重要内容提示： 案件所处的诉讼阶段：（2024）沪 73 知民初 136 号案件原告已撤诉； （2024）沪 73 知民初 133 号、（2024）沪 73 知民初 134 号、（2024）沪 73 知民初 135 号、（2024）沪 73 知民初 137 号四件案件正在审理中。 股票代码：002138 股票简称：顺络电子 编号：2025-033 深圳顺络电子股份有限公司 关于公司涉及诉讼的进展公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 株式会社村田制作所（Murata Manufacturing Co.，Ltd.）以侵害发明专利 权纠纷为由向上海知识产权法院对深圳顺络电子股份有限公司（以下简称"公 司"）、上海旭沁电子科技有限公司提起五件诉讼，案号分别为：（2024）沪 73 知民初 133 号、（2024）沪 73 知民初 134 号、（2024）沪 73 知民初 135 号、 （2024）沪 73 知民初 136 号、（2024）沪 73 知民初 137 号。公司于 2024 年 8 月 1 日收到上海知识产权法院送达的《民事起诉状》及《应诉通知书》 ...

| 2、请问公司汽车电子未来增量如何实现？ | | --- | | 回答： | | 汽车电子产品应用主要布局围绕"三电一化"相关 | | 应用展开，产品广泛分布于新能源汽车中的三电系统应 | | 用，并逐步延伸至智能驾驶、智能座舱等全方位智能化 | | 应用场景覆盖。 | | 以一台普通家用新能源汽车（三电一化）为例，理 | | 论上公司可供产品的单车价值量在一千五至三千元不 | | 等；而如果是传统燃油车的话（电动化），理论上公司 | | 可供产品的单车价值量在几百元左右。 | | 随着智能汽车应用不断升级，车载磁性元件市场空 | | 间广阔，以对标日系友商TDK、Sumida的角度而言，顺络 | | 在车载磁性元件市场仍然有较大成长空间，我们将持续 | | 发力，不断拓展产品线类型，为全球客户提供优质的元 | | 器件一站式服务。 | | 3、请问公司在数据中心具体有哪些产品供应？ | | 回答： | | 数据中心是顺络的新兴战略市场，我们可为客户供 | | 应各类型的一体成型功率电感、组装式功率电感、超薄 | | 铜磁共烧功率电感、钽电容产品等，并为客户定制配套 | | 的产品解决方案。 | | 从产业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99%. The net profit attributable to shareholders was 832 million yuan, up 29.91% year-on-year [1] - The strong growth in automotive electronics and data center businesses contributed significantly to the revenue increase, alongside the expansion of new product lines in existing markets such as mobile communications and consumer electronics [1][2] - Despite a slight decline in gross margin in Q4 2024, the overall gross margin for the year improved, driven by strong performance in new business areas [1] Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 5.897 billion yuan, a 16.99% increase year-on-year, and a net profit of 832 million yuan, reflecting a 29.91% growth [1] - The gross margin for 2024 was 36.50%, an increase of 1.15 percentage points year-on-year, while the net profit margin was 16.12%, up 1.44 percentage points [1] - For Q4 2024, revenue reached 1.702 billion yuan, a year-on-year increase of 24.72%, with a net profit of 208 million yuan, up 27.54% year-on-year [1] Business Segments - The signal processing segment generated 2.270 billion yuan in revenue, a 10.12% increase year-on-year, while the power management segment saw revenue of 1.946 billion yuan, up 4.31% [2] - The automotive electronics segment experienced significant growth, with revenue of 1.104 billion yuan, marking a 62.10% increase year-on-year [2] - The company is actively expanding into emerging fields such as humanoid robotics, leveraging its existing product lines [3] Future Projections - The company expects net profits of 1.077 billion yuan in 2025, 1.308 billion yuan in 2026, and 1.626 billion yuan in 2027, with corresponding P/E ratios of 22.7, 18.7, and 15.0 [1][4] - Revenue projections for the next few years are 7.088 billion yuan in 2025, 8.495 billion yuan in 2026, and 10.286 billion yuan in 2027, with expected growth rates of 20.2%, 19.8%, and 21.1% respectively [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company focuses on a major client strategy and is actively exploring emerging markets, holding the largest market share in chip inductors domestically and ranking among the top three globally. It has delivered over 100 billion inductors annually, establishing itself as a leading international player in passive electronic components and technology solutions [5][6]. - The company has seen a continuous increase in capacity utilization and has implemented cost reduction and efficiency improvement measures. In 2024, it is projected to achieve revenue of 5.897 billion yuan, a year-on-year increase of 16.99%, and a net profit attributable to shareholders of 832 million yuan, up 29.91% year-on-year [5][10]. - The company has diversified its product lines and is experiencing strong growth in emerging strategic markets, with significant advancements in automotive electronics, data centers, and humanoid robotics. Its products are recognized by major industry clients, and it is well-positioned for continued growth in these sectors [6][10]. Financial Performance and Forecast - The company is expected to achieve revenues of 7.199 billion yuan in 2025 and 8.587 billion yuan in 2026, with net profits projected at 1.081 billion yuan and 1.354 billion yuan respectively. The growth rates for revenue and net profit are anticipated to be 22.08% and 29.96% for 2025, and 19.29% and 25.21% for 2026 [7][10]. - The report highlights a projected gross margin of 36.5% for 2024, with an expected increase to 37.2% in 2025 and 37.6% in 2026, indicating a positive trend in profitability [10][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved record-high revenue for three consecutive quarters, with a revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99% and a net profit of 832 million yuan, up 29.91% year-on-year [1] - The automotive business is entering a high-growth phase, with revenue from automotive electronics or energy storage-specific business reaching 1.104 billion yuan in 2024, a year-on-year increase of 62.10% [2] - The company is actively expanding into emerging fields such as data centers and humanoid robots, where magnetic components play a crucial role [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 58.97 billion yuan, with a net profit of 8.32 billion yuan, and a gross margin of 34.49% in Q4 2024 [1] - The company expects net profits of 1.1 billion yuan, 1.345 billion yuan, and 1.621 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.2%, 22.3%, and 20.5% [3][4] Revenue Growth - The company's signal processing products generated revenue of 2.27 billion yuan in 2024, reflecting a year-on-year growth of 10.12% [2] - The overall revenue growth forecast for the company is 17.0% in 2024, 20.7% in 2025, and 21.1% in 2026 [4] Market Position - The company has established itself as a key player in the global automotive electronics market, collaborating with top automotive supply chain manufacturers [2] - The company maintains a strong market share in the smartphone sector, benefiting from the recovery in global smartphone demand [2]

