Core Points - The company announced a second phase of its core employee stock ownership plan to enhance cohesion and employee motivation at its subsidiary, Dongguan Sunlord Power Devices Co., Ltd [2] - The plan aims to improve governance and profitability, ensuring long-term sustainable development for both the subsidiary and the parent company [2] - The agreement for the capital increase under this plan has recently been signed [2]

深圳顺络电子股份有限公司 股票代码：002138 股票简称：顺络电子 编号：2025-083 关于公司之控股公司第二期核心员工持股方案 涉及关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"、"顺络电子"） 为增强公司 及其控股公司东莞顺络功率器件有限公司（以下简称"顺络功率器件"、"目标公 司"）的凝聚力、发挥员工积极性，提升顺络功率器件的治理水平和盈利能力， 增强顺络功率器件和顺络电子长期可持续发展能力，建立利益共享、风险共担的 长效激励约束机制，吸引和留住人才，充分调动员工积极性、主动性和创造性， 兼顾员工与公司和顺络功率器件的长远利益，拟实施顺络功率器件第二期核心员 工持股方案（以下简称"本次增资方案"）。 本次增资方案的相关议案已由公司分别于2025年7月29日、2025年7月30日召 开的第七届董事会独立董事专门会议第九次会议、第七届董事会第十六次会议审 议通过，具体内容详见公司2025年7月31日刊登于《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）上的《关 ...

Core Insights - The company achieved record high revenue and profit in Q3 2025, driven by accelerated growth in AI-related businesses [1][2] - Revenue for the first three quarters of 2025 reached 5.032 billion yuan, a year-on-year increase of 19.95%, with net profit attributable to shareholders at 769 million yuan, up 23.23% year-on-year [1] - In Q3 2025, revenue was 1.808 billion yuan, reflecting a year-on-year increase of 20.21% and a quarter-on-quarter increase of 2.51%, with net profit at 283 million yuan, up 10.60% year-on-year and 12.06% quarter-on-quarter [1] Business Segments - The data center business experienced the fastest growth, while automotive electronics showed strong recovery in demand, and mobile and consumer electronics maintained steady performance [2] - In the mobile segment, high-end products are gaining traction, with AI driving an increase in the value of edge components. The company benefits from the trend of hardware upgrades in AI, leading to significant demand for power management products [2] - The automotive electronics segment saw a return to normal shipping rhythm in Q3 after a temporary demand fluctuation in Q2, with a quarter-on-quarter growth rate of approximately 26%. Revenue for automotive electronics or energy storage reached 1.054 billion yuan in the first three quarters of 2025, a year-on-year increase of 36.10% [2] Emerging Fields - The AI computing infrastructure is opening up new market opportunities for passive components. The data center business is experiencing accelerated revenue growth due to the rapid development of domestic computing clients and increasing demand from overseas clients for modular inductive solutions for ASIC, CPU, and GPU [3] - Since April, the demand surge in AI has led to longer delivery times for tantalum capacitors and rising upstream material prices, prompting the company to raise prices for related products. This presents a good opportunity for the company's new polymer tantalum capacitor products to penetrate overseas top clients [3] - The company is expected to achieve sustained and high-quality growth with the anticipated increase in core components such as tantalum capacitors, inductors, and transformers [3] Investment Outlook - The investment recommendation remains "outperform the market," with adjusted profit forecasts for 2025-2027 projecting net profits of 1.05 billion, 1.35 billion, and 1.63 billion yuan, representing year-on-year growth of 27%, 28%, and 21% respectively [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Insights - The company achieved record high quarterly revenue and profit, with Q3 2025 revenue reaching 18.08 billion yuan, a year-on-year increase of 20.21%, and net profit of 2.83 billion yuan, up 10.60% year-on-year [2][3] - The data center business has become a significant growth driver, with rapid expansion due to the domestic application of computing power models and increasing demand for modular inductive solutions from overseas clients [5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 50.32 billion yuan, a year-on-year growth of 19.95%, and a net profit of 7.69 billion yuan, up 23.23% year-on-year [2] - The gross margin for Q3 2025 was 36.84%, slightly down from 37.93% in Q3 2024, while the company maintained good cost control with a management expense ratio of 4.8% [4] - The company expects net profits for 2025-2027 to be 11.21 billion yuan, 14.32 billion yuan, and 18.19 billion yuan respectively, with corresponding EPS of 1.39 yuan, 1.78 yuan, and 2.26 yuan [6][11] Product Segment Performance - In Q3 2025, revenue from signal processing was 6.56 billion yuan (36.3% of total revenue), power management revenue was 6.13 billion yuan (33.9%), automotive electronics or energy storage revenue was 4.12 billion yuan (22.8%), and other revenues were 1.26 billion yuan (7.0%) [3] Market Data - As of October 30, 2025, the closing price was 39.00 yuan, with a market capitalization of 314.46 billion yuan [9] - The company’s P/E ratios for 2025-2027 are projected to be 28.1, 22.0, and 17.3 respectively [6][11] Future Outlook - The company’s SOFC project is progressing as planned, indicating potential for future growth [5] - The overall revenue growth is expected to continue, with projected annual growth rates of 27.3% for 2025 and 25.5% for 2027 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high quarterly revenue, with significant growth potential in the AI data center space. For the first three quarters of 2025, the company reported revenue of 5.032 billion yuan, a year-on-year increase of 19.95%, and a net profit attributable to shareholders of 769 million yuan, up 23.23% year-on-year. The third quarter alone saw revenue of 1.808 billion yuan, a 20.21% increase year-on-year and a 2.51% increase quarter-on-quarter [4][5] - The company maintains a broad product layout to meet the increasing demand from AI data centers, which is expected to drive continued high growth in its data center business. The forecasted net profit for 2025, 2026, and 2027 is 1.077 billion yuan, 1.308 billion yuan, and 1.626 billion yuan respectively, with corresponding P/E ratios of 30.4, 25.1, and 20.2 times [4][6] Financial Summary - For the first three quarters of 2025, the company achieved a gross margin of 36.74%, a slight decrease of 0.57 percentage points year-on-year, while the net profit margin increased by 0.59 percentage points to 17.36% [4] - The revenue from the signal processing segment was 1.819 billion yuan, up 9.48% year-on-year, while the power management segment saw revenue of 1.763 billion yuan, a 24.41% increase. The automotive electronics segment experienced a significant growth of 36.10%, with revenue reaching 1.054 billion yuan [5] - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 7.088 billion yuan in 2025 and 10.286 billion yuan in 2027, reflecting year-on-year growth rates of 20.2% and 21.1% respectively [7][9]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with revenue and net profit reaching historical highs, driven by growth in both traditional and emerging markets [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.03 billion yuan, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of 770 million yuan, up 23.2% year-on-year [2]. - In Q3 2025, the company recorded revenue of 1.81 billion yuan, representing a year-on-year growth of 20.2% and a quarter-on-quarter increase of 2.5% [3]. - The gross profit margin for Q3 2025 was 36.8%, showing a slight decrease of 1.08 percentage points year-on-year but a marginal increase of 0.06 percentage points quarter-on-quarter [3]. Product Line Performance - Revenue from signal processing, power management, automotive electronics, and other business lines were 1.82 billion, 1.76 billion, 1.05 billion, and 400 million yuan respectively, with year-on-year growth rates of 9.5%, 24.4%, 36.1%, and 15.7% [2]. - Traditional markets such as mobile communications and consumer electronics showed steady growth, while emerging strategic markets like AI applications, automotive electronics, and data centers experienced rapid growth [2][3]. Research and Development - The company invested 180 million yuan in R&D during the first three quarters of 2025, reflecting a year-on-year increase of 47.5%, indicating a long-term commitment to increasing R&D spending [2]. Future Outlook - The company is expected to benefit from the potential value increment of its inductive components in AI applications, as well as the growth potential in automotive electronics, data centers, and fine ceramics [4]. - The automotive electronics segment is seeing accelerated new product introductions, which is expected to enhance market share among leading domestic clients [4]. - The data center segment is experiencing significant order growth, supported by recognition from top global clients and the ongoing demand for AI computing capabilities [4].

