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：2024-004 | --- | --- | --- | --- | --- | --- | |----------------|---------------------------------|----------------------|------------------|------------|----------| | | √特定对象调研 □分析师会议 | | | | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | | | 类别 | □新闻发布会 □路演活动 | | | | | | | □现场参观 | | | | | | | □其他（请文字说明其他活动内容） | | | | | | | 2024 年 3 月 11 | 日（10:00-11:00 | ）：工银瑞信 | 2 | 人，国 | | | 金证券 1 人，共 3 人； | | | | | | | 2024 年 3 月 11 日（ | 11:00-12:00 | ）：泰康资产 | 2 | 人，兴 | | | 业证券 2 人，共 ...

证券研究报告 | 2024年03月11日 顺络电子（002138.SZ） 买入 国内片式电感龙头，一体成型及 LTCC 等新品进入放量期 核心观点 公司研究·深度报告 国内片式电感龙头，大浪淘沙下的优质企业。顺络电子是全球前三、国内第 电子·元件 一的片式电感厂商，十年如一日地高强度研发，研发支出占比常年在7%以上。 证券分析师：胡剑 证券分析师：胡慧 公司业绩穿越周期，2007年上市后，15年间营收CAGR27%，仅22年出现盈 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 利下滑。公司是被历史证明的优质龙头企业，拥有各领域全球领先的标杆客 S0980521080001 S0980521080002 户，但不依赖单一大客户，23年第一大客户仅占营收5.48%。公司产品覆盖 证券分析师：周靖翔 证券分析师：叶子 全面，应用领域覆盖手机、ICT、汽车、储能等高增长赛道，产品包括EMC 021-60375402 0755-81982153 zhoujingxiang@guosen.com.cnyezi3@guosen.co ...

证券代码：002138 证券简称：顺络电子 编号：2024-002 | --- | --- | --- | |----------------|----------------------------------|--------------------------------------------------| | | | | | | √特定对象调研 □分析师会议 | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 2024 年 3 月 4 | 日：杭州富贤 1 人，汇丰前海证券 1 人， | | | 云富投资 1 | 人，海通证券电子 1 人，德邦证券 2 人，光 | | | 大证券电子 1 | 人，中信建投 1 人，华泰柏瑞 1 人，嘉实 | | | 基金 1 人，鹏扬 1 | 人，山西证券 1 人，华泰证券 3 人， | | | 施罗德研究员 1 人， | BoyuCapital1 人，毕盛投资 1 人， | | | 中新融创 1 人，全天候基金 | 1 ...

[顺Tab络le_电Stoc子kN（am 0eR 0p 2tT 1yp 3e 8] ） 公司研究/公司点评 高景气度延续，新品研发成果释放促进 24 年业绩增长 投资评级：增持（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-04 ⚫[ T事ab件le _Summary] 公司发布2023年年报，根据公告，公司23年实现收入50.40亿元，同 [收Ta盘bl价e_（Ba元se）D ata] 27.66 比增长18.93%；实现归母净利润6.41亿元，同比增长47.98%；实现 近12个月最高/最低（元） 30.15/21.25 扣非净利润5.92亿元。毛利率35.35%，同比增长2.35pct；净利率 总股本（百万股） 806 14.68%，同比增长2.29pct。 流通股本（百万股） 757 23Q4单季度，公司实现收入13.64亿元，同比增长29.09%，环比增长 流通股比例（%） 93.82 1.49%；实现归母净利润1.63亿元，同比增长541.12%，环比减少0.59 总市值（亿元） 223 流通市值（亿元） 209 亿元；实现扣非归母净利润1.45亿元，同比增长1460. ...

