Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 4.078 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 10.96%, with a net profit of 625 million yuan, up 29.46% year-on-year [7] - The company is focusing on an integrated direction of "PCB + packaging," with significant growth potential in the fields of electric vehicles and humanoid robots, which demand higher performance and specifications for PCB products [7] - The company has successfully mass-produced various PCB products for AI servers and has entered the high-speed connector and power module sectors through ODM manufacturers [7] - The company is expected to achieve revenues of 62.47 billion yuan, 86.08 billion yuan, and 126.44 billion yuan from 2025 to 2027, with corresponding net profits of 8.70 billion yuan, 12.57 billion yuan, and 19.22 billion yuan [7] Financial Performance - The company reported a revenue of 14.99 billion yuan in Q3 2025, a year-on-year increase of 17.16%, and a net profit of 2.41 billion yuan, up 33.77% year-on-year [7] - The gross margin improved to 22.92%, and the net margin increased to 15.66% in Q3 2025 [7] - The projected earnings per share (EPS) for 2025 is 1.21 yuan, with a price-to-earnings (PE) ratio of 35.1 [6][8] Revenue and Profit Forecast - Revenue is forecasted to grow from 4.519 billion yuan in 2023 to 12.644 billion yuan in 2027, with a compound annual growth rate (CAGR) of 46.9% [6][8] - Net profit is expected to increase from 496 million yuan in 2023 to 1.922 billion yuan in 2027, with a CAGR of 53.0% [6][8] - The company’s return on equity (ROE) is projected to rise from 15.1% in 2023 to 20.2% in 2027 [6][8]

Company and Industry Summary Company: 世运电路 (Shiyun Circuit) Key Points Strategic Transformation - The company is undergoing a strategic transformation to position itself as a provider of high-reliability hardware integration solutions, transitioning from 2D to 3D space development with a target of exceeding 10 billion RMB in revenue within five years [2][3][4] Revenue and Financial Performance - In Q3 2025, the company reported total revenue nearing 4.1 billion RMB, a year-on-year increase of over 10%. Q3 revenue reached a historical high of 1.5 billion RMB, up approximately 17% year-on-year. Operating cash flow was close to 800 million RMB, with a stable gross margin of around 23% and net profit around 15% [3][4] Capital Expenditure Plans - The company plans to invest 2 billion RMB in capital expenditures in 2026, with 800 million RMB allocated to Thailand and 1.2 billion RMB domestically. This includes 500 million RMB for the first phase of embedded chip PCB investment and 200 million RMB for technology upgrades [6][22] Market Opportunities - The market for high-voltage and high-frequency applications is projected to reach 150 billion RMB, with potential growth areas identified in electric vehicles, data centers, humanoid robots, and aerospace [2][5][4] Order Backlog - The order backlog is primarily focused on autonomous driving (FSD), AI-related products, humanoid robots, and data center power supplies. Traditional business is expected to benefit from new model launches and a surge in the energy storage sector [7][8] Cost Management Strategies - In response to rising raw material prices, the company is enhancing production efficiency through technological collaboration and supply chain optimization, aiming to maintain stable profitability [9][10] Embedded Technology Development - Embedded technology is expected to have broad applications in electric vehicle power systems and data center power supplies, with a market size projected to exceed 100 billion RMB by 2026 [4][11] Product Structure and Future Outlook - Current product structure includes automotive (48%), energy storage (23%), consumer electronics (14%), and AI-related products (15%). The AI segment is expected to grow significantly, while automotive and consumer segments will maintain stable growth [14] Humanoid Robot Business - The humanoid robot segment is anticipated to see significant advancements in 2026, with the company leveraging embedded technology to enhance power supply and reduce energy consumption [20][21] Tesla Collaboration - The company is the first supplier certified by Tesla for products exceeding 1,500 volts, indicating strong collaboration and a focus on high-performance applications [13] Future Trends in PCB Industry - The PCB industry is expected to trend towards high integration, with significant advancements in embedded technology that enhance reliability and performance across various applications [27][28] Additional Insights - The company is actively recruiting and training personnel for its Thailand project, which aims to address labor challenges and enhance production efficiency [22][23] - The embedded technology is not limited to automotive applications but is expected to expand into various sectors, including data centers and high-frequency applications [24][25] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, market opportunities, and technological advancements.

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].

Investment Rating - The report maintains a "Buy" rating for the company [5][23] Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 10.96%, and a net profit attributable to shareholders of 625 million yuan, up 29.46% year-over-year [1] - The third quarter of 2025 saw a revenue of 1.499 billion yuan, a year-over-year increase of 17.16% and a quarter-over-quarter increase of 10.13%, with a net profit of 241 million yuan, reflecting a year-over-year increase of 33.77% [1] - The company is expected to achieve a revenue of 5.724 billion yuan in 2025, a 14% increase year-over-year [2] Financial Performance - The gross margin and net margin for Q3 2025 were 22.92% and 15.66%, respectively [1] - The company has seen continuous improvement in gross margin since Q1 2025, attributed to the introduction of high-value-added products [3] - The net profit margin for Q3 2025 increased by 1.04 percentage points compared to the previous quarter, primarily due to a fair value change net income of 57 million yuan [3] Revenue and Profit Forecast - The forecast for revenue in 2025 and 2026 is 5.724 billion yuan and 7.224 billion yuan, respectively, with net profits of 859 million yuan and 1.148 billion yuan [4] - The expected price-to-earnings (P/E) ratios for 2025 and 2026 are 37x and 27x, respectively [3][4]

