顺络电子：元件-20260303

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company achieved record high revenue in 2025, reaching 6.745 billion yuan, with a year-over-year growth of 14.39%. The net profit attributable to shareholders was 1.021 billion yuan, reflecting a year-over-year increase of 22.71% [6][7] - The company is experiencing strong growth in emerging strategic markets such as AI applications, automotive electronics, and data centers, which are driving revenue growth [7][8] - The company has established itself as a core supplier of magnetic components for automotive electronics and has made significant progress in the hydrogen fuel solid oxide fuel cell (SOFC) business, indicating a solid foundation for long-term development in the new energy sector [7][8] Financial Summary - The company’s total share capital is 806.32 million shares, with a market price of 43.55 yuan, resulting in a market capitalization of approximately 35.12 billion yuan [2] - Revenue projections for the company are as follows: 5.897 billion yuan in 2024, 6.745 billion yuan in 2025, 8.451 billion yuan in 2026, 10.261 billion yuan in 2027, and 12.314 billion yuan in 2028, with respective growth rates of 17%, 14%, 25%, 21%, and 20% [4][10] - The net profit attributable to shareholders is projected to be 832 million yuan in 2024, 1.021 billion yuan in 2025, 1.362 billion yuan in 2026, 1.677 billion yuan in 2027, and 2.041 billion yuan in 2028, with growth rates of 30%, 23%, 33%, 23%, and 22% respectively [4][10]