Core Viewpoint - Shunluo Electronics reported strong performance in Q1 2025, with significant growth in revenue and net profit, driven by emerging markets like automotive electronics and data centers, despite stable pricing in electronic components [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.461 billion yuan, a year-on-year increase of 16.03% [1] - Net profit for the same period was 233 million yuan, reflecting a year-on-year growth of 37.02% [1] - Operating cash flow net amount increased by 38.07% to 329 million yuan, with a gross margin of 36.56%, remaining stable compared to the previous year [1] Group 2: Business Segments - The company’s communication and consumer electronics sectors showed flat performance, while automotive electronics and data center markets experienced significant growth [1] - Sales revenue and net profit attributable to the parent company reached historical highs for the same period [1] - The company specializes in various types of chip electronic components, including magnetic devices, microwave devices, sensitive devices, and precision ceramics, applicable in multiple fields [1] Group 3: Market Outlook - The mobile communication sector remains a traditional stronghold for the company, with a high market share, categorized into traditional and new products [1] - The company anticipates continued growth in the mobile application demand, with increasing unit value in mobile business [1] - In the automotive electronics sector, products are focused on "three electrifications and one integration," with the theoretical unit value for ordinary household electric vehicles ranging from 1,500 to 3,000 yuan [1] Group 4: Future Projections - For 2024, the company projects revenue of 5.897 billion yuan, a year-on-year increase of 16.99%, and net profit of 832 million yuan, reflecting a growth of 29.91% [1]

Core Viewpoint - The company, Shunluo Electronics, has reported a strong order backlog and high capacity utilization rates since the second quarter, indicating robust demand for its products [1] Group 1 - The company has disclosed that its order levels are currently full, suggesting a healthy demand environment [1] - Capacity utilization rates have remained high since the beginning of the second quarter, reflecting efficient production operations [1] - The pricing of the company's electronic components is generally aligned with market trends, indicating a stable pricing structure overall [1]

Core Insights - The company achieved record-high sales revenue in 2024, with total revenue reaching 5.897 billion yuan, a year-on-year increase of 16.99% [2] - The net profit attributable to shareholders for 2024 was 832 million yuan, up 29.91% year-on-year, while the net profit excluding non-recurring items was 781 million yuan, an increase of 31.96% [2] - The company is expanding its product lines in traditional markets and achieving significant growth in emerging strategic markets such as automotive electronics and data centers [2][5] Financial Performance - In Q4 2024, the company reported revenue of 1.702 billion yuan, a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16% [3] - The net profit for Q4 2024 was 208 million yuan, reflecting a year-on-year increase of 27.54% but a quarter-on-quarter decrease of 18.75% [3] - For Q1 2025, the company achieved revenue of 1.461 billion yuan, a year-on-year increase of 16.03% [4] - The net profit attributable to shareholders in Q1 2025 was 233 million yuan, up 37.02% year-on-year [4] Business Segments - Signal processing business generated revenue of 2.270 billion yuan in 2024, a year-on-year increase of 10.12% [2] - Power management business revenue was 1.946 billion yuan, up 4.31% year-on-year [2] - Automotive electronics or energy storage business saw a significant revenue increase of 62.10%, reaching 1.104 billion yuan [2] - The company is focusing on expanding its presence in AI applications, automotive electronics, and data centers, with notable growth in these areas [5][6] Market Opportunities - The company is actively exploring opportunities in hydrogen fuel cells and humanoid robotics, which are expected to become key growth areas [6] - The expansion into AI server applications and energy-efficient products is part of the strategy to capture market share in data centers [6] - The company aims to enhance its product offerings in the automotive sector, covering electric vehicle systems and smart driving applications [6] Future Outlook - The company is projected to achieve revenues of 7.193 billion yuan in 2025, with a year-on-year growth rate of 21.98% [7] - Net profit is expected to reach 1.077 billion yuan in 2025, reflecting a growth of 29.45% [7] - The company is positioned to benefit from ongoing trends in electronic components, particularly in automotive electronics and AI data centers [7]

