Group 1 - The company has commenced mass production supply of its AI glasses products for a major overseas client [1][2] - In the AI server sector, the company has achieved mass production of 28-layer AI server circuit boards, 24-layer ultra-low loss servers, and 5G communication PCBs [2] - The company has entered the high-speed connector and power module fields through ODM manufacturers and has completed certification for all AMD products [2] Group 2 - The company is providing products to major computing power center clients in Europe [2] - In the first half of 2025, the company secured a new product project with humanoid robot client F, entering the mass production preparation phase [2] - The company is actively advancing collaborations with leading domestic humanoid robot clients to obtain new generation humanoid robot project designations through client certifications [2]

人民财讯9月4日电，世运电路（603920）9月4日在互动平台表示，公司的AI眼镜产品在海外头部M客户 的定点项目已进入量产供应。在AI服务器领域，公司已经实现了28层AI服务器用线路板、24层超低损 耗服务器和5G通信类PCB的量产。目前已通过ODM厂商进入NV的高速连接器模块与电源模块领域；完 成AMD全系产品认证；为欧洲主要算力中心客户提供产品。2025年上半，公司获得人形机器人客户F公 司新产品定点和设计冻结进入转量产准备，同时积极推进与国内人形机器人头部客户合作，通过客户认 证获得新一代人形机器人项目定点。 ...

格隆汇9月4日丨世运电路(603920.SH)在互动平台表示，公司的AI眼镜产品在海外头部M客户的定点项 目已进入量产供应。在 AI服务器领域，公司已经实现了28层AI服务器用线路板、24 层超低损耗服务器 和5G通信类PCB的量产。目前已通过ODM厂商进入NV的高速连接器模块与电源模块领域；完成AMD 全系产品认证；为欧洲主要算力中心客户提供产品。2025年上半，公司获得人形机器人客户 F公司新产 品定点和设计冻结进入转量产准备，同时积极推进与国内人形机器人头部客户合作，通过客户认证获得 新一代人形机器人项目定点。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%. The net profit attributable to shareholders was 384 million yuan, a 26.89% increase year-on-year, while the net profit after deducting non-recurring items was 357 million yuan, up 19.55% year-on-year [3][4]. - The growth in revenue is attributed to the expansion of new customers and products, as well as an optimization of the product structure, which has led to an increase in the average price of high-value products [4]. - The company's gross margin for the first half of 2025 was 22.72%, remaining stable year-on-year, while the net margin improved by 2.37 percentage points to 14.38% [4]. Business Development and Product Optimization - The company is consolidating its automotive application base and actively advancing AI+ applications. It has secured contracts with major domestic automotive clients for intelligent driving projects and has entered mass production supply [4]. - In the AI server sector, the company has achieved mass production capabilities for various products and has entered the supply chains of major players like NVIDIA and AMD [4]. - The company is also expanding its production capacity in Thailand, with a factory expected to commence operations by the end of this year, focusing on high-layer and HDI products [4]. Financial Forecast - The company is projected to achieve total revenue of 6.248 billion yuan in 2025 and 7.834 billion yuan in 2026, with net profits expected to reach 885 million yuan and 1.177 billion yuan respectively [5]. - The earnings per share (EPS) are forecasted to be 1.23 yuan for 2025 and 1.63 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 32 and 24 [4][5].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by increased business volume and product structure optimization [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.579 billion yuan, representing a year-over-year increase of 7.64% - The net profit attributable to shareholders was 384 million yuan, up 26.89% year-over-year - The non-recurring net profit was 357 million yuan, reflecting a year-over-year increase of 19.55% - In Q2 2025, revenue reached 1.361 billion yuan, a year-over-year increase of 4.55% - The net profit attributable to shareholders for Q2 was 204 million yuan, up 5.23% year-over-year - The non-recurring net profit for Q2 was 186 million yuan, showing a year-over-year decrease of 2.00% [1][2]. Business Development - The company is actively expanding its automotive business, particularly in the new energy vehicle market, supplying major brands such as Tesla, BMW, and Toyota - It is also introducing high-value products related to autonomous driving, including smart cockpit controllers and radar circuit boards - In the AI server segment, the company has achieved mass production capabilities for various types of PCBs required for mainstream AI servers - The company has entered the supply chain of NVIDIA and AMD through OEM partnerships and is involved in the development of next-generation products - In the robotics sector, the company has been developing PCBs for humanoid robots since 2020 and has secured partnerships with leading companies in this field [3]. Profit Forecast and Investment Recommendation - The company is expected to maintain steady growth, with a positive outlook in the automotive and data communication PCB industries - The profit forecast for 2025-2027 has been adjusted to 871 million yuan, 1.245 billion yuan, and 1.651 billion yuan respectively - Based on comparable companies' valuations, a target price of 51.9 yuan has been set for 2026, maintaining a "strong buy" rating [4].

Group 1 - The company has achieved mass production capabilities for 28-layer AI server PCBs, 5-level HDI (including any layer interconnection), 6oz thick copper multilayer boards, multilayer flexible boards, and multilayer HDI rigid-flex boards [2]

Group 1 - The company has entered NVIDIA's supply chain through OEM methods [2] - In the AI server sector, the company has achieved mass production capabilities for various products, including 28-layer AI server circuit boards and 24-layer ultra-low loss servers [2] - The company also produces 5-stage HDI boards, 6oz thick copper multilayer boards, multilayer flexible boards, and multilayer HDI rigid-flex boards [2]