证券研究报告 | 2025年03月03日 顺络电子（002138.SZ） 优于大市 营收连续三个季度创历史新高，汽车敞口快速提升 连续三个季度营收创历史新高，四季度利润率阶段性下滑。公司 2024 年实 现营收 58.97 亿元(YoY +16.99%)，归母净利润 8.32 亿元(YoY +29.91%)， 公司第二、三、四季度营收连续创顺络单季度历史新高，毛利率同比提升 1.15pct。对应 4Q24 实现营收 17.02 亿元(YoY +24.72%，QoQ +13.16%)，归 母净利润 2.08 亿元(YoY +27.54%，QoQ -18.77%)，毛利率 34.49%(YoY -2.47pct，QoQ -3.44pct)，毛利率下滑主要系：1）陶瓷类产品毛利率较低， 出货集中在四季度，公司出货结构改变；2）全年绩效奖金部分影响毛利率； 3）部分客户销售价格调整，以上影响均属于阶段性影响因素，长期来看公 司通过生产效率、经营效率持续提升，毛利率存在逐步回升的机会。 AI 手机单机价值量提升，公司高端品渗透率提升。2024 年公司信号处理类 产品实现营收 22.70 亿元(YoY +10.12%)。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.20 RMB [7][4]. Core Views - The company achieved a record high revenue in Q4, with a single-quarter revenue of 1.702 billion RMB, representing a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16% [1]. - The company is expected to benefit from growth in AI and automotive electronics, with significant growth opportunities in emerging markets such as AI, smart driving, and robotics [3][1]. - The company has expanded its product lines and improved market share, particularly in the automotive electronics and data center sectors, leading to a notable increase in gross margin [1][2]. Financial Performance - For 2024, the company reported a revenue of 5.897 billion RMB, a year-on-year increase of 16.99%, and a net profit of 832 million RMB, up 29.91% year-on-year [1][6]. - The company forecasts revenues of 7.154 billion RMB, 8.656 billion RMB, and 10.642 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.079 billion RMB, 1.307 billion RMB, and 1.645 billion RMB [4][6]. - The EPS is projected to be 1.34 RMB, 1.62 RMB, and 2.04 RMB for 2025, 2026, and 2027 respectively [4][6]. Business Segments - The revenue from automotive electronics and energy storage is expected to grow by 62.1% in 2024, driven by the introduction of new products and increased market share among leading customers in the domestic new energy vehicle sector [2]. - Signal processing revenue is projected to be 2.27 billion RMB in 2024, with a year-on-year growth of 10.12%, while power management revenue is expected to reach 1.95 billion RMB, growing by 4.31% [2]. - The company has achieved significant growth in its ceramic, PCB, and other business segments, with a revenue increase of 33.35% year-on-year, reaching 580 million RMB [2].

