Olympic Circuit Technology Co., Ltd
603920.SS · SHH
Company research
Olympic Circuit Technology Co., Ltd (603920.SS) is a China-based manufacturer founded in 1985 and headquartered in Heshan, Guangdong, principally engaged in the research, development, manufacture, and sale of a comprehensive range of printed circuit boards (PCBs) for both domestic and international markets. The company's product portfolio encompasses double-sided, multi-layer, HDI, flexible, rigid-flex, and metal base PCBs, serving diverse end markets including automotive electronics, wind power generation, photovoltaic, energy storage, industrial control, consumer electronics, computer and peripheral products, communications, and medical equipment. With an annual production capacity exceeding 5 million square meters and annual sales revenue surpassing RMB 4.5 billion, Olympic Circuit Technology operates as a large-scale PCB manufacturer with a workforce of approximately 6,633 employees. The company, listed on the Shanghai Stock Exchange since 2019, holds multiple internationally recognized certifications including ISO9001, ISO14001, ISO13485, TS16949, and UL, and is currently expanding its production capacity with a new facility expected to bring total output to 7 million square meters annually.
Research reports
Annual report commentary emphasizing that Olympic Circuit’s core automotive PCB business remains stable while high-frequency, high-speed boards for AI computing and energy storage drive product mix upgrade and multi-year revenue and profit growth, supported by capacity expansion in Thailand and new “芯创智载” embedded‑chip PCB projects. Key risks flagged include raw-material price volatility, slower-than-expected capacity ramp-up and cyclical or competitive pressures in the PCB industry.
中邮证券有限责任公司 · February 4, 2026世运电路(603920)：AI、储能加速成长The report argues that surging global demand for energy storage and AI servers is accelerating Olympic Circuit’s growth, with strong Megapack-related PCB orders from Tesla and industrial clients like Eaton, Mitsubishi and ABB, alongside OEM-based entry into Nvidia and AMD AI-server supply chains. It highlights the firm’s chip-embedded PCB R&D aimed at EVs, robots, photovoltaics and data centers as a key avenue for future margin and earnings expansion, while noting risks from market recovery, competition and technology execution.
东莞证券股份有限公司 · September 1, 2025世运电路（603920）2025 半年报点评：业务开拓及产品结构优化，推动上半年业绩增长This half-year review notes that 1H25 revenue and net profit grew steadily, driven by new customer wins and a shift toward higher-value automotive and AI-related PCB products that lifted average selling prices and profitability. The analysts stress expansion into domestic smart-driving OEMs, AI servers (including boards supplied via OEM into Nvidia and AMD), human-robotics and AR smart-glasses as building an “AI+” growth curve, and maintain a buy rating while warning on trade frictions, demand and raw-material risks.
开源证券股份有限公司 · August 26, 2025世运电路（603920.SH）：深耕PCB 领域四十年，特斯拉产业链打造升值空间First-coverage report positioning Olympic Circuit as a 40‑year PCB specialist and leading automotive board supplier, forecasting strong revenue and profit growth on the back of deep integration into Tesla’s ecosystem across EVs, energy storage, Dojo compute and humanoid robots and a large planned capacity base exceeding 7 million m² per year. It values the stock at a premium to current levels but below peer multiples, citing upside from “quantity and price” upgrades in high-layer and HDI boards, while outlining demand, key-customer and input-cost risks.