股票代码：002138 股票简称：顺络电子 编号：2025-092 深圳顺络电子股份有限公司 关于股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 | 股东名称 | 是否为控股 股东或第一 | 本次解除质押 | 占其所持股 | 占公司总股 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 | 股份数量（股） | 份比例 | 本比例 | | | | | | 一致行动人 | | | | | | | | 恒顺通 | 是 | 4,200,000 | 7.57% | 0.52% | 年 月 2024 12 | 2025年 11月 24 | 深圳市高新投集团有 | | | | | | | 日 17 | 日 | 限公司 | | 恒顺通 | 是 | 2,500,000 | 4.50% | 0.31% | 2024 年 12 月 | 2025年 11月 24 | 深圳市高新投集团有 | | | | | | | 17 日 | 日 | 限公司 | ...

Core Viewpoint - Shunluo Electronics experienced a stock price increase of 5.31%, reaching 36.08 yuan per share, with a trading volume of 431 million yuan and a turnover rate of 1.61%, resulting in a total market capitalization of 29.092 billion yuan [1] Group 1: Company Overview - Shunluo Electronics, established on September 8, 2000, and listed on June 13, 2007, is located in Longhua District, Shenzhen, Guangdong Province [1] - The company specializes in the research, production, and sales of new electronic components, including chip inductors and chip varistors, with 99.13% of its revenue coming from chip electronic components [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Shunluo Electronics, having reduced its holdings by 195,300 shares in the third quarter, now holding 11.7467 million shares, which is 1.55% of the circulating shares [2] - The Southern CSI 500 ETF has a current scale of 140.098 billion yuan and has achieved a year-to-date return of 21.84%, ranking 1924 out of 4206 in its category [2] Group 3: Fund Holdings - Southern Fund's Southern High-Quality Selected Mixed A (014946) holds 158,900 shares of Shunluo Electronics, representing 2.59% of the fund's net value, making it the eighth-largest holding [3] - The fund has a current scale of 1.81 billion yuan and has achieved a year-to-date return of 14.14%, ranking 4583 out of 8136 in its category [3]

Core Viewpoint - The company emphasizes that precious metals constitute a small portion of raw material costs, and as electronic components trend towards being "light, thin, short, and small," the consumption of raw materials per product is decreasing, leading to a limited impact on production costs and gross margin [1] Group 1: Raw Material Costs - Precious metals have a minor share in the overall raw material costs [1] - The trend towards smaller electronic components results in reduced raw material consumption per unit [1] - The impact of raw material costs on gross margin is becoming increasingly negligible [1] Group 2: Supply Chain Management - The company has established long-term partnerships with suppliers, particularly within the domestic supply chain, which helps mitigate the effects of raw material price volatility [1] - Strong supply chain management capabilities are highlighted as a competitive advantage [1] Group 3: Innovation and Efficiency - Continuous technological, process, and equipment innovations are being pursued to enhance production efficiency [1] - The company engages in early-stage research and design with key clients, ensuring high automation levels and ongoing improvements in technology and processes [1] - These innovations significantly contribute to maintaining the company's gross margin levels [1]

Core Viewpoint - The company, Shunluo Electronics, has been engaged in the precision ceramics field for many years, focusing on high-performance ceramic materials and products, with applications in various industries including solid oxide batteries, smart wearables, consumer electronics, new energy, and medical sectors [1] Group 1: Company Overview - Shunluo Electronics has developed a range of products including structural ceramics and electronic ceramics, emphasizing platform-based research and customized products [1] - The company has made significant investments in ceramic powder technology, accumulating extensive expertise in the development of platform-based ceramic products, new material applications, and manufacturing processes [1] Group 2: Market Applications - The primary application markets for the company's products include solid oxide batteries (SOC), which encompass both SOFC and SOEC technologies, as well as smart wearables, consumer electronics, new energy, and medical fields [1] - The company has established advanced and complete processes for powder preparation and product processing, along with production lines [1] Group 3: Strategic Partnerships - Through its subsidiary, Xinbai Ceramics, the company has partnered with Zhen Tai Energy to form Bai Tai Company, which will focus on the research and development of core technologies for new high-temperature fuel cells, as well as the production and sales of related products [1]

Core Viewpoint - The company is strategically positioning itself in the emerging AI server market, focusing on high-precision and high-power density technologies to provide comprehensive power supply solutions for data centers [2] Group 1: AI Server Market Strategy - The company identifies AI servers as a key strategic market and aims to supply a complete set of products from primary to tertiary power sources for various xPU chips, network cards, memory, and SSDs [2] - The domestic computing power clients are crucial to the company's data center business, which has seen steady growth throughout the year due to the rapid application of domestic large models [2] Group 2: Customer Base and Demand - The demand for modular inductive solutions in the xPU power supply segment is rapidly increasing from overseas heavyweight clients, further solidifying the foundation for the company's growth in the data center market [2] - The company has established a comprehensive client base that includes leading domestic server manufacturers and top overseas power semiconductor module manufacturers, with a full order book for AI server-related products [2]

