Email：liubw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 806.32 | | 流通股本(百万股) | 756.50 | | 市价(元) | 43.55 | | 市值(百万元) | 35,115.16 | | 流通市值(百万元) | 32,945.56 | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 元件 | . 11 | | --- | | 维持 | | 买入 | | 评级: | 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 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 2025年全年 ，国巨 成长主要由 高阶产品 带动，表现优于标准品，在 AI 相关应用领域尤为显 著。 被动元件大厂国巨 近日公布了2025 年 第四季度及全年 财报 。 第四季营收359.68亿元 （新台币，下同） 、季增8.7%、年增19.9% （若以美元换算，季增 5.2%、年增24.8%） 。 2025年 全年营收1329.30 亿 元、年增9.3% (以美元计算年增 12.5%) ， 创新高 。 国巨指出，去年第四季营收成长主要来自于人工智能以及高阶应用相关产品的需求持续增加，此因 素也优化产品组合，提升获利。目前 AI营收占比成长至13% ，而工业领域、欧洲市场则持续改 善。 与此同时，年初市场上关于国巨"涨价"的信号仍在延续。这两天国巨旗下基美传出再度调涨钽质 电容产品报价，这也是自去年下半年起， 国巨第三度调涨钽电容报价 ； 而 今年1月国巨及旗下 凯美也分别传出过两次涨价。 值得关注的是，国巨在 近期的 法说会上进一步"拆解"了成长结 ...

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% ...

Macro and Strategy - The report highlights the growth of "fixed income+" funds, with a total of 2,091 funds accounting for 15.4% of the entire fund market as of Q4 2025, with 85 new funds launched in Q4 alone, a significant increase from the previous year [7] - The total assets and net assets of these funds reached 32,023 billion and 28,442 billion respectively, showing a substantial increase from the previous quarter [7] - The average leverage ratio for these funds increased to 1.13, indicating a slight rise in risk appetite among investors [7] Chemical Industry - The report discusses the long-term supply contraction in the refining and chemical sector, driven by policies that restrict new refining capacity and promote the transformation of existing facilities [9] - The Ministry of Industry and Information Technology has implemented a plan to stabilize growth in the petrochemical industry, emphasizing the need for "reducing oil and increasing chemicals" to optimize the industry structure [9] - The report anticipates that the profitability of refining and chemical companies will improve due to a favorable cost environment and structural adjustments in supply and demand [11][12] Electronic Industry - The electronic industry is experiencing a shift from structural shortages to widespread price increases, driven by sustained high demand for AI computing and storage capabilities [16] - The report notes that the price of NAND Flash and DRAM has risen significantly, with recent increases of 18% and 33% respectively, indicating a strong upward trend in the storage market [19] - Companies involved in the semiconductor and storage sectors are expected to benefit from this trend, with specific recommendations for firms like 德明利 and 江波龙 [19] Media and Internet - The media sector has shown resilience, with a reported increase of 0.96% in the industry index, outperforming major indices like the沪深300 [26] - The report highlights significant cash distributions during the Spring Festival, indicating strong cash flow and potential for reinvestment in AI applications [27] - Companies like 阿里通义 and 字节跳动 are making strides in AI technology, which is expected to enhance their market positions and drive future growth [27] Sportswear Industry - The report details the performance of 特步国际, noting that its main brand's sales remained flat while the索康尼 brand saw over 30% growth, indicating a divergence in brand performance [34] - 安踏体育's acquisition of a 29.06% stake in PUMA is seen as a strategic move to enhance its global presence and leverage PUMA's market position [36] - The report projects steady growth for 特步国际's main brand, focusing on the running category, while also highlighting the potential for profitability improvements in the professional sports brand segment [35]

