证券代码：002138 证券简称：顺络电子 深圳顺络电子股份有限公司投资者关系活动记录表 编号：2024-035 | --- | --- | --- | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------------------------------|----------------------------------------------|-------|-------|------------| | | | | | | | | | √特定对象调研 □分析师会议 | | | | | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 □新闻发布会 □路演活动 | | | | | | | □现场参观 | | | | | | | | | | | | | 活动参与人员 | □反路演 招商证券 2 人，国寿养老 | 3 人，广发证券 | 1 | | 人，中国人 | | 时间 2024 | 寿 1 人，共 7 人 。 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high revenue in Q3 2024, driven by the rapid growth of various product lines and the expansion into new business areas [1] - The automotive electronics sector is experiencing significant growth due to the introduction of new products and the increasing demand for electric and intelligent vehicles [1] - Emerging markets such as data centers and photovoltaic energy storage are also contributing to the company's growth, with new products being rapidly developed and introduced [1] Financial Summary - Revenue (in million CNY): - 2022A: 4,238 - 2023A: 5,040 - 2024E: 6,194 - 2025E: 7,613 - 2026E: 9,355 - Year-over-year growth rate: - 2023A: 19% - 2024E: 23% - 2025E: 23% - 2026E: 23% [1] - Net profit (in million CNY): - 2022A: 433 - 2023A: 641 - 2024E: 873 - 2025E: 1,117 - 2026E: 1,400 - Year-over-year growth rate: - 2023A: 48% - 2024E: 36% - 2025E: 28% - 2026E: 25% [1] Business Development - The company is expanding its product lines in AI, automotive electronics, and photovoltaic energy storage, positioning itself to benefit from the increasing demand for smaller electronic components and advanced technologies [1] - The automotive electronics business has achieved comprehensive coverage of top global automotive and electric vehicle clients, with applications across various systems [1] - The photovoltaic energy storage market is expected to continue growing, with the company focusing on expanding its application range and accelerating product iterations [1]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][4]. Core Insights - The company achieved record high revenue and profit in Q3 2024, with a revenue of 15.04 billion yuan, up 11.86% year-on-year and 4.99% quarter-on-quarter [2][3]. - The net profit attributable to shareholders reached 2.56 billion yuan in Q3 2024, reflecting a year-on-year increase of 15.57% and a quarter-on-quarter increase of 29.43% [2][3]. - The company is experiencing significant growth in automotive electronics and energy storage, with revenues in these segments increasing by 90.7% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 41.95 billion yuan, a 14.13% increase year-on-year, and a net profit of 6.24 billion yuan, up 30.71% year-on-year [1][2]. - The gross profit margin has been steadily improving, with a projected gross margin of 35.4% for 2024 [4][6]. - The company’s operating cash flow improved significantly, reaching 4.58 billion yuan in Q3 2024, compared to 2.94 billion yuan in Q3 2023 [3][6]. Earnings Forecast - The company is expected to achieve net profits of 8.87 billion yuan, 11.20 billion yuan, and 14.14 billion yuan for the years 2024, 2025, and 2026 respectively [4][6]. - Earnings per share (EPS) are projected to be 1.10 yuan, 1.39 yuan, and 1.75 yuan for the same years [4][6]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 25.8 for 2024, decreasing to 16.2 by 2026 [4][6]. - The price-to-book (P/B) ratio is expected to decline from 3.5 in 2024 to 2.6 in 2026 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company achieved a record high quarterly revenue of 1,503.90 million yuan in Q3 2024, with a quarter-on-quarter increase of 4.99% and a year-on-year increase of 11.86% [1][2] - The net profit attributable to the parent company reached 256.07 million yuan, reflecting a quarter-on-quarter growth of 29.43% and a year-on-year growth of 15.57% [1][2] - The company continues