Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Viewpoints - The company reported a record high quarterly revenue of RMB 17.02 billion in Q4 2024, achieving a total annual revenue of RMB 58.97 billion, which represents a year-on-year growth of 16.99%. The net profit attributable to shareholders was RMB 8.32 billion, up 29.91% year-on-year [4][10] - The company continues to invest in R&D, with expenses increasing by 31.52% year-on-year, which supports its competitive advantage in the automotive electronics and energy storage sectors [6] - The company has a diverse product application range, focusing on miniaturization and integration in consumer electronics, and is well-positioned to benefit from the growth in AI applications [6][8] Financial Performance Summary - In 2024, the company achieved a gross profit of RMB 21.52 billion, with a gross margin of 36.50%, an increase of 1.15% year-on-year. The decline in gross margin in Q4 was attributed to changes in sales structure and performance bonuses [5] - The company expects net profits for 2025, 2026, and 2027 to be RMB 10.49 billion, RMB 12.74 billion, and RMB 16.11 billion respectively, with corresponding P/E ratios of 23.82, 19.60, and 15.51 [10][12] - Key financial metrics for 2024 include a return on equity (ROE) of 13.69%, an increase of 2.47% year-on-year, and a projected gross margin improvement to 38.0% by 2026 [12]

重要内容提示： 案件所处的诉讼阶段：（2024）沪 73 知民初 136 号案件原告已撤诉； （2024）沪 73 知民初 133 号、（2024）沪 73 知民初 134 号、（2024）沪 73 知民初 135 号、（2024）沪 73 知民初 137 号四件案件正在审理中。 股票代码：002138 股票简称：顺络电子 编号：2025-033 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。 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五件诉讼，案号分别为：（2024）沪 73 知民初 133 号、（2024）沪 73 知民初 134 号、（2024）沪 73 知民初 135 号、 （2024）沪 73 知民初 136 号、（2024）沪 73 知民初 137 号。公司于 2024 年 8 月 1 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》 ...

Group 1: Product Development and Market Position - The company focuses on miniaturized, high-voltage, high-frequency composite products, with its metric 0603 high-precision inductors ranking among the top globally in sales volume [1] - The company is one of the few suppliers capable of mass production of nano-scale, high-precision inductors, which are essential for upcoming technologies like 5G and 5.5G [1] - The automotive electronics segment is expanding, with potential single-vehicle product value ranging from RMB 1,500 to RMB 3,000 for electric vehicles, and several hundred RMB for traditional fuel vehicles [2] Group 2: Strategic Market Expansion - The company is actively expanding its product applications in the automotive electronics sector, covering areas such as smart driving and intelligent cockpits [2] - Data centers represent a new strategic market for the company, providing various types of power inductors and customized solutions to meet the increasing demand for high power density and low power consumption [2] - The company maintains strong partnerships with leading enterprises to enhance its product offerings in AI servers and other high-demand applications [3] Group 3: Financial Performance and Profitability - The company benefits from high gross margins due to its proprietary technology, high-value products, and increased order volumes leading to improved capacity utilization [3] - The gross margin is supported by the company's ability to innovate and improve production efficiency through technology and process advancements [3] - In Q1 2025, the company reported healthy capacity utilization levels driven by market expansion and new product applications [3] Group 4: Research and Development - The company invested RMB 505 million in R&D in 2024, a 31.53% increase from 2023, emphasizing its commitment to innovation and intellectual property [4] - The company has a strong focus on early-stage product development in collaboration with clients, which enhances its competitive edge [3] Group 5: Inventory and Supply Chain Management - The company maintains a good inventory status and is focused on optimizing inventory management in response to market conditions [3] - The overall electronic industry has improved its supply chain management capabilities, positively impacting the health of the industry [3] Group 6: International Market Development - The company is expanding its overseas customer base, particularly in mobile communications, automotive electronics, and AI server sectors [4] - The company has established long-term relationships with major global clients, enhancing its market presence [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99%. The net profit attributable to shareholders was 832 million yuan, up 29.91% year-on-year [1] - The strong growth in automotive electronics and data center businesses contributed significantly to the revenue increase, alongside the expansion of new product lines in existing markets such as mobile communications and consumer electronics [1][2] - Despite a slight decline in gross margin in Q4 2024, the overall gross margin for the year improved, driven by strong performance in new business areas [1] Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 5.897 billion yuan, a 16.99% increase year-on-year, and a net profit of 832 million yuan, reflecting a 29.91% growth [1] - The gross margin for 2024 was 36.50%, an increase of 1.15 percentage points year-on-year, while the net profit margin was 16.12%, up 1.44 percentage points [1] - For Q4 2024, revenue reached 1.702 billion yuan, a year-on-year increase of 24.72%, with a net profit of 208 million yuan, up 27.54% year-on-year [1] Business Segments - The signal processing segment generated 2.270 billion yuan in revenue, a 10.12% increase year-on-year, while the power management segment saw revenue of 1.946 billion yuan, up 4.31% [2] - The automotive electronics segment experienced significant growth, with revenue of 1.104 billion yuan, marking a 62.10% increase year-on-year [2] - The company is actively expanding into emerging fields such as humanoid robotics, leveraging its existing product lines [3] Future Projections - The company expects net profits of 1.077 billion yuan in 2025, 1.308 billion yuan in 2026, and 1.626 billion yuan in 2027, with corresponding P/E ratios of 22.7, 18.7, and 15.0 [1][4] - Revenue projections for the next few years are 7.088 billion yuan in 2025, 8.495 billion yuan in 2026, and 10.286 billion yuan in 2027, with expected growth rates of 20.2%, 19.8%, and 21.1% respectively [4]