证券研究报告 | 公司动态点评 2024 年 03月 01日 顺络电子（002138.SZ） LTTC 产品持续放量，23 年净利润同比高增 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 4,238 5,040 6,058 7,443 8,969 股票信息 增长率yoy（%） -7.4 18.9 20.2 22.9 20.5 归母净利润（百万元） 433 641 826 1,110 1,330 行业 电子 增长率yoy（%） -44.8 48.0 28.9 34.4 19.9 2024年2月29日收盘价（元） 27.43 ROE（%） 8.6 11.3 12.7 15.3 16.0 总市值（百万元） 22,117.31 EPS最新摊薄（元） 0.54 0.79 1.02 1.38 1.65 流通市值（百万元） 20,751.03 P/E（倍） 49.7 33.6 26.1 19.4 16.2 总股本（百万股） 806.32 P/B（倍） 3.9 3.6 3.3 2.9 2.5 流通股本（百万股） 756.51 资料来源：公司财报，长城证券产业金融研 ...

电子/元件 公 司 研 顺络电子（002138.SZ） 新领域布局叠加电子产业复苏，业绩有望稳步提升 究 2024年03月02日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘天文（分析师） luotong@kysec.cn liutianwen@kysec.cn 证 书编号：S0790522070002 证书编号：S0790523110001 日期 2024/3/1 当前股价(元) 27.30  2023Q4营收创历史新高，新产品拓展顺利，维持“买入”评级 公 一年最高最低(元) 30.73/20.73 公司2023年全年实现营收50.40亿元，同比+18.93%；归母净利润6.41亿元，同 司 比+47.98%；扣非净利润5.92亿元，同比+60.88%；毛利率35.35%，同比+2.35pcts。 信 总市值(亿元) 220.12 息 流通市值(亿元) 206.53 2023Q4 单季度实现营收 13.64 亿元，同比+29.09%，环比+1.50%；归母净利润 更 总股本(亿股) 8.06 1.63亿元，同比+541.12%，环比-26.39%；扣非净利润1.45亿元，同比+146 ...

顺络电子：23 年业绩符合预期，消费电子复苏+新领域拓展助力业绩高增 顺络电子（002138.SZ）/电子 证券研究报告/公司点评 2024 年 02 月 29 日 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------|------------------|-------|------------------------------------|-------|--------| | 评级：买入（维持） \n市场价格：27.43 元/股 | 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王芳 | 营业收入（百万元） | 4,238 | 5,040 | 6,377 | 8,083 | 10,014 | | | 增长率 yoy% | -7% | 19% | 27% | 27% | 24% | | 执业证书编号： S0740521120002 | 净利 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 被动元件 ＃investSuggestion＃ ＃ ＃d顺yCo络mpa电ny＃子 （ 002138 ） investSug 增持 ( 维ges持tionC）h 002138 ＃title＃ 主业复苏叠加新兴领域逐渐放量，业绩创历史新高 ange＃ ＃createTime1＃ 2024 年02 月29日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  公告：公司发布2023年年报，2023年实现营业收入50.40亿元，同比增 市场数据日期 2024-02-28 长18.93%；实现归母净利润6.41亿元，同比提升47.98%；2023Q4实现 收盘价（元） 26.68 收入13.64亿元，同比增长29.09%，实现归母净利润1.63亿元，同比增 总股本（百万股） 806.32 长535.80%。 流通股本（百万股） 756.51 净资产（百万元） 5963.7  消费市场复苏，业绩快速增长。公司2023年收入同比增长18.93%，主要 总资产（百万元） 12568.39 因为消费市场有所复苏，产能利用率提升，新品一体成型电感 ...

