股票代码：002138 股票简称：顺络电子 编号：2025-047 二、股东股份质押的基本情况 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押 数量 （股） 占其所 持股份 比例 占公司 总股本 比例 是否为限售 股（如是， 注明限售类 型） 是否 为补 充质 押 质押起始 日 质押到期日 质权人 质押用 途 袁金 钰 否 3,000,000 5.61% 0.37% 否 否 2025 年 5 月 23 日 质权人解除质 押登记之日 深圳市高新 投融资担保 有限公司 资金周 转 袁金 钰 否 3,500,000 6.54% 0.43% 否 否 2025 年 5 月 23 日 质权人解除质 押登记之日 深圳市高新 投融资担保 有限公司 资金周 转 袁金 钰 否 750,000 1.40% 0.09% 否 否 2025 年 5 月 23 日 质权人解除质 押登记之日 深圳市高新 投融资担保 有限公司 资金周 转 合计 / 7,250,000 13.55% 0.90% / / / / / / 深圳顺络电子股份有限公司 关于董事长部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内 ...

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： 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，公司拟为控股公司东莞华络电子有限公 司（以下简称"东莞华络"）、深圳顺络汽车电子有限公司（以下简称"顺络汽 车"）、东莞顺络电子有限公司（以下简称"东莞顺络"）分别向银行申请人民 币 10 亿元（含）、人民币 10 亿元（含）、人民币 45 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。 股票代码：002138 股票简称：顺络电子 编号：2025-048 深圳顺络电子股份有限公司 在上述权限范围内，公司董事会授权公 ...

Group 1 - The rapid development of AI technology is leading to an increase in AI smartphone penetration and a decrease in prices, with the Meizu Note 16 series being the lowest-priced AI smartphone at 594.15 yuan [1] - The market has seen a shift towards AI smartphones in both high-end and mid-range segments, with prices now dropping below 1,000 yuan for several models, including those from OPPO and vivo [1] - The Meizu Note 16 series features the Flyme AIOS 2 operating system and integrates with Alibaba Cloud's Qwen-Omni model, offering various AI functionalities such as AI assistant and AI image recognition [1] Group 2 - There are significant differences in AI functionalities across different price segments, with high-end smartphones utilizing more powerful NPU chips for enhanced AI capabilities, while budget models rely more on cloud-based AI [2] - The chip is the most significant cost component in smartphones, with the Meizu Note 16 using a 6nm chip and the Note 16 Pro using a 4nm chip, indicating a trend towards more advanced technology in budget devices [2] - The demand for affordable AI smartphones is driving chip manufacturers like Qualcomm and MediaTek to develop mid-range and entry-level chips with AI capabilities [2] Group 3 - The trend of AI integration in smartphones is expected to continue, with an estimated 31.6% of new AI smartphones having NPU capabilities greater than 30 TOPS, projected to rise to 36.2% by 2025 [3] - The growth of AI functionalities in smartphones is positively impacting the performance of related companies, such as Sunlord Electronics, which is experiencing increased demand for components due to the rise in AI features [3] - Companies like Pengding Holdings are fully embracing AI, developing a comprehensive product matrix that includes AI smartphones and other AI consumer products, positioning themselves as key players in the global AI supply chain [4]

Group 1: Order and Production Insights - The company currently has a full order book, with a high capacity utilization rate maintained since the second quarter [2] - The market share of small power automotive transformers has been gradually increasing, with continued growth expected in automotive inductors as smart driving becomes more prevalent [3] Group 2: Automotive Electronics Business - The automotive electronics sector is a key growth area for the company, with combined sales of automotive electronics and energy storage reaching 1,104.16 million yuan in 2024, a year-on-year increase of 62.10% [3] - The company remains optimistic about the automotive electronics market, anticipating healthy growth driven by new product introductions and expanding applications [3] Group 3: Data Center Applications - The data center market is identified as a strategic area, with significant sales growth in power inductors for power management applications [4] - The company collaborates closely with leading enterprises to provide energy-efficient product solutions for AI servers and other applications [4] Group 4: Mobile Communication Sector - The mobile communication sector is a traditional stronghold for the company, with a high market share and comprehensive coverage of core customers [4] - The integration of AI features in smartphones is driving demand for power inductors, contributing to the growth of related product lines [4] Group 5: Capital Expenditure and Financing - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [4] - Future capital expenditures will focus on infrastructure development, with a slowdown expected as new industrial parks and R&D centers are completed [4] - The company plans to develop financing strategies based on specific investment needs, with no immediate plans for direct capital market financing [4]

股票代码：002138 股票简称：顺络电子 编号：2025-046 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： 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 （一）2025 年 5 月 19 日，公司作为保证人与杭州银行股份有限公司深圳分 行（以下简称"杭州银行深圳分行"）签署了《最高额保证合同》（合同编 号:20250428923100000001），为了确保债权确定期间内（2025-04-18 至 2027- 04-17）,公司之控股公司顺络汽车与杭州银行深圳分行在最高融资余额人民币肆 仟万元整内签订的所有银行融资合同(以下简称主合同)项下债务的履行提供保 证担保。 1、最高融资余额：4,000 万元整 2、保证范围：本保证合同担保的范围包括所有主合同项下的全部本金(包括 根据主合同所发生的垫款)、利息、复息、罚息、执行程序中迟延履行 ...

