我们预计公司2025/2026/2027 年营业收入分别为16.6/19.3/21.9 亿元，归母净利润分别为1.5/2.0/2.6 亿 元，维持"买入"评级。 风险提示： 市场复苏不及预期；竞争格局加剧风险；产品研发及技术创新不及预期；客户导入不及预期。 投资要点 深度挖掘新兴市场需求，三大产品线齐发力。公司精准锚定锂电池、新能源、汽车电子、医疗健康等新 兴市场，推动"电源管理类""数模混合SoC 类"及"电池管理类"三大核心业务产品线实现快速放量与市场 突破。在PMU 领域，公司联合多家先进制程算力芯片原厂协同研发，成功研发多款PMU 产品并实现稳 定供货，推动该产品线营收持续增长；在汽车电子领域，公司成功推出国内首款符合AEC-Q100标准的 USB hub 芯片，产品开始导入Tier1 头部客户；在锂电池管理领域，公司凭借一颗芯片内置MCU、Buck boost 充电和PD 快充协议的高集成度解决方案，产品在电动工具、智能家电、蓝牙音箱等场景的行业头 部客户中完成大批量出货；在光伏新能源领域，通过持续加码研发投入,产品矩阵己实现从uW 级微光搜 集到KW 级大功率MPPTDC-DC 的全覆盖，未来将向 ...

Core Viewpoint - Bohai Securities recently conducted research on Shunluo Electronics, highlighting its significant progress in various sectors including data centers, automotive electronics, and mobile communications [1] Group 1: Company Performance - Shunluo Electronics has achieved notable advancements in data centers, automotive electronics, and mobile communications [1] - The data center market is experiencing strong growth, with significant order increases expected in the first half of 2025 [1] - The automotive electronics segment has fully covered electric scenarios such as the three-electric system and is extending into intelligent driving and smart cockpit applications [1] Group 2: Market Dynamics - The mobile communications sector remains a traditional stronghold for the company, with AI+ applications driving increased demand for power management products [1] - Seasonal inventory behavior was noted among overseas clients, with the company's overseas business exposure being less than 20% [1] Group 3: Product Development and Financials - The new structural tantalum capacitor products utilize PCB packaging, resulting in significant performance improvements and widespread applications [1] - The company maintains a high capacity utilization rate across different business lines, with a full order book [1] - Overall expense control is in place, with plans to increase R&D investment while managing other expense ratios [1] - Continuous expansion investments are focused on emerging fields and new process series products, particularly in data centers and automotive electronics [1] - The company's gross margin remains at a favorable level compared to industry peers, with expectations for stability [1]

Core Viewpoint - The company, Sunlord Electronics, emphasizes its strong position in the mobile communication application sector, highlighting its leadership in the components industry and full coverage of core customers in the supply chain [1] Group 1: Market Position - The company has a high market share in its traditional advantage market of mobile communication applications, establishing itself as a leading enterprise in the components industry [1] - The company has achieved full coverage of core customers in the supply chain, indicating a robust market presence [1] Group 2: Product Development - The company continuously invests in research and development, leading to the launch of competitive new products that drive rapid growth and market share increase [1] - The company has observed a significant rise in demand for power management products due to the promotion of AI applications, indicating a shift in industry needs [1] Group 3: Product Line Expansion - The company is expanding its product line to provide more services within individual mobile phones, which is expected to enhance the value of its products in the mobile device market over time [1]