Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in net profit for the years 2025 to 2027 being 30.48%, 28.61%, and 28.54% respectively [5]. Core Insights - The company reported a record high in revenue and net profit for Q1 2025, with revenue reaching 1.461 billion RMB, a year-on-year increase of 16.03% [3]. - The company is diversifying its business into emerging markets, particularly in automotive and data center sectors, which are expected to drive future growth [4]. - The gross margin for Q1 2025 was 36.56%, reflecting improvements in product mix and operational efficiency [3]. Performance Analysis - In Q1 2025, the company's revenue from signal processing, power management, automotive electronics, and other segments showed varied growth rates, with automotive electronics growing by 65.46% year-on-year [3]. - The automotive business is entering a phase of accelerated growth, with products like high-reliability transformers and inductors being adopted by major clients [4]. Financial Forecast - The projected revenue for 2025 is 7.271 billion RMB, with a growth rate of 23.30% [10]. - The expected net profit for 2025 is 1.086 billion RMB, indicating a significant increase from previous years [10]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 20 in 2025 to 12 in 2027, suggesting a favorable valuation trend [5].

顺络电子一季度的业绩表现如何？ 顺络电子在 2025 年第一季度的财报表现非常亮眼，是公司历史上最强的一季度 业绩，远超 2021 年缺货涨价周期中的表现，仅次于去年（2024 年）三季度旺 季的第二高季度业绩。尽管手机业务同比略有下滑，但泛消费电子业务同比上 升，使得整体手机加消费电子业务同比持平。汽车电子领域实现了 70%以上的 同比增速，虽然储能领域略有下滑，但汽车及储能加起来仍实现了 60%以上的 增速。一季度毛利率也从去年四季度的一次性影响中修复回来，体现了公司费 控带来的经营效率逐步提升。 • 顺络电子整体手机加消费电子业务同比持平，汽车电子业务同比增长超 70%，汽车及储能合计增速超 60%。一季度毛利率从去年四季度的一次性影 响中修复，经营效率提升。 • 直接出口海外销售占比约 20%，穿透后终端下游达 30%，美国客户敞口小于 2%，关税影响有限。公司未应允客户承担关税降价要求，并加速国产替代 以降低进口材料影响。 • 二季度行业景气度环比增强，客户加大安全备料采购。尽管行业景气度上 升，但目前尚未看到涨价趋势，收入结构优化和汽车电子放量是利润增长 的主要驱动因素。 • 预计 2025 年汽 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a sales revenue of 146,073.52 million CNY, a year-on-year increase of 16.03% [4] - The net profit attributable to shareholders reached 23,315.08 million CNY, reflecting a year-on-year growth of 37.02% [4] - The automotive electronics and data center sectors showed significant growth, with automotive electronics sales reaching 314 million CNY, up 65.46% from the previous year [5] Group 2: Market Insights - The company maintains a strong market share in the mobile communications sector, with a focus on expanding new products while sustaining existing market shares [5] - The automotive electronics market is identified as a major opportunity, with the company being one of the few active Chinese component manufacturers in this field [6] - The data center market remains robust, with increasing demand for high-power density and low-power consumption magnetic components [6] Group 3: Strategic Responses - The company has a low overseas procurement ratio, with domestic sales accounting for 84.49% and exports at 15.51%, minimizing the impact of tariffs [4] - Continuous investment in R&D and management innovation has been emphasized to maintain competitive advantages and high gross margins [7] - The company plans to adhere to a long-term strategic framework, focusing on market trends and customer needs for new product development [8]

公司在手机通讯、消费电子等传统存量市场应用领域内不断拓宽产品 线种类，新产品线延续了高速增长，份额提升明显。在汽车电子、数 据中心、AI+等新兴战略市场不断拓展客户，取得了多位全球顶级客 户的一致认可，实现了持续强劲的高速增长。 (1)消费电子：公司目前已实现消费电子领域客户的全面覆盖，新产 品份额持续提升，元器件主要的产品方向是进一步小型化、集成化， 公司在高精密电感领域具有行业领先优势。AI 端侧应用加速上行，A I 赋能手机、PC、可穿戴设备等应用场景，将对各类元器件带来增量 市场机遇。(2)汽车电子：公司产品在汽车电子具体应用十分广泛， 通过不断深入探索产品组合，截止目前，公司产品已实现三电系统等 电动化场景全面覆盖，并且延伸至智能驾驶、域控制器、智能座舱等 全方位智能化应用场景覆盖。(3)数据中心：公司密切与头部企业保 持合作与联系，凭借自身的工艺平台多样性，在 AI 服务器、DDR5、 企业级 SSD 等应用场景为客户提供了多种节能降耗的产品组合与方 案。 投资建议： 我们预计公司 2025-2027 年收入分别为 70.52 亿元、81.68 亿元、 93.99 亿元，归母净利润分别为 10.5 ...

