投资要点 证券研究报告 | 公司深度 | 元件 | --- | --- | |------------------------------------------------|------------------------------------------| | 顺络电子 (002138) | 报告日期： 2024 年 10 月 28 日 | | | | | 全球片式电感龙头厂商， AI ——顺络电子深度报告 | 硬件创新及国产化驱动新成长 | ❑ 一句话逻辑 顺络电子作为国内片式电感龙头厂商，应用领域覆盖通讯/消费/汽车/光储及数据 中心等领域，预计 2024 年公司汽车/光储领域持续高成长，AI 硬件创新有望带动 消费电子及数据中心市场对电感需求提升，驱动公司盈利超预期。 ❑ 超预期点 AI 应用创新落地，消费硬件拉升电感需求；海外产能扩产相对保守。 ❑ 驱动因素 新能源及光储领域份额持续扩张，随 AI 应用创新落地，消费类硬件有望拉动电 感需求上行；海外龙头厂商扩产相对保守，新一轮行业成长有望驱动公司整体盈 利超预期。 ❑ 与众不同的认知 a) 通讯及消费电子业务：市场认为该应用领域温和复苏，且存在 ...

顺络电子 (002138.SZ) 公司点评 证券研究报告 业绩简评 2024 年 10 月 25 日，公司披露 2024 年三季报。前三季度公司实 现营收 41.95 亿元，同增 14.13%；归母净利润 6.24 亿元，同增 30.71%；24Q3 公司实现营收 15.04 亿元，同增 11.86%，环增 4.99%，单季度销售收入创历史新高；Q3 税前利润首次突破 3 亿，归母净利润为 2.56 亿元，环增 29.43%，同增 15.57%。Q3 收入再创新高，经营情况持续向上。 经营分析 汽车业务高速增长，盈利能力提升。分业务线来看，前三季度， 信号处理/电源管理/汽车电子或储能专用/陶瓷、PCB 及其他业务 同比增速为 12.10%/-0.25%/90.47%/-6.59%，收入占比分别为 40%/34%/18%/8%，上年同期为 40%/39%/11%/10%，汽车业务 受益于国内诸多大客户在 BMS、功率共模器件、驱动变压器等 产品上放量，同比高速增长，收入占比明显提升，手机、泛消费 同环比保持增长。24Q3 公司毛利率达 37.93%，环增 0.95pct， 同增 1.66pct，叠层仍处于高毛 ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 电子/元件 顺络电子（002138.SZ） 2024 年 10 月 28 日 2024Q3 业绩同环比双增，拟股权激励彰显发展决心 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 28.40 | | 一年最高最低 ( 元 ) | 31.03/21.06 | | 总市值 ( 亿元 ) | 228.99 | | 流通市值 ( 亿元 ) | 214.84 | | 总股本 ( 亿股 ) | 8.06 | | 流通股本 ( 亿股 ) | 7.56 | | 近 3 个月换手率 (%) | 101.41 | 股价走势图 -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 顺络电子 沪深300 数据来源：聚源 相关研究报告 《2024Q2 业绩同环比双增，新兴领域 业务进展顺利—公司信息更新报告》 -2024.7.31 《2024Q2 业绩同环比双升，多 ...

