一次电源以大型功率类的器件为主，应用于交直流电转换、高低电压转换等应用场景。公司从车规级大功率器件业务出发，以强大的设计能力，以产品的高 可靠性、一致性，为AI服务器的应用场景定制生产各类配套产品。 二次电源为48V转12V直流供电，顺络各类电感、变压器产品为客户解决供电难题。三次电源中，顺络提供的各类元器件产品为xPU芯片（CPU、GPU、 ASIC）、网卡、内存、SSD等应用场景供电，产品包括各类工艺的新型AI电感（组装/铜磁共烧/模压/一体成型工艺）、钽电容产品及多种类配套产品等。 从传统服务器向AI服务器升级的过程中，CPU、GPU、ASIC芯片周边的功耗快速提升，对元器件的性能、功率密度、散热系数等均提出的更高的要求，顺 络电子基于对材料、设备、设计、制造工艺的能力，把握住产业机会，为功率半导体类客户及各类AI服务器类客户提供一站式元器件解决方案。 近日，顺络电子在接受机构调研时表示，目前公司AI服务器相关的订单饱满，相关业务快速增长。 数据中心是顺络电子战略布局新兴战略市场之一，公司立足于小型化、高精度、高功率密度技术优势，从服务器整体供电架构出发，为客户供应从一次电 源、二次电源、三次电源（各类 ...

Group 1 - The company is strategically focusing on emerging markets such as data centers and servers, leveraging its advantages in miniaturization, high precision, and high power technology to supply various types of power inductors and tantalum capacitor products [2] - Orders related to server business are currently robust, leading to rapid growth in this segment [2] - The company is optimistic about the automotive electronics sector and is actively investing in new product research and development to provide comprehensive solutions for automotive clients, capitalizing on its first-mover advantage in this market [2] Group 2 - The impact of rising precious metal prices on the company is limited, as precious metals constitute a small proportion of raw materials, and the trend towards lighter and thinner electronic components is reducing the material consumption per product [2] - The raw material cost's influence on gross margin is decreasing, with the value of raw materials in the company's main products accounting for approximately half of the total [2] - The company has established strong partnerships within the domestic supply chain, which helps mitigate the effects of raw material price volatility, showcasing excellent supply chain management capabilities [3] Group 3 - Continuous innovation in technology, processes, and equipment is enhancing production efficiency, while participation in early-stage R&D with key clients ensures high automation and ongoing improvements in process technology [3] - These efforts significantly contribute to maintaining the company's gross margin levels [3]

Group 1: Product Development and Market Position - The company focuses on the server market, providing various types of power inductors and tantalum capacitors, with a strong order backlog and rapid business growth [2][3] - In the automotive electronics sector, the company is investing in new product research and development to maximize customer resource advantages [3] - The mobile communication market remains a traditional strength, with high-precision layered signal products maintaining a leading industry position [3] Group 2: Financial Impact and Cost Management - Precious metals constitute a small portion of raw material costs, with their impact on gross margin diminishing as electronic components trend towards "light, thin, short, and small" designs [4] - The raw material value of mainstream products is approximately 50% of total costs, and the company has strong supply chain management to mitigate price volatility [4] - The company emphasizes continuous R&D investment, with a significant portion of capital expenditure directed towards industrial park infrastructure [4] Group 3: Future Capital Expenditure and Financing - The company operates in a capital-intensive industry, requiring ongoing expansion and high funding needs [4] - Future capital expenditures will focus on industrial park construction, with a slowdown expected as new facilities are completed [4] - The company plans to develop financing strategies based on specific investment progress, with no immediate plans for direct market financing [4]

Core Viewpoint - The company, Sunlord Electronics (002138), is strategically positioning itself in the emerging data center market, which has shown strong growth and is expected to contribute significantly to its order volume by mid-2025 [1] Group 1: Company Strategy - The data center market is identified as one of the new strategic markets for the company [1] - The company offers a variety of products including integrated power inductors, assembled power inductors, ultra-thin copper magnetic co-fired power inductors, and tantalum capacitors [1] - Customized product solutions are provided to meet client needs in the data center sector [1] Group 2: Market Performance - The data center market has maintained a strong growth momentum throughout the year [1] - Significant order growth is anticipated in the first half of 2025, marking a key breakthrough for the company following its success in the automotive electronics market [1]

Core Insights - The company has reported strong growth in the data center market this year, with significant order increases expected by the first half of 2025, marking a strategic breakthrough following the automotive electronics market [2] Group 1: Market Position and Strategy - The data center is identified as one of the emerging strategic markets for the company, which currently supplies various types of power inductors and tantalum capacitor products, along with customized solutions for clients [2] - The company has invested in the development of tantalum capacitors for many years, enhancing its capabilities in materials, processes, and manufacturing [2] Group 2: Product Development and Applications - The company has developed a new type of tantalum capacitor with improved performance through PCB packaging, which can be widely applied in communications, consumer electronics, automotive electronics, data centers, and industrial control [2] - There is a growing demand for high-performance tantalum capacitors driven by AI servers, indicating potential rapid growth in related product lines that will contribute to the company's future growth [2] Group 3: Client Relationships and Business Scale - The company's tantalum capacitor products have received high recognition from clients, and efforts to expand relationships with core domestic and international clients are ongoing [2] - The current business scale of the tantalum capacitor segment is still in its initial phase [2]

