Core Viewpoint - The company, Shunluo Electronics, has been engaged in the precision ceramics field for many years, focusing on high-performance ceramic materials and products, with applications in various industries including solid oxide batteries, smart wearables, consumer electronics, new energy, and medical sectors [1] Group 1: Company Overview - Shunluo Electronics has developed a range of products including structural ceramics and electronic ceramics, emphasizing platform-based research and customized products [1] - The company has made significant investments in ceramic powder technology, accumulating extensive expertise in the development of platform-based ceramic products, new material applications, and manufacturing processes [1] Group 2: Market Applications - The primary application markets for the company's products include solid oxide batteries (SOC), which encompass both SOFC and SOEC technologies, as well as smart wearables, consumer electronics, new energy, and medical fields [1] - The company has established advanced and complete processes for powder preparation and product processing, along with production lines [1] Group 3: Strategic Partnerships - Through its subsidiary, Xinbai Ceramics, the company has partnered with Zhen Tai Energy to form Bai Tai Company, which will focus on the research and development of core technologies for new high-temperature fuel cells, as well as the production and sales of related products [1]

Core Viewpoint - The company is strategically positioning itself in the emerging AI server market, focusing on high-precision and high-power density technologies to provide comprehensive power supply solutions for data centers [2] Group 1: AI Server Market Strategy - The company identifies AI servers as a key strategic market and aims to supply a complete set of products from primary to tertiary power sources for various xPU chips, network cards, memory, and SSDs [2] - The domestic computing power clients are crucial to the company's data center business, which has seen steady growth throughout the year due to the rapid application of domestic large models [2] Group 2: Customer Base and Demand - The demand for modular inductive solutions in the xPU power supply segment is rapidly increasing from overseas heavyweight clients, further solidifying the foundation for the company's growth in the data center market [2] - The company has established a comprehensive client base that includes leading domestic server manufacturers and top overseas power semiconductor module manufacturers, with a full order book for AI server-related products [2]

Core Points - The stock price of Shunluo Electronics increased by 2.01% on November 24, reaching 34.50 CNY per share, with a total market capitalization of 27.818 billion CNY [1] - The company reported a year-to-date stock price increase of 11.68%, but a decline of 0.86% over the last five trading days and 17.86% over the last twenty days [1] - Shunluo Electronics specializes in the research, production, and sales of chip inductors and chip varistors, with 99.13% of its revenue coming from these electronic components [1][2] Financial Performance - For the period from January to September 2025, Shunluo Electronics achieved a revenue of 5.032 billion CNY, representing a year-on-year growth of 19.95%, and a net profit attributable to shareholders of 769 million CNY, up 23.23% year-on-year [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 [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 16.79% to 46,000, while the average number of tradable shares per person decreased by 14.38% to 16,456 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 45.1919 million shares, and other significant shareholders have seen reductions in their holdings [3]

Core Viewpoint - Shunluo Electronics (002138) has reported significant improvements in performance and pricing of TLVR inductors compared to non-TLVR AI inductors, indicating a strong future demand for TLVR products in AI servers [1] Group 1: Product Performance - The performance and unit price of TLVR inductor products have significantly improved compared to non-TLVR types [1] - The increase in TLVR product usage is expected to substantially enhance the value of magnetic components in AI servers [1] Group 2: Market Position and Strategy - Shunluo has proactively positioned itself in the TLVR inductor market, staying ahead of industry trends [1] - The company has already begun bulk supply of TLVR products to customers, indicating readiness to meet growing demand [1] Group 3: Future Outlook - The data center business is anticipated to enter a rapid growth phase in the coming years, driven by the rising demand for TLVR products [1]

Core Viewpoint - The company is strategically positioning itself in the emerging market of AI servers, leveraging its technological advantages to provide comprehensive product solutions for clients [1] Group 1: Company Strategy - The company emphasizes its focus on AI servers (data centers) as a key area of strategic development [1] - It offers a complete range of product solutions from primary power supply to tertiary power supply, showcasing its technological strengths in miniaturization, high precision, and high power density [1] Group 2: Market Development - Domestic business with computing power clients is steadily growing on a quarterly basis [1] - There is a rapid increase in demand from overseas heavyweight clients for modular inductors related to ASIC chips, CPUs, and GPUs [1] Group 3: Business Performance - The company has established coverage with leading domestic server manufacturers and top overseas power semiconductor module manufacturers [1] - Orders related to AI servers are robust, leading to rapid business growth, particularly in overseas markets [1]

