Group 1: AI Server Solutions - The company focuses on providing comprehensive power supply solutions for AI server chips, including primary, secondary, and tertiary power sources for various xPU chips, network cards, memory, and SSDs [2] - The company offers a range of products such as integrated power inductors, assembled power inductors, ultra-thin copper magnetic co-fired power inductors, and tantalum capacitors [2] - The transition from traditional servers to AI servers has increased power consumption, necessitating higher performance and power density from components [2] Group 2: TLVR Inductor Products - The TLVR inductor concept emerged to meet the increasing power demands of AI servers, as traditional VR structures struggle with high current loads [3] - TLVR inductors show significant performance and price improvements over non-TLVR types, indicating a potential increase in value for magnetic components in AI servers [3] - The company has proactively developed various TLVR inductor products, positioning itself at the forefront of the industry [3] Group 3: Tantalum Capacitor Business - The company has invested in the tantalum capacitor sector for years, developing new structures that enhance size and performance [3] - New tantalum capacitor products are designed to meet customer demands for miniaturization, thinness, and high capacitance, with applications in high-end consumer electronics, enterprise eSSD, AI data centers, automotive electronics, and industrial control [3] Group 4: Automotive Electronics Growth - Automotive electronics represent a significant emerging strategic market for the company, with a positive outlook for growth [4] - The company is actively investing in new product research and development to maximize customer resource advantages and provide comprehensive solutions for automotive clients [4] - The rapid growth of new products and businesses is expected to continuously support the company's automotive electronics segment [4] Group 5: Impact of Raw Material Price Increases - The company has reduced the proportion of precious metals in raw material costs through effective supply chain management and process improvements [4] - Recent surges in precious metal prices have led the company to negotiate with clients to share some of the cost pressures [4] - The company aims to mitigate the impact of raw material price volatility through technological and process innovations [4] Group 6: Capital Expenditure Planning - The company operates in a capital-intensive industry with ongoing expansion needs, requiring significant funding [4] - Continuous investment in capacity is necessary due to the rapid development of new businesses and fields [4] - The company prioritizes R&D investment, with a long-term trend of increasing R&D expenditures [4] - Recent capital expenditures have focused on infrastructure construction for industrial parks, with a slowdown expected in future investments as these projects complete [4]

证券代码：002138 证券简称：顺络电子 公告编号：2026-035 深圳顺络电子股份有限公司 关于与专业投资机构共同投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次对外投资概况 深圳顺络电子股份有限公司（以下简称"公司"）作为有限合伙人与普通合伙 人深圳市高新投人才股权投资基金管理有限公司，及其他有限合伙人深圳市引导 基金投资有限公司、深圳市宝安区产业投资引导基金有限公司、深圳市汇通金控 基金投资有限公司、深圳市龙华区引导基金投资管理有限公司、深圳市光明区引 导基金投资管理有限公司、深圳市高新投创业投资有限公司、江西赣江新区信担 金服管理有限公司共同签署《深圳市高新投高端装备产业私募股权投资基金合伙 企业（有限合伙）合伙协议》（以下简称"合伙协议"），共同投资设立深圳市高 新投高端装备产业私募股权投资基金合伙企业（有限合伙）（以下简称"合伙企 业"），合伙企业目标募资规模为人民币 20 亿元，出资方式均为货币。合伙协议 首次签署时，全体合伙人本次的认缴出资总额为人民币 14.5 亿元，公司以自有 资金认缴出资人民币 2,500 万元 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 案件所处的诉讼阶段：（2025）沪 73 知民初 277 号案件原告已撤诉； 证券代码：002138 证券简称：顺络电子 公告编号：2026-036 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 （二）截至本公告日，（2025）沪 73 知民初 278 号、（2025）沪 73 知民初 279 号案件正在审理中。 （2025）沪 73 知民初 278 号、（2025）沪 73 知民初 279 号案件正在审理 中。 上市公司所处的当事人地位：被告。 一、涉及诉讼的基本情况 株式会社村田制作所（Murata Manufacturing Co.，Ltd.）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"）、上海旭沁电子科技有限公司提起三件诉讼，案号分别为：（2025）沪 73 知民初 277 号、（2025）沪 73 知民初 278 号、（2025）沪 73 知民初 279 号。 公司于 2025 年 11 月 6 日收到上海知识产权法院送达的《民事起诉状》 ...

