证券代码：002138 证券简称：顺络电子 深圳顺络电子股份有限公司投资者关系活动记录表 1 | 体成型工艺）、钽电容产品及多种类配套产品等。从传统服 | | --- | | 务器向AI服务器升级的过程中，CPU、GPU、ASIC芯片周边的 | | 功耗快速提升，对元器件的性能、功率密度、散热系数等均 | | 提出的更高的要求，公司基于对材料、设备、设计、制造工 | | 艺的能力，把握住产业机会，为功率半导体类客户及各类AI | | 服务器类客户提供一站式元器件解决方案。 | | 目前公司AI服务器相关的订单饱满，相关业务快速增 | | 长。 | | 2、公司提到的AI服务器中电感将向TLVR架构迈进，该如何 | | 理解？ | | 回答： | | 随着AI服务器对数据存储、信息处理和传输的要求持续 | | 提升，整个系统的功率要求同步提高，而单位算力的继续增 | | 长，提升了对AI服务器中各类xPU芯片功率的要求，也对周 | | 边元件产品的散热能力和功率密度提出了更高的要求，基于 | | AI服务器客户对元器件产品继续提高功率承接能力、提升瞬 | | 态响应速度的要求，传统的VR结构难以满足大电流的负载 ...

Group 1 - The company held an online investor reception event on September 15, 2025, to engage with both retail and institutional investors [1] - The company reported a strong demand for copper foil, particularly high-frequency and high-speed copper foil, and is currently managing production and delivery efficiently, although specific order amounts were not disclosed [2] - The company has no current plans for mergers or acquisitions but will announce any future plans promptly [3] Group 2 - The company aims to focus on its core business by optimizing operations and implementing cost-reduction measures while advancing products towards special functionalities and high-end applications [3] - The company acknowledged that stock price fluctuations are influenced by multiple factors and carry uncertainties, with product prices being adjusted based on market conditions [3] - The company has achieved batch supply of HVLP copper foil to downstream customers and is expanding production capacity to meet future demand [3]

Summary of PCB Drill Needle Industry Conference Call Industry Overview - The PCB drill needle market is experiencing rapid growth driven by increased demand from AI servers and consumer electronics, with global sales expected to exceed 1 billion units by 2025, reflecting an annual growth rate of 20%-30% [1][5][18]. - Key growth areas include high aspect ratio, tungsten carbide coatings, and ultra-small diameter tools, with laser drilling machines in high demand due to their advantages in processing micro blind holes [1][5]. Core Insights and Arguments - High-end PCB tool demand is driven by trends in AI servers, high-performance computing devices, and the miniaturization of consumer electronics [1][5]. - New materials like PDF1 are replacing traditional materials, raising the requirements for tool durability and strength, which may benefit advanced technologies like diamond coating from Japan [1][7]. - Japanese company Uryu holds a competitive edge in diamond coating, tungsten alloy, and ULF coating products, serving major clients like Pegatron and Unimicron [1][8]. - Domestic players like Ding Tai High-Tech and Jingzhou Precision are facing challenges in technology and material processing capabilities, particularly in comparison to Japanese standards [1][9]. Market Participants - The PCB drill needle market is dominated by four main players: Uryu (Japan), Jentech (Taiwan), Ding Tai High-Tech, and Jingzhou Precision (under ZTE) [3]. - Ding Tai High-Tech holds a 26.5% market share, with micro drills (under 0.2 mm) accounting for 21.12% and coating products for 30.91% [3]. Equipment and Technology - High-end PCB manufacturing equipment is in strict demand, particularly for Nvidia orders, which require multiple lamination cycles and precise processing of blind holes [4][22]. - Ding Tai High-Tech is expanding its capacity to meet growing demand and has established an AI team to develop micro drill products [4][40]. - The market is seeing a shift towards laser drilling technology, which is expected to dominate in high-density interconnect (HDI) applications [6][16]. Future Trends and Challenges - The demand for high-end tools will be influenced by the development of AI servers and the trend towards miniaturization in consumer electronics [7]. - The introduction of new electronic fabric materials, such as PTFE, is increasing the demand for durable drill tools, although these materials pose challenges for tool longevity [15]. - The market for diamond drill needles is projected to grow steadily by 10%-20%, driven by the increasing number of PCB layers, particularly in high-end applications [2][18]. Pricing and Market Dynamics - The market share for coated drills exceeds 60%, with diamond drills accounting for approximately 20%-30% [17]. - The price of diamond and coated drills can be 8-10 times higher than traditional types, reflecting the complexity of processing and material costs [17]. - Current high-end equipment prices have not seen significant increases, with minor adjustments of around 5% due to rising material and processing costs [26]. Conclusion - The PCB drill needle industry is poised for significant growth, driven by technological advancements and increasing demand from high-performance applications. Companies must navigate challenges related to material processing and technological gaps to maintain competitiveness in this evolving market.

