2025 年半年度报告全文 深圳顺络电子股份有限公司 2025 年半年度报告 2025 年 7 月 1 2025 年半年度报告全文 董事会致辞 尊敬的各位股东： 2025 年上半年，公司全体员工齐心协力，践行业务发展目标，经营业绩逐季连创历史 同期新高，其中 2025 年第二季度单季度营收实现人民币 17.63 亿元，创单季度营收历史新 高。2025 年上半年实现营收人民币 32.24 亿元，归属上市公司股东净利润人民币 4.86 亿元， 创半年度历史新高。 2025 年第二季度，公司于手机通讯、消费电子等传统市场应用领域保持了稳步成长， 在 AI+应用、汽车电子、数据中心等新兴战略市场实现了持续强劲的高速增长。在复杂多 变的经营环境下，公司的创新业务蓬勃发展，新产品得到多位全球顶级科技客户的认可， 其中数据中心业务于 2025 年上半年实现订单的重要增长，成为公司继汽车电子市场之后 又一新兴战略市场的标志性突破。 公司将坚持从传统"产品提供者"向"价值创造者"转型。随着 AI+应用赋能全行业， 各种应用场景的电子智能终端飞速发展，我们持续坚持市场洞察工作，主动预见客户需求， 抓住新兴市场机遇，持续加大基础技 ...

公司近期在互动平台回应投资者称，其产品具有核心竞争力，与全球主要行业标杆企业建立了长期合作 关系。但受保密协议限制，具体客户信息不便披露。 截至2025年7月30日收盘，顺络电子股价报28.84元，较前一交易日上涨0.28%。当日成交额达4.71亿 元，换手率为2.17%。 7月30日数据显示，顺络电子主力资金净流入4074.83万元，占流通市值的0.19%。 顺络电子属于电子元器件行业，专注于电感产品的研发与生产。公司表示其电感产品技术水平已与国际 知名厂商相当，并拥有全球领先的客户群体。 来源：金融界 风险提示：股市有风险，投资需谨慎。 ...

Core Viewpoint - The company, Sunlord Electronics (002138), emphasizes its commitment to the basic electronic components industry and its focus on core business development, showcasing its competitive edge in inductor products that match the technology level of globally renowned electronic component manufacturers [1] Company Overview - Sunlord Electronics has maintained a long-term cooperation strategy with a leading global customer base, which includes benchmark enterprises across major related industries [1] - The company’s product offerings possess core competitiveness, indicating a strong position in the market [1] Customer Relationships - The company adheres to a major customer strategy, establishing long-term partnerships with key clients [1] - Specific customer information is not disclosed due to confidentiality agreements [1]

金融界消息 截至2025年7月30日收盘，顺络电子（002138）报收于28.84元，上涨0.28%，换手率 2.17%，成交量16.33万手，成交金额4.71亿元。 天眼查商业履历信息显示，深圳顺络电子股份有限公司，成立于2000年，位于深圳市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本80631.8354万人民币，实缴资本 80631.8354万人民币。公司法定代表人为袁金钰。 通过天眼查大数据分析，深圳顺络电子股份有限公司共对外投资了16家企业，参与招投标项目96次，知 识产权方面有商标信息15条，专利信息668条，此外企业还拥有行政许可89个。 来源：金融界 资金流向方面，今日主力资金净流入4074.83万元，占比成交额8.65%。其中，超大单净流入1422.23万 元、占成交额3.02%，大单净流入2652.60万元、占成交额5.63%，中单净流出流出1109.58万元、占成交 额2.35%，小单净流出2965.25万元、占成交额6.29%。 顺络电子最新一期业绩显示，截至2025一季报，公司营业总收入14.61亿元、同比增长16.03%，归属净 利润2.33亿元，同比增 ...

Core Viewpoint - The company has demonstrated strong R&D capabilities through the continuous launch of new products, but faces challenges in entering the supply chains of top tech giants like Apple and Nvidia, indicating a highly stable supply chain for these companies and potential barriers for new entrants [1] Group 1: Company Positioning - The company operates in the basic electronic components industry and has focused on its core business since its establishment [1] - The technical level of the company's inductive products is on par with globally recognized electronic component manufacturers, showcasing its core competitiveness [1] - The company adheres to a major customer strategy and has established long-term cooperative relationships with leading global clients across key industries [1] Group 2: Customer Relationships - The company has a global leading customer base that includes benchmark enterprises in major related industries [1] - Specific customer information cannot be disclosed due to confidentiality agreements [1]

通过天眼查大数据分析，深圳顺络电子股份有限公司共对外投资了16家企业，参与招投标项目96次，知 识产权方面有商标信息15条，专利信息667条，此外企业还拥有行政许可89个。 金融界消息 截至2025年7月29日收盘，顺络电子（002138）报收于28.76元，上涨0.49%，换手率 1.96%，成交量14.79万手，成交金额4.21亿元。 来源：金融界 资金流向方面，今日主力资金净流入1977.92万元，占比成交额4.7%。其中，超大单净流出115.37万 元、占成交额0.27%，大单净流入2093.28万元、占成交额4.98%，中单净流出流入476.26万元、占成交 额1.13%，小单净流出2454.18万元、占成交额5.84%。 顺络电子最新一期业绩显示，截至2025一季报，公司营业总收入14.61亿元、同比增长16.03%，归属净 利润2.33亿元，同比增长37.02%，扣非净利润2.20亿元，同比增长39.76%，流动比率1.512、速动比率 1.170、资产负债率47.71%。 天眼查商业履历信息显示，深圳顺络电子股份有限公司，成立于2000年，位于深圳市，是一家以从事计 算机、通信和其他电子设备制 ...