业绩简评 2024年 2月 28日，公司披露2023年年报。2023年公司实现营 业收入 50.40 亿元，同比增加 18.93%，实现归母净利润 6.41 亿 元，同比增加 47.98%。单 Q4 公司实现营业收入 13.64 亿元， 同比增加 29.09%，环比增加 1.5%，实现归母净利润 1.63 亿 元，同比增加541.12%，环比下滑26%。 经营分析 Q4订单景气度持续，盈利能力持续改善。公司 2023年 Q3、Q4 营收连续创造单季历史新高，Q4 收入层面环增 1.5%，毛利率水 平达 36.96%，环比提升 0.69pct，主要系精密电子元件业务订单 增加，产能利用率持续提升，边际利润持续提升，人工效率提 升。经过 Q3 消费电子旺季拉货后，公司 Q4 仍经营性层面稳健 人民币(元) 成交金额(百万元) 增长，利润主要为 1.02 亿资产减值影响，其中信柏精密陶瓷商 31.00 1,200 誉计提 1954 万，存货计提 6600 万。根据公司年报，2024 年 1 29.00 1,000 27.00 800 月份仍保持持续增长的态势，销售额创造公司历史各月份销售额 25.00 600 新高 ...

Financial Performance - Revenue for 2023 reached RMB 5,040,423,672.03, an increase of 18.93% compared to 2022[14] - Net profit attributable to shareholders in 2023 was RMB 640,529,897.50, up 47.98% year-over-year[14] - Operating cash flow for 2023 was RMB 1,144,486,373.45, a 7.56% increase from 2022[14] - Basic earnings per share (EPS) for 2023 was RMB 0.81, a 50.00% increase compared to 2022[14] - Weighted average return on equity (ROE) for 2023 was 11.22%, up 3.33 percentage points from 2022[14] - Total assets increased by 14.88% to RMB 12,568,392,287.29 compared to the previous year[15] - Net assets attributable to shareholders of the listed company grew by 7.29% to RMB 5,963,696,315.20[15] - Q4 revenue reached RMB 1,364,499,236.67, showing consistent growth throughout the year[19] - Net profit attributable to shareholders in Q3 was RMB 221,569,209.17, the highest among all quarters[19] - The company achieved a record high revenue of 5.04 billion yuan in 2023, a year-on-year increase of 18.93%[29] - Net profit attributable to shareholders reached 641 million yuan, a year-on-year increase of 47.98%[29] - Gross profit margin for 2023 was 35.35%, an increase of 2.35 percentage points compared to the previous year[29] - Q4 2023 revenue reached 1.36 billion yuan, with a gross margin of 36.96%, the highest among all quarters[31] - Gross profit for 2023 was 1.78 billion yuan, driven by increased market orders and improved production efficiency[32] - Total revenue for 2023 reached 5,040,423,672.03 yuan, a year-on-year increase of 18.93%[41] - Domestic sales accounted for 82.86% of total revenue, growing by 27.97% year-on-year[42] - Direct sales increased by 30.70% year-on-year, accounting for 85.98% of total revenue[42] - Sales volume of electronic components rose by 36.89% to 1,400.27 billion units[44] - Production volume of electronic components increased by 45.20% to 1,402.83 billion units[44] - Gross profit margin for electronic components improved by 2.35% to 35.35%[43] - Top five customers contributed 18.47% of total sales, with the top customer accounting for 5.48%[49] - Revenue from the signal processing sector grew to 2,061.04 million yuan in 2023, up from 1,640.65 million yuan in 2022[37] - Revenue from the automotive electronics and energy storage sector increased to 681.17 million yuan in 2023, compared to 547.42 million yuan in 2022[37] - Total assets increased to RMB 12.57 billion in 2023, up from RMB 10.94 billion in 2022[199] - Current assets rose to RMB 4.65 billion in 2023, compared to RMB 3.65 billion in 2022[199] - Non-current assets grew to RMB 7.92 billion in 2023, up from RMB 7.29 billion in 2022[199] - Cash and cash equivalents increased to RMB 778.84 million in 2023, from RMB 451.39 million in 2022[198] - Accounts receivable rose to RMB 1.95 billion in 2023, compared to RMB 1.55 billion in 2022[199] - Inventory decreased to RMB 864.61 million in 2023, down from RMB 929.55 million in 2022[199] - Fixed assets increased to RMB 5.69 billion in 2023, up from RMB 4.63 billion in 2022[199] - Long-term equity investments grew to RMB 203.28 million in 2023, compared to RMB 166.18 million in 2022[199] - Construction in progress decreased to RMB 848.76 million in 2023, down from RMB 1.30 billion in 2022[199] - Intangible assets slightly decreased to RMB 510.59 million in 2023, from RMB 523.05 million in 2022[199] - Short-term borrowings increased to 1,006,114,859.73 from 819,052,569.45, a rise of approximately 22.8%[200] - Accounts payable rose to 586,746,832.01 from 394,033,283.05, an increase of about 48.9%[200] - Employee compensation payable increased to 239,011,447.88 from 159,774,991.55, up by approximately 49.6%[200] - Taxes payable surged to 94,631,984.30 from 42,766,406.26, a significant increase of about 121.3%[200] - Other payables grew to 605,672,519.13 from 502,022,293.57, an increase of approximately 20.6%[200] - Current liabilities totaled 