【私募调研记录】泓澄投资调研顺络电子、甘源食品

Group 1: Shunluo Electronics - Shunluo Electronics' domestic sales accounted for 84.49% and export sales for 15.51% in 2024, with minimal impact from tariffs [1] - The company reported a significant growth in automotive electronics, with Q1 sales reaching 314 million, a year-on-year increase of 65.46% [1] - Profit growth in Q1 outpaced revenue growth due to improved gross margins and effective cost control, supported by high-value new products and early-stage customer collaboration [1] Group 2: Ganyuan Foods - Ganyuan Foods plans to conduct in-depth research in the Southeast Asian market starting Q4 2024, aiming to accelerate product exports in 2025 [2] - The company is addressing raw material price fluctuations through advance reserves, supply chain alternatives, and increasing direct procurement [2] - A significant rise in accounts receivable is attributed to seasonal sales peaks, while promotional activities in Q1 2024 led to lower e-commerce gross margins, expected to improve in Q1 2025 [2]