Core Viewpoint - The company is experiencing rapid revenue growth and expanding its market share in the global inductance sector, driven by advancements in technology and applications in emerging industries such as 5G, big data, automotive electronics, and renewable energy [2]. Group 1: Revenue and Profit Growth - In Q1 2025, the company achieved a revenue of 1.461 billion yuan, representing a year-on-year increase of 16% [2]. - The net profit attributable to shareholders reached 233 million yuan, marking a year-on-year growth of 37% [2]. Group 2: Product Development and Market Position - The company has a leading position in high-precision inductance products, with a focus on miniaturization and integration [3]. - The company has fully covered customers in the consumer electronics sector, with a continuous increase in the share of new products [3]. Group 3: Automotive Electronics Progress - The company has been developing its automotive electronics business since 2009 and is now one of the few active Chinese component manufacturers in the global automotive electronics market [4]. - By 2024, the company's revenue from automotive electronics and energy storage is expected to reach 1.1 billion yuan, reflecting a year-on-year growth of 62% [4]. Group 4: Collaboration and Energy Efficiency - The company collaborates with leading data center enterprises to design energy-efficient product combinations for servers and storage [5]. - The demand for magnetic components is increasing due to the rising penetration of AI servers and the need for high power density and low power consumption in AI server GPU power supply applications [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company is a leading player in the domestic inductance market, with a significant global market share in magnetic components, microwave devices, sensors, and fine ceramics. The company reported a revenue of 1.461 billion yuan in Q1 2025, a year-on-year increase of 16%, and a net profit of 233 million yuan, up 37% year-on-year [1]. - The company has successfully expanded its automotive electronics business, achieving a revenue of 1.1 billion yuan in 2024, representing a 62% year-on-year growth. Its products cover various electric and intelligent driving applications [2]. - The company is actively collaborating with leading data center enterprises to develop energy-efficient product combinations for AI servers and storage solutions, responding to the increasing demand for high power density and low power consumption [2]. Summary by Sections Company Overview - The company specializes in magnetic components and has a strong presence in the global market, particularly in high-precision products. Its product applications are expanding into 5G communications, big data, automotive electronics, and renewable energy sectors [1]. Financial Performance - For 2023, the company forecasts a revenue of 5.04 billion yuan, with a growth rate of 18.93%. The net profit is projected to be 641 million yuan, reflecting a growth rate of 47.91% [4][9]. - The company expects to achieve a net profit of 1.057 billion yuan by 2025, with a corresponding P/E ratio of 22 [3][4]. Market Trends - The report highlights the acceleration of AI applications in consumer electronics, which is expected to create new market opportunities for various components. The company has achieved comprehensive coverage of clients in the consumer electronics sector [1][2]. - The automotive electronics segment is noted for its comprehensive coverage of electrification scenarios, including intelligent driving and smart cockpit applications [2]. Valuation Metrics - The company’s projected P/E ratios are 36 for 2023, decreasing to 15 by 2027, indicating a favorable valuation trend as earnings grow [4][12]. - The report also provides a detailed forecast of revenue, net profit, and other financial metrics through 2027, showcasing a consistent growth trajectory [4][9][11].

Core Insights - The report provides a comprehensive analysis of the current state and future prospects of the RF device market in China from 2025 to 2031, highlighting key trends, challenges, and opportunities within the industry [1][3]. Group 1: Industry Overview - The RF device industry is defined and categorized, including distinctions between RF devices and similar concepts such as electronic components and power semiconductors [4][5]. - The report outlines the classification of RF devices based on various criteria, including control signal characteristics and internal carrier participation in conduction [4][5]. Group 2: Macro Environment Analysis - A PEST analysis is conducted, examining the policy, economic, social, and technological environments affecting the RF device industry in China [5][6]. - The report details the regulatory framework and standardization efforts within the RF device sector, including current and upcoming standards [5][6]. Group 3: Global Market Insights - The global RF device market is analyzed, including historical development, current market size, and competitive landscape [6][7]. - Key regions such as the US, Europe, and Japan are examined for their respective RF device market conditions and standards [6][7]. Group 4: Supply and Demand Analysis - The report assesses the supply and demand dynamics within the Chinese RF device market, including production and consumption statistics of representative companies [8][9]. - It highlights the import and export trends over the past five years, providing insights into trade dynamics and market structure [8][9]. Group 5: Competitive Landscape - The competitive landscape of the RF device industry in China is analyzed, including the entry processes of competitors and strategic positioning [9][10]. - The report discusses the market concentration and competitive clusters within the industry, providing a detailed overview of major players [9][10]. Group 6: Investment Opportunities - The report identifies potential investment opportunities within the RF device industry, focusing on weak links in the supply chain and emerging market segments [10][11]. - It also provides strategic recommendations for entering and exiting the market, along with an assessment of investment risks and values [10][11].

Group 1 - The core viewpoint of the articles highlights the structural differentiation in the A-share market, with a focus on the "high-cut low" strategy and the emergence of new investment opportunities in the context of macroeconomic pressures and corporate earnings forecasts [1][2] - The CSI 500 Quality Growth Index is currently at a historical low valuation, with a price-to-book (PB) ratio of 1.94, indicating significant investment value compared to over 84.74% of the past three years [2] - The CSI 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader CSI 500 Index, providing diverse investment options [2] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Dongwu Securities, Kaiying Network, and Huagong Technology, collectively accounting for 20.42% of the index [2] - The recent performance of the top ten stocks shows mixed results, with Dongwu Securities slightly up by 0.22% and Kaiying Network down by 1.13%, reflecting the ongoing volatility in the market [3]