顺络电子（002138）：上半年业绩高增，AI终端带动后续成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 3.224 billion yuan in H1 2025, representing a year-on-year growth of 19.8%, and a net profit attributable to shareholders of 486 million yuan, with a year-on-year increase of 32.03% [4] - The company is expanding into new business areas, which is expected to open up growth opportunities [5][6] - The company has a strong performance in traditional markets such as mobile communications and consumer electronics, while also achieving significant growth in emerging markets like AI applications and automotive electronics [5] Financial Performance Summary - Revenue projections for the company are as follows: 5,040 million yuan in 2023, 5,897 million yuan in 2024, 7,276 million yuan in 2025, 8,932 million yuan in 2026, and 10,908 million yuan in 2027, with growth rates of 19%, 17%, 23%, 23%, and 22% respectively [3] - The net profit attributable to shareholders is projected to be 641 million yuan in 2023, 832 million yuan in 2024, 1,105 million yuan in 2025, 1,390 million yuan in 2026, and 1,723 million yuan in 2027, with year-on-year growth rates of 48%, 30%, 33%, 26%, and 24% respectively [3] - The company's gross margin for H1 2025 was 36.68%, with a net profit margin of 17.34% [4] Growth Opportunities - The company is actively pursuing new business lines, including hydrogen fuel cells and AI applications, which are expected to contribute to future growth [6][8] - The employee stock ownership plan indicates the company's confidence in its future performance, with a target net profit of at least 1.05 billion yuan in any of the years 2025, 2026, or 2027 to meet the unlocking conditions [4] Valuation Metrics - The projected P/E ratios for the company are 35.9 for 2023, 27.6 for 2024, 20.8 for 2025, 16.5 for 2026, and 13.4 for 2027 [3] - The projected P/B ratios are 3.9 for 2023, 3.7 for 2024, 3.2 for 2025, 2.7 for 2026, and 2.3 for 2027 [3]