（文章来源：证券日报） 证券日报网12月8日讯顺络电子在12月4日至12月5日回答调研者提问时表示，公司自上市以来，持续进 行研发投入及管理创新，不断推出具有核心竞争力的新产品、降本提效管理工作不断深化，历年平均毛 利率均保持在同行业较优水平。（1）公司的愿景是"成为电子元器件领域专家"，在过去的二十余年 里，公司跟随全球电子信息产业链的发展，获得了宝贵的事业机会及持续增长的市场空间，从电感领域 出发，向以"磁性器件、微波器件、传感及敏感器件、精密陶瓷"为核心的产业领域，积极开拓，聚焦战 略市场，为公司规模成长持续贡献新的增长极。（2）公司产品均属于自主研发、设计，自身拥有强大 的核心技术及综合服务实力，不断在推出具有高附加值的新产品，行业壁垒较高，高附加值的新产品在 竞价时有更充裕的溢价空间，保障了毛利的空间。（3）订单增加，产能利用率的不断提升在较大程度 上保障了公司稳定、优质的毛利率水平。各类产品大规模上量带来的规模效应，进一步提升了公司的盈 利水平。（4）公司基于长期对于基础材料、技术平台的研发，储备了大量的研发成果，通过不断进行 技术创新、工艺创新、设备创新、提高技术水平及管理水平来实现生产效率的提 ...

Core Insights - The company has maintained a competitive average gross margin in the industry since its listing, driven by continuous R&D investment and management innovation [2] - The vision of the company is to become an expert in the electronic components field, expanding from inductors to core areas such as magnetic devices, microwave devices, sensors, and precision ceramics [2] - The company focuses on self-developed and designed products, which allows for high added value and a strong pricing power, ensuring a healthy gross margin [2] R&D and Innovation - The company has a long-term commitment to R&D in basic materials and technology platforms, resulting in a significant reserve of research outcomes [2] - Continuous technological, process, and equipment innovations have led to improved production efficiency [2] - The company participates in the early R&D design phases of core clients' products, contributing to enhanced overall gross margin levels [2] Market Position and Growth - An increase in orders and rising capacity utilization have significantly supported the company's stable and high-quality gross margin [2] - The scale effect from large-volume production of various products has further improved the company's profitability [2] - The transition from a traditional "product provider" to a "value creator" has enriched the company's product matrix and is expected to optimize gross margin levels [2]

Core Insights - The company reported a stable and positive performance in its half-year results for 2025, achieving a revenue of 3.224 billion yuan, a year-on-year increase of 19.80%, and a net profit of 486 million yuan, up 32.03% [1][2] Financial Performance - In the first half of 2025, the company achieved a record high in both revenue and net profit, with a revenue of 3.224 billion yuan and a net profit of 486 million yuan [2][3] - The second quarter of 2025 saw the company reach a revenue of 1.763 billion yuan, marking the highest quarterly revenue to date [3] Market Segments - The company maintained steady growth in traditional markets such as mobile communications and consumer electronics, while experiencing strong growth in emerging strategic markets like AI applications, automotive electronics, and data centers [1][3] - The data center business showed significant order growth in the first half of 2025, indicating a strategic breakthrough in this emerging market [3] Research and Development - The company increased its R&D expenditure to 277 million yuan in the first half of 2025, reflecting a year-on-year growth of 23.82%, and currently holds 860 valid patents [1][4] - R&D expenses have been on a consistent upward trend from 344 million yuan in 2021 to 505 million yuan in 2024 [4] Product and Market Position - The company is recognized as one of the "first batch of manufacturing single-item champion demonstration enterprises" in China, with its chip inductors holding the largest market share domestically and ranking among the top three globally [4] - The company’s gross margin reached 36.68% in the first half of 2025, maintaining a competitive edge in the industry [5]

Group 1: Company Performance - The company has maintained a high capacity utilization rate since the second quarter, indicating strong order fulfillment [2] - The average gross margin has remained at a competitive level within the industry due to continuous R&D investment and management innovation [3] Group 2: Product Lines and Applications - The company operates in the electronic components industry with four main product lines: magnetic devices, sensitive and sensor devices, microwave devices, and precision ceramics [2] - Products are widely used in telecommunications, consumer electronics, automotive electronics, industrial automation, and data centers, with strategic focus on emerging markets like data centers and hydrogen fuel cells [2][3] Group 3: Growth Strategy - The company aims to become an expert in the electronic components field, leveraging over 20 years of experience to expand its market presence [3] - Continuous introduction of high-value new products and maintaining strong core technologies contribute to the company's competitive edge [3] Group 4: Financial Management - The company has achieved a compound annual growth rate of approximately 24% in sales revenue since its listing, with controlled overall expense management [4] - Investments are strategically aligned with long-term goals, focusing on talent development, R&D, and new product development [4] Group 5: Capacity Investment - The company operates in a capital-intensive industry and has ongoing expansion needs, primarily focusing on emerging fields like automotive electronics and data centers [4] - There will be no large-scale expansion in traditional product lines, only necessary capacity enhancements to improve utilization [4]