证券研究报告 | 公司动态点评 2025 年 02 月 28 日 顺络电子（002138.SZ） 汽车&数据中心业务高速成长，24 年业绩实现稳步提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,040 | 5,897 | 7,059 | 8,194 | 9,331 | | 增长率 yoy（%） | 18.9 | 17.0 | 19.7 | 16.1 | 13.9 | | 归母净利润（百万元） | 641 | 832 | 1,048 | 1,309 | 1,538 | | 增长率 yoy（%） | 48.0 | 29.9 | 25.9 | 24.9 | 17.5 | | ROE（%） | 11.3 | 13.7 | 15.7 | 17.1 | 17.0 | | EPS 最新摊薄（元） | 0.79 | 1.03 | 1.30 | 1.62 | 1.91 | | P/E（倍） | 40.2 | 31.0 | 24.6 | 19.7 | 16.7 | | ...

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：2025-004 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | 国信证券 2 人、Grand Alliance Asset Manageme 1 人、 | | | HUATAI SECURITIES 1 人、IGWT Investment 1 人、Point72 | | | Hong Kong Limited 1 人、Polymer 1 人、Polymer Capital | | | Management (HK)Ltd 1 人 、 Schroder Investment | | | Management(Hong Kong) Limited 1 人、北京诚旸投资有 | | | 限公司 1 人、北京紫薇私募基金管理有限公司 1 人、毕盛 | | | (上海)投资管理有限公司 1 人、碧云银霞投资管理咨询(上 | | | 海)有限公司 1 人、博 ...

Summary of the Conference Call for Shunluo Electronics Company Overview - **Company**: Shunluo Electronics - **Date**: February 28, 2025 Key Points Industry and Business Performance - **Overall Performance**: Shunluo Electronics reported a strong performance in Q1, particularly in the mobile phone sector, with an increase in new order share benefiting from national subsidy policies for component businesses, although the policy transmission requires time [2][5][6] - **Automotive Electronics**: The automotive electronics business remains robust, especially with significant growth in transformers and inductors, having entered the automotive application field and achieved mass production. Revenue from automotive business is expected to reach 1 billion yuan in 2025, representing nearly 80% year-on-year growth, with gross margins above average [2][9][11] - **Data Center Business**: The data center business maintained high growth last year, with strong demand for domestic computing-related components, leading to a substantial increase in orders for the WPZ product line [2][6] Financial Insights - **Q4 Revenue Growth**: The revenue growth in Q4 was primarily driven by the continuous growth in mobile and automotive electronics, significant progress in the data center market, and successful expansion of supply and sales public welfare platform products in overseas markets. However, new OEM businesses like ceramic wearable components negatively impacted some gross margins [2][4][7] - **Gross Margin Outlook**: The outlook for gross margins is positive, with new product growth in the mobile business, particularly in integrated power inductors, and strong performance expected in Q1 due to overseas clients' advance order preparations [2][8][19] Product Development and Market Trends - **Ceramic Business Expansion**: The company is actively expanding its ceramic business, focusing on hydrogen fuel cell projects and advanced ceramic equipment spare parts applications, with expected revenue contributions from the hydrogen fuel cell project by 2025 [2][10][18] - **Automotive Electronics Products**: Key products in the automotive electronics sector include transformer products for smart driving and parking radar modules, network transformers for BMS systems, and inductors for various applications. The company is expanding its product lines in response to trends in smart driving and electrification [11][12][30] Market Dynamics and Future Outlook - **Market Sentiment**: Despite concerns about the sustainability of the consumer electronics market recovery, most clients remain optimistic or cautiously optimistic about their performance in 2025. The company is focusing on new product cycles and positive project feedback [27] - **Overseas Market Development**: The overseas market accounts for about 30% of the business, with established relationships with key clients mitigating the impact of international market fluctuations. The company is also setting up production bases in Vietnam to meet client demands [29] Challenges and Considerations - **Gross Margin Challenges**: The decline in Q4 gross margins was attributed to several factors, including year-end bonus provisions, changes in sales structure, and one-time sales discounts affecting profitability [4][19] - **Price Adjustments**: Price adjustments in Q4 were one-time events related to the mobile phone industry and are not expected to continue [19][24] Strategic Goals - **Revenue Targets**: The automotive electronics revenue target for 2025 is set to exceed 5 billion yuan, reflecting the company's growth ambitions in this sector [26] - **R&D Investments**: The company plans to increase R&D investments in emerging fields such as data centers and hydrogen fuel cells, expecting these investments to contribute to revenue growth [21][22] Conclusion Shunluo Electronics is positioned for strong growth across its key sectors, particularly in automotive electronics and data centers, while actively managing challenges related to gross margins and market dynamics. The company's strategic focus on product innovation and market expansion, especially in overseas markets, is expected to drive future performance.