Core Viewpoint - The inductor filter industry is experiencing unprecedented growth opportunities due to rapid advancements in power electronics technology and increasing demand in sectors such as smart grids, renewable energy, and high-end manufacturing. The Chinese government has implemented various supportive policies to promote technological innovation and industrial upgrades, which will further drive market growth. The market size of China's inductor filter industry reached $6.847 billion in 2021 and is expected to grow to $15.925 billion by 2030 [1][14]. Industry Overview - Inductor filters are electronic components that use inductive elements to remove noise and waveform distortion in circuits. They typically consist of capacitors and inductors, allowing for various filtering processes to enhance circuit stability and signal quality. Common types include low-pass, high-pass, band-pass, band-stop, resonant, multi-stage, active filters, and RLC filters [3][6]. Industry Development History - The development of the inductor filter industry dates back to the early 20th century with the rise of radio technology. Initially, traditional winding methods were used, but advancements led to surface-mounted inductors on printed circuit boards (PCBs). The 1970s saw rapid growth due to semiconductor technology advancements, leading to increased demand for filtering performance. The 21st century has brought new materials and processes, resulting in enhanced performance and a trend towards miniaturization, integration, and intelligence in the industry [6]. Industry Chain - The inductor filter industry chain consists of upstream raw materials and key components, including magnetic materials, metals, and plastics. The midstream involves the manufacturing of inductor filters, while the downstream encompasses end-use industries such as electronics, communications, medical, aerospace, and automotive [8]. Market Demand - The demand for inductor filters is significantly increasing in the telecommunications sector, where they are used in antenna reception systems to filter out noise and interference, thereby improving signal quality. The Chinese telecommunications industry is projected to generate a cumulative revenue of 1.74 trillion yuan in 2024, a 3.2% increase from the previous year, further driving the demand for inductor filters [10]. - The Chinese electric vehicle market is experiencing explosive growth, leading to a substantial increase in demand for inductor filters. These filters are essential for electric motor control systems, battery management systems, and charging systems. In Q1 2025, the production and sales of new energy vehicles in China reached 3.182 million and 3.075 million units, respectively, representing year-on-year growth of 50.4% and 47.1% [12]. Competitive Landscape - The inductor filter industry in China is highly competitive, featuring both international brands and local enterprises. Major international players like Amphenol, TDK, and Murata dominate the high-end market due to their strong R&D capabilities and global market presence. Domestic companies have made significant progress in technology innovation and product quality, with key players including Shenzhen Sunlord Electronics, Shenzhen Jingquan Electronics, and Wuhan Fangu Electronics [16][17]. Industry Trends 1. **Miniaturization and Integration**: The industry is moving towards smaller, lighter, and more integrated inductor filters to meet the demands of compact electronic devices and lower power consumption [21]. 2. **Intelligent and Automated Control**: The integration of AI technology will enable inductor filters to automatically adjust operational parameters based on real-time conditions, enhancing performance and reliability [22]. 3. **Customization and Personalization**: There is a growing emphasis on developing customized inductor filters tailored to specific application environments and requirements, improving product applicability and user satisfaction [23].

股票代码：002138 股票简称：顺络电子 编号：2025-045 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： 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。 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。 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 2025 年 2 月 28 日、202 ...