3,398,610,874.31, up from 2,391,270,302.99, a rise of about 42.1%[200] - Long-term borrowings increased to 2,115,925,236.40 from 1,999,575,184.50, up by approximately 5.8%[200] - Lease liabilities rose to 13,962,088.88 from 1,512,126.20, a substantial increase of about 823.3%[200] - Deferred income increased to 195,314,183.42 from 160,104,612.22, up by approximately 22.0%[200] - Total liabilities reached 6,028,780,756.76, up from 4,841,105,497.55, an increase of about 24.5%[200] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 3 per 10 shares for 2023[2] - Cash dividend distribution plan: RMB 3.00 per 10 shares, totaling RMB 237,583,132.20, with a total cash dividend (including other methods) of RMB 273,371,289.20[106][107] - Cash dividend ratio: 100% of the total profit distribution, with distributable profit of RMB 1,870,125,233.11[107] - No cash dividend distribution proposed despite positive distributable profit[105] Risks and Challenges - The company faces risks such as global economic slowdown, geopolitical risks, and supply chain instability[2] - No significant risks identified by the Board of Supervisors during the reporting period[100] Corporate Governance and Shareholding Structure - The company has no controlling shareholder or actual controller since 2016[11] - The company's registered address was changed in 2017 to Shenzhen Longhua District[7] - The company's website and email are www.sunlordinc.com and info@sunlordinc.com, respectively[7] - The company has no controlling shareholder or actual controller as of the end of the reporting period[77] - The company established a cross-departmental information disclosure coordination mechanism to ensure accurate and complete information disclosure[76] - The company has set up four specialized committees under the board of directors: audit, nomination, compensation and evaluation, and strategy[75] - The company strictly complies with laws and regulations, and there are no significant differences between its governance status and regulatory requirements[77] - The total shares held by directors, supervisors, and senior management amount to 84,246,378 shares, with 17,833,400 shares pledged[80] - Chairman Yuan Jinyu holds 71,340,679 shares, with 17,833,400 shares pledged, accounting for 25% of his total holdings[80] - President Shi Hongyang holds 5,352,787 shares, with no shares pledged[80] - Executive Vice President Li Youyun holds 1,432,200 shares, with no shares pledged[80] - Vice President Li Yu holds 4,458,900 shares, with no shares pledged[80] - CFO Xu Jia holds 895,350 shares, with no shares pledged[80] - Board Secretary Xu Zuhua holds 94,500 shares, with no shares pledged[80] - Chairman of the Supervisory Committee Hu Guocheng holds 200,000 shares, with no shares pledged[80] - The company has no changes in directors, supervisors, or senior management during the reporting period[80] - The company's management structure remains stable, with key executives maintaining long-term tenure and significant shareholdings[80][81][82][83] - Yuan Jinyu holds multiple positions as a director, supervisor, and shareholder across various companies, including Shenzhen Jiawo Communication Technology Co., Ltd., Shenzhen Herun Industrial Co., Ltd., and Dongguan Sunlord Electronics Co., Ltd., without receiving remuneration[86] - Yuan Jinyu is a shareholder in several investment and real estate companies, such as Shenzhen Baohai Industrial Development Co., Ltd., Shenzhen Huacheng Real Estate Development Co., Ltd., and Hainan Huaying Qiheng Equity Investment Fund Partnership[86] - Shi Hongyang serves as a director and chairman in multiple subsidiaries of Sunlord Electronics, including Sunlord (Shanghai) Electronics Co., Ltd., Shenzhen Sunlord Investment Co., Ltd., and Quzhou Sunlord Circuit Board Co., Ltd., without receiving remuneration[86] - Shi Hongyang is also the chairman of Dongguan Xinbo Structural Ceramics Co., Ltd. and Shenzhen Sunlord Laminated Electronics Co., Ltd., indicating a strong focus on electronic components and structural ceramics[86] - The company's senior management compensation structure includes fixed salary, daily performance salary, and year-end performance bonus, as determined by the 7th Board of Directors' 3rd meeting[89] - The company has a comprehensive governance structure with multiple directors holding positions across various subsidiaries and affiliated companies[87] - No securities regulatory penalties were reported