Core Viewpoint - The company reported a robust performance in 2024, with total revenue reaching 5.897 billion yuan, a year-on-year increase of 16.99%, and a net profit attributable to shareholders of 832 million yuan, up 29.91% from the previous year [1][2]. Financial Performance - The company's revenue for 2024 was 5.897 billion yuan, marking a historical high and a year-on-year growth of 16.99% [1]. - The net profit attributable to shareholders was 832 million yuan, reflecting a year-on-year increase of 29.91%, while the net profit excluding non-recurring items was 781 million yuan, up 31.96% [1]. - In Q4 alone, revenue reached 1.702 billion yuan, a significant year-on-year increase of 24.70% and a quarter-on-quarter increase of 13.15% [2]. - The gross margin for 2024 was 36.50%, an increase of 1.15 percentage points year-on-year, attributed to increased market orders and improved production efficiency [1]. Business Segments - Traditional business segments such as mobile communications and consumer electronics showed steady growth, while emerging sectors like automotive electronics and data centers performed exceptionally well [1]. - Revenue from signal processing, power management, automotive electronics, and ceramic-related businesses for 2024 was 2.270 billion, 1.946 billion, 1.104 billion, and 578 million yuan respectively, with year-on-year growth rates of 10.12%, 4.31%, 62.10%, and 33.35% [1]. Research and Development - The company increased its R&D investment to 505 million yuan in 2024, a year-on-year increase of 31.53%, with an R&D expense ratio of 8.56% [1]. - The rise in R&D expenses was primarily due to higher salaries for R&D personnel and increased material costs for projects [1].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company focuses on a major client strategy and is actively exploring emerging markets, holding the largest market share in chip inductors domestically and ranking among the top three globally. It has delivered over 100 billion inductors annually, establishing itself as a leading international player in passive electronic components and technology solutions [5][6]. - The company has seen a continuous increase in capacity utilization and has implemented cost reduction and efficiency improvement measures. In 2024, it is projected to achieve revenue of 5.897 billion yuan, a year-on-year increase of 16.99%, and a net profit attributable to shareholders of 832 million yuan, up 29.91% year-on-year [5][10]. - The company has diversified its product lines and is experiencing strong growth in emerging strategic markets, with significant advancements in automotive electronics, data centers, and humanoid robotics. Its products are recognized by major industry clients, and it is well-positioned for continued growth in these sectors [6][10]. Financial Performance and Forecast - The company is expected to achieve revenues of 7.199 billion yuan in 2025 and 8.587 billion yuan in 2026, with net profits projected at 1.081 billion yuan and 1.354 billion yuan respectively. The growth rates for revenue and net profit are anticipated to be 22.08% and 29.96% for 2025, and 19.29% and 25.21% for 2026 [7][10]. - The report highlights a projected gross margin of 36.5% for 2024, with an expected increase to 37.2% in 2025 and 37.6% in 2026, indicating a positive trend in profitability [10][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved record-high revenue for three consecutive quarters, with a revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99% and a net profit of 832 million yuan, up 29.91% year-on-year [1] - The automotive business is entering a high-growth phase, with revenue from automotive electronics or energy storage-specific business reaching 1.104 billion yuan in 2024, a year-on-year increase of 62.10% [2] - The company is actively expanding into emerging fields such as data centers and humanoid robots, where magnetic components play a crucial role [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 58.97 billion yuan, with a net profit of 8.32 billion yuan, and a gross margin of 34.49% in Q4 2024 [1] - The company expects net profits of 1.1 billion yuan, 1.345 billion yuan, and 1.621 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.2%, 22.3%, and 20.5% [3][4] Revenue Growth - The company's signal processing products generated revenue of 2.27 billion yuan in 2024, reflecting a year-on-year growth of 10.12% [2] - The overall revenue growth forecast for the company is 17.0% in 2024, 20.7% in 2025, and 21.1% in 2026 [4] Market Position - The company has established itself as a key player in the global automotive electronics market, collaborating with top automotive supply chain manufacturers [2] - The company maintains a strong market share in the smartphone sector, benefiting from the recovery in global smartphone demand [2]

