Shunluo Electronics: On May 8th, it received institutional research, with multiple institutions including Guosheng Securities and Polymer Capital participating.

Securities Star News, on May 9, 2026, Shunluo Electronics (002138) announced that the company received an institutional survey on May 8, 2026, with participation from Guosheng Securities, Polymer Capital, and Ashmore.

The specific content is as follows:

Question: What impact has the recent decline in precious metal prices had on the company?

Answer: Currently, the procurement prices of precious materials are below the average level of the first quarter but still far higher than the price levels at the beginning of 2025. Over the past few quarters, the price fluctuations of precious metal materials have been historic. The company emphasizes long-term cooperation with customers, and price transmission is underway. Preliminary results have been achieved because the sharp increase in metal material prices is difficult to bear alone and requires customer cooperation. Customers have fully understood this, and communication and coordination are smooth. Meanwhile, the company is actively assisting customers in adopting high-precision small-sized products, which reduces material costs’ impact on customers and also decreases the volume of electronic components and the area occupied by PCBs. High-precision small-sized products have high entry barriers, and the company has a significant competitive advantage in this area. Therefore, product competitiveness will be further enhanced.

Question: What is the progress of the company’s tantalum capacitor business?

Answer: The company’s new structural tantalum capacitor products can be widely used in high-end consumer electronics, enterprise-level eSSD, data centers, automotive electronics, industrial control, and other fields. The new products meet the demands of high-end major customers for miniaturization, thinness, and high capacitance. Currently, the company is promoting mass production and delivery among high-end consumer electronics customers, and contact with storage customers is also smooth.

Question: What is the progress of the company’s AI inductor business?

Answer: The company’s I-inductors are mainly used in power supply modules for GPUs, CPUs, SIC chips, and other xPU applications in servers. The company has achieved mass production and shipment of various process I-inductors (assembly, copper magnetic sintering, molding). Meanwhile, under the trend of TLVR structural iteration in I-inductors, the company is at the forefront of the industry and has gained recognition from several top power module customers and end-cloud manufacturers, with bulk supply. This year, the company will continue to drive performance growth.

Question: Why did the gross profit margin decline in the first quarter?

Answer: Since the second half of 2025, the prices of metal raw materials have continued to rise significantly, leading to a rapid increase in production costs. This has caused a certain decline in overall gross profit margin, affecting short-term profits. The first quarter showed increased revenue but not profit growth. The company attaches great importance to gross profit margin and considers it an important performance indicator. (1) The company relies on self-developed high-value-added products to ensure profit margins; (2) mass production and supply of products create scale effects that reduce marginal costs; (3) understanding of raw materials, technological platforms, and manufacturing processes improves production efficiency; (4) further strengthening of supply chain relations; (5) friendly negotiations with customers to pass upstream price pressures.

Question: Please introduce the company’s SOFC business?

Answer: The company, through its holding subsidiary Xinbo Ceramics and Zhen Tai Energy, established Baitai Company to enter the solid oxide fuel cell (SOFC, including SOEC) and related industries. The subsidiary will focus on R&D, production, and sales of new high-temperature fuel cell core technologies and products. The company’s joint venture with Zhejiang Zhen Tai Energy allows for complementary advantages, mutual learning, and integration of the solid oxide fuel cell industry chain upstream and downstream, promoting healthy industry development. Demonstration projects of complete systems with business partners have already begun operation. The company is optimistic about the long-term prospects of the new energy industry. Promoting clean energy is an essential part of the “dual carbon” strategy. The company is committed to the sustained development of the new energy sector and aims to contribute to the long-term growth of the domestic solid oxide fuel cell industry. The industry is still in its early stages, but the business is progressing smoothly, and future sales contributions are expected.

Question: What are the company’s plans for automotive electronics development?

Answer: Automotive electronics is one of the company’s key strategic areas. Through continuous exploration of product portfolios, the company’s automotive electronics products have achieved comprehensive coverage of electric power systems, extending to intelligent driving, smart cockpits, and other intelligent application scenarios. Currently, the automotive business is still in rapid growth. If the first half of the new energy vehicle industry’s development is characterized by electrification (with various small-power vehicle regulations transformers and other products experiencing sustained high-speed growth over many years), then the second half will be characterized by the popularization of intelligent applications. The widespread electrification has significantly increased the number of electronic components and modules in vehicles, while intelligent driving creates new demands for sensing, decision-making, and execution modules (radars, cameras, domain controllers, etc.), which will drive rapid growth in related products (such as vehicle-grade inductors). This will support the rapid development of the company’s vehicle-grade business line and sustain growth in this sector.

Shunluo Electronics (002138) main business: Mainly engaged in the research, design, production, and sales of new precision electronic components; providing technical solutions, technology transfer, and consulting services; and selling self-produced products.

Shunluo Electronics’ Q1 2026 report shows that the company’s main business revenue was 1.69B yuan, an increase of 15.34% year-on-year; net profit attributable to the parent was 178 million yuan, a decrease of 23.71% year-on-year; non-recurring net profit was 167 million yuan, a decrease of 24.19%; debt ratio was 48.03%; investment income was -5.1885 million yuan; financial expenses were 28.2901 million yuan; gross profit margin was 32.53%.

In the past 90 days, 8 institutions have issued ratings for this stock, with 7 recommending buy and 1 recommending hold; the average target price among institutions over the past 90 days is 48.83.

Below is detailed profit forecast information:

The above content is compiled from public information by Securities Star, generated by AI algorithms (Network Credit Calculation Record 310104345710301240019), and does not constitute investment advice.