Group 1 - The core viewpoint of the article highlights that Shunluo Electronics (SZ 002138) announced an investor research meeting scheduled for November 21, 2025, where the company’s board secretary and securities representative will address investor inquiries [1] - For the first half of 2025, Shunluo Electronics reported that its revenue composition is entirely from the electronic components industry, with a 100.0% share [1] Group 2 - The article also mentions a significant event involving Dapeng Industrial, where the strategic placement of shares at a subscription price of 9 yuan saw a dramatic increase to 118 yuan on the first day of listing, resulting in a paper profit of 24.92 million yuan for the actual controller and his brother [1]

Group 1: AI Server Market - The company is strategically positioned in the AI server market, focusing on miniaturization, high precision, and high power density technology, providing comprehensive power supply solutions for clients [2] - Domestic clients in the AI server sector have shown steady growth due to the rapid application of domestic computing power models, with quarterly growth observed throughout the year [2] - The demand for modular inductive solutions for ASIC chips and GPU peripherals from overseas clients is also increasing, contributing to the sustained growth of the company's data center market [2][3] Group 2: TLVR Inductor Development - The TLVR inductor offers significant advantages over traditional VR structure inductors, including faster load transient response and reduced output capacitor size and cost [3] - The company has proactively developed various TLVR inductor products, which are now being supplied in bulk to clients, indicating a strong market position [3] Group 3: Tantalum Capacitor Market - The company has invested in the tantalum capacitor sector for years, developing new series products that cater to high-end consumer electronics, AI data centers, and automotive electronics [4] - The new tantalum capacitor products have gained recognition from major clients due to their thin profile and low ESR values, aligning with trends in high-performance applications [4] Group 4: Impact of Raw Material Prices - Precious metals constitute a small portion of the raw material costs, and as electronic components trend towards lighter and smaller designs, the impact of raw material costs on production is limited [4] - The company maintains strong supply chain management capabilities, which help mitigate the effects of raw material price volatility [4] Group 5: Ceramic Products Strategy - The company has been involved in the precision ceramic field for many years, focusing on high-performance ceramic materials and products for various applications, including solid oxide batteries and consumer electronics [5] - Continuous investment in ceramic powder technology has led to a diverse range of product offerings, supported by advanced manufacturing processes [5] Group 6: Future Capital Expenditure Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [5] - Emphasis on R&D investment remains strong, with a commitment to increasing R&D spending over the long term to support growth in new business areas [5]

Group 1: Company Performance and Market Position - The company has achieved a compound annual growth rate (CAGR) of approximately 24% since its listing, indicating strong growth in the high-end electronic components sector [6] - The company has a solid market position, competing with international giants like Murata and TDK, and has established a significant presence in emerging markets such as automotive electronics and AI servers [6] - The company’s AI server-related orders are robust, with rapid growth observed, particularly in overseas markets [2] Group 2: Product Development and Innovation - The company has developed a new series of tantalum capacitors with unique designs and automated production lines, enhancing product quality and consistency [2] - The new tantalum capacitors are positioned for various applications, including consumer electronics, AI data centers, automotive electronics, and eSSD, reflecting a broad market potential [5] - The company has successfully launched AI inductive products using multiple manufacturing processes, catering to leading domestic and international server manufacturers [6] Group 3: Investor Relations and Market Perception - Recent stock price declines have raised concerns among investors, despite the company’s strong operational performance and order volume [5] - The management acknowledges the need to better communicate the company's value to investors, as current market valuations do not reflect its performance [7] - The company has implemented employee stock ownership plans and has conducted share buybacks to enhance shareholder returns, alongside increasing dividend payouts [7] Group 4: Legal and Competitive Challenges - The company is facing legal challenges from a Japanese firm, which may impact customer confidence and order decisions; however, management maintains that operations are normal and communication with clients is ongoing [3] - The company emphasizes its commitment to intellectual property and has a dedicated team to manage these aspects, ensuring that external factors do not disrupt its strategic goals [4]

Group 1 - The company, Shunluo Electronics, announced on November 19 that its products belong to the electronic components sector and have consistently focused on core business development since its establishment [2] - The technical level of the company's inductive products is on par with globally renowned electronic component manufacturers, indicating a strong competitive edge [2] - The company has a globally leading customer base, focusing on a major customer strategy that includes long-term partnerships with benchmark enterprises across key industries [2] Group 2 - The pricing of the company's core products generally follows market trends, suggesting adaptability to market conditions [2]

Core Viewpoint - The company, Shunluo Electronics, reported a steady growth in its consumer electronics business, driven by an increase in new product share and overall market share, supported by a recovering industry environment [2] Company Overview - Shunluo Electronics has a strong market position and high product market share in the consumer electronics sector [2] - The company maintains deep strategic partnerships with numerous core consumer electronics enterprises both domestically and internationally [2] Industry Insights - The consumer electronics sector is experiencing a recovery in industry sentiment, which is expected to positively impact the company's performance [2] - The company anticipates maintaining a business growth level that exceeds the overall industry growth rate in the consumer electronics field [2]