2025年政府工作报告首次将6G技术纳入未来产业培育核心框架。机构预计，到2040年，6G各类终端连 接数相比2022年增长超过30倍，月均流量增长超过130倍，最终带来千亿级终端连接数、万亿级GB月均 流量的广阔市场发展空间。 工信部要求加快6G研发进程 据工信微报消息，3月12日，工业和信息化部党组书记李乐成主持召开干部大会，部署贯彻落实工作。 会议强调，要持续推动信息通信业高质量发展，扩大5G规模化应用，加快6G研发进程，推动工业互联 网创新发展，推进算力中心建设布局优化，创新行业监管方式，强化网络和数据安全保障，加强无线电 管理，提升频谱技术创新能力和频谱资源开发利用水平。 政策面上，2025年政府工作报告首次将6G技术纳入未来产业培育核心框架，明确其与生物制造、量子 科技等并列的国家战略重点地位。 银河证券指出，根据此次政府工作报告的陈述，我国对于未来产业的支持力度，已逐步提升到方向确立 后的投入时期。在此基础上首次提到6G，代表我国已经确立6G产业发展将会是未来的重点方向。 6G将带来万亿级月均流量的市场空间 6G是指第六代移动通信标准，被视为下一代通信技术的核心突破方向。相较于5G，其峰值速率预 ...

Core Viewpoint - The company reported a robust performance in 2024, with total revenue reaching 5.897 billion yuan, a year-on-year increase of 16.99%, and a net profit attributable to shareholders of 832 million yuan, up 29.91% from the previous year [1][2]. Financial Performance - The company's revenue for 2024 was 5.897 billion yuan, marking a historical high and a year-on-year growth of 16.99% [1]. - The net profit attributable to shareholders was 832 million yuan, reflecting a year-on-year increase of 29.91%, while the net profit excluding non-recurring items was 781 million yuan, up 31.96% [1]. - In Q4 alone, revenue reached 1.702 billion yuan, a significant year-on-year increase of 24.70% and a quarter-on-quarter increase of 13.15% [2]. - The gross margin for 2024 was 36.50%, an increase of 1.15 percentage points year-on-year, attributed to increased market orders and improved production efficiency [1]. Business Segments - Traditional business segments such as mobile communications and consumer electronics showed steady growth, while emerging sectors like automotive electronics and data centers performed exceptionally well [1]. - Revenue from signal processing, power management, automotive electronics, and ceramic-related businesses for 2024 was 2.270 billion, 1.946 billion, 1.104 billion, and 578 million yuan respectively, with year-on-year growth rates of 10.12%, 4.31%, 62.10%, and 33.35% [1]. Research and Development - The company increased its R&D investment to 505 million yuan in 2024, a year-on-year increase of 31.53%, with an R&D expense ratio of 8.56% [1]. - The rise in R&D expenses was primarily due to higher salaries for R&D personnel and increased material costs for projects [1].

行业周报 | 电子 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 02 日 | 相关研究 【兴证电子】周报：阿里巴巴资本开支 超预期，看好端侧 AI 硬件创新浪潮和国 产算力需求-2025.02.23 【兴证电子】行业跟踪报告：创新 AI 交 互载体，AR 眼镜快速发展-2025.02.20 【兴证电子】Deepseek 拉动推理需求爆 发，服务器架构创新催生 PTFE PCB 需 求-2025.02.18 分析师：姚康 分析师：胡园园 S0190525010001 huyuanyuan1@xyzq.com.cn 分析师：王恬恬 S0190524040002 wangtiantian22@xyzq.com.cn 研究助理：刘珂瑞 liukerui@xyzq.com.cn 研究助理：刘培锐 S0190520080007 yaokang@xyzq.com.cn 分析师：仇文妍 S0190520050001 qiuwenyan@xyzq.com.cn 分析师：张元默 S0190523020002 zhangyuanmo@xyzq.com.cn ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high in revenue for three consecutive quarters, with a revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99% and a net profit of 832 million yuan, up 29.91% year-on-year [1] - The automotive business is entering a high growth phase, with revenue from automotive electronics or energy storage-specific business reaching 1.104 billion yuan in 2024, a year-on-year increase of 62.10% [2] - The company is actively expanding into new technologies, including data centers and humanoid robots, where magnetic components play a crucial role [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 1.702 billion yuan, a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16%, with a net profit of 208 million yuan [1] - The gross margin for Q4 2024 was 34.49%, down 2.47 percentage points year-on-year and 3.44 percentage points quarter-on-quarter, primarily due to lower margins on ceramic products and changes in sales prices [1] - The company expects net profits for 2025-2027 to be 1.1 billion, 1.345 billion, and 1.621 billion yuan, respectively, with year-on-year growth rates of 32.2%, 22.3%, and 20.5% [3] Market Trends - The global smartphone market is recovering, with a projected 7% year-on-year growth in 2024, leading to an increase in the company's market share [2] - The demand for magnetic components in smartphones is increasing due to AI functionality upgrades, with high-end materials penetration rates continuing to rise [2] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 21.8, 17.9, and 14.8, respectively [4] - The expected revenue growth rates for the next few years are 20.7% in 2025, 21.1% in 2026, and 20.8% in 2027 [4]