Investment Rating - The report assigns an "Outperform" rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading domestic magnetic component manufacturer, enhancing its overseas presence and actively entering the solid-state transformer market [4][5]. - The company plans to establish overseas subsidiaries in Mexico and Vietnam with an investment of up to 500 million RMB to expand its international market presence [3]. - The magnetic components market is projected to reach $27.2 billion by 2031, with a CAGR of 5.1% from 2025 to 2031, driven by demand in various sectors including new energy vehicles and data centers [4][34]. - The solid-state transformer is expected to become a key power supply solution in the AIDC era, with a potential market size of 87 billion RMB by 2030 [5][59]. Summary by Sections Company Overview - Established in 1995, the company has strengthened its magnetic component business through acquisitions and international expansion, including a subsidiary in Vietnam and plans for a factory in Mexico [4][15]. - The company has long-term partnerships with major clients such as BYD, Bosch, and Huawei, enhancing its market position [4][8]. Business Segments - The company’s revenue is primarily derived from magnetic components (83%) and switch power supplies (17%) [25]. - The magnetic components are crucial for applications in electric vehicles, energy storage, and AI servers, with expected revenue growth of 24.8% to 24.2% from 2025 to 2027 [75][76]. Financial Performance - The company reported a revenue of 4.105 billion RMB in the first three quarters of 2025, a year-on-year increase of 24.86%, with a net profit of 232 million RMB, up 52.51% [63]. - The gross margin for magnetic components improved to 12.17% in the first half of 2025, reflecting better operational management [30][70]. Market Trends - The magnetic components industry is experiencing robust growth due to increasing demand in new energy vehicles and data centers, with significant opportunities in solid-state transformers as the market evolves [34][44]. - The company is positioned to benefit from the transition to high-efficiency power supply solutions, particularly in the context of rising power demands in data centers [5][44].

Investment Rating - The report assigns an "Outperform" rating for the company [2][7]. Core Insights - The company is a leading domestic magnetic component manufacturer, enhancing its overseas presence and actively entering the solid-state transformer market [4][5]. - The magnetic components market is expected to grow significantly, driven by the increasing demand in sectors such as new energy vehicles, energy storage, and AI servers [4][34]. - The company plans to establish subsidiaries in Mexico and Vietnam to strengthen its international market position and enhance local delivery capabilities [3][15]. Summary by Sections Company Overview - Established in 1995, the company has a long history in the magnetic components sector and has strengthened its position through acquisitions and international expansion [4][8]. - The company has established strong partnerships with major clients such as BYD, Bosch, and Huawei, which enhances its market credibility [4][8]. Market Potential - The global magnetic components market is projected to reach USD 27.2 billion by 2031, with a CAGR of 5.1% from 2025 to 2031 [4][34]. - The demand for magnetic components is expanding due to the growth in applications across various sectors, including automotive electronics and renewable energy [4][34]. Product Development - The company is focusing on developing solid-state transformers, which are expected to become a key power supply solution in the AIDC era, with a projected market size of CNY 87 billion by 2030 [5][59]. - The company is also innovating in high-frequency transformers, which are critical components for solid-state transformers, leveraging its existing technology and customer base [5][62]. Financial Performance - The company expects significant growth in net profit, projecting CNY 3.35 billion, CNY 4.40 billion, and CNY 5.99 billion for the years 2025 to 2027, representing year-on-year growth rates of 45.5%, 31.3%, and 36.3% respectively [5][63]. - The revenue from magnetic components is anticipated to reach CNY 48.66 billion by 2025, with a growth rate of 24.8% [75]. Strategic Initiatives - The company is implementing a stock incentive plan to align the interests of its core team with long-term performance goals, reflecting confidence in future growth [18]. - Continuous investment in R&D is a priority, with R&D expenses maintained at 3%-4% of revenue, supporting innovation and product development [70].

Group 1 - The company achieved a revenue of 4.105 billion yuan in the first three quarters, representing a year-on-year increase of 24.86%, with a net profit attributable to shareholders of 232 million yuan, up 52.5% year-on-year [1] - In Q3 2025, the company reported a revenue of 1.438 billion yuan, a year-on-year increase of 24.10%, and a net profit of 82 million yuan, which is a 65.95% increase year-on-year [1] - The company focuses on magnetic components and switch power supply products, with applications in various sectors including new energy vehicles, photovoltaic energy storage, and industrial equipment [2] Group 2 - The company is actively developing solid-state transformers (SST), which are seen as a replacement for traditional transformers, offering advantages such as high power density and fast response times [2] - The company has established a professional automated workshop and has a full order book, indicating rapid growth in its magnetic components business [2] - The company expects net profits to reach 320 million yuan, 415 million yuan, and 518 million yuan from 2025 to 2027, with corresponding EPS of 0.65, 0.84, and 1.04 yuan [3]

