しかし ... I love you. ស្រុងក្រុងក្រុងក្រុងក្រុងក្រុងក្រុងក្រុងក្រុងក្រ 尊敬的各位领导各位嘉宾各位投资者朋友们下午好为帮助深圳辖区上市公司更好的传递价值通过透明互动构建上市公司与投资者的信任基础增进投资者对上市公司价值及经营理念的认同感助力上市公司高质量发展 在深圳證監局和中正中小投資者服務中心指導下,深圳上市公司協會、深圳市全景網絡有限公司共同舉辦本次傳價值促信任共機遇助力上市公司高質量發展2025年度深圳轄區上市公司投資者網上集體接待日活動。 今天下午,深圳轄区100多家上市公司的高管将通过网络在线交流形式就公司财务数据、经营状况、公司治理、现金分红、发展战略、重大事项、可持续发展等广大投资者所关心的问题,通过互动平台与投资者进行一对多的沟通与交流。 全年网也将多渠道对活动进行实时报道。感谢各位的热情关注与支持。 下面请允许我向大家介绍参加今天活动的嘉宾他们是中正中小投资者服务中心投资者教育部执行经理石岩女士中国银河证券宏观经济分析师詹璐女士深圳市全景网络有限公司总经理陈伟先生深圳上市公司协会副会长兼秘书长文华先生 同时还有深圳辖区一百多家 ...

Group 1: Financial Performance - In Q3 2024, the company achieved a sales revenue of 1,503.90 million RMB, marking a quarter-on-quarter growth of 4.99% and setting a historical record for the company [1] - The net profit attributable to shareholders for the first nine months of 2024 also reached a historical high, with a year-on-year growth of 11.86% [1] - The company’s pre-tax profit for Q3 2024 exceeded 300 million RMB for the first time [1] Group 2: Market and Product Development - The company is focusing on stable growth in the communications and consumer electronics sectors, with continuous improvement in market share for new products and new market areas [1] - The company has strategically positioned itself in the AI server and data center markets, supplying products such as integrated inductors and ultra-thin copper magnetic power inductors [2] - The demand for DDR5 memory has surged due to the growth of AI technologies, with the company’s DDR5 inductor solutions already being tested and certified by numerous overseas PMIC manufacturers [3] Group 3: Automotive Electronics - The company’s automotive electronic products are primarily focused on core clients and industry leaders, with a single vehicle value ranging from 1,500 to 3,000 RMB for electric vehicles and around several hundred RMB for traditional fuel vehicles [3] - The company is actively innovating and expanding its product range in automotive electronics, particularly in applications related to smart driving and new energy vehicles [3] Group 4: Employee Incentives and Management - The company has implemented multiple employee stock ownership plans, with the fourth plan costing approximately 99.31 million RMB and involving 489 participants, promoting a sense of belonging and motivation among employees [6] - The company believes that stock-based compensation is more effective than cash compensation in incentivizing employees, fostering a culture of shared growth and development [6]

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]