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 | | ...

Group 1: Financial Performance - The company achieved a record sales revenue of 5.897 billion CNY in 2024, representing a 16.99% increase compared to the previous year [3] - Net profit attributable to shareholders reached 832 million CNY, a growth of 29.91% year-on-year [3] - The gross profit margin improved to 36.50%, an increase of 1.15% from the previous year [6] Group 2: Business Segments - The automotive electronics sector is a key growth area, with products covering electric vehicle systems and smart driving applications [4] - The mobile communications sector remains a traditional stronghold, with a high market share and ongoing product innovation [4] - The data center business is strategically positioned for growth, focusing on high-density power components and energy-efficient solutions [5] Group 3: R&D and Innovation - The company maintains a strong commitment to R&D, with continuous investment leading to high-value product development [6] - The establishment of a subsidiary for high-temperature fuel cells reflects the company's long-term vision for clean energy applications [7] - The company has a robust talent development strategy to enhance management and innovation capabilities [9] Group 4: Market Strategy - The company has strategically positioned itself in emerging industries such as energy storage, photovoltaics, and IoT, gaining recognition from global benchmark enterprises [8] - The focus on customer-centric solutions and strategic partnerships enhances the company's competitive edge in the market [9] - The company plans to continue expanding its product offerings in response to market trends, particularly in miniaturization and integration [4]

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.

股票代码：002138 股票简称：顺络电子 编号：2025-032 深圳顺络电子股份有限公司 一、担保情况概述 公司已于 2024 年 2 月 27 日召开了第七届董事会第三次会议及第七届监事 会第二次会议，分别审议通过了《关于公司 2024 年度为控股公司提供担保的议 案》。为增强对公司之控股公司的支持，公司拟为控股公司东莞顺络电子有限公 司（以下简称"东莞顺络"）向银行申请人民币 45 亿元（含）的银行授信提供 担保。公司于 2024 年年度股东大会召开前任一时点为控股公司提供的担保余额 将均不超过该等额度。此议案已于 2024 年 3 月 20 日 2023 年年度股东大会审议 通过。 在上述权限范围内，公司董事会授权公司管理层根据实际情况，选择金融机 构及担保方式并办理签订相关合同等具体事宜，公司将按照相关法律法规履行信 息披露义务。 上述事宜详见公司分别于 2024 年 2 月 29 日、2024 年 3 月 21 日刊登于证券 时报及巨潮资讯网（http://www.cninfo.com.cn）的公告。 本次担保使用额度情况如下： 单位：人民币万元 | 担保方 | 被担保方 | 资产负债率 | 股 ...

证券研究报告|公司动态报告 [Table_Date] 2025 年 02 月 27 日 [Table_Title] 业绩创历史新高，新兴业务助力业绩加速 [Table_Title2] 顺络电子(002138) [Table_Summary] 事件概述 公司发布 2024 年年报。2024 年公司实现营收 58.97 亿元， 同比+16.99%；归母净利润 8.32 亿元，同比+29.91%；扣非 归母净利润 7.81 亿元，同比+31.96%。 ► 业绩创历史新高 2024 年，公司全年销售收入创历史新高，第二、三、四季 度营收连续创造单季度历史新高。主要得益于：1）在手机 通讯、消费电子等传统存量市场应用领域内不断拓宽产品线 种类，新产品线延续了高速增长，份额提升明显。2）在汽 车电子、数据中心等新兴战略市场不断拓展客户，取得了多 位全球顶级客户的一致认可，实现了持续强劲的高速增长。 分季度看，24Q4 公司实现营收 17.02 亿元，同比+24.72%， 环比+13.16%；归母净利润为 2.08 亿元，同比+27.54%，环 比-18.77%。 分产品看，2024 年信号处理、电源管理、汽车电子或储能专 ...

2021 年 11 月 19 日，公司第六届董事会第十三次会议审议通过了《关于<深 圳顺络电子股份有限公司基于年度超额收益提取激励金管理办法>的议案》；2021 年 12 月 6 日，公司 2021 年第三次临时股东大会审议通过了该议案，详见公司分 别于 2021 年 11 月 20 日、2021 年 12 月 7 日在巨潮资讯网上发布的《第六届董 事会第十三次会议决议公告》（公告编号：2021-121）、《深圳顺络电子股份有 限公司基于年度超额收益提取激励金管理办法》及《2021 年第三次临时股东大 会决议公告》（公告编号：2021-132）。 二、 年度激励金的计提条件 股票代码：002138 股票简称：顺络电子 编号：2025-030 深圳顺络电子股份有限公司 关于计提 2024 年度激励金的公告 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。 根据深圳顺络电子股份有限公司（以下简称"公司"）第六届董事会第十三次 会议及 2021 年第三次临时股东大会审议通过的《深圳顺络电子股份有限公司基 于年度超额收益提取激励金管理办法》（以下简称"《激励金管理办法》"）规 ...

审计报告 深圳顺络电子股份有限公司 容诚审字[2025]518Z0554 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | | 页码 | | | --- | --- | --- | --- | --- | | 1 | 审计报告 | 1 - | 6 | | | 2 | 合并资产负债表 | 7 | | | | 3 | 合并利润表 | 8 | | | | 4 | 合并现金流量表 | 9 | | | | 5 | 合并所有者权益变动表 | 10 | - | 11 | | 6 | 母公司资产负债表 | 12 | | | | 7 | 母公司利润表 | 13 | | | | 8 | 母公司现金流量表 | 14 | | | | 9 | 母公司所有者权益变动表 | 15 | - | 16 | | 10 | 财务报表附注 | 17 | - | 133 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina. ...

内部控制审计报告 容诚审字[2025]518Z0555 号 内部控制审计报告 深圳顺络电子股份有限公司 容诚审字[2025]518Z0555 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | | 内 容 | 页码 | | --- | --- | --- | --- | | 1 | 内部控制审计报告 | | 1-2 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 深圳顺络电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳顺络电子股份有限公司（以下简称"顺络电子公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内 ...

非经营性资金占用及其他关联资金 往来情况专项说明 容诚专字[2025]518Z0101 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于深圳顺络电子股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]518Z0101 号 深圳顺络电子股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了深圳顺络电子股份有限 公司（以下简称顺络电子公司）2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有 者权益变动表以及财务报表附注，并于 2025 年 2 月 26 日出具了容诚审字 [2025]518Z0554 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监 ...