Group 1: Business Performance and Growth - The data center market has shown strong growth, with significant order increases in the first half of 2025, marking a breakthrough after the automotive electronics market [4] - The automotive electronics sector has achieved comprehensive coverage of electric vehicle systems and is expanding into intelligent driving and smart cockpit applications [4] - The company has a compound annual growth rate (CAGR) of approximately 24% in sales revenue since its listing, indicating sustained business growth [6] Group 2: Product Development and Market Strategy - The company is actively investing in R&D to enhance product competitiveness, particularly in the AI application sector, which is driving demand for power management components [5] - New types of tantalum capacitors have been developed, with significant performance improvements, targeting applications in communications, consumer electronics, automotive electronics, and data centers [5] - The company aims to transition from a traditional "product provider" to a "value creator," enriching its product matrix and maintaining stable gross margin levels [7] Group 3: Financial Management and Cost Control - The company maintains controlled expenditure, with a focus on R&D investments to support long-term growth and efficiency improvements [6] - Despite seasonal fluctuations in overseas customer inventory due to geopolitical factors, the overall impact on business has been minimal, with overseas business exposure at only 20% [5] - The company plans to continue increasing R&D investment while controlling other expense ratios to enhance operational efficiency [6]

Group 1: Company Performance and Market Position - The company currently has a full order book, with a high capacity utilization rate since Q2 2025 [2] - The company has expanded its product lines and has become a multi-category electronic component manufacturer, leading in global sales of inductive products [3] - The company has established long-term stable relationships with domestic suppliers, which helps mitigate short-term fluctuations in raw material prices [3] Group 2: Product Development and Innovation - The company emphasizes research and development, maintaining a high percentage of R&D investment since its inception [4] - The company has a diverse product matrix, including magnetic devices, sensors, microwave devices, and precision ceramics, which supports stable gross margins [4] - The company is actively involved in the early-stage R&D design of products for major clients, contributing to improved gross margin levels [5] Group 3: Impact of AI and Electric Vehicles - The integration of AI features in mobile devices is expected to increase demand for electronic components, particularly power inductors [3] - The company’s products are widely used in automotive electronics, covering various applications from electrification to intelligent driving [4] - The shift towards smart electric vehicles is anticipated to drive demand for the company's magnetic components [4] Group 4: Gross Margin Maintenance - The company has maintained an average gross margin at a competitive level within the industry through continuous R&D and management innovation [5] - Increased orders and capacity utilization have significantly contributed to the stability and quality of the company's gross margin [5] - The company’s focus on high-value-added products allows for greater pricing flexibility, ensuring robust gross margin potential [5]

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed. Core Insights - In 2024, the company achieved a record high in sales revenue of 5.897 billion yuan, representing a year-on-year growth of 16.99%. The net profit attributable to shareholders was 832 million yuan, up 29.91% from the previous year, with a net profit excluding extraordinary items of 781 million yuan, reflecting a growth of 31.96% [14][19]. - The company has been expanding its product lines in traditional markets such as mobile communications and consumer electronics while also making significant inroads into emerging markets like automotive electronics and data centers, gaining recognition from top global clients [14][15]. - The gross profit margin for 2024 was 36.50%, an increase of 1.15% compared to the previous year, attributed to strong product demand, increased production capacity utilization, and ongoing innovation in technology and processes [19]. Summary by Sections Company Overview - The company has been focusing on long-term development strategies, managing both existing and new business segments effectively. It has successfully expanded its product offerings in traditional markets while also entering new strategic markets [14][15]. Automotive Electronics - The automotive electronics sector is identified as a key growth area, with the company having established a presence since 2009 and achieving tier 1 automotive certification in 2017. The company aims to continue expanding its product offerings in this sector, which includes applications in electric vehicles and intelligent driving [14][15]. Mobile Communications - The mobile communications sector remains a traditional stronghold for the company, with a high market share. The company plans to maintain its market position while introducing new products to drive growth [16]. Data Centers - The data center business is a strategic focus, with the company supplying various types of power inductors and capacitors. The demand for high-power density and low-power consumption products is increasing, driven by trends in AI and data storage [17]. New Energy and Fuel Cells - The company has established a subsidiary focused on high-temperature fuel cells, recognizing the long-term potential of clean energy. This subsidiary will develop and produce composite ceramic components for solid oxide fuel cells [20]. Capital Expenditure - The company is in a capital-intensive industry, requiring ongoing investment in capacity expansion and R&D. Recent capital expenditures have focused on industrial park construction, with plans to slow down such investments as projects near completion [20]. Shareholder Returns - The company has consistently prioritized shareholder returns, achieving a total cash dividend of 702.07 million yuan in 2024, reflecting strong operational performance and cash flow [21].