Core Viewpoint - The metal sector is expected to see further profit growth in the first half of 2025, maintaining a strong performance with excellent results in rare earths, tungsten, nickel, cobalt, tin, antimony, and copper [1] Summary by Categories Sector Performance - The metal sector's profitability growth is on the rise, with the sector maintaining a strong operational status [1] - The sector's dividend and fund holdings are also increasing [1] Subsector Highlights - Rare earths and tungsten, nickel, cobalt, tin, antimony, and copper are performing exceptionally well [1] - Aluminum, lithium, nickel, cobalt, tin, and antimony are noted for their undervaluation advantages [1] Market Outlook - The outlook for gold prices is optimistic, with expectations for new highs following interest rate cuts by the Federal Reserve [1] - Copper prices are anticipated to rise due to strong fundamentals [1] - Supply disruptions are creating bottom opportunities for battery metals, while the strategic value of rare earths and tungsten remains significant [1] - The aluminum sector is expected to see a resonance in profitability and valuation upward [1] Investment Recommendations - Attention is recommended for materials related to solid-state batteries and AI servers [1]

Core Viewpoint - The metal sector is expected to maintain strong performance with profit growth accelerating in the first half of 2025, particularly in rare metals like rare earths and tungsten, as well as nickel, cobalt, tin, antimony, and copper [1][2] Market Review - The metal market has seen a comprehensive increase, with the CITIC Nonferrous Metals Index rising by 52.5% year-to-date, outperforming the CSI 300 Index by 34.8 percentage points [1] - From the beginning of 2025 to August 29, the best-performing sub-sectors include rare earth magnetic materials, tungsten, and nickel-cobalt-tin-antimony, with increases of 123%, 91%, and 67% respectively [1] Performance and Valuation Analysis - The overall revenue of the nonferrous metal industry grew by 6.7% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 37.5% [2] - The sub-sector of rare earths and magnetic materials, gold, and copper showed significant profit growth, with net profits increasing by 624.1%, 58.8%, and 40.2% respectively [2] - As of August 29, 2025, the nonferrous metal sector's price-to-earnings ratio (TTM) is at 21.2 times, while the price-to-book ratio is at 2.8 times, indicating a high valuation since 2022 but still below the 2021 peak [2] Holdings and Dividend Analysis - As of the end of Q2 2025, the market value of fund holdings in the nonferrous metal sector reached 127 billion yuan, ranking 9th among 30 industries [3] - The overall dividend payout ratio for the metal industry in the first half of 2025 was 15.0%, an increase of 5.6 percentage points year-on-year [3] Market Outlook - The outlook for the metal sector remains positive, with expectations for gold prices to reach new highs following interest rate cuts, potentially hitting $4,000 per ounce [4] - Copper prices are anticipated to benefit from strong fundamentals, potentially reaching $10,500 per ton [4] - The strategic value of rare earths and tungsten remains significant, and the aluminum sector is expected to see a positive correlation between profitability and valuation [4]

Core Viewpoint - The report highlights the potential for aluminum electrolytic capacitors and supercapacitors to be widely used in AI servers, driven by increasing demand for high voltage and compact components in the AI sector [4] Financial Performance - In 1H25, the company achieved revenue of 2.694 billion yuan (YoY +13.96%) and a net profit attributable to shareholders of 358 million yuan (YoY +3.19%). The net profit after deducting non-recurring items was 344 million yuan (YoY +8.96%) [5] - For 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and a net profit of 206 million yuan (YoY -1.92%, QoQ +35.82%). The net profit after deducting non-recurring items was 207 million yuan (YoY +10.54%, QoQ +51.01%) [5] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points), and the net margin was 13.42% (YoY -1.46 percentage points) [5] Aluminum Electrolytic Capacitors - In 1H25, revenue from aluminum electrolytic capacitors reached 2.229 billion yuan (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%). Growth was driven by increased demand in the photovoltaic sector and robust needs in UPS and communication power supply sectors [6] - The introduction of new products, such as MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, is expected to enhance growth. The shift towards higher voltage requirements in AI servers will significantly increase the demand for horn-shaped capacitors [6] - The manufacturing process for horn-shaped aluminum electrolytic capacitors will transition from traditional chemical etching to atomic deposition technology, leading to higher product prices [6] Supercapacitors - In 1H25, supercapacitor revenue was 162 million yuan (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%). The decline in gross margin is attributed to the company's efforts to explore new application areas [7] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during significant power fluctuations caused by AI chip power consumption [7] - The company's EDLC and LIC products have received certifications from several leading domestic and international companies, with EDLC expected to achieve scale due to its lower heat generation and cost advantages [7] - The supercapacitor market is anticipated to experience explosive growth driven by increasing demand across various sectors, including AI servers, energy storage, smart meters, and controlled nuclear fusion [7]