顺络电子（ [Table_StockNameRptType] 002138） 公司点评 24Q3 业绩穿越周期，新品打开 AI 市场需求 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Revenue and Profit Growth - Revenue for the third quarter reached 1.503 billion yuan, an increase of 11.86% year-over-year[4] - Net profit attributable to shareholders was 256.07 million yuan, up 15.57% compared to the same period last year[4] - Q3 2024 revenue reached RMB 15,039.02 million, a year-on-year increase of 11.86% and a quarter-on-quarter increase of 4.99%, marking a historical high for the company[9] - Q3 2024 net profit attributable to shareholders was RMB 2,560.71 million, up 15.57% year-on-year and 29.43% quarter-on-quarter[9] - Cumulative revenue for the first nine months of 2024 was RMB 41,951.64 million, up 14.13% year-on-year[10] - Cumulative net profit attributable to shareholders for the first nine months of 2024 was RMB 6,240.77 million, up 30.71% year-on-year[10] - Total revenue for the first three quarters of 2024 reached 4,195,164,400.47 yuan, a 14.13% increase compared to the same period last year (3,675,924,435.36 yuan)[24] - Net profit attributable to the parent company for the first three quarters of 2024 was 3,489,734,482.75 yuan, a 12.47% increase compared to the same period last year (3,102,657,289.60 yuan)[22] - Operating profit for the quarter reached 831.59 million yuan, a 26.8% increase compared to the same period last year[25] - Net profit attributable to parent company shareholders was 624.08 million yuan, up 30.7% year-over-year[25] - Basic earnings per share increased to 0.79 yuan from 0.60 yuan in the previous year[25] - The company's comprehensive income totaled 703.49 million yuan, reflecting a 28.4% increase compared to the previous year[25] Cash Flow and Financial Position - Operating cash flow for the year-to-date period was 1.115 billion yuan, a significant increase of 69.14% year-over-year[4] - Sales revenue from goods and services received in cash increased by 42.65% to 4.535 billion yuan[8] - Tax refunds received decreased by 83.61% to 10.10 million yuan compared to the same period last year[8] - Cash paid for purchasing goods and services increased by 42.08% to 2.155 billion yuan[8] - Cash received from investments increased by 51.94% to 79.37 million yuan[8] - Cash flow from operating activities grew significantly to 1.12 billion yuan, a 69.2% increase compared to the same period last year[27] - Investment activities resulted in a net cash outflow of 636.68 million yuan, primarily due to capital expenditures[27] - The company raised 79.37 million yuan through minority shareholder investments, a 51.9% increase from the previous year[28] - Total cash and cash equivalents at the end of the period stood at 325.58 million yuan, a decrease of 434.32 million yuan from the beginning of the period[28] - Foreign exchange gains contributed 5.18 million yuan to the company's cash position[28] Assets and Liabilities - Total assets as of the end of the reporting period were 12.607 billion yuan, a slight increase of 0.31% from the end of the previous year[4] - Short-term borrowings decreased by 51.58% to 487.14 million yuan due to repayment of loans[6] - Prepayments increased by 50.60% to 52.41 million yuan, mainly due to increased prepayments for materials[6] - Total assets at the end of Q3 2024 were 12,607,931,527.10 yuan, a slight increase of 0.31% compared to the beginning of the year (12,568,392,287.29 yuan)[22] - Total liabilities at the end of Q3 2024 decreased to 5,796,713,754.40 yuan, a 3.85% reduction compared to the beginning of the year (6,028,780,756.76 yuan)[22] - Short-term borrowings at the end of Q3 2024 were 487,136,881.67 yuan, a 51.58% decrease compared to the beginning of the year (1,006,114,859.73 yuan)[22] - Long-term borrowings at the end of Q3 2024 increased to 2,454,912,200.64 yuan, a 16.02% increase compared to the beginning of the year (2,115,925,236.40 yuan)[22] Segment