Core Viewpoint - The company has launched inductor and tantalum capacitor product solutions that meet the high performance, high reliability, and lower cost requirements of storage clients, indicating a strategic response to market demands [1] Group 1 - The recent price increase and demand changes in the storage product industry present both opportunities and challenges for the company [1] - The company is closely monitoring market changes to adapt to the evolving landscape [1]

人民财讯11月14日电，顺络电子（002138）11月14日在互动平台表示，公司推出的电感及钽电容产品解 决方案满足了存储类客户高性能、高可靠性和更低成本的元器件产品要求，此次行业性的存储产品涨价 和需求变化对公司而言既是机遇也是挑战，公司目前正密切关注市场变化。 ...

证券日报网讯 11月13日晚间，天山电子发布公告称，公司于2025年11月13日召开第三届董事会第二十 次会议审议通过了《关于使用自有资金支付募投项目部分款项并以募集资金等额置换的议案》，同意公 司在募集资金投资项目"研发中心建设项目"实施期间使用自有资金支付募投项目部分款项并以募集资金 等额置换，该部分等额置换资金视同募集资金投资项目使用资金。 （文章来源：证券日报） ...

（编辑 袁冠琳） 证券日报网讯 顺络电子11月13日发布公告，在公司回答调研者提问时表示，公司产品属于电子元器 件，成立以来一直专注于主业发展，目前公司电感产品技术水平与全球知名电子元器件厂商技术水平比 肩，产品拥有核心竞争力，且公司拥有全球领先的大客户群体，聚焦大客户战略，涵盖了全球主要相关 行业的标杆企业，与客户建立的是长期合作关系。公司电子元器件产品价格一般随行就市，就公司各类 核心产品来讲，依托于产品性能优异的竞争力和整体稳定的行业竞争格局，整体来看，价格体系呈现一 个相对稳定的状态。 ...

数据来源：天眼查APP 浙江拓感科技有限公司成立于2021-06-28，公司法人代表为李建林，注册地址为浙江省嘉兴市海宁市海 昌街道谷水路306号A18二层，注册资本为1000万人民币，公司主要经营一般项目：技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广；电子元器件制造；集成电路芯片及产品制造。许可项 目：技术进出口；货物进出口。 | 公布日 | 投资方 | 交易金额 | 融资轮次 | | --- | --- | --- | --- | | 2025-11-04 | 西湖科创投 | 未披露 | A++轮 | | 2025-08-07 | 中小担创投 | 未披露 | A+轮 | | | 宁波城投 | | | | 2024-12-29 | 浙江产投 | 未披露 | A轮 | | 2023-06-11 | 浙股坤鑫投资 | 未披露 | Pre-A轮 | | | 中申真金 | | | | 2021-06-27 | 世史出任 浙大联创投资 | 未披露 | 天使轮 | | | 海宁泛半导体产投 | | | 证券之星消息，根据天眼查APP于11月4日公布的信息整理，浙江拓感科技有限公司A++轮融资，融资 额未 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company achieved a revenue of 3.94 billion yuan in the first three quarters of 2025, representing a year-over-year growth of 14.7%. The net profit attributable to shareholders was 889 million yuan, also up by 14.6% year-over-year [4]. - The company is a global leader in film capacitors, with increasing sales and market share in sectors such as new energy vehicles, photovoltaics, and energy storage [6]. - Research and development investments have been prioritized, with 140 million yuan allocated in the first three quarters of 2025, a 16% increase year-over-year, accounting for 3.6% of sales revenue [6]. - The company has a strong commitment to shareholder returns, having distributed a total of 4.5 billion yuan in cash dividends in the first half of 2025, which is 43.31% of the net profit attributable to shareholders for 2024 [6]. - The profit forecast for 2025 has been adjusted to 1.29 billion yuan, down from the previous estimate of 1.405 billion yuan, with new projections for 2026 and 2027 set at 1.5 billion and 1.73 billion yuan, respectively [6]. Financial Data Summary - For 2025, the total revenue is projected to be 5.709 billion yuan, with a year-over-year growth rate of 19.6%. The net profit is expected to reach 1.291 billion yuan, reflecting a growth rate of 24.3% [5]. - The earnings per share (EPS) for 2025 is estimated at 5.74 yuan, with a gross margin of 33.4% and a return on equity (ROE) of 21.2% [5]. - The company's price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 20, 17, and 15, respectively, indicating a relatively low valuation compared to historical averages [6].