Core Insights - The company reported a total revenue of 4.078 billion yuan for Q3 2025, marking a year-on-year increase of 10.96% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 625 million yuan, reflecting a year-on-year increase of 29.46% and four consecutive years of growth [1] - The company’s operating cash flow was 787 million yuan, ranking 7th among peers [1] Financial Performance - The latest debt-to-asset ratio is 30.48%, a decrease of 3.90 percentage points compared to the same period last year, ranking 10th among peers [3] - The gross profit margin stands at 22.79%, with a slight increase of 0.08 percentage points from the previous quarter, achieving two consecutive quarters of growth [3] - Return on equity (ROE) is reported at 9.36%, an increase of 0.41 percentage points year-on-year, ranking 9th among peers [3] - The diluted earnings per share (EPS) is 0.87 yuan, up by 8.75% year-on-year, marking four consecutive years of growth [3] Operational Efficiency - The total asset turnover ratio is 0.43 times, while the inventory turnover ratio is 5.30 times, ranking 5th among peers [4] - The number of shareholders is 67,300, with the top ten shareholders holding 385 million shares, accounting for 53.44% of the total share capital [4] Shareholding Structure - The largest shareholder is Guangdong Shunde Holding Group Co., Ltd., holding 23.67% of shares [4] - The second-largest shareholder is New豪国际集团有限公司, with a 20.11% stake [4] - Other notable shareholders include Guangdong Shunde High-tech Venture Capital Management Co., Ltd. and Hong Kong Central Clearing Limited, holding 3.01% and 2.17% respectively [4]

Core Viewpoint - The company, Guangdong Shiyun Circuit Technology Co., Ltd., has announced the results of its fifth board meeting, which includes the approval of the third quarter report for 2025 and the use of raised funds for investment projects [10][11][45]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The company reported a net profit of 0 yuan for the merged entity prior to the merger [6]. Shareholder Information - The total number of ordinary shareholders and the status of preferred shareholders with restored voting rights were not applicable [5]. Board Meeting Details - The fifth board meeting was held on October 28, 2025, with all seven directors present, and the meeting was deemed legal and effective [11]. - The board approved the third quarter report and the mid-term profit distribution plan, which will be submitted for review at the fourth extraordinary shareholders' meeting [15][37]. Use of Raised Funds - The company plans to use 520 million yuan of raised funds to increase capital or provide loans to its wholly-owned subsidiary, Hong Kong Shiyun, for the implementation of the "Thailand Peak Green Industrial Park" project [17][50]. - The total raised funds amounted to approximately 1.793 billion yuan, with a net amount of 1.777 billion yuan after deducting fees [48]. Capital Changes - The registered capital will be adjusted to 720,592,317 yuan following the implementation of the stock option incentive plan [20][40]. - The company will no longer have a supervisory board, with its responsibilities transferred to the audit committee of the board [20]. Governance and Compliance - The board and supervisory board have ensured that all reports and announcements are accurate and complete, taking legal responsibility for their content [2][10]. - The company has revised several governance documents to align with new regulations and improve operational efficiency [23][25].

Core Viewpoint - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.96% [1] - The net profit attributable to shareholders reached 625 million yuan, marking a year-on-year increase of 29.46% [1] - The non-recurring net profit was 540 million yuan, showing a year-on-year growth of 15.26% [1] - The basic earnings per share stood at 0.87 yuan [1] Financial Performance - Revenue for the first three quarters: 4.078 billion yuan, up 10.96% year-on-year [1] - Net profit attributable to shareholders: 625 million yuan, up 29.46% year-on-year [1] - Non-recurring net profit: 540 million yuan, up 15.26% year-on-year [1] - Basic earnings per share: 0.87 yuan [1]

Core Viewpoint - The company reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved total operating revenue of 4.078 billion yuan, representing a year-on-year growth of 10.96% [1] - The net profit attributable to shareholders reached 625 million yuan, showing a year-on-year increase of 29.46% [1] - Basic earnings per share were reported at 0.87 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares to all shareholders [1]

中信证券股份有限公司 关于广东世运电路科技股份有限公司 使用募集资金向子公司增资或借款 以实施募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为广东 世运电路科技股份有限公司（以下简称"世运电路"或"公司"）的保荐机构， 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》及《上市公司募集资金监管规则》等有关法律、法规及 规范性文件的规定，就世运电路使用募集资金向子公司增资或借款以实施募投项 目事项进行了认真、审慎的核查，核查情况及核查意见如下： 注：以上"募集资金承诺投资总额"不含购置理财产品产生的投资收益、现金管理收益及累 计收到的银行存款利息。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意广东世运电路科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕1017 号），公司向特定对 象发行人民币普通股股票 117,964,243 股，发行价为每股人民币 15.20 元，共计 募集资金 179,305.65 万元，坐扣承销及保荐费 1,393.06 万元（该部分为不含税金 额，属于发行费用），持续督 ...

Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters, representing a year-on-year increase of 10.96% [2] - The net profit reached 625 million yuan, showing a year-on-year growth of 29.46% [2] - The growth in performance is attributed to increases in operating income, investment income, and foreign exchange gains [2]