Group 1: Automotive Sector Growth - The company's products in automotive electronics cover a wide range of applications, including electric vehicle systems, intelligent driving, and smart cockpit solutions [1] - The market share of small power automotive transformers has been gradually increasing, with continued growth expected in automotive inductors due to the rise of intelligent driving [1] - All business units are researching new automotive products, aiming to leverage market opportunities and maintain rapid growth in automotive electronics [1] Group 2: Data Center Developments - The data center is identified as a new strategic market, with products including integrated power inductors and tantalum capacitors being offered [2] - There is a notable increase in demand for magnetic components due to the rising penetration of AI servers and the need for high power density and low power consumption [2] - Sales of various power inductors for power management in data centers have shown significant growth in Q1, with successful customer engagement [2] Group 3: IoT and Emerging Markets - The company is focusing on emerging markets such as IoT, renewable energy, and data centers for future development [2] - Progress in product promotion and market expansion in these areas is reported to be smooth, with positive customer engagement [2] Group 4: Mobile Market Insights - The mobile communication sector remains a traditional stronghold for the company, with a high market share and full coverage of core customers [3] - The integration of AI features in mobile devices is expected to further increase the demand for components, particularly power inductors [3] Group 5: Capacity Investment and Order Status - The company operates in a capital-intensive industry, with ongoing expansion needs primarily focused on emerging fields like automotive electronics and data centers [3] - The order situation has been robust, with high capacity utilization rates maintained since Q2 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][18]. Core Views - The company has achieved record high sales revenue and net profit in Q1 2025, driven by significant growth in the automotive electronics and data center sectors, while the communications and consumer electronics segments showed modest performance [2][3]. - The company is well-positioned to benefit from the ongoing recovery in the global smartphone market and the increasing demand for high-performance electronic components, particularly in the context of AI integration in mobile devices [8][9]. - The report forecasts a steady increase in revenue and net profit over the next few years, with projected net profits of 1.08 billion, 1.34 billion, and 1.67 billion yuan for 2025, 2026, and 2027 respectively [9]. Financial Summary - For 2023, the company reported a revenue of 5,040 million yuan, with a year-on-year growth rate of 18.9%. The net profit attributable to the parent company was 641 million yuan, reflecting a significant year-on-year growth of 48% [1]. - The projected revenue for 2025 is 7,177 million yuan, with a growth rate of 21.7%, and the net profit is expected to reach 1,081 million yuan, maintaining a growth rate of 29.9% [1][9]. - The company's gross margin for Q1 2025 was 36.56%, with a net margin of 17.84%, indicating improved profitability despite a slight decrease in gross margin year-on-year [2]. Business Performance - The automotive electronics segment has shown remarkable growth, with a year-on-year increase of 90.47% in the first quarter of 2024, despite a general slowdown in the new energy vehicle market [3]. - The company has successfully expanded its customer base, achieving comprehensive coverage of top-tier automotive electronics and new energy vehicle clients globally [3]. - The report highlights the company's ongoing efforts in product innovation and market expansion, particularly in the fields of automotive electronics and energy storage, which are expected to drive future growth [9].

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Electronics Industry, specifically focusing on AI and AR glasses market - **Market Trends**: Significant development expected in the AI glasses market in the second half of the year, driven by new product launches from companies like Meta and domestic firms such as Rocket [1][4] Core Companies and Their Insights 1. **Crystal Optoelectronics (水晶光电)** - **Partnerships**: Strong collaboration with Meta in reflective films and display modules, leading to anticipated performance improvements [1][6] - **Financial Projections**: Expected revenue of approximately 1.26 billion yuan in 2025, with a potential increase of 20% to 30% [1][9] - **Market Position**: Positioned well in the AR field with a focus on mass production breakthroughs [5][9] 2. **Source Technology (源杰科技)** - **Competitive Advantage**: Holds a material positioning advantage in glass diffraction, with deep partnerships with major manufacturers [1][10] - **Profit Growth**: Projected net profit growth of 50% to 60% in 2025, reaching 340 million yuan, with a similar potential for stock price increase [1][10] 3. **Shunluo Electronics (顺络电子)** - **Growth Areas**: Significant growth in consumer electronics, automotive, and server sectors, with a projected growth rate of about 30% in 2025 [1][11] - **Profit Expectations**: Expected profit of 1.08 billion yuan in 2025, with a potential increase of 20% to 30% [1][12] 4. **Biyang Technology (生益科技)** - **Market Performance**: High operating rates in the copper-clad laminate industry, with expectations of price increases due to rising copper prices [3][14] - **Future Outlook**: Transitioning to high-end materials, with projected revenue of 2.7 billion yuan in 2025 [16] Market Dynamics - **AI Asset Performance**: Divergence in performance of AI assets in the US stock market, with a shift towards mid and micro-enterprise factors influencing stock opportunities [1][8] - **AR Glasses Supply Chain**: Key components include display modules and waveguide technology, with a focus on long-term solutions like reflection and diffraction [5][6] Additional Insights - **Product Launches**: Anticipated peak in new product releases from various companies, including Meta's Hypernova, expected to enhance user experience significantly [2][4] - **Investment Recommendations**: Companies like Crystal Optoelectronics and Blue Special Optics are recommended due to their strong partnerships and unique technological advantages in the AR glasses market [6][7] Conclusion - The electronics industry, particularly in AI and AR glasses, is poised for significant growth driven by technological advancements and strategic partnerships. Key players are expected to see substantial revenue increases and market share growth in the coming years.