Group 1: Market Position and Growth Strategy - The company is a leading player in the mobile communication inductance market, with a significant market share and full coverage of core customers in the industry chain [1] - The product portfolio is divided into traditional products (high market share) and new products (future growth), with strategies in place to maintain market share and drive growth through continuous new product launches [1] - The increasing demand in mobile applications is expected to enhance the unit value of mobile business continuously [1] Group 2: Performance in Key Segments - The power management sector saw a year-on-year growth of 23.87% in Q1, driven by various platforms, while automotive electronics and energy storage products experienced a remarkable growth of 65.46% [2] - Sales of various molded platform power inductors in the power management sector have increased significantly, applicable in devices ranging from mobile phones to AI servers with power requirements of 5-2000W [2] Group 3: Automotive Electronics and Product Structure - The automotive electronics product structure focuses on "three electrics and one integration," covering applications in smart driving, smart cockpits, and new energy vehicles, with a single vehicle value ranging from 1,500 to 3,000 yuan [2] - Continuous introduction of new products and technologies is expected to further optimize the product structure and increase the single vehicle value in the automotive electronics sector [2] Group 4: Data Center Development and Trends - The data center business is a strategic emerging area for the company, supplying various types of power inductors and capacitors, with plans to expand new products and application modules [3] - The global penetration rate of AI servers is increasing, leading to higher demand for magnetic components with high power density and low power consumption [3] Group 5: Pricing and Market Conditions - The company's products are positioned as basic electronic components, maintaining competitive technology levels comparable to global leaders, with a stable pricing structure influenced by market conditions [3] - The company has a full order book and maintains a high capacity utilization rate since Q2 [3]

股票代码：002138 股票简称：顺络电子 编号：2025-044 深圳顺络电子股份有限公司 关于公司涉及诉讼的进展公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 案件所处的诉讼阶段：原告已撤诉。 上市公司所处的当事人地位：被告。 一、涉及诉讼的基本情况 梅州线艺科技有限公司以侵害发明专利权纠纷为由向上海知识产权法院对 深圳顺络电子股份有限公司（以下简称"公司"）、得捷电子(上海)有限公司提 起诉讼，案号为：（2024）沪 73 知民初 179 号。公司于 2024 年 9 月 9 日收到上 海知识产权法院送达的《民事起诉状》及《应诉通知书》等诉讼相关材料，具体 内容详见公司于 2024 年 9 月 11 日 刊 登 在 证 券 时 报 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《关于公司涉及诉讼的公告》（公告编号：2024- 079）。 二、诉讼事项的进展情况 公司于 2025 年 4 月 23 日收到上海知识产权法院送达的《民事裁定书》 （（2024）沪 73 知民初 179 号），裁定如下： 三、是否有 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company has shown significant growth in emerging markets, particularly in automotive electronics and data centers, despite the off-season [1][5]. - The first quarter of 2025 saw the company achieve a revenue of 1.461 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 233 million yuan, up 37.02% year-on-year, exceeding expectations [4][5]. Financial Performance - In Q1 2025, revenue breakdown by product shows signal processing at 34.9%, power management at 34.8%, automotive electronics and energy storage at 21.5%, and ceramics & PCB and others at 8.7% [5]. - The company reported a gross margin of 36.6% in Q1 2025, slightly up from 34.5% in Q4 2024 and stable compared to 36.9% in Q1 2024 [5]. - Operating cash flow improved to 329 million yuan in Q1 2025 from 238 million yuan in Q1 2024, indicating better cash flow management [6]. Earnings Forecast - The company is projected to achieve net profits of 1.092 billion yuan, 1.380 billion yuan, and 1.743 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.35 yuan, 1.71 yuan, and 2.16 yuan [7][10]. - The estimated P/E ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1 respectively, indicating a favorable valuation trend [7][10].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [5][8]. Core Views - The company reported a revenue of 1.461 billion yuan in Q1 2025, representing a year-on-year growth of 16.03%. The net profit attributable to the parent company was 233 million yuan, up 37.02% year-on-year, exceeding expectations [5]. - Emerging markets such as automotive electronics and data centers are showing significant growth, with automotive electronics and energy storage revenue increasing by 65.46% year-on-year [6]. - The company's gross margin remained stable at 36.6%, with effective cost control reflected in reduced management, sales, and R&D expense ratios [6][7]. Financial Performance - For the fiscal year 2025, the company is projected to achieve a net profit of 1.092 billion yuan, with earnings per share (EPS) of 1.35 yuan. The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1, respectively [8][10]. - The company’s operating cash flow improved to 329 million yuan in Q1 2025, compared to 238 million yuan in Q1 2024, indicating better cash management [7]. - The company’s total revenue is expected to grow from 5.04 billion yuan in 2023 to 12.004 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.8% [10][12]. Market Performance - As of April 21, 2025, the company's closing price was 28.21 yuan, with a market capitalization of 22.746 billion yuan [3]. - The stock has seen a yearly high of 34.04 yuan and a low of 22.50 yuan, indicating volatility in its market performance [3]. Product Segmentation - In Q1 2025, the revenue breakdown by product was as follows: signal processing (34.9%), power management (34.8%), automotive electronics and energy storage (21.5%), and ceramics & PCB and others (8.7%) [6].

