世運電路(603920.SH):公司在服務器領域已經取得一些進展
格隆匯6月19日丨世運電路(603920.SH)披露調研紀要,調研主要內容如下:
Q1:請問公司在服務器領域的佈局如何,目前產品導入情況?
A1:基於前期佈局及技術積累,公司在服務器領域已經取得一些進展,其中與客户通過產業供應鏈合作,合作產品為大算力數據中心加速卡,公司提供產品所需PCB,目前處於小批量生產階段,上述項目的具體合作情況基於與客户的保密協議要求目前不方便透露,因後續可能存在市場環境、技術配合、訂單落地等方面的風險,相關產品的順利生產尚存在一定的不確定性;未來公司將積極響應客户需求,發展AI服務器、數據中心等相關業務。
Q2:PCB行業近期擴產較大,行業比較"內卷",請問公司如何面對低價競爭?公司產線設備的國產化情況如何?國際客户是否要求將供應鏈外遷?
A2:公司主要客户來自海外,多年來與海外客户建立了穩固的合作關係。海外客户更看重供應商的技術能力、產品質量而非單純考慮價格因素,公司多年來一直堅持做好研發創新提升工藝技術水平以保持競爭優勢。在發展國內市場時,公司亦會堅持同樣的原則,不會參與惡性低價競爭。目前公司產線設備的國產化率水平已達到較高的水平,國內設備的精度也在不斷提高,目前只有部分高端精密設備仍以海外供應商為主。部分國際客户有提出海外產能供應的需求,但不是硬性要求,目前不存在嚴格的時間表或者具體指標。國內供應鏈比較成熟,具有較大優勢,短時間難以替代。公司有在做海外產能建設方案的調研。
Q3:如何看待汽車板客户有降價需求?公司產品價格如何調整?公司如何保持毛利率水平?
A3:海外客户價格調整幅度較為温和,週期也一般較長,客户希望與供應商長期合作,不會將成本全部轉嫁給上游供應商,當然目前降價壓力客觀存在,但對公司的影響有限,此外原材料價格仍在下行,也會減輕公司壓力。隨着汽車電子化、智能化程度的提升及普及,所使用的電子部件也在增加,對PCB的需求亦相應提升。公司在做好現有產品供貨的同時也有積極配合客户新產品的研發工作,新產品所需PCB毛利率水平相對較高,在實現量產後規模效應對公司產品毛利率亦有一定提升作用。此外,公司將通過生產工藝技術改良、提升良率、提高自動化程度等多種方式降本增效,在滿足客户降本需求的同時仍能保持較高的毛利率水平。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.