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研報掘金丨中郵證券:維持世運電路“買入”評級,汽車業務持續高增長

中郵證券研報指出,世運電路自動駕駛驅動價值量提升,海外大客戶合作粘性高。公司充分利用在汽車PCB領域已積累的經驗和資源,把握新能源汽車快速發展的機遇,與國際科技產業領先客戶的合作進一步加深。25年T客戶汽車車型迭代加快,會帶動銷量增長同時汽車智能化提升下單車價值量會增加。未來隨着T客戶新產品陸續投放,公司份額也會提升。銷量增長、單車價值量提升和份額提升會共同驅動公司在T客戶汽車業務增長。儲能業務方面,T客戶儲能規劃25年增長50%,帶動公司儲能業務增長:人形機器人業務方面,T客戶在持續迭代推進產品,公司持續配合客戶開發,後續隨着人形機器人量產預計公司將同步實現增長;Dojo業務方面,T客戶產品由Dojo1向Dojo2迭代,後續隨着Dojo2放量也會爲公司貢獻更多業績。維持“買入”評級。

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