Core Viewpoint - The company has made significant advancements in the tantalum capacitor sector, developing new products that cater to various high-demand industries, including AI data centers and automotive electronics [2] Group 1: Company Developments - The company has invested years in research and development in the tantalum capacitor field, leading to the creation of a new series of tantalum capacitors with innovative structures [2] - The new tantalum capacitors are designed to meet the high-temperature and high-voltage stability requirements of AI server applications [2] - The company has successfully supplied its tantalum capacitor products to top global clients, indicating a strong market presence and future growth potential [2] Group 2: Industry Applications - The new tantalum capacitor products can be widely applied in various sectors, including communications, consumer electronics, AI data centers, automotive electronics, and industrial control [2] - The products meet customer demands for miniaturization, thinness, and high capacitance values, which are critical in modern electronic applications [2]

Core Insights - The company, Shunluo Electronics, has announced its strategic focus on the mobile communication market and other consumer electronics sectors, indicating a positive trend in the overall consumer market recovery [2] Group 1: Company Positioning - Shunluo Electronics has established a strong market position in the mobile terminal business, which is a traditional application area for the company [2] - The company has gained the trust of major industry clients due to its high product quality and stable supply capabilities, forming strategic partnerships with numerous core mobile enterprises both domestically and internationally [2] Group 2: Market Trends - The overall consumer market is experiencing a sustained recovery, with improving market conditions [2] - The procurement share of new products from major consumer electronics clients is continuously increasing, which is expected to drive the company's performance in the traditional consumer electronics sector [2] - As new products continue to ramp up and the traditional consumer market recovers, the company's performance is anticipated to exceed the overall industry growth rate [2]

Core Insights - The company emphasizes the importance of R&D investment, consistently allocating a high proportion of funds to research and development each year [2] - R&D expenditures have shown a long-term growth trend, focusing on fundamental materials, processes, technology platforms, and equipment development [2] - Continuous R&D investment has led to the accumulation of significant research outcomes, enabling the company to enhance production efficiency and product gross margins through technological, process, and equipment innovations [2]

Core Viewpoint - The company, Sunlord Electronics, emphasizes the significance of its automotive electronics business, which has been in development since 2009 and has achieved tier 1 automotive certification in 2017, positioning itself as a competitive player in the global automotive electronics market [1] Company Overview - Sunlord Electronics has been actively involved in the automotive electronics sector for over a decade, establishing itself as one of the few Chinese component manufacturers in this field [1] - The company has developed a range of new products and business initiatives that are rapidly growing, contributing to the expansion of its automotive electronics business [1] Market Position - The company competes with top-tier overseas automotive electronics manufacturers, showcasing its capabilities in high-end automotive electronic components [1] - Sunlord Electronics is leveraging its first-mover advantage in the automotive market to provide comprehensive solutions for automotive clients [1] Future Outlook - The company maintains a positive outlook on the growth prospects of the automotive electronics sector and plans to continue investing in new product research and development [1] - The automotive electronics business is expected to sustain a rapid growth trend in the future [1]