深圳顺络电子股份有限公司（以下简称"公司"）对外担保额度总额超过最近 一期经审计净资产的 100%，该等担保全部系为公司之控股公司提供的担保，敬 请投资者充分关注担保风险。 一、担保情况概述 公司已于 2025 年 2 月 26 日召开了第七届董事会第十四次会议及第七届监事 会第十一次会议，审议通过了《关于公司 2025 年度为控股公司提供担保的议案》。 为增强对公司之控股公司的支持，公司拟为控股公司深圳顺络汽车电子有限公司 （以下简称"顺络汽车"）向银行申请人民币 10 亿元（含）的银行授信提供担保。 此议案已于 2025 年 3 月 20 日召开的 2024 年年度股东大会审议通过。 证券代码：002138 证券简称：顺络电子 公告编号：2026-034 深圳顺络电子股份有限公司 关于为控股公司提供担保的进展情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 在上述权限范围内，公司董事会授权公司管理层根据实际情况，选择金融机 构及担保方式并办理签订相关合同等具体事宜，公司将按照相关法律法规履行信 息披露义务。 上述事宜详见公司分别于 20 ...

- The report introduces a quantitative timing model based on volume signals, referred to as the "Volume Timing Signal" model. The model evaluates market sentiment by analyzing the volume of major indices. As of March 6, 2026, the volume timing signals for all indices, including the Shanghai Composite Index, Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext Index, and Beijing 50, indicate a cautious outlook[23][24] - The "HS300 Rising Stock Proportion Sentiment Indicator" is introduced to assess market sentiment by calculating the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{HS300 N-day Rising Stock Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns over N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in predicting market downturns. As of March 6, 2026, the indicator showed a slight increase, with the proportion of rising stocks exceeding 60%, indicating high market sentiment[24][25] - The "HS300 Rising Stock Proportion Timing Tracking" applies two different smoothing windows (N1=50 and N2=35) to the above sentiment indicator. When the short-term smoothed line (fast line) exceeds the long-term smoothed line (slow line), it signals a bullish market sentiment. As of March 6, 2026, both the fast and slow lines were rising, with the fast line above the slow line, suggesting a continued bullish outlook[26][28] - The "Moving Average Sentiment Indicator" is based on the eight-moving-average system, which uses the closing prices of the CSI 300 index and calculates moving averages with parameters 8, 13, 21, 34, 55, 89, 144, and 233. The indicator assigns values of -1, 0, or 1 based on the position of the current price relative to the moving averages. When the current price exceeds more than five of the moving averages, it signals a bullish sentiment. As of March 6, 2026, the CSI 300 index was in a non-prosperous sentiment zone[32][36] - The report also analyzes cross-sectional volatility and time-series volatility as indicators of short-term alpha opportunities. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 index components increased week-over-week, indicating an improved short-term alpha environment. Over the past quarter, cross-sectional volatility for CSI 300 and CSI 1000 was in the upper-middle percentile of the past six months, while CSI 500 was in the middle percentile. Time-series volatility for the same indices also increased week-over-week, with CSI 1000 in the upper-middle percentile of the past six months, indicating a favorable alpha environment[37][38][41]

Group 1: Company Overview and Market Position - Shenzhen Sunlord Electronics Co., Ltd. is actively involved in the AI server product market, focusing on high-precision and high-power technology advantages [2] - The company has established a strong customer base, covering leading domestic server manufacturers and top ODM firms, with a healthy order volume for AI server-related products [2] Group 2: Product Development and Innovations - The TLVR inductor product line offers significant performance improvements over traditional VR inductors, enhancing load transient response and reducing output capacitor size and cost [3] - The company has proactively developed various TLVR inductor products, anticipating increased demand in the data center sector over the coming years [3] - New tantalum capacitor products have been developed for high-end consumer electronics, AI data centers, enterprise-level eSSD, automotive electronics, and industrial control applications [3] Group 3: Capital Expenditure and R&D Investment - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [4] - Continuous investment in capacity is essential to support the rapid development of new businesses and fields [4] - The company prioritizes R&D investment, maintaining a high proportion of funding dedicated to research and development, with a long-term growth trend in R&D expenditure [4]

证券代码：002138 证券简称：顺络电子 公告编号：2026-033 深圳顺络电子股份有限公司 2026年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开的情况 （一）召开时间： 1、现场会议召开时间为：2026 年 3 月 3 日下午 14:30 2、网络投票时间为：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 03 月 03 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2026 年 03 月 03 日 9:15 至 15:00 的任意时 间。 （二）现场会议召开地点：深圳市龙华区观澜大富苑工业区深圳顺络电子股 份有限公司D栋五楼会议室 （三）召开方式：现场表决与网络投票相结合。 （四）召集人：公司董事会 （五）主持人：董事长袁金钰先生 （六）本次会议通知及会议相关文件已刊登于2026年2月14日的《证券时报》 和巨潮资讯网（w ...

