Core Insights - The company has maintained a competitive average gross margin in the industry since its listing, driven by continuous R&D investment and management innovation [2] - The vision of the company is to become an expert in the electronic components field, expanding from inductors to core areas such as magnetic devices, microwave devices, sensors, and precision ceramics [2] - The company focuses on self-developed and designed products, which allows for high added value and a strong pricing power, ensuring a healthy gross margin [2] R&D and Innovation - The company has a long-term commitment to R&D in basic materials and technology platforms, resulting in a significant reserve of research outcomes [2] - Continuous technological, process, and equipment innovations have led to improved production efficiency [2] - The company participates in the early R&D design phases of core clients' products, contributing to enhanced overall gross margin levels [2] Market Position and Growth - An increase in orders and rising capacity utilization have significantly supported the company's stable and high-quality gross margin [2] - The scale effect from large-volume production of various products has further improved the company's profitability [2] - The transition from a traditional "product provider" to a "value creator" has enriched the company's product matrix and is expected to optimize gross margin levels [2]

Group 1: Automotive Electronics Business - The automotive electronics business is a key strategic area for the company, with a market potential in the hundreds of billions [2] - The company has achieved comprehensive coverage of electric vehicle scenarios, including intelligent driving and smart cockpit applications [2] - The company anticipates rapid growth in the automotive electronics sector, driven by new product introductions and expanding core customer market share [2] Group 2: AI Data Center Development - The AI data center is a new strategic market for the company, focusing on high-precision and high-power density technologies [3] - The company provides a complete product solution for AI servers, covering various power supply needs, and has secured orders from leading domestic and international clients [3] - The overseas business for AI servers has seen rapid growth this year [3] Group 3: Tantalum Capacitor Products - The company has invested in the tantalum capacitor field for years, developing new products suitable for various applications, including communications and automotive electronics [4] - Tantalum capacitors meet the high reliability and stability requirements of automotive electronics and AI server environments [4] - The company has launched high-performance polymer tantalum capacitors for enterprise SSDs, catering to industry demands [4] Group 4: Gross Margin Trends - The company has maintained a competitive average gross margin since its listing, supported by continuous R&D investment and management innovation [4] - The focus on high-value-added products and strong core technology has allowed for better pricing power and margin protection [4] - Increased orders and capacity utilization have contributed to stable and high-quality gross margins [4] - The company is transitioning from a "product provider" to a "value creator," which is expected to further optimize gross margin levels [4] Group 5: Product Pricing Situation - The company's products are aligned with market prices, maintaining competitiveness with leading global electronic component manufacturers [5] - The company has established long-term partnerships with major global clients across various industries [5]

Group 1: Industry Perspective on Institutional Research - The research indicates a rebound in institutional research activity, particularly in the electronics, power equipment, and construction decoration sectors, with a total of 726 research instances last week, higher than 674 instances in the same week of 2024 [3][19] - The increase in research activity is noted across various sectors, including electronics, power equipment, construction decoration, agriculture, environmental protection, textiles, building materials, retail, defense, home appliances, and coal [3][19] - In October, due to the earnings report disclosure period, the total number of institutional research instances across the A-share market significantly dropped to 1,768, lower than 1,994 instances in October 2024 [20][21] Group 2: Individual Stock Perspective on Institutional Research - The stocks that received the most attention recently include Huichuan Technology, Fengyuan Co., and Ice Wheel Environment, with Huichuan Technology being researched 9 times last week [25][28] - Over the past month, stocks such as Oke Yi, Huichuan Technology, Ice Wheel Environment, and others have seen a high number of research instances, indicating strong market interest [29][30] - Huichuan Technology has been frequently researched due to its early advantage in the eCall system, which is expected to create a stable demand of nearly 30 million units annually starting from July 1, 2027, as all cars sold in China must be equipped with the system [27]

Core Viewpoint - The announcement indicates that shareholders Hengshuntong and President Shi Hongyang have released a portion of their pledged shares, totaling 8.81 million shares, which represents 1.09% of the company's total equity. This release is not expected to have a substantial impact on the company [1]. Summary by Relevant Sections - **Shareholder Actions** - Hengshuntong released 4.2 million shares and 2.5 million shares, while Shi Hongyang released 806,300 shares, 200,000 shares, and 1.1 million shares, totaling 8.81 million shares released [1]. - **Ownership Structure** - After the release of the pledged shares, Hengshuntong, Shi Hongyang, and their concerted actions hold a total of 92.87 million shares, accounting for 11.52% of the total shares [1]. - **Pledged Shares Status** - Following the release, the total pledged shares amount to 30.74 million shares, which is 3.81% of the total equity [1].

股票代码：002138 股票简称：顺络电子 编号：2025-092 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。 | 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 | 4,200,000 | 7.57% | 0.52% | 年 月 2024 12 | 2025年 11月 24 | 深圳市高新投集团有 | | | | | | | 日 17 | 日 | 限公司 | | 恒顺通 | 是 | 2,500,000 | 4.50% | 0.31% | 2024 年 12 月 | 2025年 11月 24 | 深圳市高新投集团有 | | | | | | | 17 日 | 日 | 限公司 | ...

Core Viewpoint - Shunluo Electronics experienced a stock price increase of 5.31%, reaching 36.08 yuan per share, with a trading volume of 431 million yuan and a turnover rate of 1.61%, resulting in a total market capitalization of 29.092 billion yuan [1] Group 1: Company Overview - Shunluo Electronics, established on September 8, 2000, and listed on June 13, 2007, is located in Longhua District, Shenzhen, Guangdong Province [1] - The company specializes in the research, production, and sales of new electronic components, including chip inductors and chip varistors, with 99.13% of its revenue coming from chip electronic components [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Shunluo Electronics, having reduced its holdings by 195,300 shares in the third quarter, now holding 11.7467 million shares, which is 1.55% of the circulating shares [2] - The Southern CSI 500 ETF has a current scale of 140.098 billion yuan and has achieved a year-to-date return of 21.84%, ranking 1924 out of 4206 in its category [2] Group 3: Fund Holdings - Southern Fund's Southern High-Quality Selected Mixed A (014946) holds 158,900 shares of Shunluo Electronics, representing 2.59% of the fund's net value, making it the eighth-largest holding [3] - The fund has a current scale of 1.81 billion yuan and has achieved a year-to-date return of 14.14%, ranking 4583 out of 8136 in its category [3]

证券日报网讯 顺络电子11月24日发布公告，在公司回答调研者提问时表示，贵重金属在原材料成本中 的占比较小，且随着电子元器件向"轻、薄、短、小"趋势发展，单位产品的原材料耗用量越来越少，原 材料单位成本占比也越来越小，对公司生产成本的影响十分有限，从财务指标上看，原材料成本对毛利 率的影响越来越小。公司通过与供应链长期合作，尤其是一路一同成长的国产供应链体系，可以相对实 现平抑由于原材料价格高波动带来的影响，拥有优秀的供应链管理能力；同时公司通过不断进行技术创 新、工艺创新、设备创新、提高技术水平及管理水平来实现生产效率的提升，且公司参与核心大客户的 早期研发设计阶段，自动化程度高、工艺技术和制程不断改进和创新，较大程度上保障了公司的毛利率 水平。 （编辑 袁冠琳） ...

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]