元件 | . 11 | | --- | | 维持 | | 买入 | | 评级: | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 1、《顺络电子：三季度业绩再创新 高 ， AI 终 端 带 动 后 续 成 长 》 2025-10-28 AI 终端带动后续成长》2025-08-02 2025-04-21 顺络电子（002138.SZ） 证券研究报告/公司点评报告 2026 年 03 月 03 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | | 2025A | 2026E | 2027E | 2028E | | 分析师：王芳 | | 营业收入（百万元） | | 5,897 | 6,745 | 8,451 | 10,261 | 12,314 | | 执业证书编号：S0740521120002 | | 增长率 yoy% | | 17% ...

Group 1 - The company reported a revenue of 6.745 billion yuan for the year 2025, marking a 14.39% increase from 5.896 billion yuan in 2024 [1] - Net profit attributable to shareholders reached 1.021 billion yuan, a 22.71% increase from 832 million yuan in 2024 [1] - The company achieved a basic earnings per share of 1.30 yuan, up 23.81% from 1.05 yuan in the previous year [1] Group 2 - The company is a core supplier of automotive electronic magnetic components, with steady progress in global business expansion [3] - The company has made comprehensive industrial and product layouts around data centers, covering all chip power supply module customers including GPU, CPU, and ASIC [3] - The company is well-positioned to capitalize on market opportunities in commercial aerospace, low-orbit satellites, and low-altitude economy due to its early layout in high-end electronic components [3] Group 3 - The hydrogen fuel solid oxide fuel cell (SOFC) business is progressing smoothly, with significant market potential in the new energy sector laying a solid foundation for the company's long-term development [3] - The company has achieved strong growth in emerging strategic markets such as data centers, AI applications, and automotive electronics, enhancing its overall competitiveness and industry influence [2][3]