to expand its market share in new products and markets, particularly in the communications and consumer electronics sectors, which are showing stable growth [2] Financial Performance Summary - Q3 2024 sales revenue: 1,503.90 million yuan, with a year-on-year growth of 11.86% and a quarter-on-quarter growth of 4.99% [1][2] - Q3 2024 net profit: 256.07 million yuan, with a year-on-year growth of 15.57% [1][2] - Q3 2024 gross margin: 37.93%, up 1.66 percentage points year-on-year [2] - Q3 2024 operating cash flow: 458 million yuan, a significant year-on-year increase of 56% [2] Product and Market Development - The company is focusing on high-end new products, particularly in the LTCC device sector and power inductor series [2] - In the automotive sector, revenue from automotive electronics or energy storage products reached 310 million yuan in Q3 2024, with a year-on-year growth of 91% [2] - The company has established a strong presence in the data center and AI markets, enhancing its position in power management [2] Financial Forecast - The report forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 829.35 million yuan, 1,052.06 million yuan, and 1,284.70 million yuan respectively [3][6] - Projected revenue growth rates for the next few years are expected to be around 20% annually [3][8]

Investment Rating - The report assigns a "Buy" rating for the company, Shunluo Electronics [8]. Core Insights - Shunluo Electronics is positioned as a leading manufacturer of chip inductors in China, with applications spanning communications, consumer electronics, automotive, photovoltaic storage, and data centers. The company is expected to experience sustained high growth in the automotive and photovoltaic sectors in 2024, driven by AI hardware innovations that will boost demand for inductors in consumer electronics and data centers, leading to better-than-expected profitability [2][3]. Summary by Sections Company Overview - Shunluo Electronics, established in 2000 and listed in 2007, is a high-tech enterprise specializing in the R&D, production, and sales of various chip electronic components. Its products are widely used in communications, consumer electronics, automotive electronics, and other fields [16][18]. Market Opportunities - The demand for inductors is expected to rise due to the rapid penetration of new energy vehicles, which require more inductors than traditional vehicles. In September, the retail sales of new energy passenger vehicles reached 1.123 million units, a year-on-year increase of 50.9% [32]. The global market for automotive power inductors is projected to reach $2.495 billion by 2029, with a CAGR of 5.9% [32]. Financial Forecast - The company’s revenue is projected to reach 61.31 billion, 75.78 billion, and 89.21 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.64%, 23.59%, and 17.72%. The net profit attributable to shareholders is expected to be 8.55 billion, 11.07 billion, and 14.06 billion yuan for the same years, with growth rates of 33.46%, 29.48%, and 27.01% [5][10]. Valuation - The company’s PE ratios for 2024-2026 are projected to be 27.82, 21.49, and 16.92, respectively. Given the certainty of the company’s earnings growth, a target PE of 32 times for 2025 is suggested, corresponding to a market value of 354.24 billion yuan and a target price of 43.95 yuan, indicating a potential upside of 45-50% from the current price [6][10]. Competitive Landscape - The global inductor market is highly concentrated, with major players like Murata, TDK, and Sunlord holding significant market shares. Shunluo Electronics ranks among the top three in the global market and is the leading manufacturer in China [30][31]. The company is well-positioned to benefit from the shift of traditional Japanese manufacturers towards high-end markets, as it continues to expand its product offerings in automotive and communication electronics [31].

