.32 billion, and 4.06 billion [6][7]. - The projected PE ratios for 2025, 2026, and 2027 are 22.5, 17.7, and 14.4 respectively, indicating a favorable valuation outlook [6][7]. Market Position and Strategy - The company is expanding its high-end CCL production capacity and has made significant R&D investments to enhance its product offerings, particularly in AI computing and other high-demand sectors [6][7]. - The report highlights the company's ability to maintain stable supply chains for critical materials, ensuring consistent production despite market fluctuations [6][7]. - The company is expected to benefit from rising CCL prices due to increased demand and industry-wide price adjustments, enhancing its revenue potential [6][7].