证券代码：002138 证券简称：顺络电子 1 编号：2024-040 | --- | --- | --- | |-------------------------------------|------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report gives a "Recommend" rating for the company, considering its strong position in the domestic passive component industry and its potential for growth in emerging markets [1][3] Core Viewpoints - The company is a leading player in the global inductor industry, ranking first in China and top three globally in terms of production and sales of chip inductors [1] - The company has strategically positioned itself in high-growth sectors such as automotive electronics and data centers since 2016, which are expected to drive future growth [1] - The inductor market in China has grown significantly from 16.01 billion yuan in 2019 to 42.07 billion yuan in 2023, with a CAGR of 27.3%, driven by the expansion of 5G, AI, and automotive electronics [1] - The company has a diversified product portfolio, including magnetic devices, microwave devices, and precision ceramic products, which are widely used in communication, automotive electronics, and data centers [6] Financial Performance and Forecast - In Q3 2024, the company achieved a quarterly revenue of 1.504 billion yuan, a year-on-year increase of 11.86%, with cumulative revenue for the first nine months reaching 4.195 billion yuan, up 14.13% year-on-year [1] - The company's revenue is expected to grow to 5.893 billion yuan in 2024, 7.187 billion yuan in 2025, and 8.619 billion yuan in 2026, with net profits of 885 million yuan, 1.117 billion yuan, and 1.353 billion yuan respectively [1][2] - The company's PE ratio is forecasted to be 28x in 2024, 22x in 2025, and 19x in 2026, indicating a favorable valuation compared to industry peers [1][2] Market and Industry Analysis - The global inductor market is expected to recover and grow, with China being the largest market, accounting for over 50% of global demand [1][32] - The company is well-positioned to benefit from the trend of domestic substitution, as it is one of the few mainland companies in the top five global inductor manufacturers [1][33] - The company has a strong presence in the automotive electronics market, with its products widely used in ADAS, OBC, and smart cockpits, contributing significantly to revenue growth [7][45] Product and Technology Advancements - The company has made significant breakthroughs in high-end products, including the mass production of 01005 and 008004 size inductors, which are at the international advanced level [1][6] - The company has developed LTCC (Low-Temperature Co-fired Ceramic) technology, which has been certified by Qualcomm, and is widely used in 5G communication and automotive electronics [41] - The company has successfully launched one-piece molding inductors, which are in high demand due to their application in AI servers and data centers [50] Capacity Expansion and R&D - The company has seven production parks and is building two industrial parks and one R&D center, which will enhance its capacity for high-end products [1][51] - The company has a strong R&D focus, with 1,125 R&D personnel accounting for 15.2% of its total workforce, and has achieved multiple technological breakthroughs in automotive electronics and data centers [16][50] Competitive Landscape - The company faces competition from Japanese and Taiwanese manufacturers, which dominate the global inductor market, but it is well-positioned to capture market share through domestic substitution [33][34] - The company's competitive advantages include its strong R&D capabilities, diversified product portfolio, and strategic positioning in high-growth markets such as automotive electronics and data centers [1][6]

证券代码：002138 证券简称：顺络电子 深圳顺络电子股份有限公司投资者关系活动记录表 编号：2024-039 | --- | --- | --- | |--------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

股票代码：002138 股票简称：顺络电子 编号：2024-097 深圳顺络电子股份有限公司 回购股份报告书 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、深圳顺络电子股份有限公司（以下简称"公司"）拟使用自有资金及股票 回购专项贷款资金以集中竞价交易方式回购公司股份，拟回购股份的种类为公司 已发行的人民币普通股（A 股）股票，回购的公司股份拟用于后期实施股权激励 计划或员工持股计划。本次回购股份价格不超过人民币 40 元/股（含），回购资 金金额不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含），回购股份期限 自董事会审议通过本次回购股份方案之日起 12 个月之内。在回购股份价格不超 过人民币 40 元/股（含）的条件下，按回购金额上限测算，预计回购股份数量约 为 1,000 万股，约占公司目前已发行总股本的 1.24%；按回购金额下限测算，预 计回购股份数量约为 500 万股，约占公司目前已发行总股本的 0.62%。具体回购 股份的数量以回购期满时实际回购的股份数量为准。 4、相关风险提示： （1）本次回购方案存在回购期限内股票价格持续 ...

| 序号 | 持有人名称 | 持股数量（股） | 占总股本的比 例（%） | | --- | --- | --- | --- | | 1 | 香港中央结算有限公司 | 64,046,879 | 7.94 | | 2 | 新余市恒顺通电子科技开发有限公司 | 55,502,000 | 6.88 | | 3 | 袁金钰 | 53,507,279 | 6.64 | | 4 | 兴业银行股份有限公司－兴全趋势投资混 | 39,350,334 | 4.88 | | | 合型证券投资基金 | | | | 5 | 中量投资产管理有限公司－中量投成长 10 | 24,789,860 | 3.07 | | | 号私募证券投资基金 | | | | 6 | 中国农业银行股份有限公司－中证 交 500 | 12,256,104 | 1.52 | | | 易型开放式指数证券投资基金 | | | | 7 | 深圳顺络电子股份有限公司回购专用证券 | 10,251,180 | 1.27 | | | 账户 | | | | 8 | 招商银行股份有限公司－兴全轻资产投资 | 10,036,517 | 1.24 | | | 混合型证券投资基金（L ...

