股票代码：002138 股票简称：顺络电子 编号：2025-085 深圳顺络电子股份有限公司 关于股东部分股份质押的公告 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。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司股东新余市 恒顺通电子科技开发有限公司（以下简称"恒顺通"）通知，获悉恒顺通将持有 本公司部分股份办理股票质押式回购业务，现将有关事项公告如下： | 股东名 | 是否为控股 股东或第一 | 本次质押 | 占其所持 | 占公司 | 是否为限售 | 是否为 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 大股东及其 | 数量（股） | 股份比例 | 总股本 | 股（如是，注 | 补充质 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | | 一致行动人 | | | 比例 | 明限售类型） | 押 | | | | | | 恒顺通 | 是 | | | | | | 年11月 2025 | 年2 月 2026 | 广 ...

Core Viewpoint - The company is actively engaged in foundational research for 6G communication, which is still in its early stages within the industry [1] - The company has made significant investments in the energy storage sector, focusing on SOFC high-temperature fuel cells and micro-inverters [1] Group 1 - The industry is currently in the initial phase of 6G communication research [1] - The company is conducting research in foundational areas related to 6G technology [1] Group 2 - The company is primarily focused on SOFC high-temperature fuel cells, which are categorized as solid-state batteries [1] - The company is also involved in related products such as micro-inverters in the energy storage field [1]

Core Points - The stock price of Shunluo Electronics fell by 2.05% on November 4, trading at 37.82 CNY per share with a total market capitalization of 30.495 billion CNY [1] - Year-to-date, the stock has increased by 22.42%, but it has seen a decline of 8.76% over the last five trading days [1] - The company specializes in the research, production, and sales of new electronic components, primarily chip inductors and chip varistors, with 99.13% of its revenue coming from these products [1] Financial Performance - For the period from January to September 2025, Shunluo Electronics reported a revenue of 5.032 billion CNY, representing a year-on-year growth of 19.95% [2] - The net profit attributable to shareholders for the same period was 769 million CNY, showing a year-on-year increase of 23.23% [2] - The company has distributed a total of 2.32 billion CNY in dividends since its A-share listing, with 869 million CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 16.79% to 46,000, while the average number of circulating shares per person decreased by 14.38% to 16,456 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 45.1919 million shares, a decrease of 5.0674 million shares from the previous period [2] - New entrants among the top ten circulating shareholders include the Jiayin New Vitality Flexible Allocation Mixed A fund, holding 6.6842 million shares [2]

Core Points - The company, Shunluo Electronics, announced that its shareholder, Xinyu Hengshuntong Electronic Technology Development Co., Ltd., will release a portion of its pledged shares, totaling 6,200,000 shares [1] Group 1 - The announcement was made on the evening of November 3 [1] - The release of pledged shares indicates a potential change in the shareholder's investment strategy [1] - The specific number of shares being released is significant, amounting to 6.2 million shares [1]

股票代码：002138 股票简称：顺络电子 编号：2025-084 深圳顺络电子股份有限公司 关于股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司股东新余市 恒顺通电子科技开发有限公司（以下简称"恒顺通"）通知，获悉恒顺通将持有 本公司部分股份办理解除质押业务，现将有关事项公告如下： | 股东名称 | 是否为控股 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东或第一 | 本次解除质押 | 占其所持股 | 占公司总股 | | 起始日 | | 解除日期 | | 质权人 | | | 大股东及其 | 股份数量（股） | 份比例 | 本比例 | | | | | | | | | 一致行动人 | | | | | | | | | | | 恒顺通 | 是 | 6,200,000 | 11.17% | 0.77% | 2024 | 年 12 | 月 | 2 ...

证券日报网讯顺络电子（002138）11月3日发布公告，在公司回答调研者提问时表示，公司非常重视研 发，历年均大比例投入研发费用，自上市至今，业务规模持续成长，年销售收入复合增长率约24%，研 发费用支出情况也基本随业绩增长而同比例增加。通过不断强调研发优势战略，目前已经形成一整套的 研发体系，从材料研发、设备研发、工艺研发、人才储备和培养、行业前瞻性研究等方向开展和落实。 ...

Group 1: Company Performance and Capacity Utilization - The company currently has a full order book, maintaining a high capacity utilization rate [2] - The annual sales revenue compound growth rate is approximately 24%, with R&D expenses increasing in proportion to performance growth [3] Group 2: Product Advantages and Applications - The company has developed a new series of tantalum capacitor products suitable for various fields, including communications, consumer electronics, AI data centers, automotive electronics, and industrial control [2] - Tantalum capacitors meet the high-temperature and high-voltage stability requirements of AI server applications [3] Group 3: Automotive Electronics Business - The automotive electronics sector is a key strategic area for the company, with products covering electric vehicle systems and extending to intelligent driving and smart cockpit applications [3] - The company anticipates healthy growth in the automotive electronics field, driven by new product introductions and market share expansion among core customers [3] Group 4: Investment and Expansion Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion to sustain growth [4] - There will be no large-scale expansion in traditional product capacity; instead, the focus will be on supplementing bottleneck processes to improve existing product line utilization [4]