Macro and Strategy - The macroeconomic monthly report indicates that the foundation for economic recovery is still to be solidified, with GDP growth reaching 5.2% year-on-year, a 0.5 percentage point increase from December 2025 [7] - Industrial production is recovering faster than the service sector, with industrial added value growing by 6.3% year-on-year in January-February, while the service production index only increased by 5.2% [7] - Demand is showing a comprehensive recovery, with fixed asset investment growth turning positive at 1.8% year-on-year, and retail sales of consumer goods increasing by 2.8% year-on-year, marking the highest month-on-month growth in nearly a decade [7] Industry and Company Social Services Industry - The social services sector saw a decline of 5.16% during the reporting period, underperforming the market by 4.28 percentage points [11] - The tourism market is experiencing a "not-so-dull off-season" post-Spring Festival, with policies stimulating demand, particularly among the elderly demographic [12] - Key companies in the sector, such as Huangshan Tourism and Jiuhua Tourism, showed positive stock performance during the reporting period [11][12] Home Appliances Industry - Home appliance exports grew by 9% year-on-year in January-February, with a significant improvement in both domestic and international sales [14] - Retail demand for major appliances is recovering, with a narrowing decline in retail sales across various categories, except for air conditioners, which faced a drop due to warm weather during the Spring Festival [15][16] - The export value of home appliances reached 119.2 billion yuan, with a 16% increase in export volume, indicating a positive trend in overseas markets [16] Pharmaceutical and Biotechnology Industry - The report emphasizes the ongoing clinical development of innovative drugs, with a focus on the CXO industry as a strong investment theme [19] - The domestic market for home medical devices is expected to grow significantly due to aging demographics and improved consumer sentiment [20] - Investment opportunities are highlighted in surgical robotics, with new pricing guidelines expected to enhance the clinical application of innovative products [20] Public Utilities and Environmental Protection Industry - The public utilities index rose by 3.07%, with significant gains in the renewable energy sector, particularly in new energy generation [22] - China has joined the "Triple Nuclear Declaration," promoting sustainable nuclear energy development [22] - The "14th Five-Year Plan" outlines key strategies for the public utilities and environmental protection sectors, emphasizing the need for investment in clean energy and waste management [23] Specific Company Insights - Guoquan's financial performance met expectations, with a 20.7% increase in revenue and a 48.2% rise in core operating profit for 2025 [26] - Sunlord Electronics reported a 14.39% increase in revenue, driven by strong growth in AI and IoT applications [28] - Lenovo Group achieved double-digit growth across all business segments, with a notable increase in AI server revenue [30]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is experiencing strong growth in its server and AIoT segments, with a diversified product structure that mitigates quarterly fluctuations. It is projected to achieve revenue of 6.754 billion yuan in 2025, representing a year-over-year increase of 14.39%, and a net profit of 1.021 billion yuan, reflecting a year-over-year increase of 22.71% [1][2] - The emerging fields of data centers and AI-related businesses are transitioning from a layout phase to a realization phase, with the data center segment expected to generate over 200 million yuan in revenue in 2025, making it one of the fastest-growing segments [2] - The demand for tantalum capacitors is outpacing supply, driven by rising raw material prices, which is leading to price increases for products. The overall market for tantalum capacitors is expected to grow by over 20% in 2026, primarily due to high-end demand [3] Financial Forecasts and Indicators - Revenue projections for the company are as follows: - 2024: 5.897 billion yuan - 2025: 6.745 billion yuan - 2026: 8.270 billion yuan - 2027: 10.261 billion yuan - 2028: 12.513 billion yuan - Net profit projections are as follows: - 2024: 832 million yuan - 2025: 1.021 billion yuan - 2026: 1.301 billion yuan - 2027: 1.655 billion yuan - 2028: 2.057 billion yuan - The company is expected to maintain a PE ratio of 24, 19, and 15 for the years 2026, 2027, and 2028 respectively [4][19]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is experiencing strong growth in its server and AIoT segments, with a diversified product structure that mitigates quarterly fluctuations. It is projected to achieve revenue of 6.754 billion yuan in 2025, representing a year-over-year increase of 14.39%, and a net profit of 1.021 billion yuan, reflecting a year-over-year growth of 22.71% [1][2] - The emerging fields of data centers and AI-related businesses are transitioning from a layout phase to a realization phase, with the data center segment expected to generate over 200 million yuan in revenue in 2025, making it one of the fastest-growing segments [2] - The demand for tantalum capacitors is outpacing supply, driven by rising raw material prices, with the overall market for tantalum capacitors expected to grow over 20% by 2026, primarily due to high-end demand [3] Financial Projections - Revenue and net profit forecasts for the company from 2024 to 2028 are as follows: - Revenue (in million yuan): 5,897 (2024), 6,745 (2025), 8,270 (2026), 10,261 (2027), 12,513 (2028) - Net Profit (in million yuan): 832 (2024), 1,021 (2025), 1,301 (2026), 1,655 (2027), 2,057 (2028) - The projected growth rates for net profit are 29.9% (2024), 22.7% (2025), 27.5% (2026), 27.2% (2027), and 24.3% (2028) [4][21]

Group 1: Company Overview and Strategic Focus - The company is focusing on AI data centers as part of its strategic layout in emerging markets, providing a complete set of product solutions from power supply to various components for AI servers [2][3] - The company has developed new tantalum capacitor products applicable in high-end consumer electronics, enterprise-level eSSD, AI data centers, automotive electronics, and industrial control [3][4] - The automotive electronics sector is a key area for the company's strategic development, with a projected market size in the hundreds of billions of yuan, emphasizing the expansion of vehicle regulation products and mass supply capabilities [3][4] Group 2: Financial Management and Cost Control - The company has effectively managed the rising costs of precious metals through supply chain management and technical innovations, mitigating the impact of raw material price fluctuations [4] - Overall expense management is under control, with a focus on R&D investment to support future growth, including talent development and new product research [4][5] - The company maintains a strong cash flow and liquidity, with capital expenditures primarily directed towards new product expansion and facility renovations, while planning future financing based on specific investment progress [5]