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE valuation of 26, 20, and 16 times for the years 2024, 2025, and 2026 respectively [1][3]. Core Insights - The company reported a revenue of 4.195 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 14.13%. The net profit attributable to shareholders reached 624 million RMB, up 30.71% year-on-year. In Q3 2024, revenue hit a record high of 1.504 billion RMB, marking an 11.86% increase year-on-year and a 4.99% increase quarter-on-quarter [1]. - The automotive business is experiencing rapid growth, with a year-on-year increase of 90.47% in revenue, significantly contributing to the overall performance. The gross margin for Q3 2024 was 37.93%, reflecting a continuous improvement in profitability [1][3]. - The company is diversifying its business lines, with promising growth in automotive, cloud computing, and consumer electronics sectors. The introduction of new products is expected to drive further revenue growth [1][3]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 4.195 billion RMB, a 14.13% increase year-on-year, and a net profit of 624 million RMB, up 30.71% year-on-year. Q3 2024 revenue reached 1.504 billion RMB, a record high [1][3]. - The Q3 gross margin was 37.93%, with a quarter-on-quarter increase of 0.95 percentage points and a year-on-year increase of 1.66 percentage points [1]. Business Analysis - The automotive segment showed a revenue growth of 90.47% year-on-year, driven by increased demand from major domestic clients. The revenue share from automotive products has significantly increased [1]. - The company is focusing on high-reliability electronic transformers and other automotive components, with a strong order backlog and increasing penetration among key clients [1][3]. Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 868 million RMB, 1.142 billion RMB, and 1.434 billion RMB, respectively, with year-on-year growth rates of 35.56%, 31.52%, and 25.61% [1][3].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported a year-on-year revenue increase of 14.13% to 4.195 billion yuan for the first three quarters of 2024, with a net profit increase of 30.71% to 624 million yuan [3] - The third quarter of 2024 saw a revenue of 1.504 billion yuan, up 11.86% year-on-year and 4.99% quarter-on-quarter, with a net profit of 256 million yuan, reflecting a 15.57% year-on-year increase and a 29.43% quarter-on-quarter increase [3] - The company is actively preparing for its fourth employee stock ownership plan, indicating a commitment to long-term development [5] Financial Performance Summary - For 2024Q1-Q3, the company achieved a gross profit margin of 37.31%, an increase of 2.56 percentage points year-on-year, and a net profit margin of 16.77%, up 1.86 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 947 million, 1.188 billion, and 1.404 billion yuan respectively, with corresponding P/E ratios of 24.2, 19.3, and 16.3 times [3] - The automotive electronics segment has shown significant growth, with a revenue increase of 90.47% year-on-year, indicating strong market demand [4] Business Development - The company has achieved comprehensive coverage of top global automotive electronics and new energy vehicle clients, with rapid development in new applications such as intelligent driving and smart cockpits [4] - The company is focusing on expanding its market share in new product and market areas, contributing to its overall revenue growth [3][4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 4.195 billion yuan for the first nine months of 2024, representing a year-on-year growth of 14.13%, and a net profit attributable to shareholders of 624 million yuan, up 30.71% year-on-year [1] - In Q3 2024, the company achieved a revenue of 1.504 billion yuan, a year-on-year increase of 11.86% and a quarter-on-quarter increase of 4.99% [1] - The company is experiencing a recovery trend, successfully navigating the Android inventory cycle, with significant growth in signal processing and automotive electronics or energy storage businesses [1] - The demand for DDR5 power inductors is surging due to the AI era, with the company’s new products making significant progress [1][2] - The company’s HTF-MP series of multi-phase power inductors is designed for complex multi-phase power applications, catering to the needs of ultra-thin, high-power devices [2] Financial Summary - For 2023, the company’s revenue is projected at 5.04 billion yuan, with a year-on-year growth of 18.9%, and a net profit of 641 million yuan, reflecting a 48% increase [3] - The company’s gross margin is expected to improve to 37.4% in 2024, with a projected net profit of 848 million yuan [3][6] - The company’s cash flow from operating activities is expected to increase from 1.144 billion yuan in 2023 to 1.872 billion yuan in 2026 [4] - The projected earnings per share (EPS) are expected to rise from 0.81 yuan in 2023 to 1.57 yuan in 2026 [5][6] Business Outlook - The company is expected to maintain a strong growth trajectory, with net profits projected to reach 8.48 billion yuan in 2024, 10.59 billion yuan in 2025, and 12.68 billion yuan in 2026, corresponding to price-to-earnings (PE) ratios of 27, 22, and 18 respectively [2][3]

深圳顺络电子股份有限公司 监事会关于相关事项的审核意见 2 全体监事签字： | | | 二〇二四年十月二十五日 经审核，监事会认为：董事会编制和审核深圳顺络电子股份有限公司 《2024年第三季度报告》的程序符合法律、行政法规和中国证监会的规定，报 告内容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 （以下无正文） 1 本页为《监事会关于相关事项的审核意见》的签字页 一、关于《2024 年第三季度报告》的审核意见 根据《深圳证券交易所股票上市规则》、《公司章程》等法规文件要求， 监事会全体成员就公司 2024 年第三季度报告发表专项审核意见如下： ...