for current and former directors, supervisors, and senior management in the past three years[88] - The company has established a presence in multiple locations including Dongguan, Shanghai, Quzhou, and Shenzhen through its subsidiaries[87] - Key executives hold multiple leadership roles across different business units and subsidiaries, indicating a centralized management structure[87] - The company has established specialized subsidiaries focusing on areas such as automotive electronics, microwave devices, and new energy[88] - The company maintains a network of partnerships and joint ventures, as evidenced by multiple executives holding positions in affiliated companies[87] - The company's governance structure includes independent directors from various industries and academic institutions[87] - The company has established a presence in both domestic and international markets, with subsidiaries in the United States and Taiwan[87] - The company's compensation system for senior management is governed by a formalized basic system for executive salary management[89] - Total pre-tax compensation for executives in 2023 amounted to 1,471 million[91] - The company held 7 board meetings in 2023, all of which were attended by key executives without any dissenting votes[92] - All directors attended the required board meetings, with no instances of consecutive absences[93] - The Strategic Committee of the Board held 3 meetings in 2023, focusing on investment fund partnerships and compliance with regulatory requirements[96] - The company emphasized strict adherence to disclosure regulations and maintaining accurate information for shareholders[95] - The company's actual controller and their concerted parties have no actual controller, and the company does not have a controlling shareholder or actual controller[181] - The company's largest shareholder, Jinchang Investment Co., Ltd., transferred 78 million shares to Chairman Yuan Jinyu in 2016 and 41 million shares in 2017, resulting in the company having no controlling shareholder or actual controller[181] - The company's final control level does not have any shareholders with a shareholding ratio of 10% or more, and there are no shareholders with a shareholding ratio of 5% or more[181] - The company's share repurchase plan, approved on April 22, 2022, aims to repurchase between 200 million and 300 million yuan worth of shares, with a maximum of 8.57 million shares and a minimum of 5.71 million shares, representing 1.06% and 0.71% of the total issued shares, respectively[184][185] Research and Development - R&D and innovation remain key strategic focuses, with 23 years of continuous investment in core technologies[24] - R&D expenses rose by 8.92% to 38,375.68 million yuan, driven by increased material costs and personnel salaries in ongoing projects[33] - R&D personnel count increased by 0.63% to 1,125, with a decrease in the proportion of R&D personnel from 16.69% to 15.17%[53] - R&D investment accounted for 7.61% of operating revenue, a decrease of 0.70% compared to the previous year[55] - The company has achieved mass production of high-reliability chip components for automotive applications, targeting leading positions in the industry[52] - New high-power magnetic components for the automotive market are in the small-batch verification stage with domestic first-tier customers[54] Market and Industry Focus - The company focuses on emerging industries such as automotive electronics, energy storage, and IoT[24] - Core product market share ranks first in China and top three globally in the chip inductor sector[24] - The company has been recognized as a "China Electronic Components Industry Leading Enterprise" for 17 consecutive years[24] - The company aims to become a global leader in passive electronic components and technical solutions[24] - The company's market share in chip inductors ranks among the top three globally and first in China[26] - New energy vehicles, photovoltaic energy storage, data centers, and IoT are key emerging markets for the company[26][29] - The company plans to focus on large customers and basic technology R&D to address customer pain points[29] - The company's product lines include magnetic devices, microwave devices, sensors, and fine ceramics, with a strong global reputation[26] - The company has strategically expanded into automotive electronics, photovoltaics, energy storage, data centers, IoT, and module