股票代码：002138 股票简称：顺络电子 编号：2025-043 深圳顺络电子股份有限公司 关于股东部分股份质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司股东新余 市恒顺通电子科技开发有限公司（以下简称"恒顺通"）通知，获悉恒顺通将 持有本公司部分股份办理股票质押式回购业务，现将有关事项公告如下： | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 | 占公司 | 是否为限售 股（如是， | 是否 为补 | 质押起始 | 质押到期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 | 持股份 | 总股本 | | | | | 质权人 | 质押用途 | | 名称 | 大股东及其 | （股） | 比例 | 比例 | 注明限售类 | 充质 | 日 | 日 | | | | | 一致行动人 | | | | 型） | 押 | | | | | | 恒顺 | 是 | | | | | | ...

证券研究报告 顺络电子 (002138 CH) 1Q25：业绩创历史同期新高，新兴业 务增速亮眼 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 电子元件 | 顺络电子发布一季报，1Q25 实现营收 14.61 亿元（yoy+16.03%、 qoq-14.16%），归母净利 2.33 亿元（yoy+37.02%、qoq+12.09%）。公司 Q1 业绩创下历史同期新高，我们认为主要得益于公司在汽车电子和数据中 心等新兴领域显著成长，且整体经营效率持续提升。展望未来，一方面， AI+和汽车智能化两大产业趋势将继续为公司带来成长机遇；另一方面，面 临国际贸易的不确定性，由于公司对北美客户销售额占比不足 2%，且海外 采购比例低，同时因关税的影响还会进一步加速公司相关物料的国产化进 程，因此我们认为顺络有望在全球供应链重塑中彰显竞争优势和经营韧性。 维持目标价 40.2 元，维持买入评级。 1Q25：泛消费类稳健，数据中心和汽车电子类业务表现亮眼 分业务看，1Q25 信号处理/电源管理/汽车电子及储能/陶瓷、PCB ...

业绩简评 4 月 18 日，公司披露 2025 年一季报。25Q1 公司实现营业收入 14.61 亿元，同比增加 16.03%，环比减少 14.16%；实现归母净 利润 2.33 亿元，同比增加 37.02%，环比增加 12.09%；实现扣 非归母净利润2.20亿元，同比增加39.76%，环比增加18.95%。 经营分析 新兴市场领域高速增长，25Q1 公司收入及归母净利润创历史同 期新高。分业务线来看，25Q1 公司信号处理/电源管理/汽车电子 或储能专用/陶瓷、PCB 及 其 他 业 务 同 比 增 速 为- 4.95%/+23.87%/+65.46%/+5.02%， 收 入 占 比 分 别 为 42.6%/32.6%/15.1%/9.7%。其中电源管理业务受益于一体成型 电感份额提升，保持高速增长，汽车业务受益于国内大客户在 BMS、功率共模器件、驱动变压器等产品上放量，同比高速增 长。分下游应用来看，汽车电子、数据中心等新兴市场领域增速 显著，通信/泛消费需求平稳。25Q1 公司毛利率达 36.56%，环 增 2.07pct，同降 0.39pct，叠层产品仍处于高毛利率水平，绕线 产品伴随着一体成型电 ...