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed. Core Insights - In 2024, the company achieved a record high in sales revenue of 5.897 billion yuan, representing a year-on-year growth of 16.99%. The net profit attributable to shareholders was 832 million yuan, up 29.91% from the previous year, with a net profit excluding extraordinary items of 781 million yuan, reflecting a growth of 31.96% [14][19]. - The company has been expanding its product lines in traditional markets such as mobile communications and consumer electronics while also making significant inroads into emerging markets like automotive electronics and data centers, gaining recognition from top global clients [14][15]. - The gross profit margin for 2024 was 36.50%, an increase of 1.15% compared to the previous year, attributed to strong product demand, increased production capacity utilization, and ongoing innovation in technology and processes [19]. Summary by Sections Company Overview - The company has been focusing on long-term development strategies, managing both existing and new business segments effectively. It has successfully expanded its product offerings in traditional markets while also entering new strategic markets [14][15]. Automotive Electronics - The automotive electronics sector is identified as a key growth area, with the company having established a presence since 2009 and achieving tier 1 automotive certification in 2017. The company aims to continue expanding its product offerings in this sector, which includes applications in electric vehicles and intelligent driving [14][15]. Mobile Communications - The mobile communications sector remains a traditional stronghold for the company, with a high market share. The company plans to maintain its market position while introducing new products to drive growth [16]. Data Centers - The data center business is a strategic focus, with the company supplying various types of power inductors and capacitors. The demand for high-power density and low-power consumption products is increasing, driven by trends in AI and data storage [17]. New Energy and Fuel Cells - The company has established a subsidiary focused on high-temperature fuel cells, recognizing the long-term potential of clean energy. This subsidiary will develop and produce composite ceramic components for solid oxide fuel cells [20]. Capital Expenditure - The company is in a capital-intensive industry, requiring ongoing investment in capacity expansion and R&D. Recent capital expenditures have focused on industrial park construction, with plans to slow down such investments as projects near completion [20]. Shareholder Returns - The company has consistently prioritized shareholder returns, achieving a total cash dividend of 702.07 million yuan in 2024, reflecting strong operational performance and cash flow [21].

证券研究报告 | 公司动态点评 2025 年 02 月 28 日 顺络电子（002138.SZ） 汽车&数据中心业务高速成长，24 年业绩实现稳步提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,040 | 5,897 | 7,059 | 8,194 | 9,331 | | 增长率 yoy（%） | 18.9 | 17.0 | 19.7 | 16.1 | 13.9 | | 归母净利润（百万元） | 641 | 832 | 1,048 | 1,309 | 1,538 | | 增长率 yoy（%） | 48.0 | 29.9 | 25.9 | 24.9 | 17.5 | | ROE（%） | 11.3 | 13.7 | 15.7 | 17.1 | 17.0 | | EPS 最新摊薄（元） | 0.79 | 1.03 | 1.30 | 1.62 | 1.91 | | P/E（倍） | 40.2 | 31.0 | 24.6 | 19.7 | 16.7 | | ...