Group 1 - The company is leveraging its capabilities in materials, equipment, design, and manufacturing processes to provide a one-stop component solution for various AI server clients, with a strong order backlog and rapid growth in related business, particularly in overseas markets [2] - AI data centers are identified as a strategic emerging market for the company, which focuses on miniaturization, high precision, and high power density technology to supply a complete set of product solutions for server power supply architecture [2] - The company has entered the solid oxide fuel cell (SOFC) industry through its subsidiary, which collaborates with a partner to focus on the research, development, production, and sales of new high-temperature fuel cell technologies [2] Group 2 - The company maintains a long-term positive outlook on the new energy industry, emphasizing that the promotion of clean energy is essential for achieving carbon neutrality goals, and aims to contribute to the sustainable development of the domestic solid oxide battery industry [3] - The industry is still in its early stages, but the company reports smooth business progress and anticipates gradual contributions to sales revenue in the future [3]

证券日报网讯麦捷科技（300319）11月12日在互动平台回答投资者提问时表示，公司截至11月10日的股 东户数为47，296户。 ...

Core Insights - Shandong's import and export value reached 2.89 trillion yuan in the first ten months of the year, marking a year-on-year increase of 4.7% [1] - Exports totaled 1.76 trillion yuan, growing by 4.0%, while imports were 1.13 trillion yuan, with a growth of 5.7% [1] Export Performance - Mechanical and electrical products exports grew by 8.1% to 858.37 billion yuan, accounting for 48.8% of total exports [2] - Notable export categories include: - Automotive parts: 116.76 billion yuan, down 2.1% - Game consoles: 58.75 billion yuan, up 36% - Electronic components: 53.9 billion yuan, up 20.1% - Automobiles: 53.22 billion yuan, up 13.5% [1][2] Electric Vehicle Market - Global electric vehicle sales are projected to exceed 20 million units by 2025, representing over 25% of total new car sales [1] - Shandong's automobile exports reached 53.22 billion yuan, with electric vehicle exports surging by 117.4% [1] Commercial Vehicle Exports - Commercial vehicle exports from Shandong amounted to 43.85 billion yuan, reflecting a year-on-year increase of 30.8% [2] - Breakdown of commercial vehicle exports: - Trucks: 18.6 billion yuan, up 43.2% - Buses: 3.99 billion yuan, up 42.3% - Special vehicles: 3.67 billion yuan, up 35.7% [2] Electronic Components Industry - The electronic components manufacturing sector is a core pillar of modern industry, evolving rapidly due to advancements in 5G, AI, and new energy vehicles [2] - Shandong has integrated its industrial chain to foster influential new-generation information technology enterprises [2] Belt and Road Initiative - Shandong's trade with Belt and Road countries reached 1.85 trillion yuan, growing by 8.4% and accounting for 64.2% of the province's foreign trade [2] Trade with Africa - Yantai Port has established a robust shipping network with Africa, with an average of 2-3 cargo ships weekly, leading to a 117% annual growth rate in cargo volume over the past three years [3] - Exports to Africa include wind power equipment, construction materials, and machinery [3] Trade with Other Regions - Shandong's trade with the EU, Russia, Japan, and Brazil has shown growth: - EU: 271.74 billion yuan, up 6% - Russia: 197.57 billion yuan, up 3.8% - Japan: 145.42 billion yuan, up 3.5% - Brazil: 137.33 billion yuan, up 3.3% [3]

Core Insights - The company reported a revenue of approximately 6.508 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 20.96% [1] - The net profit attributable to shareholders reached approximately 1.959 billion yuan, with a year-on-year increase of about 22.16% [1] - The company achieved a net profit of approximately 721 million yuan in Q3 alone, reflecting a year-on-year growth of about 24.86% [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was approximately 42.49%, remaining stable compared to the same period last year [2] - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 1.03%, 4.61%, and 6.78% respectively, showing a decrease in management and R&D expense ratios by 0.27 percentage points and 0.68 percentage points year-on-year [2] Business Development - The company has made significant progress in its MLCC (Multi-Layer Ceramic Capacitor) and SOFC (Solid Oxide Fuel Cell) businesses, with a comprehensive product matrix covering various series and applications in multiple industries [3] - The SOFC business achieved a key breakthrough with the launch of a 300 kW commercial demonstration project in collaboration with Shenzhen Gas Group, marking it as the first of its kind in the country [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 9.207 billion, 11.432 billion, and 14.151 billion yuan respectively, with net profits expected to be 2.782 billion, 3.670 billion, and 4.784 billion yuan [4] - Corresponding EPS (Earnings Per Share) is projected to be 1.45, 1.92, and 2.50 yuan, with PE (Price to Earnings) ratios of 33.98, 25.75, and 19.76x [4]