格隆汇11月14日丨顺络电子(002138.SZ)在投资者互动平台表示，目前顺络已实现多种工艺（组装/铜磁 共烧/模压）制作的AI电感产品量产出货，与此同时，顺络在AI电感的TLVR结构迭代趋势下，走在了行 业的前沿，并已在多位头部功率半导体客户及终端云厂客户中获得认可，2025年一至三季度实现了较快 的业务增速，并将在未来几年进入加速发展通道。公司为AI服务器客户布局了AI电感、钽电容、各类 型磁性元件产品，为客户提供一站式的解决方案。 ...

Group 1: Financial Performance - In Q3 2025, the company achieved sales revenue of CNY 180,780.59 million, marking a year-on-year growth of 20.21% and a quarter-on-quarter growth of 2.51%, breaking the CNY 1.8 billion barrier for the first time, setting a historical record for the company [4][5] - The net profit attributable to shareholders for the first nine months and Q3 reached historical highs, driven by steady growth in traditional markets and rapid growth in emerging strategic markets [5][6] Group 2: Market Growth and Strategy - The company maintains steady growth in traditional markets such as mobile communications and consumer electronics, while achieving sustained high growth in emerging markets like AI applications, automotive electronics, and data centers [5][6] - The data center market has become a significant new strategic market, with domestic computing power clients being a crucial foundation for growth, supported by increasing demand for modular inductive solutions from overseas clients [5][6] Group 3: Product Development and Innovation - The company has invested in the automotive electronics sector since 2009, becoming one of the few active Chinese component companies in the global automotive electronics market, with a focus on new product research and development [5][6] - The company has developed new structural tantalum capacitor products suitable for various applications, including communications, consumer electronics, AI data centers, and automotive electronics, meeting the high-temperature and high-voltage stability requirements of AI servers [6][7] Group 4: Future Outlook and R&D Investment - The company is optimistic about the future growth of the automotive electronics sector and is actively investing in new product development to maximize customer resource advantages [5][6] - R&D investment remains a priority, with a sustained increase in funding aimed at foundational materials, processes, and technology platforms, contributing to improved production efficiency and product margins [8][9]

Group 1: AI Server Product Applications - The company focuses on the emerging strategic market of data centers, leveraging advantages in miniaturization, high precision, and high power density technology to provide comprehensive power supply solutions for AI servers [2] - The company has a full order book for AI server-related products, indicating rapid business growth in this sector [3] Group 2: Power Supply Solutions - The first power supply primarily consists of large power devices for AC/DC conversion and high/low voltage applications, tailored for AI server scenarios [2] - The second power supply involves 48V to 12V DC conversion, with various inductors and transformers addressing customer power supply challenges [2] - The third power supply includes components for xPU chips (CPU, GPU, ASIC), network cards, memory, and SSDs, featuring new AI inductors and tantalum capacitors [3] Group 3: Tantalum Capacitor Development - The company has developed new tantalum capacitor products with a wire-free structure and PCB packaging, enhancing size and performance for various applications [4] - These tantalum capacitors meet the high-temperature and high-voltage stability requirements of AI servers, with a strong customer acceptance rate [4] Group 4: Capacity Utilization and Market Trends - The company reports high capacity utilization in Q3, aligning with the traditional peak season for orders [4] - The automotive electronics sector is viewed as a key emerging market, with ongoing investments in new product development to maximize customer resource advantages [4] Group 5: Capital Expenditure Planning - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [5] - Continuous investment in R&D is prioritized, with a long-term growth trend in R&D spending [5] - Future capital expenditures will focus on industrial park infrastructure, with a slowdown expected as recent projects are completed [5]

Core Viewpoint - The company, Shunluo Electronics, is advancing in the production of AI inductors used in AI servers, although it does not currently supply to Nvidia [1] Group 1: Product Development - The company does not refer to the product as "chip inductors," but rather as AI inductors used for powering various xPU chips in AI servers [1] - Multiple manufacturing processes for AI inductors have been achieved, including assembly, copper-magnetic co-firing, and molding [1] - The company is at the forefront of the TLVR structure iteration trend in AI inductors, gaining recognition from leading power semiconductor clients and cloud service providers [1] Group 2: Business Growth - The company experienced rapid business growth in the first half of 2025 and is expected to enter an accelerated development phase in the coming years [1] - A comprehensive solution is being provided to AI server clients, including AI inductors, tantalum capacitors, and various magnetic components [1] Group 3: Client Relationships - The company has not disclosed specific client information due to confidentiality agreements, including whether it supplies to Nvidia [1]

Company Overview - The company operates in the electronic components industry with four main product lines: magnetic devices, sensitive and sensor devices, microwave devices, and precision ceramics, primarily used in signal processing and power management [2][3]. AI Server Applications - The company is strategically focusing on the data center market, providing a complete product solution for AI servers, including primary, secondary, and tertiary power supplies [3]. - Orders related to AI servers are currently robust, indicating rapid business growth in this area [3]. Product Development - The company has developed new tantalum capacitor products with improved performance, suitable for various applications including communications and automotive electronics [4]. - The automotive electronics sector is a key growth area, with the company actively investing in new product research and development [4]. Market Strategy - The mobile communication market remains a traditional strength for the company, with a focus on power management and signal processing products [4]. - The company is one of the few suppliers capable of mass-producing high-precision layered signal products, which positions it favorably for future upgrades in signal products [4]. Capacity and Production - The company is experiencing high capacity utilization in the third quarter, which is traditionally a peak season [5]. - The company is investing heavily in research and development, with a long-term trend of increasing R&D expenditure [6]. Future Outlook - The company is optimistic about the new energy sector, particularly solid oxide fuel cells, and is collaborating with partners to enhance the industry chain [5]. - Capital expenditure is expected to remain high due to ongoing expansion needs, with a focus on industrial park construction [6]. Financial Strategy - The company does not currently plan to pursue direct financing in the capital market but will assess funding needs based on investment progress [6].