Group 1 - Yangjie Technology announced a cash acquisition of 100% equity in Better Electronics for a total transaction amount of 2.218 billion yuan [1] - After the acquisition, Better Electronics will become a wholly-owned subsidiary of Yangjie Technology, enhancing the company's competitive edge in its main business through synergies in product categories, technology R&D, downstream customers, and sales channels [1] - Better Electronics specializes in the R&D, production, and sales of power electronic protection components and related accessories, with applications in automotive electronics, photovoltaics, and energy storage [1] Group 2 - As of March 2023, Better Electronics had total assets of 1.024 billion yuan and a book value of shareholders' equity of 599 million yuan, with an assessed total equity of 2.22 billion yuan, reflecting an increase of 1.64 billion yuan and a valuation increase rate of 282.89% [2] - Yangjie Technology's main business focuses on power device products, particularly over-voltage protection, which aligns with Better Electronics' product offerings in the power electronic protection component category [2] - Yangjie Technology is experiencing rapid growth, having established an integrated IDM power semiconductor supply chain, with products being adopted by leading customers in the new energy vehicle, AI server, and photovoltaic energy storage sectors [2]

截至11日发稿时间，福斯特涨5.40%报16.59元/股，总市值432.8亿元。 今年上半年，福斯特净利同比"腰斩"，是公司自2021年以来较差半年度业绩。上半年，公司实现营收 75.59亿元，同比降26.06%；归母净利润4.96亿元，同比降46.60%。 福斯特解释称，营收下降系本期光伏胶膜销售量基本持平，但销售价格因市场影响而下降，导致光伏胶 膜本期营业收入较上年同期下降；本期光伏背板销售量下降，叠加销售价格下降，营收有较大幅度下 降；感光干膜和铝塑膜产品本期销售量和营收均有不同程度增长。归母净利润和归母扣非净利润同比下 降主要系本期光伏产品销售规模下降盈利减少所致。 8月5日，福斯特披露《股东减持股份计划》公告称，同德实业自减持计划公告之日起三个交易日后的3 个月内通过集中竞价交易或者大宗交易方式减持不超过32523614股公司股份，约占公司总股本的 1.25%。减持价格按照市场价格，若减持期间内公司有资本公积转增股本、增发、配股等除权事项，减 持股份数将相应进行调整。上述减持公告发布次日（8月6日），福斯特股价开盘跌超5%。 资料显示，福斯特是国产感光干膜龙头企业，已覆盖深南电路、鹏鼎控股、TTM迅 ...

Core Viewpoint - The company recognizes the iterative development of AI servers will necessitate corresponding upgrades in high-speed connectors and related products, presenting both opportunities and challenges [1] Group 1 - The PCIe standard has been continuously evolving in recent years due to technological advancements [1] - The company is actively increasing resource allocation to seize significant historical development opportunities within the industry [1]

Group 1: Business Model and Market Position - The company customizes signal magnetic components based on specific customer needs, enhancing customer retention and reducing supplier switching costs [2] - The company has achieved mass production of high-speed network transformers, including 2.5G, 5G, and 10G models, with the 10G Ethernet transformer being one of the fastest in the industry [2][3] - The company has over 20 years of experience in the network transformer sector, covering a wide range of products from 6PIN to 96PIN and from 100Mbps to 10Gbps, which has solidified its market position [3] Group 2: Challenges in Power Magnetic Components - The power magnetic components market is vast, but the company faces challenges due to price pressures from downstream customers and the need for small-batch, customized products [3] - The automotive sector imposes strict requirements for power density, efficiency, safety, and durability, leading to lengthy and costly certification processes for new products [3] - The company is gradually gaining recognition in the power magnetic components market, successfully entering core applications such as AI server power supplies and data centers [3] Group 3: Product Applications and Future Prospects - The company's products are applicable in servers, industrial robots, and data centers, having received certifications from significant international and domestic clients [3][4] - The company is leveraging new manufacturing techniques for integrated inductors aimed at the mid-to-high-end market, which is currently dominated by foreign manufacturers [4] - With the establishment of new production capacities in the Bay Area and Thailand, the company is positioned to meet increasing market demand and enhance its market share [4]