股票代码：002138 股票简称：顺络电子 编号：2025-095 1 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： | | 是否为控股 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 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 | 6,630,000 | 11.95% | 0.82% | 2024 | 年 12 | 月 | ...

Group 1 - The core viewpoint of the articles highlights the positive performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a potential shift in market style towards high elasticity and growth sectors due to supportive fiscal and monetary policies [1][2]. - The CSI 500 Quality Growth ETF (560500) has shown a significant increase in trading volume and scale, with a weekly growth of 437.01 million yuan, reflecting strong investor interest [1][2]. - The National Bureau of Statistics reported a year-on-year increase of 9.5% in the added value of the digital manufacturing industry from January to October, with specific sectors like smart equipment manufacturing and electronic components showing growth rates of 11.1% and 12.3% respectively [2]. Group 2 - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index, with notable performers including Huagong Technology and Kaiying Network, which have seen increases of 2.94% and 2.05% respectively [3]. - The CSI 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, selecting 100 companies with high profitability, sustainable earnings, and strong cash flow, providing diverse investment targets for investors [2].

Core Viewpoint - The company, Shunluo Electronics, is strategically positioning itself in the emerging market of data centers and servers, leveraging its advantages in miniaturization, high precision, and high power technology to supply various types of power inductors and tantalum capacitor products [2] Group 1: Company Strategy - The company focuses on providing integrated power inductors, assembly-type power inductors, ultra-thin copper magnetic co-fired power inductors, and tantalum capacitor products, along with customized solutions for clients [2] - The company aims to seize industry opportunities by utilizing its capabilities in materials, equipment, design, and manufacturing processes [2] Group 2: Market Position and Growth - The company has established a customer base that includes leading domestic server manufacturers and top overseas power semiconductor module manufacturers [2] - Orders related to AI servers are currently robust, with rapid growth in this segment, particularly in overseas business, which has seen significant acceleration this year [2]

Group 1 - The company operates in a capital-intensive industry with a continuous need for expansion, leading to high funding requirements, which also serves as a barrier to entry for competitors [2] - The company is in a phase of sustained growth, with rapid development in new businesses and fields necessitating ongoing investment in production capacity [2] - The company places significant emphasis on research and development (R&D) investments, consistently allocating a high proportion of funds to R&D expenses and equipment, with a long-term trend of increasing R&D spending [2]

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 company's vision is to become an expert in the electronic components field, expanding from inductors to magnetic devices, microwave devices, sensors, and precision ceramics, contributing to sustained growth [2] - The company focuses on self-developed products with strong core technologies, allowing for high-value new products that provide significant pricing power and protect gross margins [2] R&D and Innovation - The company has a long-term commitment to R&D in basic materials and technology platforms, resulting in a substantial reserve of research outcomes [2] - Continuous technological, process, and equipment innovations have led to improved production efficiency [2] - The company engages in early-stage product development with key clients, enhancing automation and process improvements, which contribute to higher overall gross margins [2] Market Position and Growth - Increased orders and rising capacity utilization have significantly supported the company's stable and high-quality gross margin levels [2] - The scale effects from large-volume production of various products have further enhanced 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 further optimize gross margin levels [2]

证券日报网12月8日讯顺络电子在12月4日至12月5日回答调研者提问时表示，公司布局钽电容产品多 年，不断投入研发力量，通过材料、工艺、制造方面深厚的积累，已经开发出全新工艺的新型结构钽电 容产品，可以广泛应用于高端消费电子、AI数据中心、企业级ESSD、汽车电子、工业控制等领域。公 司长期致力于新材料、新技术研究和新产品开发，在满足全球高端电子制造企业严苛的品质需求以及建 立安全供应链的基础上，通过持续创新满足全球高端电子制造企业的发展需要，开拓市场应用领域，为 公司稳健增速发展奠定坚实的基础。目前公司各类钽电容产品，为客户配套供应产品线，客户认可度 高，市场及客户层面持续推动中。 （文章来源：证券日报） ...