北京市万商天勤律师事务所 关于深圳顺络电子股份有限公司 二O二六年第一次临时股东会的法律意见书 致：深圳顺络电子股份有限公司 根据《中华人民共和国证券法》（下称"《证券法》"）、《中华人民共和国 公司法》（下称"《公司法》"）等法律、法规和中国证券监督管理委员会颁布的 相关规定以及《深圳顺络电子股份有限公司章程》（下称"《公司章程》"）的规定， 北京市万商天勤律师事务所（下称"本所"）接受深圳顺络电子股份有限公司（下 称"公司"）的委托，指派律师参加公司二O二六年第一次临时股东会（下称"本 次股东会"），并出具法律意见。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审查， 查阅了本所律师认为出具本法律意见书所必须查阅的文件。本所律师得到公司如 下保证，即其已提供了本所律师为出具本法律意见书所必需的材料，所提供的原 始材料、副本及复印件等材料、口头证言均符合真实、准确、完整的要求，有关 副本、复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席会议 人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》、《证券法》 等法律、法规、规范性文件及《公 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company achieved record high revenue in 2025, reaching 6.745 billion yuan, with a year-over-year growth of 14.39%. The net profit attributable to shareholders was 1.021 billion yuan, reflecting a year-over-year increase of 22.71% [6][7] - The company is experiencing strong growth in emerging strategic markets such as AI applications, automotive electronics, and data centers, which are driving revenue growth [7][8] - The company has established itself as a core supplier of magnetic components for automotive electronics and has made significant progress in the hydrogen fuel solid oxide fuel cell (SOFC) business, indicating a solid foundation for long-term development in the new energy sector [7][8] Financial Summary - The company’s total share capital is 806.32 million shares, with a market price of 43.55 yuan, resulting in a market capitalization of approximately 35.12 billion yuan [2] - Revenue projections for the company are as follows: 5.897 billion yuan in 2024, 6.745 billion yuan in 2025, 8.451 billion yuan in 2026, 10.261 billion yuan in 2027, and 12.314 billion yuan in 2028, with respective growth rates of 17%, 14%, 25%, 21%, and 20% [4][10] - The net profit attributable to shareholders is projected to be 832 million yuan in 2024, 1.021 billion yuan in 2025, 1.362 billion yuan in 2026, 1.677 billion yuan in 2027, and 2.041 billion yuan in 2028, with growth rates of 30%, 23%, 33%, 23%, and 22% respectively [4][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company achieved record high revenue in 2025, reaching 6.745 billion yuan, with a year-over-year growth of 14.39%. The net profit attributable to shareholders was 1.021 billion yuan, growing by 22.71% year-over-year [6][7] - The company is experiencing strong growth in emerging strategic markets such as AI applications, automotive electronics, and data centers, which are driving revenue increases [7][8] - The company has established itself as a core supplier of magnetic components for automotive electronics and has made significant progress in the hydrogen fuel solid oxide fuel cell (SOFC) business, indicating a solid foundation for long-term growth in the renewable energy sector [7][8] Financial Summary - The company’s projected revenue for 2026 is 8.451 billion yuan, with a year-over-year growth rate of 25%. The net profit is expected to reach 1.362 billion yuan, reflecting a growth rate of 33% [4][10] - The earnings per share (EPS) is projected to increase from 1.27 yuan in 2026 to 2.53 yuan by 2028, indicating a strong upward trend in profitability [4][10] - The price-to-earnings (P/E) ratio is expected to decrease from 25.8 in 2026 to 17.2 by 2028, suggesting an attractive valuation as earnings grow [4][10] Market Position and Growth Potential - The company is well-positioned in the consumer electronics sector, focusing on miniaturization and integration of products, and holds a leading advantage in high-precision inductors [9] - In the automotive electronics sector, the company has achieved comprehensive coverage of electric vehicle systems and is expanding into intelligent driving and cockpit applications [9] - The AI sector is driving a new cycle of demand for storage components, with the company actively collaborating with leading firms to provide energy-efficient solutions [9]