Investment Rating - The report indicates a strong investment rating for the company, highlighting its significant growth and market position [2][4]. Core Insights - The company is projected to achieve a revenue of 6.745 billion yuan and a net profit of 1.021 billion yuan in 2025, marking historical highs with year-on-year growth rates of 14.39% and 22.71% respectively [10][11]. - The company has transitioned from being a follower in the market to being among the global leaders in the electronic components sector, particularly in high-end products [5][9]. - The automotive electronics segment has shown remarkable growth, with revenues reaching 1.525 billion yuan in 2025, accounting for 22.6% of total revenue and growing by 38.1% year-on-year [15][16]. - The data center business is emerging as another growth driver, with revenues of 2.322 billion yuan in 2025, reflecting a nearly 20% increase [16][17]. - The company has improved its cash flow significantly, generating 1.7 billion yuan in net cash flow from operating activities, a year-on-year increase of 18.71% [19][20]. - The cash dividend payout ratio has increased to 62.6%, with a proposed cash dividend of 8 yuan per share, indicating a shift from a large investment phase to a return phase for investors [23][24]. Summary by Sections Company Overview - The company has established itself as a leader in the electronic components industry, particularly in inductors, overcoming initial challenges posed by Japanese competitors [6][9]. Financial Performance - In 2025, the company reported a revenue of 6.745 billion yuan and a net profit of 1.021 billion yuan, with significant year-on-year growth [10][11]. Market Segments - The automotive electronics segment has become a key growth area, with revenues of 1.525 billion yuan, driven by the increasing demand for inductors in electric vehicles [15][16]. - The data center segment is also growing rapidly, with revenues of 2.322 billion yuan, supported by the rising demand for power management solutions [16][17]. Cash Flow and Dividends - The company has shown a strong improvement in cash flow, with net cash flow from operating activities reaching 1.7 billion yuan [19][20]. - The dividend payout ratio has increased significantly, reflecting the company's transition to a phase of returning value to shareholders [23][24].

Core Viewpoint - The article highlights the transformation of Shunluo Electronics from a follower to a leader in the electronic components industry, showcasing its significant growth in revenue and profit, particularly in the automotive and data center sectors [4][5][7]. Group 1: Company Performance - In 2025, Shunluo Electronics achieved a revenue of 6.745 billion yuan, a year-on-year increase of 14.39%, and a net profit of 1.021 billion yuan, up 22.71% from the previous year [6]. - The company has established itself as a leader in the production of chip inductors, ranking first in China and among the top three globally, particularly excelling in high-end products [5][8]. Group 2: Market Segments - The automotive electronics segment showed remarkable growth, with revenue reaching 1.525 billion yuan in 2025, accounting for 22.6% of total revenue and growing by 38.1% year-on-year [8][9]. - The data center business is emerging as another growth driver, with revenue from power management reaching 2.322 billion yuan, a nearly 20% increase, driven by rising demand for AI servers [10]. Group 3: Financial Health - The company reported a significant improvement in cash flow, generating 1.7 billion yuan in net cash flow from operating activities, an 18.71% increase year-on-year [12]. - The free cash flow reached 970 million yuan in 2025, marking a nearly 60% increase compared to the previous year, indicating enhanced financial stability [12][13].

Group 1: Company Overview and Market Position - The company is a leading player in the passive electronic components industry, particularly in inductors and capacitors, with a strong market presence in China and the ability to compete globally [3][4]. - The company has established itself as the top manufacturer of multilayer inductors in China and is the only mainland enterprise capable of competing directly with top global competitors [4]. - The company is focusing on emerging markets such as automotive electronics, AI servers, and energy markets, which are expected to drive future growth [6][8]. Group 2: Financial Performance and Projections - In Q4 2025, the company reported a revenue of 1.713 billion yuan, a decrease of 5.23% compared to Q3 2025 [3]. - The inventory balance at the end of 2025 was 1.322 billion yuan, reflecting a growth of 9.94% from the beginning of the year, primarily due to increased production capacity [3][4]. - The company anticipates continued revenue and profit growth in 2026, driven by strong demand in both traditional and emerging markets [6][9]. Group 3: Product Development and Innovation - The company is committed to continuous research and development, focusing on upgrading materials, processes, and technologies to enhance product offerings [4][5]. - The company has made significant advancements in AI-related products, which are expected to contribute to revenue growth [3][5]. - The company is also exploring the development of MLCC (Multilayer Ceramic Capacitors) to complement its existing product lines and meet market demands [5][6]. Group 4: Market Trends and Challenges - The company is experiencing a trend of rising prices for electronic components, which is expected to positively impact revenue and profit margins [6][9]. - The company is actively managing inventory to mitigate risks associated with stockpiling while ensuring the supply of quality products to customers [4][5]. - The shift towards smaller and modular electronic devices is increasing the demand for high-precision components, which the company is well-positioned to supply [8][9].