股票代码：002138 股票简称：顺络电子 编号：2024-095 深圳顺络电子股份有限公司 关于回购公司股份的方案暨收到《贷款承诺函》的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、拟回购股份的种类：公司已发行的人民币普通股（A 股）股票。 2、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易方式进 行。 3、回购价格：不超过人民币 40 元/股（含）。 4、拟回购金额：不低于人民币 2 亿元（含），不超过人民币 4 亿元（含）。 5、本次回购的资金来源为公司自有资金及股票回购专项贷款资金。公司已 经取得了兴业银行股份有限公司深圳分行出具的《贷款承诺函》，贷款用途为回 购公司股票。公司将根据贷款资金实际到账情况、资金使用规定和市场情况在回 购期限内择机实施本次回购计划，严格遵守贷款资金"专款专用，封闭运作"的 原则。 5、拟回购数量：在回购股份价格不超过人民币 40 元/股（含）的条件下， 按回购金额上限测算，预计回购股份数量约为 1,000 万股，约占公司目前已发行 总股本的 1.24%，按回购金额下限测算，预计回购股份数量约 ...

股票代码：002138 股票简称：顺络电子 编号：2024-094 深圳顺络电子股份有限公司 基于对公司价值的判断和未来发展的信心，立足公司长期可持续发展和价值 增长，增强投资者对公司的投资信心，结合公司发展战略、经营情况和财务状况， 公司根据《公司法》、《证券法》等法律法规及《公司章程》规定，拟回购公司股 份，以推进公司股票市场价格与内在价值相匹配。 本次回购将用于公司股权激励计划或员工持股计划，若公司未能实施股权激 励计划或员工持股计划，则公司回购的股份将依法予以注销。根据《公司章程》 第二十六条的规定，本次回购无需经公司股东大会审议。 深圳顺络电子股份有限公司（以下简称"本公司"、"公司"）第七届董事会 第十二次会议（以下简称"本次会议"）通知于 2024 年 11 月 3 日以电话、传真 或电子邮件等方式送达。会议于 2024 年 11 月 8 日下午 14:00 在公司 D 栋 5 楼会 议室以现场加通讯方式召开。会议由袁金钰董事长主持，应出席董事 9 名，实际 出席董事 9 名（其中，独立董事古群女士、李潇先生、王天广先生、路晓燕女士、 王展先生以通讯方式参与本次会议表决），全部监事及高管参加了本 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company achieved record high revenue and profit in Q3 2024, with total revenue of 4.195 billion yuan (YoY +14.13%) and net profit of 624 million yuan (YoY +30.71%) for the first three quarters of 2024 [1]. - In Q3 2024, the company reported revenue of 1.504 billion yuan (YoY +11.86%, QoQ +4.99%) and net profit of 256 million yuan (YoY +15.57%, QoQ +29.43%) [1]. - The company is experiencing growth in mobile-related products due to a recovery in global smartphone demand, with a 4% YoY increase in global smartphone shipments in Q3 2024 [1]. - The company has diversified its business into emerging sectors such as automotive electronics and data centers, with automotive-related revenue growing by 90.47% YoY [1]. - The investment recommendation has been adjusted upwards, with projected net profits for 2024-2026 at 887 million, 1.133 billion, and 1.457 billion yuan respectively, reflecting growth rates of 38.4%, 27.8%, and 28.6% [1]. Financial Summary - For 2024, the company is expected to achieve revenue of 5.962 billion yuan, with a net profit of 887 million yuan, translating to a PE ratio of 24.8 [2][7]. - The company's gross margin is projected to improve to 36% in 2024, with EBIT margin increasing to 20.8% [7]. - The return on equity (ROE) is expected to reach 13.7% in 2024, increasing to 18.1% by 2026 [2][7].

1 证券代码：002138 证券简称：顺络电子 深圳顺络电子股份有限公司投资者关系活动记录表 编号：2024-038 | --- | --- | --- | --- | --- | |----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------- ...

感持续放量—顺络电子（002138.SZ）公司动态点评》 2024-06-04 2、《LTTC 产品持续放量，23 年净利润同比高增—顺络 电子（002138.SZ） 公司动态点评》2024-03-04 证券研究报告 | 公司动态点评 2024 年 11 月 05 日 顺络电子（002138.SZ） 24Q3 净利润同比快速增长，充分受益 AI 驱动+新兴业务成长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,238 | 5,040 | 6,050 | 7,250 | 8,650 | 股票 ...