Core Viewpoint - The company is optimistic about the development prospects in the automotive electronics sector, identifying it as a multi-billion yuan market with significant growth potential [2] Group 1: Market Potential - The automotive electronics business represents a market worth hundreds of billions of yuan for the company [2] - The company plans to leverage its advantages in technology, processes, and manufacturing to expand its range of automotive products and achieve large-scale supply [2] Group 2: Product Development and Strategy - The company is actively investing in new product research and development to maximize customer resource advantages [2] - It aims to provide one-stop solutions for automotive clients, capitalizing on its first-mover advantage in the automotive market [2] Group 3: Future Growth Outlook - The company expects continued rapid growth in the automotive electronics sector, driven by the accelerated introduction of new products and the expansion of various automotive applications [2] - The market share among core major customers is anticipated to increase as the company continues to promote and expand its automotive applications and products [2]

Core Viewpoint - The company Shunluo Electronics (002138) has shown positive financial performance with significant revenue and profit growth in the latest quarterly report, indicating a strong market position and operational efficiency [1]. Financial Performance - As of the third quarter of 2025, Shunluo Electronics reported total revenue of 5.032 billion yuan, representing a year-on-year increase of 19.95% [1]. - The net profit attributable to shareholders reached 769 million yuan, reflecting a year-on-year growth of 23.23% [1]. - The company's net profit after deducting non-recurring items was 733 million yuan, with a year-on-year increase of 23.01% [1]. - Key financial ratios include a current ratio of 1.509, a quick ratio of 1.163, and a debt-to-asset ratio of 45.92% [1]. Market Activity - On December 8, 2025, Shunluo Electronics' stock closed at 35.52 yuan, with an increase of 0.71% [1]. - The trading volume was 189,600 lots, with a total transaction value of 672 million yuan [1]. - The net inflow of main funds was 59.71 million yuan, accounting for 8.88% of the transaction value [1]. Company Background - Shunluo Electronics was established in 2000 and is located in Shenzhen, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2]. - The company has a registered capital of 806.32 million yuan, which is also its paid-in capital [1]. - The legal representative of the company is Yuan Jinyu [1]. Investment and Intellectual Property - Shunluo Electronics has made investments in 16 companies and participated in 104 bidding projects [2]. - The company holds 15 trademark registrations and 680 patents, along with 118 administrative licenses [2].

Core Viewpoint - The company is optimistic about the development prospects in the automotive electronics sector, viewing the automotive-grade business as a market worth hundreds of billions [1] Group 1: Market Potential - The automotive electronics market is identified as a large market with potential worth hundreds of billions [1] - The company plans to leverage its technological, process, and manufacturing advantages to expand its automotive-grade product categories and achieve mass supply [1] Group 2: Growth Strategy - The company aims to actively develop new products and capitalize on its first-mover advantage in the automotive market [1] - With the acceleration of new product introductions, continuous expansion of new applications, and an increase in market share among core major customers, the company expects to maintain sustained rapid growth in the automotive electronics sector [1]

Group 1: Business Development and Market Strategy - The company has developed new tantalum capacitor products that can be widely applied in high-end consumer electronics, AI data centers, automotive electronics, and industrial control, driven by continuous R&D investment [2][3] - The company is strategically positioned in the emerging AI server market, providing various types of power inductors and tantalum capacitors, with a strong order growth, particularly in overseas markets [3][4] - The automotive electronics sector is viewed as a significant market opportunity, with the company planning to expand its product range and enhance mass supply capabilities, targeting a market worth hundreds of billions [3][4] Group 2: Product and Technology Innovation - The company maintains a competitive edge in the mobile communication sector, focusing on power management and signal processing products, with a strong market share in high-precision layered inductors [4][5] - Continuous innovation in core technologies and product offerings has allowed the company to maintain a high gross margin, supported by increased orders and production capacity utilization [4][5] - The company is transitioning from a traditional "product provider" to a "value creator," enhancing its product matrix and optimizing gross margin levels [5] Group 3: Financial Performance and Capital Expenditure - The company has consistently maintained a favorable average gross margin compared to industry peers, attributed to R&D investments and management innovations [4][5] - Annual capital expenditure is driven by the need for continuous expansion and high R&D investment, with a long-term growth trend in R&D spending [5] - The company’s focus on early-stage product development with key clients and high automation levels in production processes contribute significantly to improving overall gross margin [4][5]