Revenue and Profit Growth - Revenue for the third quarter reached 1.503 billion yuan, an increase of 11.86% year-over-year[4] - Net profit attributable to shareholders was 256.07 million yuan, up 15.57% compared to the same period last year[4] - Q3 2024 revenue reached RMB 15,039.02 million, a year-on-year increase of 11.86% and a quarter-on-quarter increase of 4.99%, marking a historical high for the company[9] - Q3 2024 net profit attributable to shareholders was RMB 2,560.71 million, up 15.57% year-on-year and 29.43% quarter-on-quarter[9] - Cumulative revenue for the first nine months of 2024 was RMB 41,951.64 million, up 14.13% year-on-year[10] - Cumulative net profit attributable to shareholders for the first nine months of 2024 was RMB 6,240.77 million, up 30.71% year-on-year[10] - Total revenue for the first three quarters of 2024 reached 4,195,164,400.47 yuan, a 14.13% increase compared to the same period last year (3,675,924,435.36 yuan)[24] - Net profit attributable to the parent company for the first three quarters of 2024 was 3,489,734,482.75 yuan, a 12.47% increase compared to the same period last year (3,102,657,289.60 yuan)[22] - Operating profit for the quarter reached 831.59 million yuan, a 26.8% increase compared to the same period last year[25] - Net profit attributable to parent company shareholders was 624.08 million yuan, up 30.7% year-over-year[25] - Basic earnings per share increased to 0.79 yuan from 0.60 yuan in the previous year[25] - The company's comprehensive income totaled 703.49 million yuan, reflecting a 28.4% increase compared to the previous year[25] Cash Flow and Financial Position - Operating cash flow for the year-to-date period was 1.115 billion yuan, a significant increase of 69.14% year-over-year[4] - Sales revenue from goods and services received in cash increased by 42.65% to 4.535 billion yuan[8] - Tax refunds received decreased by 83.61% to 10.10 million yuan compared to the same period last year[8] - Cash paid for purchasing goods and services increased by 42.08% to 2.155 billion yuan[8] - Cash received from investments increased by 51.94% to 79.37 million yuan[8] - Cash flow from operating activities grew significantly to 1.12 billion yuan, a 69.2% increase compared to the same period last year[27] - Investment activities resulted in a net cash outflow of 636.68 million yuan, primarily due to capital expenditures[27] - The company raised 79.37 million yuan through minority shareholder investments, a 51.9% increase from the previous year[28] - Total cash and cash equivalents at the end of the period stood at 325.58 million yuan, a decrease of 434.32 million yuan from the beginning of the period[28] - Foreign exchange gains contributed 5.18 million yuan to the company's cash position[28] Assets and Liabilities - Total assets as of the end of the reporting period were 12.607 billion yuan, a slight increase of 0.31% from the end of the previous year[4] - Short-term borrowings decreased by 51.58% to 487.14 million yuan due to repayment of loans[6] - Prepayments increased by 50.60% to 52.41 million yuan, mainly due to increased prepayments for materials[6] - Total assets at the end of Q3 2024 were 12,607,931,527.10 yuan, a slight increase of 0.31% compared to the beginning of the year (12,568,392,287.29 yuan)[22] - Total liabilities at the end of Q3 2024 decreased to 5,796,713,754.40 yuan, a 3.85% reduction compared to the beginning of the year (6,028,780,756.76 yuan)[22] - Short-term borrowings at the end of Q3 2024 were 487,136,881.67 yuan, a 51.58% decrease compared to the beginning of the year (1,006,114,859.73 yuan)[22] - Long-term borrowings at the end of Q3 2024 increased to 2,454,912,200.64 yuan, a 16.02% increase compared to the beginning of the year (2,115,925,236.40 yuan)[22] Segment Performance - The automotive electronics or energy storage