Performance - The automotive electronics or energy storage segment revenue for the first nine months of 2024 was RMB 7,743.00 million, a year-on-year increase of 90.47%[12] - The signal processing segment revenue for the first nine months of 2024 was RMB 16,610.60 million, up 12.10% year-on-year[12] - The power management segment revenue for the first nine months of 2024 was RMB 14,171.10 million, a slight decrease of 0.25% year-on-year[12] - The ceramics, PCB, and other segment revenue for the first nine months of 2024 was RMB 3,427.00 million, down 6.59% year-on-year[12] Shareholder Information - China Life Insurance Company Limited holds 9,979,377 shares, representing 1.24% of the total shares[15] - China Construction Bank Corporation holds 8,872,299 shares, representing 1.10% of the total shares[15] - Shenzhen Sunlord Electronics Co., Ltd. holds 8,517,000 shares, representing 1.06% of the total shares[15] - Hong Kong Securities Clearing Company Limited holds 71,953,468 shares, representing the largest shareholding among the top 10 shareholders[15] - Xinyu Hengshuntong Electronics Technology Development Co., Ltd. holds 55,502,000 shares[15] - China Merchants Bank Co., Ltd. holds 9,036,567 shares, representing 1.12% of the total shares[15] - Agricultural Bank of China Limited holds 14,483,804 shares, representing 1.80% of the total shares[15] - Zhongliang Investment Asset Management Co., Ltd. holds 24,789,860 shares[15] - Yuan Jinyu holds 13,376,820 shares[15] - Agricultural Bank of China Limited's shareholding increased to 14,483,804 shares, representing 1.80% of the total shares, up from 4,434,104 shares in the previous period[16] Corporate Actions and Investments - The company plans to repurchase shares of Shunluo Automotive held by employee equity platforms, with a total registered capital of no more than RMB 2.00525 million (1.648% of Shunluo Automotive's registered capital) and a repurchase price not exceeding RMB 10.226775 million[17] - The company has completed the registration of its subsidiaries in Vietnam and Germany, marking the completion of its overseas expansion strategy[17] - The company has completed a capital increase of RMB 18.3816 million in its subsidiary Dongguan Hualuo Electronics, increasing its registered capital from RMB 102.78 million to RMB 112.77 million, with the company holding 70.9409% of the shares[17] - The company has completed the first and second rounds of core employee equity exits for its subsidiary Guiyang Shunluo Xunda Electronics, and upon full implementation of the exit plan, the company's wholly-owned subsidiary will hold 100% of the shares[18] - The company has completed a share repurchase plan, repurchasing 4,393,600 shares (0.54% of total issued shares) at a total cost of RMB 108.665841 million[19] - The company has established the fourth employee stock ownership plan, transferring 8,517,000 shares to the plan's account[19] - The company has invested RMB 70 million in the establishment of Shenzhen Baoteng Fushun Venture Capital Fund, with an initial payment of RMB 21 million (30% of the total investment)[20] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 3,405,379,696.76 yuan, up 12.56% from the same period last year (3,025,420,566.57 yuan)[24] - R&D expenses for the first three quarters of 2024 amounted to 343,966,827.06 yuan, a 23.25% increase compared to the same period last year (279,065,105.19 yuan)[24] - Accounts receivable at the end of Q3 2024 stood at 2,226,670,087.10 yuan, a 13.91% increase from the beginning of the year (1,954,808,094.37 yuan)[21] - Inventory at the end of Q3 2024 was 1,015,776,493.07 yuan, a 17.48% increase compared to the beginning of the year (864,608,343.35 yuan)[21] Gross Profit - Q3 2024 gross profit was RMB 5,704.00 million, a year-on-year increase of 16.98%[10] - Gross profit for the first nine months of 2024 was RMB 15,652.02 million, up 22.53% year-on-year[10]