研发投入稳步增长，技术壁垒持续夯实。公司持续加大研发投入，25 年Q1实现研发费用1.16 亿元，同 比增长7.62%。公司在材料端已实现多项突破，超小尺寸射频电感、LTCC 滤波器、超大电流功率电感 等产品性能达国际先进水平，强化高端器件布局。工艺端公司通过重大装备技术攻关与模块化设计，构 建高效自动化产线，提升产品一致性与制造效率。同时，公司自建仿真实验室，加速功能验证与可靠性 测试，缩短研发周期，夯实技术壁垒。 投资建议：公司25 年Q1 业绩表现亮眼并创下同期新高，汽车电子业务布局明确，预计25/26/27 年公司 实现归母净利润 10.79/13.33/16.15 亿元，对应当前的股价 PE 分别为 21/17/14 倍。公司产品在多元应用 场景中具备较强竞争力，以及汽车电子领域成长性广阔，维持"推荐"评级。 事件：顺络电子4 月18 日发布2025 年一季报，公司2025 年Q1 实现销售收入14.61 亿元，同比增长 16.03%；实现归母净利润2.33 亿元，同比增长37.02%；毛利率36.56%，同比下降0.39 pct，环比提升 2.07pct。 汽车储能双轮驱动，结构持续优化。2025 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a strong Q1 2025 performance, achieving sales 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 [1][3]. - The growth is driven by the automotive electronics and energy storage sectors, which together accounted for 56.32% of the company's revenue in Q1 2025, with automotive electronics revenue growing by 65.46% and energy management revenue increasing by 23.87% [1][2]. - The company has optimized its sales structure and maintained steady growth in other business lines, such as ceramics and PCB, which generated 128 million yuan in revenue, a 5.02% increase year-on-year [1]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 36.56%, a slight decrease of 0.39 percentage points year-on-year but an increase of 2.07 percentage points quarter-on-quarter [1]. - The company’s Q1 sales revenue decreased by 14.17% quarter-on-quarter, but net profit increased by 12.02% due to ongoing improvements in production efficiency and operational models [2]. Business Segments - The automotive electronics and energy storage sectors are expected to continue driving growth, with projected combined sales of 1.104 billion yuan in 2024, reflecting a year-on-year growth of 62.10% [2]. - The company is recognized as one of the few active Chinese component manufacturers in the global automotive electronics market, with increasing market share in small power automotive transformers [2]. Research and Development - R&D expenses for Q1 2025 reached 116 million yuan, a year-on-year increase of 7.62%, indicating a commitment to strengthening technological barriers and product performance [3]. - The company has made significant breakthroughs in materials and processes, enhancing its high-end component layout and manufacturing efficiency [3]. Future Outlook - The company is projected to achieve net profits of 1.079 billion yuan, 1.333 billion yuan, and 1.615 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 21, 17, and 14 [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a strong Q1 2025 performance, achieving sales 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 [1][3]. - The growth is driven by the automotive electronics and energy storage sectors, which together accounted for 56.32% of the company's revenue in Q1 2025, with automotive electronics revenue growing by 65.46% and energy management revenue increasing by 23.87% [1][2]. - The company has optimized its sales structure and maintained steady growth in other business lines, such as ceramics and PCBs, which saw a revenue increase of 5.02% [1]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 36.56%, a slight year-on-year decline of 0.39 percentage points but a quarter-on-quarter increase of 2.07 percentage points [1]. - The company’s Q1 sales revenue decreased by 14.17% quarter-on-quarter, while net profit increased by 12.02% due to ongoing improvements in production efficiency and operational models [2]. Business Segments - The automotive electronics and energy storage sectors are expected to continue driving growth, with projected combined sales revenue of 1.104 billion yuan in 2024, reflecting a year-on-year growth of 62.10% [2]. - The company is recognized as one of the few active Chinese component manufacturers in the global automotive electronics market, with increasing market share in small power automotive transformers [2]. Research and Development - R&D expenses for Q1 2025 reached 116 million yuan, a year-on-year increase of 7.62%, indicating a commitment to strengthening technological barriers and product performance [3]. - The company has made significant breakthroughs in materials and manufacturing processes, enhancing product consistency and efficiency [3]. Future Outlook - The company is projected to achieve net profits of 1.079 billion yuan, 1.333 billion yuan, and 1.615 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 21, 17, and 14 [3][4].