Core Viewpoint - The price adjustment of tantalum capacitors by Yageo has led to a ripple effect in the market, with its subsidiary PULSE announcing price increases for certain ferrite bead products starting January 1, 2023, due to high raw material costs and increased demand for high-frequency applications [1][2]. Group 1: Price Adjustments and Market Dynamics - Yageo's PULSE brand is adjusting prices for specific ferrite bead products, effective January 1, 2023, due to sustained high costs of key raw materials, particularly silver [1]. - The price of silver has surged significantly, with NIMEX silver futures recently reaching $73.02 per ounce, marking a 143% increase for the year 2025, which has put substantial pressure on the cost structure of passive component manufacturers [1]. - The adjustment in prices is seen as a necessary measure for manufacturers to maintain product quality and supply stability while continuing to invest in capacity and technology [1]. Group 2: Industry Position and Future Outlook - Yageo's revenue from magnetic components accounts for approximately 27% to 28% of its total revenue, with a strong market position in inductors and automotive-grade magnetic components, ranking third globally [2]. - Competitor Walsin Technology, another significant supplier of ferrite beads, is also expected to consider price adjustments due to rising demand in automotive electronics, AI servers, and high-speed computing [2]. - The passive component industry is entering a new phase of price adjustments, supported by high raw material costs and steady demand from end applications, which is expected to positively impact the revenue and profitability of major suppliers like Yageo and Walsin [2].

Core Insights - The overall situation of broker research coverage of A-share listed companies is becoming clearer as 2025 approaches its end, with over 2,800 companies having received broker attention, indicating that more than half of the market's listed companies have been covered [1][2] - The most focused sectors include machinery, electronics, and biomedicine, each with over 290 companies receiving broker research [1][2] Machinery Sector - A total of 329 listed companies in the machinery sector received broker research, with notable companies including Huichuan Technology, Boke Co., and Weichuang Electric, each having over 100 research visits [3] - The machinery sector index has seen a cumulative increase of nearly 42% since the beginning of 2025, ranking among the top in 31 first-level industries [3] - Investment opportunities in the machinery sector for 2026 are centered around humanoid robots, with a focus on companies entering the Tesla supply chain and domestic leading companies in the sector [4] Electronics Sector - The electronics sector has been particularly favored by institutional investors, with over 320 companies receiving broker research in 2025 [2][3] - Investment opportunities for 2026 include new technologies and demands driven by the AI innovation cycle, particularly in the storage industry, which is entering an upward cycle [5] - The demand for AI chips and high-performance storage is expected to grow, benefiting semiconductor testing equipment and related companies [5] Biomedicine Sector - The biomedicine sector has seen 296 companies receiving broker research, with companies like Maiwei Biotech and Aibo Medical being popular among brokers [3] - The cumulative increase in the biomedicine sector since 2025 has narrowed to 12.44%, ranking lower among the 31 first-level industries [3] - For 2026, the focus remains on the innovative drug industry chain, driven by strong policy support and the increasing internationalization of domestic innovative drugs [6]

Group 1 - The core viewpoint of the articles highlights the significant interest from brokerages in A-share listed companies, with over 2800 companies receiving brokerage research in 2025, indicating that more than half of the market's listed companies have been under brokerage attention [1][2] - The mechanical equipment, electronics, and pharmaceutical biotechnology sectors are identified as the most favored by brokerages, with over 290 companies in each sector receiving research attention [1][2] - The mechanical equipment sector is particularly noted for investment opportunities in the humanoid robot industry chain, while the electronics sector is advised to focus on new technologies and demands driven by the AI innovation cycle [3][4] Group 2 - Crystal Optoelectronics, a company in the electronics sector, has been the most favored by brokerages, receiving 175 research visits, and is part of a sector that has seen a significant price increase of nearly 42% in 2025 [1][2] - The electronics sector has over 320 companies receiving brokerage research, with notable companies like Huaqin Technology and Luxshare Precision receiving more than 140 research visits each [2] - The pharmaceutical biotechnology sector has 296 companies under brokerage research, with a cumulative increase of only 12.44% in 2025, indicating a relative underperformance compared to other sectors [3][4] Group 3 - Investment opportunities in the humanoid robot sector are expected to grow, with a focus on companies entering the Tesla supply chain and those involved in core supply chain and standardization [3] - The electronics sector is anticipated to benefit from the AI-driven demand for high-performance storage and semiconductor testing equipment, suggesting a favorable outlook for related companies [4] - The pharmaceutical sector is expected to continue focusing on innovative drug companies, supported by favorable policies and increasing international market presence, which will attract more investor attention [4]