Group 1: Financial Performance - The company achieved a revenue of 6.745 billion CNY in 2025, representing a year-on-year growth of 14.39% [5] - Net profit attributable to shareholders reached 1.021 billion CNY, a 22.71% increase compared to the previous year [5] - The net profit excluding extraordinary items was 978 million CNY, reflecting a growth of 25.23% year-on-year [5] Group 2: Market and Product Development - The company has established a closed-loop innovation system focusing on market demand and industry trends, enhancing R&D investment [5] - Significant growth was noted in emerging markets such as AI applications, automotive electronics, and data centers [5] - The company is recognized as a core supplier of automotive electronic magnetic components, with a steady global business expansion [6] Group 3: Strategic Focus Areas - The automotive electronics sector is a key strategic area, with products covering electric vehicle scenarios and extending to intelligent driving applications [6] - The company is actively involved in the IoT sector, with ongoing product promotion and market expansion efforts [7] - The tantalum capacitor business has seen advancements, with new products developed for high-end consumer electronics and AI data centers [7] Group 4: Profitability and Cost Management - The company maintains a competitive gross margin, attributed to continuous R&D and management innovations [8] - The average gross margin has remained favorable compared to industry peers, supported by increased orders and production capacity utilization [8] - The company is adapting to rising raw material costs by improving processes and negotiating with customers [8] Group 5: Future Outlook - The company plans to continue its focus on R&D investments to support long-term growth and market expansion [8] - There is an expectation of controlled expenditure, with strategic investments aligned with business planning [8] - The company aims to enhance its product matrix and optimize gross margin levels in the future [8]

证券代码：002138 证券简称：顺络电子 公告编号：2026-032 深圳顺络电子股份有限公司 关于认购粤港澳基金份额的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，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"顺络电子"或"公司"）于 2026 年 2 月 5 日召开第七届董事会战略委员会第八次会议，审议通过了《关于认购粤港澳 大湾区创业投资引导基金合伙企业（有限合伙）份额的提案》，公司拟作为有限 合伙人，出资人民币 2 亿元认购粤港澳大湾区创业投资引导基金合伙企业（有限 合伙）（以下简称"粤港澳基金"或"基金"）份额。具体内容详见公司于 2026 年 2 月 7 日刊登在证券时报及巨潮资讯网（http://www.cninfo.com.cn/）的《关于认购 粤港澳基金份额的公告》（公告编号：2026-011）。 备案编码：SBML76 基金名称：粤港澳大湾区创业投资引导基金合伙企业(有限合伙) 管理人名称：深圳市福田红土股权投资基金管理有限公司 托管人名称：中国工商银行股份有限公司 备案日期：2026 年 02 月 28 日 特此 ...

Summary of Conference Call for Shunluo Electronics Industry Overview - The inductor market is experiencing price increases primarily driven by cost transmission rather than demand, differing from previous cycles driven by demand [2][4] - The MLCC (Multi-layer Ceramic Capacitor) market does not currently show clear signs of large-scale price increases [2][4] - Consumer electronics demand is impacted by rising storage prices, with weak demand in mid-to-low-end smartphones, while high-end smartphones are less affected [2][4] - AI-related demand is strong, displacing traditional demand, presenting opportunities for domestic companies to adapt to shifting demand structures [2][5] Company Performance and Financials - Overall operational capacity is normal, with some product series potentially facing shortages, requiring dynamic observation of demand fluctuations in 2026 [2][5] - Gross margin for Q4 2026 is expected to exceed that of Q4 2024, primarily due to one-time factors affecting 2024 [2][5] - The company has initiated price negotiations due to cost pressures from rising precious metal prices, but transmission to downstream customers will take time [2][5] Product and Market Insights - The AIoT (Artificial Intelligence of Things) segment is expected to grow, driven by applications in low-value products like toys and robots, positively impacting consumer electronics demand [2][7] - The inductor business is anticipated to accelerate in 2026, contingent on the rollout pace of module customers in CSP (Chip Scale Package) projects [2][8] - Demand for tantalum capacitors is increasing due to AI servers, GPUs, CPUs, and storage ESSD (Enterprise Solid State Drive) requirements, leading to a phase of supply shortages in the industry [2][8] Customer and Market Dynamics - The company has made progress with major North American consumer electronics clients, expecting to enter mass delivery in the second half of 2026 [3][8] - Domestic computing clients are projected to see significant demand growth, with one major server client expected to triple its demand [4][24] - The company is focusing on new product introductions and enhancing the value of supplied materials to mitigate demand fluctuations caused by rising storage prices [6][24] Competitive Landscape - TDK is a major competitor in the automotive sector, and recent customs scrutiny may create opportunities for domestic alternatives [4][10] - The automotive business is expected to maintain double-digit growth, driven by new customer acquisitions and product readiness [11][12] Challenges and Strategic Responses - The company has not engaged in hedging for precious metals due to unpredictable price fluctuations, focusing instead on cost transmission and internal measures to mitigate impacts on profit margins [13][21] - Inventory levels have risen due to proactive material procurement in response to cost trends and anticipated product line demands [22] Future Outlook - The tantalum capacitor market is expected to see accelerated adoption in 2026, with potential for better-than-expected growth due to industry shortages [9][21] - The company is cautious in its capacity expansion plans, aligning production with actual customer demand while ensuring readiness for future orders [20][21] - The overall growth outlook for AI server and data center businesses remains strong, with expectations at least matching industry growth rates [23]