近期顺络电子（002138）发布2025年一季报，证券之星财报模型分析如下： 经营业绩 尽管毛利率略微下降至36.56%，同比减少了1.04%，但净利率达到了17.84%，同比增加了14.02%。这表 明公司在控制成本方面取得了一定成效，从而提升了净利润水平。 费用控制 公司在费用控制方面表现出色，销售费用、管理费用、财务费用总计为1.2亿元，三费占营收比为 8.22%，同比减少了12.96%。这反映了公司在运营效率上的提升。 现金流与资产负债 顺络电子在2025年一季度实现了显著的业绩增长。公司营业总收入达到14.61亿元，同比上升16.03%； 归母净利润为2.33亿元，同比上升37.02%；扣非净利润为2.2亿元，同比上升39.76%。这些数据表明公 司在该季度的盈利能力得到了显著增强。 毛利率与净利率 新兴市场表现 公司在通讯及消费电子业务方面表现平稳，而在汽车电子、数据中心等新兴市场领域增速显著。新产品 及新市场领域的持续较快增长，有助于改善销售业务结构，提升经营效率。 总结 总体来看，顺络电子在2025年一季度取得了良好的业绩增长，特别是在新兴市场的快速发展对公司整体 业绩起到了积极的推动作用。然 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a record high in quarterly performance for Q1 2025, driven by significant growth in new products and markets, improved product structure, and enhanced operational efficiency [2] - Revenue for Q1 2025 reached 1.461 billion yuan, representing a year-on-year increase of 16.03% but a quarter-on-quarter decrease of 14.16%. The net profit attributable to shareholders was 233 million yuan, up 37.02% year-on-year and 12.09% quarter-on-quarter [1][2] - The company is well-positioned in the automotive electronics and data center sectors, with a focus on AI applications and energy-efficient products [4][7] Financial Performance - In Q1 2025, the revenue breakdown by product was as follows: signal processing (510 million yuan, -4.95% YoY), power management (508 million yuan, +23.87% YoY), automotive electronics or energy storage (314 million yuan, +65.46% YoY), and ceramics & PCB & others (128 million yuan, +5.02% YoY) [2] - The gross margin for Q1 2025 was 35.56%, a slight decrease of 0.39 percentage points year-on-year but an increase of 2.07 percentage points quarter-on-quarter [3] - The company maintains a strong cost control strategy, with a total expense ratio of 16.13% in Q1 2025, down 1.84 percentage points year-on-year and 0.48 percentage points quarter-on-quarter [3] Future Outlook - The company forecasts revenue growth of 20.32%, 15.61%, and 14.10% for the years 2025, 2026, and 2027, respectively, with net profits expected to grow by 26.1%, 25.1%, and 20.3% in the same period [8] - Earnings per share (EPS) are projected to be 1.30, 1.63, and 1.96 yuan for 2025, 2026, and 2027, respectively [8] - The company is actively pursuing opportunities in hydrogen fuel cell projects, which could open new markets for growth [7]

股票代码：002138 股票简称：顺络电子 公告编号：2025-041 深圳顺络电子股份有限公司 第七届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、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"）监事会于 2025 年 4 月 11 日以电话、传真或电子邮件等方式发出了召开公司第七届监事会第十二次会议的 通知，并于 2025 年 4 月 17 日下午 15:00 以现场结合通讯方式召开。会议由公司 监事会主席胡国城先生召集和主持。会议应到监事 3 人，实到监事 3 人（其中， 监事胡国城先生以通讯方式参会）。本次会议的召集和召开符合《中华人民共和 国公司法》等法律、行政法规、规范性文件和《公司章程》的有关规定，合法有 效。 《2025 年第一季度报告》全文刊登于 2025 年 4 月 19 日的巨潮资讯网 （http://www.cninfo.com.cn），供投资者查阅。 1 特此公告。 深圳顺络电子股份有限公司 监 事 会 二〇二五年四月十九日 2 会议审议通过了以下议案： 一、审议通过了《关于<2025 年第一季度报告>的议案 ...