Core Points - The stock price of Shunluo Electronics increased by 2.01% on November 24, reaching 34.50 CNY per share, with a total market capitalization of 27.818 billion CNY [1] - The company reported a year-to-date stock price increase of 11.68%, but a decline of 0.86% over the last five trading days and 17.86% over the last twenty days [1] - Shunluo Electronics specializes in the research, production, and sales of chip inductors and chip varistors, with 99.13% of its revenue coming from these electronic components [1][2] Financial Performance - For the period from January to September 2025, Shunluo Electronics achieved a revenue of 5.032 billion CNY, representing a year-on-year growth of 19.95%, and a net profit attributable to shareholders of 769 million CNY, up 23.23% year-on-year [2] - The company has distributed a total of 2.32 billion CNY in dividends since its A-share listing, with 869 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 16.79% to 46,000, while the average number of tradable shares per person decreased by 14.38% to 16,456 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 45.1919 million shares, and other significant shareholders have seen reductions in their holdings [3]

Core Viewpoint - Shunluo Electronics (002138) has reported significant improvements in performance and pricing of TLVR inductors compared to non-TLVR AI inductors, indicating a strong future demand for TLVR products in AI servers [1] Group 1: Product Performance - The performance and unit price of TLVR inductor products have significantly improved compared to non-TLVR types [1] - The increase in TLVR product usage is expected to substantially enhance the value of magnetic components in AI servers [1] Group 2: Market Position and Strategy - Shunluo has proactively positioned itself in the TLVR inductor market, staying ahead of industry trends [1] - The company has already begun bulk supply of TLVR products to customers, indicating readiness to meet growing demand [1] Group 3: Future Outlook - The data center business is anticipated to enter a rapid growth phase in the coming years, driven by the rising demand for TLVR products [1]

Core Viewpoint - The company is strategically positioning itself in the emerging market of AI servers, leveraging its technological advantages to provide comprehensive product solutions for clients [1] Group 1: Company Strategy - The company emphasizes its focus on AI servers (data centers) as a key area of strategic development [1] - It offers a complete range of product solutions from primary power supply to tertiary power supply, showcasing its technological strengths in miniaturization, high precision, and high power density [1] Group 2: Market Development - Domestic business with computing power clients is steadily growing on a quarterly basis [1] - There is a rapid increase in demand from overseas heavyweight clients for modular inductors related to ASIC chips, CPUs, and GPUs [1] Group 3: Business Performance - The company has established coverage with leading domestic server manufacturers and top overseas power semiconductor module manufacturers [1] - Orders related to AI servers are robust, leading to rapid business growth, particularly in overseas markets [1]

Group 1 - The core viewpoint of the article highlights that Shunluo Electronics (SZ 002138) announced an investor research meeting scheduled for November 21, 2025, where the company’s board secretary and securities representative will address investor inquiries [1] - For the first half of 2025, Shunluo Electronics reported that its revenue composition is entirely from the electronic components industry, with a 100.0% share [1] Group 2 - The article also mentions a significant event involving Dapeng Industrial, where the strategic placement of shares at a subscription price of 9 yuan saw a dramatic increase to 118 yuan on the first day of listing, resulting in a paper profit of 24.92 million yuan for the actual controller and his brother [1]

Group 1: AI Server Market - The company is strategically positioned in the AI server market, focusing on miniaturization, high precision, and high power density technology, providing comprehensive power supply solutions for clients [2] - Domestic clients in the AI server sector have shown steady growth due to the rapid application of domestic computing power models, with quarterly growth observed throughout the year [2] - The demand for modular inductive solutions for ASIC chips and GPU peripherals from overseas clients is also increasing, contributing to the sustained growth of the company's data center market [2][3] Group 2: TLVR Inductor Development - The TLVR inductor offers significant advantages over traditional VR structure inductors, including faster load transient response and reduced output capacitor size and cost [3] - The company has proactively developed various TLVR inductor products, which are now being supplied in bulk to clients, indicating a strong market position [3] Group 3: Tantalum Capacitor Market - The company has invested in the tantalum capacitor sector for years, developing new series products that cater to high-end consumer electronics, AI data centers, and automotive electronics [4] - The new tantalum capacitor products have gained recognition from major clients due to their thin profile and low ESR values, aligning with trends in high-performance applications [4] Group 4: Impact of Raw Material Prices - Precious metals constitute a small portion of the raw material costs, and as electronic components trend towards lighter and smaller designs, the impact of raw material costs on production is limited [4] - The company maintains strong supply chain management capabilities, which help mitigate the effects of raw material price volatility [4] Group 5: Ceramic Products Strategy - The company has been involved in the precision ceramic field for many years, focusing on high-performance ceramic materials and products for various applications, including solid oxide batteries and consumer electronics [5] - Continuous investment in ceramic powder technology has led to a diverse range of product offerings, supported by advanced manufacturing processes [5] Group 6: Future Capital Expenditure Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [5] - Emphasis on R&D investment remains strong, with a commitment to increasing R&D spending over the long term to support growth in new business areas [5]