Financial Performance - In 2024, the company achieved a record quarterly revenue of RMB 1.702 billion in Q4, marking the first time it surpassed RMB 1.7 billion in a single quarter[5]. - The company's operating revenue for 2024 reached ¥5,896,910,162.54, representing a 16.99% increase compared to ¥5,040,423,672.03 in 2023[34]. - Net profit attributable to shareholders for 2024 was ¥832,084,151.71, a 29.91% increase from ¥640,529,897.50 in 2023[34]. - Basic earnings per share for 2024 increased to ¥1.05, a 29.63% rise from ¥0.81 in 2023[34]. - The gross profit margin improved year-on-year, indicating a strong growth in profitability compared to the previous year[79]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2024, representing a year-over-year increase of 15%[126]. - The net profit attributable to shareholders for 2024 was 832 million RMB, an increase of 29.91% compared to the previous year[130]. - The company's R&D investment in 2024 was 505 million RMB, which is a 31.53% increase year-on-year, with an R&D expense ratio of 8.56%[130]. Market Expansion and Product Development - The company maintained steady growth in traditional markets such as mobile communications and consumer electronics, while experiencing strong growth in emerging markets like automotive electronics and data centers[5]. - The company expanded its product lines in traditional markets, resulting in significant market share increases and continued high growth rates[9]. - The company is actively developing new business areas, including hydrogen fuel cells and solid oxide fuel cells, which have broad applications in data centers and mobile devices[10]. - The automotive electronics segment saw a significant growth of 62.10% year-on-year, reaching RMB 110.42 million[87]. - The company is focusing on automotive electronics and energy storage as key growth areas, with significant advancements in product development and customer delivery[101]. - New product launches contributed to a 30% increase in sales, with the latest product line accounting for 400 million RMB in revenue[124]. - Market expansion efforts have led to a 20% increase in market share in the Southeast Asia region[124]. Research and Development - The company has invested significantly in R&D, building a comprehensive design and measurement technology platform that supports innovation and product development[51]. - Research and development expenses increased by 31.53% to RMB 504.75 million, reflecting the company's commitment to innovation[85]. - The number of R&D personnel grew by 20.36% to 1,354 in 2024, compared to 1,125 in 2023, with a notable increase in the number of master's degree holders by 44.72%[101]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency[124]. Corporate Governance and Management - The company maintains a strong governance structure, adhering to relevant laws and regulations, ensuring independent operations and standardized information disclosure[134]. - The company has established a performance evaluation system for various departments during the reporting period[135]. - The board of directors includes independent members with extensive industry experience, contributing to strategic decision-making[145]. - The company has a structured compensation system that includes fixed salaries, performance pay, and year-end bonuses for senior management[157]. - The company has a diverse board with independent directors contributing to governance and oversight[159]. Sustainability and Environmental Compliance - The company has implemented measures to ensure compliance with environmental regulations and standards[192]. - The company reported no exceedances in pollutant emissions against the local standards for air and water pollutants[194]. - The company has constructed wastewater treatment facilities in accordance with environmental impact assessment requirements, implementing suitable wastewater treatment processes[199]. - Hazardous waste is managed strictly according to regulations, with disposal conducted by third-party entities qualified for hazardous waste treatment[198]. Shareholder Relations and Dividends - The company plans to distribute a cash dividend of RMB 6 per 10 shares (including tax) to shareholders, based on a total share capital of 789,025,374 shares[16]. - The total cash dividend amount, including other methods, is 702,071,167.40 RMB, which accounts for 100% of the total distributable profit of 2,001,722,879.51 RMB[173]. - The independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy[173]. - The company has provided sufficient opportunities for minority shareholders to express their opinions and protect their legal rights[173].

深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司董事长袁 金钰先生通知，获悉袁金钰先生将持有本公司部分股份办理了解除质押业务， 现将有关事项公告如下： 股票代码：002138 股票简称：顺络电子 编号：2024-100 深圳顺络电子股份有限公司 关于董事长部分股份解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二、股份累计质押情况 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质押股份 数量（股） 占其所持股 份比例 占公司总 股本比例 起始日 解除日期 质权人 袁金钰 否 100,000 0.19% 0.01% 2023 年 11 月 27 日 2024 年 11 月 20 日 招商证券股份有 限公司 袁金钰 否 150,000 0.28% 0.02% 2023 年 11 月 29 日 2024 年 11 月 20 日 招商证券股份有 限公司 合计 / 250,000 0.47% 0.03% / / / 一、股东股份解除质押的基本情况 | 袁聪 | 35,500 | 0.0044% | 0 | 0 | 0.00% | ...

感持续放量—顺络电子（002138.SZ）公司动态点评》 2024-06-04 2、《LTTC 产品持续放量，23 年净利润同比高增—顺络 电子（002138.SZ） 公司动态点评》2024-03-04 证券研究报告 | 公司动态点评 2024 年 11 月 05 日 顺络电子（002138.SZ） 24Q3 净利润同比快速增长，充分受益 AI 驱动+新兴业务成长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,238 | 5,040 | 6,050 | 7,250 | 8,650 | 股票 ...

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