证券研究报告 | 2025年03月03日 顺络电子（002138.SZ） 优于大市 营收连续三个季度创历史新高，汽车敞口快速提升 连续三个季度营收创历史新高，四季度利润率阶段性下滑。公司 2024 年实 现营收 58.97 亿元(YoY +16.99%)，归母净利润 8.32 亿元(YoY +29.91%)， 公司第二、三、四季度营收连续创顺络单季度历史新高，毛利率同比提升 1.15pct。对应 4Q24 实现营收 17.02 亿元(YoY +24.72%，QoQ +13.16%)，归 母净利润 2.08 亿元(YoY +27.54%，QoQ -18.77%)，毛利率 34.49%(YoY -2.47pct，QoQ -3.44pct)，毛利率下滑主要系：1）陶瓷类产品毛利率较低， 出货集中在四季度，公司出货结构改变；2）全年绩效奖金部分影响毛利率； 3）部分客户销售价格调整，以上影响均属于阶段性影响因素，长期来看公 司通过生产效率、经营效率持续提升，毛利率存在逐步回升的机会。 AI 手机单机价值量提升，公司高端品渗透率提升。2024 年公司信号处理类 产品实现营收 22.70 亿元(YoY +10.12%)。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.20 RMB [7][4]. Core Views - The company achieved a record high revenue in Q4, with a single-quarter revenue of 1.702 billion RMB, representing a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16% [1]. - The company is expected to benefit from growth in AI and automotive electronics, with significant growth opportunities in emerging markets such as AI, smart driving, and robotics [3][1]. - The company has expanded its product lines and improved market share, particularly in the automotive electronics and data center sectors, leading to a notable increase in gross margin [1][2]. Financial Performance - For 2024, the company reported a revenue of 5.897 billion RMB, a year-on-year increase of 16.99%, and a net profit of 832 million RMB, up 29.91% year-on-year [1][6]. - The company forecasts revenues of 7.154 billion RMB, 8.656 billion RMB, and 10.642 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.079 billion RMB, 1.307 billion RMB, and 1.645 billion RMB [4][6]. - The EPS is projected to be 1.34 RMB, 1.62 RMB, and 2.04 RMB for 2025, 2026, and 2027 respectively [4][6]. Business Segments - The revenue from automotive electronics and energy storage is expected to grow by 62.1% in 2024, driven by the introduction of new products and increased market share among leading customers in the domestic new energy vehicle sector [2]. - Signal processing revenue is projected to be 2.27 billion RMB in 2024, with a year-on-year growth of 10.12%, while power management revenue is expected to reach 1.95 billion RMB, growing by 4.31% [2]. - The company has achieved significant growth in its ceramic, PCB, and other business segments, with a revenue increase of 33.35% year-on-year, reaching 580 million RMB [2].

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed. Core Insights - In 2024, the company achieved a record high in sales revenue of 5.897 billion yuan, representing a year-on-year growth of 16.99%. The net profit attributable to shareholders was 832 million yuan, up 29.91% from the previous year, with a net profit excluding extraordinary items of 781 million yuan, reflecting a growth of 31.96% [14][19]. - The company has been expanding its product lines in traditional markets such as mobile communications and consumer electronics while also making significant inroads into emerging markets like automotive electronics and data centers, gaining recognition from top global clients [14][15]. - The gross profit margin for 2024 was 36.50%, an increase of 1.15% compared to the previous year, attributed to strong product demand, increased production capacity utilization, and ongoing innovation in technology and processes [19]. Summary by Sections Company Overview - The company has been focusing on long-term development strategies, managing both existing and new business segments effectively. It has successfully expanded its product offerings in traditional markets while also entering new strategic markets [14][15]. Automotive Electronics - The automotive electronics sector is identified as a key growth area, with the company having established a presence since 2009 and achieving tier 1 automotive certification in 2017. The company aims to continue expanding its product offerings in this sector, which includes applications in electric vehicles and intelligent driving [14][15]. Mobile Communications - The mobile communications sector remains a traditional stronghold for the company, with a high market share. The company plans to maintain its market position while introducing new products to drive growth [16]. Data Centers - The data center business is a strategic focus, with the company supplying various types of power inductors and capacitors. The demand for high-power density and low-power consumption products is increasing, driven by trends in AI and data storage [17]. New Energy and Fuel Cells - The company has established a subsidiary focused on high-temperature fuel cells, recognizing the long-term potential of clean energy. This subsidiary will develop and produce composite ceramic components for solid oxide fuel cells [20]. Capital Expenditure - The company is in a capital-intensive industry, requiring ongoing investment in capacity expansion and R&D. Recent capital expenditures have focused on industrial park construction, with plans to slow down such investments as projects near completion [20]. Shareholder Returns - The company has consistently prioritized shareholder returns, achieving a total cash dividend of 702.07 million yuan in 2024, reflecting strong operational performance and cash flow [21].