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顺络电子(002138):业绩增势延续 新兴战略市场强劲高增

Core Insights - The company reported a revenue of 3.224 billion yuan for the first half of 2025, representing a year-on-year increase of 19.80%, and a net profit attributable to shareholders of 486 million yuan, up 32.03% year-on-year [1] - The company experienced strong growth across multiple sectors, particularly in AI applications, automotive electronics, and data centers, with significant order growth in the data center business [1][2] Revenue and Profit Growth - In Q2 2025, the company achieved a revenue of 1.763 billion yuan, reflecting a year-on-year increase of 23.12% and a quarter-on-quarter increase of 20.73%, with a net profit of 253 million yuan, up 27.74% year-on-year and 8.40% quarter-on-quarter [1] - The gross margin stood at 36.68%, a slight decrease of 0.28 percentage points year-on-year [1] Product Performance - Revenue by product segments included signal processing at 1.163 billion yuan (up 7.55%), power management at 1.150 billion yuan (up 25.73%), automotive electronics at 641 million yuan (up 38.22%), and ceramics, PCBs, and others at 270 million yuan (up 16.70%) [2] - The company is expanding its automotive electronics from traditional applications to intelligent scenarios and is seeing increased demand for magnetic components and tantalum capacitors due to new requirements from data centers and enterprise-level SSDs [2] Future Growth Prospects - The company is actively promoting research and development in hydrogen fuel cell projects, which could open new application markets for future growth [2] - The company is positioned as a leader in domestic magnetic components, with expectations for net profits of 1.050 billion yuan in 2025, 1.335 billion yuan in 2026, and 1.681 billion yuan in 2027, with corresponding EPS of 1.30, 1.66, and 2.09 yuan [3]