sectors, gaining recognition from global industry leaders[34] - The company's core products, including micro inductors, low-loss power inductors, and LTCC microwave devices, are in high demand, with capacity unable to fully meet market needs[34] - The company is focusing on domestic substitution opportunities, leveraging its position as a global component leader to meet increasing demand for localized supply chains[35] - The company is enhancing its delivery capabilities and product line expansion, particularly in automotive electronics, sensors, and microwave devices, to strengthen its global competitive advantage[34] - The company expanded its automotive electronics business, covering areas such as battery management systems and autonomous driving systems[39] - The company developed new high-power components for the photovoltaic and energy storage markets, positioning for future growth[39] - The company's fine ceramic products gained significant market share in wearable devices and medical monitoring terminals[39] - The company's core product, miniature RF inductors, is one of the few global suppliers with mass production capabilities, securing a strong market position[68] - The company is expanding into new areas such as new energy vehicles, photovoltaic energy storage, and servers, with new high-power devices being introduced to leading customers[68] - The company plans to focus on four major product categories to address future market demands in the trillion-level application market[68] - The company aims to leverage its 23 years of technical, customer, quality, and brand advantages to strengthen its global competitive position[68] - The company is accelerating market demand transfer by utilizing domestic substitution opportunities[68] Investor Relations - The company conducted multiple investor relations activities throughout 2023, with a total of 77 investors from Xitai Investment participating on January 10, 2023[69] - On March 2, 2023, the company hosted 82 investors from CICC and other institutions[70] - A total of 86 investors from Hanhe Capital participated in the investor relations activity on July 31, 2023[71] - The company engaged in 28 investor relations activities in the first half of 2023, with a significant number of institutional investors participating[70][71] - On May 26, 2023, 42 investors from Century Securities participated in the company's investor relations activity[71] - The company held multiple on-site research activities, including one with 7 investors from Nomura Fund on March 3, 2023[70] - On June 14, 2023, 28 investors from Kaiyuan Securities participated in an on-site research activity[71] - The company's investor relations activities included both on-site and online formats, with a notable online event on March 15, 2023, via the Panorama Network platform[70] - On April 25, 2023, 51 investors from Haitong Securities participated in the company's investor relations activity[70] - The company's investor relations activities were consistently documented and made available on the CNInfo website[69][70][71] - The company conducted a total of 116 investor meetings in July 2023, with participants including Western Securities and other institutional investors[72] - In August 2023, the company held 41 investor meetings with institutions such as Huatai Asset Management[72] - A total of 79 investors, including Fengyang Asset, participated in the company's investor meetings in October 2023[73] - The company engaged in online investor meetings through "Quanjing Roadshow" in November 2023, with details available in the investor relations activity record[73] - In December 2023, the company held 7 investor meetings with institutions including CICC and Guotai Junan Securities[74] - The company's investor meetings in September 2023 included 23 participants from Guosen Securities and 5 from CITIC Securities[72] - In November 2023, the company conducted 15 investor meetings with institutions such as Xingye Securities and Xinhua Asset[73] - The company's investor meetings in October 2023 included 17 participants from Hongyu Investment and 10 from GF Securities[73] - In December 2023, the company held 11 investor meetings with institutions including SDIC Fund and Orient Securities[74] - The company's investor meetings in September 2023 included 8 participants from Southwest Securities and 1 from Jianghua Wealth Management[73] - The company held four shareholder meetings in