segment revenue for the first nine months of 2024 was RMB 7,743.00 million, a year-on-year increase of 90.47%[12] - The signal processing segment revenue for the first nine months of 2024 was RMB 16,610.60 million, up 12.10% year-on-year[12] - The power management segment revenue for the first nine months of 2024 was RMB 14,171.10 million, a slight decrease of 0.25% year-on-year[12] - The ceramics, PCB, and other segment revenue for the first nine months of 2024 was RMB 3,427.00 million, down 6.59% year-on-year[12] Shareholder Information - China Life Insurance Company Limited holds 9,979,377 shares, representing 1.24% of the total shares[15] - China Construction Bank Corporation holds 8,872,299 shares, representing 1.10% of the total shares[15] - Shenzhen Sunlord Electronics Co., Ltd. holds 8,517,000 shares, representing 1.06% of the total shares[15] - Hong Kong Securities Clearing Company Limited holds 71,953,468 shares, representing the largest shareholding among the top 10 shareholders[15] - Xinyu Hengshuntong Electronics Technology Development Co., Ltd. holds 55,502,000 shares[15] - China Merchants Bank Co., Ltd. holds 9,036,567 shares, representing 1.12% of the total shares[15] - Agricultural Bank of China Limited holds 14,483,804 shares, representing 1.80% of the total shares[15] - Zhongliang Investment Asset Management Co., Ltd. holds 24,789,860 shares[15] - Yuan Jinyu holds 13,376,820 shares[15] - Agricultural Bank of China Limited's shareholding increased to 14,483,804 shares, representing 1.80% of the total shares, up from 4,434,104 shares in the previous period[16] Corporate Actions and Investments - The company plans to repurchase shares of Shunluo Automotive held by employee equity platforms, with a total registered capital of no more than RMB 2.00525 million (1.648% of Shunluo Automotive's registered capital) and a repurchase price not exceeding RMB 10.226775 million[17] - The company has completed the registration of its subsidiaries in Vietnam and Germany, marking the completion of its overseas expansion strategy[17] - The company has completed a capital increase of RMB 18.3816 million in its subsidiary Dongguan Hualuo Electronics, increasing its registered capital from RMB 102.78 million to RMB 112.77 million, with the company holding 70.9409% of the shares[17] - The company has completed the first and second rounds of core employee equity exits for its subsidiary Guiyang Shunluo Xunda Electronics, and upon full implementation of the exit plan, the company's wholly-owned subsidiary will hold 100% of the shares[18] - The company has completed a share repurchase plan, repurchasing 4,393,600 shares (0.54% of total issued shares) at a total cost of RMB 108.665841 million[19] - The company has established the fourth employee stock ownership plan, transferring 8,517,000 shares to the plan's account[19] - The company has invested RMB 70 million in the establishment of Shenzhen Baoteng Fushun Venture Capital Fund, with an initial payment of RMB 21 million (30% of the total investment)[20] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 3,405,379,696.76 yuan, up 12.56% from the same period last year (3,025,420,566.57 yuan)[24] - R&D expenses for the first three quarters of 2024 amounted to 343,966,827.06 yuan, a 23.25% increase compared to the same period last year (279,065,105.19 yuan)[24] - Accounts receivable at the end of Q3 2024 stood at 2,226,670,087.10 yuan, a 13.91% increase from the beginning of the year (1,954,808,094.37 yuan)[21] - Inventory at the end of Q3 2024 was 1,015,776,493.07 yuan, a 17.48% increase compared to the beginning of the year (864,608,343.35 yuan)[21] Gross Profit - Q3 2024 gross profit was RMB 5,704.00 million, a year-on-year increase of 16.98%[10] - Gross profit for the first nine months of 2024 was RMB 15,652.02 million, up 22.53% year-on-year[10]