深圳顺络电子股份有限公司 监事会关于相关事项的审核意见 2 全体监事签字： | | | 二〇二四年十月二十五日 经审核，监事会认为：董事会编制和审核深圳顺络电子股份有限公司 《2024年第三季度报告》的程序符合法律、行政法规和中国证监会的规定，报 告内容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 （以下无正文） 1 本页为《监事会关于相关事项的审核意见》的签字页 一、关于《2024 年第三季度报告》的审核意见 根据《深圳证券交易所股票上市规则》、《公司章程》等法规文件要求， 监事会全体成员就公司 2024 年第三季度报告发表专项审核意见如下： ...

股票代码：002138 股票简称：顺络电子 公告编号：2024-089 深圳顺络电子股份有限公司 第七届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳顺络电子股份有限公司（以下简称："公司"）监事会于 2024 年 10 月 15 日以电话、传真或电子邮件等方式发出了召开公司第七届监事会第八次会议 的通知，并于 2024 年 10 月 25 日下午 15:00 以现场结合通讯方式召开。会议由 公司监事会主席胡国城先生召集和主持。会议应到监事 3 人，实到监事 3 人（其 中，监事胡国城先生以通讯方式参会）。本次会议的召集和召开符合《中华人民 共和国公司法》等法律、行政法规、规范性文件和《公司章程》的有关规定，合 法有效。 会议审议通过了以下议案： 一、审议通过了《关于<2024 年第三季度报告>的议案》 表决结果：3 票同意；0 票弃权；0 票反对。 经审核，监事会认为：董事会编制和审核深圳顺络电子股份有限公司《2024 年第三季度报告》的程序符合法律、行政法规和中国证监会的规定，报告内容真 实、准确、完整地反映了上市公司的实际 ...

股票代码：002138 股票简称：顺络电子 编号：2024-088 深圳顺络电子股份有限公司 第七届董事会第十次会议决议公告 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。 深圳顺络电子股份有限公司（以下简称"公司"）第七届董事会第十次会议 （以下简称"本次会议"）通知于 2024 年 10 月 15 日以电话、传真方式或电子邮 件形式送达。会议于 2024 年 10 月 25 日下午 14:00 以现场结合通讯方式召开， 其中现场会议在公司 D 栋五楼会议室召开。会议由董事长袁金钰先生主持，应出 席会议董事 9 名，实际出席会议董事 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），公司全体 监事及部分高级管理人员列席了本次会议。 本次会议的召集和召开符合《公司法》和《公司章程》的有关规定。经过与 会董事认真审议，会议以记名投票表决的方式通过了如下决议： 一、审议通过了《关于<2024 年第三季度报告>的议案》； 表决结果：同意 9 票；反对 0 票；弃权 0 票。 度不超过人民币肆亿元整（含等值外币）的议案 ...

股票代码：002138 股票简称：顺络电子 编号：2024-090 深圳顺络电子股份有限公司 关于公司之控股下属公司东莞华络电子有限公司 第一期员工持股退出方案涉及关联交易的公告 顺络投资系公司全资子公司，根据《深圳证券交易所股票上市规则》和《深 圳证券交易所上市公司信息披露指引第 7 号—交易与关联交易》等有关规定，上 市公司通过购买非关联人投资份额而增加投资份额形成与关联人的共同投资属 于关联交易的范畴，本次退出方案涉及的股权交易将构成关联交易。鉴于本次退 出方案价格的约定涉及未来业绩，且未来业绩存在不确定性，董事会授权管理层 根据交易具体实施金额在董事会权限范围内，与相关方签署协议并实施；若届时 交易金额触发其他决策程序或信息披露义务，公司将就本次退出方案据实履行相 关决策程序和信息披露义务，本次退出方案将在公司股东大会审议通过后方可实 施。 本次退出方案中的回购人员不涉及公司的董事、监事及高级管理人员。 1、根据《持股管理办法》第十四条，结合东莞华络实际经营情况，现推出 东莞华络第一期员工持股退出方案：东莞华络核心员工暨创始自然人股东——刘 柏枝先生持有的部分东莞华络股权将分两次退出，退出股权由顺络电 ...

股票代码：002138 股票简称：顺络电子 编号：2024-086 深圳顺络电子股份有限公司 关于股东部分股票质押延期购回的公告 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。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司总裁施红 阳先生通知，获悉施红阳先生将持有的本公司部分股票办理了质押延期购回业 务，现将有关事项公告如下： 1 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押延 期购回数量 （股） 占其所 持股份 比例 占公司 总股本 比例 是否为限 售股（如 是，注明 限售类 型） 是否为 补充质 押 质押起 始日 质押到期 日 延期后质 押到期日 质权人 质押 用途 施红 阳 是 200,000 3.74% 0.02% 否 否 2024 年 4 月 25 日 2024 年 10 月 25 日 2025 年 10 月 24 日 广发证券股 份有限公司 偿还 借款 施红 阳 是 806,300 15.06% 0.10% 否 否 2024 年 4 月 25 日 2024 年 10 月 25 日 2025 年 10 月 24 日 广 ...