Core Viewpoint - The passive component market is experiencing significant price increases, particularly in tantalum capacitors, driven by rising demand from AI applications, with price hikes reported between 20% and 30% [1] Group 1: Price Increases and Market Impact - Kemet, a subsidiary of Yageo Group, has issued a price increase notice for tantalum capacitors, marking the second price hike this year, expanding the customer base from agents to direct sales [1] - The domestic passive component index saw an increase of nearly 5% over the first three trading days of the week from October 27 to 29 [1] Group 2: Financial Performance of Related Stocks - In 2024, over 20 stocks in the passive component industry are projected to achieve a combined net profit of nearly 6.6 billion, reflecting a year-on-year growth of 17.8%, reversing the decline seen in 2022 and 2023 [1] - For the first three quarters of this year, these stocks reported a net profit of nearly 5.8 billion, representing a year-on-year increase of nearly 12% [1] Group 3: Individual Stock Performance - Notable individual stocks with net profit growth exceeding 20% in the first three quarters include Shunluo Electronics, Dali Kipu, Tongfeng Electronics, Junwei Electronics, and Shunluo Electronics [1] - Among the over 20 stocks, only five have outperformed the passive component index's growth of 20.98% while also achieving a net profit growth of over 10% in the first three quarters: Tongfeng Electronics, Aihua Group, Dali Kipu, Fala Electronics, and Junwei Electronics, with the latter two having year-to-date growth below 5% [1]

Core Insights - The company reported significant growth in revenue and net profit for Q1-Q3 2025, with total revenue reaching 5.032 billion yuan, a year-on-year increase of 19.95%, and net profit attributable to shareholders at 769 million yuan, up 23.23% [1] - In Q3 2025 alone, the company achieved a record revenue of 1.808 billion yuan, representing a 20.21% year-on-year increase, and a net profit of 283 million yuan, which is a 10.60% increase compared to the same period last year [1] - The company demonstrated strong operational capabilities by effectively managing cost pressures, with Q3 revenue and profit reaching historical highs [1] Financial Performance - The company achieved a gross profit of 1.849 billion yuan for Q1-Q3 2025, reflecting an 18.12% year-on-year increase, and a gross profit of 666 million yuan for Q3, which is a 16.77% increase [2] - The growth in gross profit is attributed to the expansion of operational scale, improved production efficiency, and enhanced processes [2] Business Segments - The company’s revenue from various business segments for Q1-Q3 2025 includes signal processing at 1.819 billion yuan (up 9.48%), power management at 1.763 billion yuan (up 24.41%), automotive electronics at 1.054 billion yuan (up 36.10%), and ceramics, PCB, and other businesses at 397 million yuan (up 15.72%) [1] - The data center business is experiencing rapid growth, driven by the increasing demand for modular inductive solutions in the ASIC, CPU, and GPU power supply segments [2] - The automotive electronics segment has expanded its product offerings to cover electric vehicle systems and intelligent driving applications, with significant recognition from major industry clients [2] Investment Outlook - The company is projected to achieve revenues of 7.249 billion yuan, 8.795 billion yuan, and 10.413 billion yuan for the years 2025 to 2027, with net profits of 1.071 billion yuan, 1.370 billion yuan, and 1.673 billion yuan respectively [3] - A PE valuation method suggests a target price of 50.46 yuan per share for 2025, maintaining a "Buy-A" investment rating due to the company's strong customer resources and accelerated growth in data center and automotive electronics businesses [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.46 CNY per share, maintaining the rating [5]. Core Views - The company achieved record high revenues and profits in Q3 2025, driven by growth in traditional markets and emerging sectors such as AI applications, automotive electronics, and data centers [2][3]. - The data center business is expected to continue benefiting from the rapid application of domestic computing power models and increasing demand for various modular inductive solutions from overseas clients [3]. - The automotive electronics segment has expanded its product line to cover electric vehicle systems and intelligent driving applications, positioning the company for sustained growth in this area [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 5.032 billion CNY, a year-on-year increase of 19.95%, and a net profit of 769 million CNY, up 23.23% [1]. - In Q3 2025 alone, revenues reached 1.808 billion CNY, marking a 20.21% year-on-year increase, while net profit was 283 million CNY, a 10.60% increase [1][2]. Business Segments - Revenue breakdown for Q1-Q3 2025 includes signal processing at 1.819 billion CNY (up 9.48%), power management at 1.763 billion CNY (up 24.41%), automotive electronics at 1.054 billion CNY (up 36.10%), and other businesses at 397 million CNY (up 15.72%) [2]. - The gross profit for Q1-Q3 2025 was 1.849 billion CNY, reflecting an 18.12% year-on-year growth, with Q3 gross profit at 666 million CNY, up 16.77% [2]. Future Projections - Revenue projections for 2025-2027 are 7.249 billion CNY, 8.795 billion CNY, and 10.413 billion CNY, respectively, with net profits expected to be 1.071 billion CNY, 1.370 billion CNY, and 1.673 billion CNY [9][11]. - The company is valued at a PE ratio of 38 times for 2025, reflecting its strong customer base and accelerated growth in data center and automotive electronics businesses [9].